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Firstpost PTI, October 03, 2019 On Tuesday, InterGlobe Aviation -- parent of the country's largest airline IndiGo -- informed stock exchanges that Bhatia and his group InterGlobe Enterprises have submitted a request for arbitration on 1 October to the London Court of International Arbitration The request has been submitted under the shareholders' agreement, dated 23 April, 2015 Bringing the differences between long-time friends and promoters of IndiGo into open, Gangwal, in July, had sought Sebi's intervention in alleged corporate governance lapses in the company New Delhi:  Shares of IndiGo on Thursday slumped over 2 percent after one of the main promoters Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal. The airline stock declined 2.22 percent at Rs 1829.35, on the BSE. On the NSE, the scrip plummeted 2.13 percent at Rs 1,830. On Tuesday, InterGlobe Aviation -- parent of the country's largest a

Firstpost FP Staff, Oct 03, 2019 The investors led by Mittal's private firm SBM Holdings reportedly approached lenders for rejigging the loans of the power company The investors said they would not pay off CG Power's loans after allegations surfaced that ousted chairman Gautam Thapar had siphoned off funds In August this year, major financial irregularities were detected at CG Power and Industrial Solutions In a bid to revive the scam-hit CG Power & Industrial Solutions, private firm of Bharti Airtel chief Sunil Mittal and a few investors are reportedly planning to infuse working capital for activating the company's domestic operations, said a media report. The investors led by Mittal's private firm SBM Holdings, which holds 8.3 percent stake in CG Power as on 30 June 2019, reportedly  approached lenders  for rejigging the loans of the power company, said a report in  The Economic Times  quoting people in the know of the matter. The investor

The Quint PTI, Oct 03, 2019 State-run United Bank of India on Thursday, 3 October, issued a public notice declaring Gitanjali Gems and its fugitive owner Mehul Choksi as wilful defaulters and sent them notices seeking repayment of Rs 332 crore dues. Diamantaires Choksi and his nephew Nirav Modi are the alleged kingpins behind the nation's biggest banking fraud, known as the PNB scam in February 2018. They had defrauded the State-run bank of over Rs 13,000 crore through the Brady House branch in south Mumbai between 2011 and 2017. According to the public notice, United Bank has declared the company and Choksi as wilful defaulters effective from the June quarter. The notice was issued after the company failed to repay the dues despite several notices by it, the bank said. United Bank had sanctioned Rs 331.85 crore in credit limit to Choksi's firm, which was into jewellery manufacturing and export. The bank had declared the account an NPA in March 2018. Earlier

The Quint Oct 02, 2019 Korean tech giant Samsung, on Wednesday, 2 October, confirmed that it has ended mobile production in China, citing challenge faced from domestic rivals in the world's biggest market, a Reuters report said. The shutdown of the company's last factory comes after it cut the production at the plant in the city of Huizhou in June and suspended another factory last year, giving the same reason, the report said. Apart from Samsung, Sony also announced a complete shutdown of manufacturing smartphones in China, saying it will make phones in Thailand instead. “The production equipment will be re-allocated to other global manufacturing sites, depending on our global production strategy based on market needs," Reuters quoted the company as saying. On the other hand, Samsung has already expanded smartphone production in lower-cost countries, such as India and Vietnam in the recent years. https://www.thequint.com/tech-and-auto/tech-news/samsung-e

Hindustan Times Prasun Sonwalkar Oct 02, 2019 The high court of England and Wales on Wednesday ruled in favour of India and the two descendants of the late 7th Nizam of Hyderabad, who sent £1 million to a London bank in 1948, now estimated to value at least £35 million. The historic case has gone through several twists and turns with India and the descendants — Mukarram Jah and Muffakham Jah — on one side and Pakistan on the other. Pakistan had claimed that the money on the ground was a payment for supplying arms to the Hyderabad state during India’s annexation in 1948. The 7th Nizam had transferred the £1 million to the then Pakistan ambassador in London, Habib Ibrahim Rahimtoola, for safe-keeping, who agreed “to keep the amount mentioned by you in my name in trust”. The amount, accruing interest over the decades, lies in the National Westminster Bank in London. The 166-page judgement by Justice Marcus Smith sets out the history of the dispute, from India’s ‘Operation

The Hindustan Times HT Correspondent, Oct 02, 19 National Security Adviser Ajit Doval   on Wednesday met  Saudi Crown Prince Mohammed Bin Salman  as part of his visit to the two premier Gulf powers of UAE and Saudi Arabia. “The visit is an opportunity for the leaders to exchange notes on the regional and global security environment,” a person familiar with the development said. India has a very close relations with Saudi Arabia as well as United Arab Emirates that includes intelligence sharing. This is an important visit that highlights the “regular and ongoing close consultations at the highest levels” on issues of mutual interest and importance. The visit comes days after  Pakistan Prime Minister Imran Khan   travelled to Saudi Arabia to seek support for its attempt to internationalise India’s Kashmir move as well. Then, there is also the devastating drone attack on Aramco oil installations in Saudi Arabia last month that has flared tensions in the region and led to a sh

The Hindustan Times  Rezaul H laskar, Oct 02, 19 Vietnam will raise the situation in the South China Sea, including four intrusions by Chinese vessels into its exclusive economic zone (EEZ) since July, in the upcoming annual security dialogue with India this month, Vietnamese ambassador Pham Sanh Chau has said. The latest intrusion by 28 Chinese vessels began on September 30 and was continuing despite more than 40  representations to the Chinese   side since the first intrusion three months ago, the envoy said in an interview. “We told them they shouldn’t violate our waters and they should withdraw all the ships as soon as they can,” he said. India is one of only three countries with which Vietnam has a comprehensive strategic partnership and the annual security dialogue is scheduled to be held in Ho Chi Minh City this month. “We hope we will be able to cover not only the security of the two countries but issues concerning the whole region, and especially, we will bring up th

The Hindustan Times HT Correspondent, Oct 02, 2019 A new clean energy initiative with investment opportunities for a broad range of resources, such as natural gas and batteries, will be launched by India and the US during the visit of a top American official this week. The US assistant secretary of state for energy resources, Francis R Fannon is visiting India from September 30 to October 6 for meetings with senior Indian energy officials and private sector representatives to launch the Flexible Resources Initiative (FRI or “free”) under the US-India Clean Energy Finance Task Force. FRI will execute the shared vision of the two countries for economic growth in the Indo-Pacific fueled by clean energy, the state department said in a statement. The initiative is also part of the broader US-led Asia EDGE (Enhancing Development and Growth through Energy) initiative, an attempt to grow sustainable and secure energy markets throughout the Indo-Pacific. The initiative will

The Hindustan Times Reuters, October 02, 2019 Ford Motor Co and Mahindra & Mahindra will form a joint venture in India valued at $275 million to produce and sell vehicles in the country and export to emerging markets, the two companies said on Tuesday. The two companies have for months been negotiating the deal which will see Ford take a 49% stake in the new entity and end most of its independent local operations in the country, Reuters reported in April. Under the terms of the deal, which is likely to be finalised by mid-2020, Ford will transfer its local automotive assets, including both its car manufacturing plants in the country, and employees to the new entity, the companies said in a statement. Under pressure from shareholders to make profits, Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. By shifting to a joint venture, Ford is changing its India strategy where it has long run an independent oper

The Hindustan Times PTI, October 02, 2019 Once India triggers development in Jammu and Kashmir, all of Pakistan’s plan for the last 70 years against the state would come to a naught, External Affairs Minister S Jaishankar told a top US think tank here. The minister also pointed out to the Washington audience that the current suspension of the mobile network in the Kashmir valley is aimed at preventing the misuse of internet and social media for radicalising and mobilizing anti-Indian forces and to ensure that no loss of life occurs during the transition to the development phase. Jaishankar made the remarks in reply to a question after his major foreign policy speech at the Centre for Strategic and International Studies, a top American think-tank. “There are reactions out there. There are vested interests built over 70 years. There are local vested interest. There are vested interest across the border,” said Jaishankar, conceding that “there would be transitional risks w

The Times of India Depanjan Roy Choudhury, ET Bureau October 01, 2019 NEW DELHI: The role of Malaysia and Turkey, which openly backed Pakistan at the UN General Assembly (UNGA) last week, will be crucial during a meeting of the Financial Action Task Force (FATF) later this month in Paris. The meeting of the global money laundering and terror financing watchdog, scheduled for October 13-18, will decide whether Pakistan will continue to be in its ‘grey list’ or downgraded to the ‘black list’. Islamabad has been on the 'grey list' since June 2018, and requires at least 15 of 36 votes to exit that list. Analysts, however, say attracting support for that will be an uphill task.   Pakistan managed to stay out of the FATF black list for the time being in its June meeting, supported by all-weather friend China, traditional ally Turkey, and Malaysia Pakistan needs the support of three FATF members to avoid being blacklisted again, and besides China, is counting