Top business stories of 25th September in a capsule
Vijay Mallya hid loan money in Shell Companies
Vijay Mallya has reportedly spread a major chunk of the
bank loans he received in shell companies across 7 different nations, including
the UK, US, Ireland, France etc, media reports said on Monday. In a charge sheet prepared by the Central
Bureau of Investigation (CBI), and the Enforcement Directorate (ED), the
authorities have said that he laundered most of the 6,000 crore rupees which he
had taken as a loan for Kingfisher airlines, media reports added. These charges
will be heard in the UK court in December. At present, the agencies have
presented the charges against Mallya in a 900 crore loan default case of IDBI
bank.
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Amazon acquires 5% stake in Shopper’s stop
Amazon’s investment arm on Monday purchased 5% preferential
shares in retail chain Shopper’s stop for around 180 crores. The company
confirmed selling its shares to Amazon.com’s NV Investment Holdings LLC at
rupees 407.7 rupees per share. Last week, Shopper’s stop had entered into a commercial
agreement with Amazon.com to sell its products at their marketplace. Shares of
the company have increased since the sale has been declared. Shopper’s stop
gained more than 20% in Monday’s intraday trade and are now trading at 507
rupees per share.
Flipkart, Amazon create 42,000 jobs this festive season
Online marketplaces have not only helped customers with huge
discounts, but is also creating thousands of temporary jobs in this festive
season, a media report said on Monday. The e-commerce websites have created as much as 42,000 temporary jobs
this year, 25% more than the previous festive season. These jobs are related to
mainly delivery and logistics. According to staffing agency Randstad, around 1,30,000
temporary jobs will be created in India this festive season. The demand is
especially high for e-commerce companies, logistics, FMCG, hospitality, retail,
supply chain, and transport.
ED attaches assets of 1.16 crore in Karti Chidambaram’s Aircel-Maxis probe
The Enforcement Directorate on Monday attached assets worth more
than 1.16 crore rupees of Former Finance Minister P Chidamabaram's son Karti in connection with the Aircel-Maxis money laundering deal.
The agency has accused Karti of having received money in return for favours
granted by his father to multi-national companies during his tenure as Finance
Minister. Assets worth rupees 90 lakhs and an additional 26 lakhs in fixed
deposits and bank balances of a company associated to him have been attached.
*In the Aircel-Maxis case, the ED has claimed that though
the Aircel-Maxis FDI approval was for rupees 3,500 crore, the proposal was
wrongly projected as an investment of rupees 180 crore so that it need not be
sent to the Cabinet Committee on Economic Affairs to avoid detailed scrutiny.
Sensex, Nifty slide to 4-week low
The Indian indices on Monday fell for the fifth straight day nearing
to a 4-week low on Monday. The Sensex lost around 296 points to close at 31,627
while the Nifty fell 90 points, breached the 9,900 level and closed at 9,875.
Market sentiment was hurt due to global uncertainties and foreign capital
outflow. The Sensex has lost 501.32 points in the previous four sessions. The
fall was largely driven by banking & financials (barring ICICI Bank), FMCG,
infra, auto and pharma stocks. The rupee too, slipped against the US dollar as
it breached the psychological 65 mark and was trading above the usual numbers.
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