- Friday, April 19, 2024
By: Shubham Ghosh
Here are news related to Indian economy and business for Monday, March 20, 2023:
India’s Supreme Court on Monday asked market Securities and Exchange Board of India (SEBI) regulator to refund Rs 3 billion (£29.6 million) to the National Stock Exchange (NSE) of India in a case that involves alleged lapses in the bourse’s systems, lawyers representing the parties on Monday said, according to Reuters. They added that the top court also refused to stay a tribunal order, which had set aside the regulator’s ruling against NSE. In 2019, SEBI passed a series of orders against the NSE and its former chief executives, Chitra Ramkrishna and Ravi Narain. It alleged the exchange did not exercise due diligence while setting up a network which allowed high-frequency traders unfair access to some network servers at the exchange, the Reuters report added.
The Indian home ministry has recommended a Central Bureau of Investigation inquiry against Indian Administrative Service-turned-social activist Harsh Mander’s Aman Biradari NGO for alleged Foreign Contribution Regulation Act (FCRA) violations, government sources said on Monday, ANI reported. Mander was among the most ubiquitous faces in the protests against the Citizenship Amendment Act (CAA) in Delhi. He has also been called an Indian National Congress sympathiser, for having worked closely with the party’s former president Sonia Gandhi from 2010 to 2012 in the National Advisory Committee, considered “the most powerful club in the Manmohan Singh government”.
India’s National Company Law Appellate Tribunal (NCLAT) on Monday concluded its hearing over the petition filed by Google, in which the tech giant challenged the Competition Commission of India’s (CCI) order imposing a Rs 1,337.76 crore (£132 million) penalty for anti-competitive practices in relation to Android mobile devices, PTI reported. A two-member bench of the NCLAT was conducting the hearing on a day-to-day basis for over a month. “Heard Learned Counsel for the parties. Hearing is completed. Judgment Reserved,” said the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Alok Srivastava.
Indian airlines are projected to record a consolidated loss of $1.6-1.8 billion (£1.3-£1.4 billion) in the next financial year, aviation consultancy CAPA India said on Monday, PTI reported. The full-service carriers are expected to incur a loss of $1.1-1.2 billion (896.5-978 million). According to CAPA India’s forecast for 2023-24, Indian airlines are estimated to have a net induction of 132 planes next fiscal and will take the total fleet of all carriers to around 816 aircraft. An increase in ATF prices would put pressure on costs. Also, there could be a decline in yields as a result of significant capacity addition, it added.
Kabira Mobility , a prominent electric bike manufacturer in India renowned for its KM3000 and KM4000 models, on Monday announced that it has secured a $50 million (£40.7 million) investment from its strategic investor, Al-Abdulla Group (Qatar) at an undisclosed valuation to accelerate its Pan-India growth and ramp up the production of its Highly Popular Electric Bike Models KM3000 and KM4000, ANI/PRNewswire reported. This investment will enable Kabira Mobility to embark on mass industrialisation of its products, thus allowing the company to further ramp up its delivery capabilities. To accommodate this growth, Kabira Mobility will expand its manufacturing infrastructure by scaling up its manufacturing capacity at its Dharwad plant in the southern state of Karnataka and setting up a state-of-the-art electric bike manufacturing plant in the northern state of Uttar Pradesh to meet the growing demand of the north Indian market.
