Tata Sons shareholders are expected to vote on new articles of association (AoA), seeking to separate the positions of chairman of Tata Trusts and Tata Sons soon. At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country’s largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival season in order to fund the demand for loans. Read more about these in our top headlines.
Shareholders may vote on splitting chairman posts at Tata Sons & Trusts
Tata Sons shareholders are expected to vote on new articles of association (AoA), seeking to separate the positions of chairman of Tata Trusts and Tata Sons soon. This will be put to vote on August 30, according to the Tata Sons annual general meeting notice. While the two positions remained separate since 2013, a change in the AoA will make it legally binding. Read more
‘Same cable helps’: Common charger for all mobile devices on cards
Officials from the department of consumer affairs are meeting industry representatives on Wednesday to evaluate the possibility of a common charger for most mobile devices, including smartphones, tablets and wearable devices. This move — if implemented — will make things easier for consumers, said senior officials from the ministry of consumer affairs. Read more
From SBI to BoB, banks rush to woo depositors ahead of the festival season
At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country’s largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival season in order to fund the demand for loans. Commemorating 75 years of India’s independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 percent and the offer is on until October 30, SBI said. Read more
Adani Group plans to step up aluminum play, may go for production
Adani Group’s plans in the base metals space may be bigger than just setting up a mega alumina refinery. If the ongoing talks between the conglomerate and the Odisha government are any indication, the group is exploring an entry into the production of aluminum. The group on Thursday announced that the HLCA of the Government of Odisha headed by CM Naveen Patnaik had approved its proposal for two projects, including a 4-million-tonnes-per-annum (mtpa) integrated alumina refinery. Read more
SpiceJet settles dispute with lessor, seeks Rs 200-cr loan to clear dues
SpiceJet has decided to end its dispute with aircraft lessor Goshawk Aviation. It is also seeking a Rs 200-crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS) to clear pending dues and induct new plans. The airline on Tuesday announced that it had entered into a settlement with the lessor and its affiliates over a payment dispute related to three Boeing 737 aircraft. Goshawk Aviation sued SpiceJet in a UK court for $16 million following default in lease payments. Read more
SBI starts insolvency process against sugar firm Bajaj Hindusthan at NCLT
State-owned SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd. SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). In a regulatory filing, Bajaj Hindusthan Ltd informed that “we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd.” Read more
.