Sumeet's Feed
Feb 28, 2015

India Inc cheers corporate tax cut, simpler rules

MUMBAI, Feb 28 (Reuters) – Indian businesses, recovering
from years of sluggish growth, welcomed budget plans on Saturday
that will cut the corporate tax rate and introduce a single
national goods and services tax (GST) to replace a complex array
of local duties.

Executives said measures announced by Finance Minister Arun
Jaitley in the budget for the coming fiscal year should help
rekindle growth, though questions remained over the ultimate
impact of a raft of tax changes.

Feb 27, 2015

Some staff say Sahara has not paid salaries for months

MUMBAI (Reuters) – Some staff at conglomerate Sahara say they haven’t been paid for several months, as the company tries to raise $1.6 billion to bail its boss Subrata Roy out of jail.

Reuters interviewed 11 employees independently contacted in separate units in Delhi, Mumbai and Lucknow this week, and found workers at what was once one of India’s highest profile firms frustrated over a lack of information about the group’s future. Business has been disrupted for a year as Sahara fights a regulator’s charge that it illegally sold bonds and did not reimburse investors.

Feb 27, 2015

Some staff say India’s Sahara has not paid salaries for months

MUMBAI, Feb 27 (Reuters) – Some staff at Indian conglomerate
Sahara say they haven’t been paid for several months, as the
company tries to raise $1.6 billion to bail its boss Subrata Roy
out of jail.

Reuters interviewed 11 employees independently contacted in
separate units in Delhi, Mumbai and Lucknow this week, and found
workers at what was once one of India’s highest profile firms
frustrated over a lack of information about the group’s future.
Business has been disrupted for a year as Sahara fights a
regulator’s charge that it illegally sold bonds and did not
reimburse investors.

Feb 25, 2015

Bharti Airtel selling shares in tower unit – sources

MUMBAI (Reuters) – Bharti Airtel(BRTI.NS: Quote, Profile, Research), India’s biggest mobile phone operator by users, is raising as much as $415 million through the sale of shares in its mobile tower unit Bharti Infratel(BHRI.NS: Quote, Profile, Research), two sources directly involved in the process told Reuters.

Bharti Airtel, which operates in 20 countries across Asia and Africa, is likely to use the proceeds for funding next month’s auction for mobile phone airwaves, brokerage analysts tracking the telecoms sector said.

Feb 25, 2015

India’s Bharti Airtel selling shares in tower unit-sources

MUMBAI, Feb 25 (Reuters) – Bharti Airtel, India’s
biggest mobile phone operator by users, is raising as much as
$415 million through the sale of shares in its mobile tower unit
Bharti Infratel, two sources directly involved in the
process told Reuters.

Bharti Airtel, which operates in 20 countries across Asia
and Africa, is likely to use the proceeds for funding next
month’s auction for mobile phone airwaves, brokerage analysts
tracking the telecoms sector said.

Feb 16, 2015

Foreign private banks plan India headcount boost in revival of growth push

MUMBAI (Reuters) – Foreign private banks are bulking up in India once again after downsizing in the past few years, anticipating new opportunities to advise Indian millionaires eager to cash in on an Internet start-up boom and on signs of an economic revival.

Bankers and consultants surveyed by Reuters said foreign private banks will hire wealth managers this year and increase their headcount by a fifth, compared to a 10-15 percent fall in each of the past two years.

Feb 12, 2015

Sahara says taking legal action against Mirach after deal collapse

MUMBAI (Reuters) – Indian conglomerate Sahara said on Thursday it was taking legal action against U.S.-based Mirach Capital Group after the collapse of talks between the two, intended to raise funds to pay the $1.6 billion bail of Sahara’s jailed boss Subrata Roy.

The talks involved a loan by Mirach secured against some of Sahara’s properties including New York’s Plaza hotel, but they collapsed acrimoniously. Sahara said it had found out a bank letter underpinning the proposed deal and supposed to confirm the existence of funds with Mirach was forged.

Feb 12, 2015

India’s Sahara says taking legal action against Mirach after deal collapse

MUMBAI, Feb 12 (Reuters) – Indian conglomerate Sahara said
on Thursday it was taking legal action against U.S.-based Mirach
Capital Group after the collapse of talks between the two,
intended to raise funds to pay the $1.6 billion bail of Sahara’s
jailed boss Subrata Roy.

The talks involved a loan by Mirach secured against some of
Sahara’s properties including New York’s Plaza hotel, but they
collapsed acrimoniously. Sahara said it had found out a bank
letter underpinning the proposed deal and supposed to confirm
the existence of funds with Mirach was forged.

Feb 11, 2015

Supreme Court asks Sahara to submit fresh fundraising plans

MUMBAI (Reuters) – The Supreme Court has asked conglomerate Sahara to submit a fresh plan for raising funds against its properties after the collapse of negotiations with a U.S.-based firm last week, an independent lawyer advising the court on the case said.

Sahara has struggled to raise cash to fund bail for its jailed boss Subrata Roy. Last week it described as forged a Bank of America letter intended to show that U.S.-based Mirach Capital had enough funds to arrange a $2 billion deal.

Feb 11, 2015

India’s top court asks Sahara to submit fresh fundraising plans

MUMBAI, Feb 11 (Reuters) – India’s Supreme Court has asked
conglomerate Sahara to submit a fresh plan for raising funds
against its properties after the collapse of negotiations with a
U.S.-based firm last week, an independent lawyer advising the
court on the case said.

Sahara has struggled to raise cash to fund bail for its
jailed boss Subrata Roy. Last week it described as forged a Bank
of America letter intended to show that U.S.-based Mirach
Capital had enough funds to arrange a $2 billion deal.