The Income-Tax Department has cancelled the registration of six trusts operating under Tata Trusts, a move that could result in tax liability of about Rs 12,000 crore for the organisation. The cancellation order was on account of activities (performed by trusts) that are not commensurate with Articles of Association, according to an official.

The concerned entities are the Jamsetji Tata Trust, RD Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Sarvajanik Seva Trust, and Navajbai Ratan Tata Trust. While these are not the main shareholding trusts, they hold 39,000 shares in Tata Sons, the parent company of the group, a person in the know said. Sir Dorabji Tata Trusts and Sir Ratan Tata Trust are the main entities of Tata Trusts.

Amid an uproar over allegations of an Israeli software being used to spy over activists and journalists, WhatsApp on Friday said it has taken a "strong action" in the incident and supports the Indian government's stand on the need to safeguard the privacy of all citizens.

On Thursday, the Facebook-owned company had said Indian journalists and human rights activists were among those globally spied upon by unnamed entities using an Israeli spyware Pegasus, leading to a furore over breach of citizens' privacy.

Shares of IndusInd Bank moved higher by 5.1 per cent to Rs 1,378.55 on the BSE on Friday after the bank announced selection of a potential successor to Ramesh Sobti, the current Managing Director and Chief Executive Officer (MD & CEO). It, however, did not name the successor. Sobti's tenure will end in March 2020, when he turns 70.

“Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the bank, at its meeting held on Thursday, October 30, 2019, has finalised a potential candidate for the position of MD & CEO,". the bank said in a regulatory filing.

Indian Oil Corporation (IOC) shares slipped as much as 4.42 per cent to Rs 140.30 apiece on the BSE on Friday after the company reported 83 per cent year-on-year (YoY) decline in profit before tax (PBT) at Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year.

India and Germany have resolved to intensify bilateral and multilateral cooperation to deal with the threats of terrorism and extremism, Prime Minister Narendra Modi said on Friday after holding wide-raging talks with German Chancellor Angela Merkel.

After the two leaders co-chaired the fifth Inter-Governmental Consultations, India and Germany signed five joint declarations of intent and inked 11 pacts in fields such as space, civil aviation, maritime technology, medicine and education.

The Goods and Services Tax (GST) collection in October declined to Rs 95,380 crore, as against Rs 1,00,710 crore in the same month a year ago, as per government data released on Friday.

This is the third consecutive month when GST mop-up remained below the Rs 1 trillion mark, despite October being a festive month.

TVS Motor has reported a 25 per cent drop in domestic two-wheeler sales during the month of October 2019, at 252,684 units as compared to 338,988 units a year ago. However, the company said October sales were two per cent higher than in September, which effectively reduces stock-in-trade for BS VI transition.

Total two-wheeler sales, including exports, were down by 20 per cent to 308,161 units in October 2019 from 384,307 units a year ago.

Ashok Leyland has reported a 50 per cent drop in domestic M&HCV sales during the month of October 2019 to 4,565 units as against 9,062 units, a year ago.

The biggest drop was in trucks, whose sales declined by 59 per cent to 3,335 units in October from 8,124 units in the same month a year ago. Bus sales in October, on the other hand, were up 31 per cent to 1,230 units, from 938 units the previous year.

Aviation regulator DGCA asked IndiGo on Friday to replace Pratt and Whitney (PW) engines of 23 A320neo planes by November 19 or else they would be grounded.

The regulator also asked IndiGo that all 97 such aircraft in its fleet must have modified PW engines by January 31 next year "at all costs".

Riding on one-off gains, drug major Dr Reddy's Laboratories Limited has reported a 33 per cent jump in profit before tax, at Rs 766.4 crore, while its post-tax profit more than doubled to Rs 1,092.5 crore for the quarter ended September 2019. Th epre- and post-tax profit figures in the corresponding quarter the previous year were Rs 578 crore and Rs 503.8 crore respectively.

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