SPECIAL COURT TO HEAR MALLYA’S CASE UNDER THE NEW LAW TODAY
MUMBAI: Vijay Mallya is listed to appear before a special court here on Monday as part of the first action initiated against an absconding accused under the newly enacted fugitive economic offenders law. People aware of the matter said while it is certain that Mallya may not appear in person as he is contesting an Indian extradition case in London, it is expected that his authorised legal representative may submit a reply to the court of special PMLA judge MS Azmi as part of his official response to the notice.
The same court, on June 30, had issued notice to Mallya to appear before it on August 27 after the Enforcement Directorate charged the liquor baron under the new law as it enlarged its money laundering probe against him and others in a ₹9,000 alleged bank fraud case.
SBI to customers: Switch to chipbased debit cards
NEW DELHI: Country’s largest lender State Bank of India (SBI) has asked its customers to get their Atm-cum-debit cards with magnetic stripe replaced with the one with EMV chip before December 31. The Reserve Bank on India (RBI) had asked banks to issue only chip-based and PIN enabled debit and credit cards with an aim to protect customers from frauds. EMV chip card protects against counterfeit (skimming) card fraud. EMV chip card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
SAIL starts process to exit nonoperational JV firms
NEW DELHI: India’s largest steel maker SAIL has started process to exit some of its joint ventures that are either non-operational or non-performing, the public sector major has said in a report. The steel maker is also exploring options to monetise its investment in certain JV firms, the latest report said. “SAIL has initiated actions for closure/exit from certain joint venture (JV) companies which are either non-operational or non-performing,” Steel Authority of India Ltd (SAIL) said in its annual report 2017-18.
FPIS need to fill single form for registration, bank a/c
NEW DELHI: The government has introduced a single application form for foreign investors to enter into the domestic capital market as part of the exercise to improve ease of doing business. Earlier, foreign portfolio investors (FPIS) had to file a separate form to register themselves with the market regulator Sebi. Besides, they had to approach bank for opening bank account, income tax department for PAN (Permanent Account Number) and market intermediaries for Demat account. Finance minister Arun Jaitley in his 2017-18 Budget speech had said a common application form for FPIS would be devised with a view to enhance operational flexibility.
Grofers expects its revenue to cross ₹2,500 cr in FY19
NEW DELHI: Online grocery firm Grofers expects its revenue to cross ₹2,500 crore this fiscal on the back of strong addition of new customers along with increasing cart sizes of existing users. The Softbank-backed firm, which competes with the likes of Alibaba-funded Bigbasket as well as e-commerce majors like Flipkart and Amazon, currently has a monthly revenue run rate of about ₹150 crore (translating into ₹1,800 crore for the year).
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