Appellate tribunal NCLAT has set aside insolvency proceedings against Mack Star Marketing initiated by the NCLT Mumbai after observing that the term-loan provided by Yes Bank to it was an "eye-wash" and "collusive in nature".

A two-member bench held such collusive transactions do not fall within the ambit of the definition of Financial Debt as defined under Section 5(8) of the Insolvency & Bankruptcy Code and therefore Suraksha Asset Reconstruction cannot be termed as a Financial Creditor.

The Adani Group will launch its open offer for acquiring an additional 26 per cent stake in media firm New Delhi Television Ltd (NDTV) from October 17 to November 1, JM Financial, which is managing the offer, said in a draft letter of offer (DLOF), on Thursday.

The open offer for acquiring up to 1.67 crore equity shares, for which a price of Rs 294 per share has been fixed, will amount to Rs 492.81 crore, if fully subscribed.

Google is set to run a pilot test for the local developers to distribute their daily fantasy sports (DFS) and rummy games apps on Play Store in India, as e-sports become big in the country.

Starting September 28, Play Store will begin a limited-time pilot allowing for the distribution of DFS and Rummy apps to users in India by developers incorporated in India.

The initial 5G rollout in the metro cities may not see any tariff hikes from Reliance Jio and Bharti Airtel, according to a Financial Express report.

Telecom operators Reliance Jio and Bharti Airtel are not looking at higher tariffs for 5G services during the initial level of launch in metro cities.

Fitch Group unit CreditSights said it had discovered calculation errors in its recent debt report on two power and transmission companies controlled by India's richest person, Gautam Adani, following a conversation with the management.

CreditSights's report late last month calling the conglomerate "deeply overleveraged" and flagging other risks had sent shares of many Adani companies down.

Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vodafone Idea into equity, reported Economic Times.

The telecom department will now have to finalise the transaction according to the package announced earlier.

E-commerce retailers led by Amazon and Flipkart are expected to garner sales worth $11.8 billion this festive season, comfortably more than double the pre-pandemic figure of $5 billion in 2019, according to a report by consulting firm Redseer.

Covid-19 has accelerated the shift to e-commerce, with an increasing number of consumers shopping online at a higher frequency than last year, analysts say.

Information technology industry veteran T V Mohandas Pai has said the havoc caused in Bengaluru due to heavy rains was a result of multiple factors, including bad governance, high corruption and lack of urban reforms.

Both political leaders and bureaucrats have failed the citizens, the former Chief Financial Officer of IT major Infosys Ltd said on the floods in parts of Bengaluru following two days of torrential rains.

Shares of Reliance Capital (RCap) were locked in upper circuit for the fifth straight day, up 5 per cent at Rs 17.93 on the BSE in Wednesday’s trade in an otherwise weak market. Till 11:07 am, a combined 2.03 million equity shares had changed hands and there were pending buy orders for 1.2 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.59 per cent at 58,845.

In the past one week, the stock price of RCap has surged 27 per cent, as compared to 1.2 per cent decline in the benchmark Sensex.

Textile service company Lindstrom India, subsidiary of Lindstrom Oy, Finland, has ramped up its operations in the workwear service unit here as it aims to serve the growing demand in the southern parts of the country, a company official said on Wednesday.

With the expansion in operations, the Chennai unit is expected to employ about 100 people, Lindstrom Group, President and CEO Juha Laurio said.

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