Here are top news of the week between 22-28 October that made headlines:
Wagh Bakri scion Parag Desai, 49, dies after attack by street dogs
Parag Desai, the Executive Director of the Wagh Bakri Tea Group, which owns the Wagh Bakri tea brand, passed away on 23 October. Desai fell outside his residence and suffered a brain haemorrhage on October 15 as he was trying to escape street dogs that had attacked him. Read more
Shareholders approve appointment of Isha, Akash and Anant Ambani to RIL board
The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors. The resolutions were passed through postal ballot. Read more
Mamaearth issue to open on 31 October
Honasa Consumer, which operates Mamaearth, will launch its three-day initial public offering (IPO) on 31 October, according to its draft prospectus. Mamaearth is looking to raise ₹365 crore in primary capital, and offer 41,248,162 equity shares for sale. Read more
Paytm CEO Vijay Shekhar Sharma launches ₹30 crore fund for AI, EV startups
Paytm founder and chief executive Vijay Shekhar Sharma has launched a ₹30-crore ‘VSS Investments Fund’ to invest in Indian artificial intelligence (AI) and electric vehicle (EV) startups. The total size of the Sebi-approved, Category II Alternate Investment Fund (AIF) is ₹20 crore with a green-shoe option of ₹10 crore, bringing the total corpus to ₹30 crore. Read more
Byju’s CFO Ajay Goel steps down, returns to Vedanta
Byju’s chief financial officer Ajay Goel, who was brought on board to improve the edtech’s financial compliance has quit in six months, in a jolt for the company that has attempted to streamline its finances. He will join Vedanta Ltd, his previous employer, on 30 October. Read more
Centre imposes floor price on onion exports to ensure domestic availability amid rising prices
The union government on Saturday imposed a minimum export price (MEP) of $800 a tonne ( ₹67 a kg) on onion exports between 29 October and 31 December to ensure domestic availability. Read more
Reliance Retail Q2 net profit up 21% to ₹2,790 crore
Reliance Retail Ventures Ltd, (RRVL), the country’s largest retail chain, has reported a 21% jump in its net profit for the September quarter. The company said on Friday that its net profit came in at ₹2,790 crore, up from ₹2,305 crore in the year-ago period. Read more
Sebi extends futures trading ban on seven farm commodities for another year
Sebi extended the ban on futures trading in agricultural commodities for another year (until 20 December 2024), an official notification said. The finance ministry first imposed the ban through Sebi in 2021, halting futures trading in seven commodities — non-basmati paddy, wheat, chana, mustard seed and its derivatives, soybean and its derivatives, crude palm oil and moong (green gram) — for a year to combat rising inflation. Read more
Banks must allow premature withdrawal of retail deposits below ₹1 crore: RBI
The RBI increased the threshold above which banks can offer retail deposits without premature withdrawal from ₹15 lakh to ₹1 crore. This means banks will now have to let retail depositors withdraw fixed deposits below ₹1 crore. Read more
PM Modi invited to install Lord Ram’s idol at Ayodhya temple on January 22
Shri Ram Janambhoomi Trust invited Prime Minister Narendra Modi on Wednesday to install the idol of Lord Ram in the Garbhagriha of Ram Mandir in Ayodhya temple on 22 January next year. Read more
India to resume visa services for certain categories amid row with Canada
India has announced plans to resume visa services for certain categories amid a diplomatic crisis with Canada. The High Commission in Ottawa said that it would restore services for entry, business, medical and conference visas with effect from October 26. Read more
New EPF subscriber numbers yet to hit pre-pandemic level, government data shows
The number of new Employee Provident Fund (EPF) subscribers, an indicator of new formal jobs, rose consistently until FY19 before falling sharply during the pandemic years of FY20 and FY21 and recovering in the following years, according to payroll data for September 2017 to August 2023 released by the National Statistical Office (NSO). Read more
NCERT panel recommends replacing India with ‘Bharat’ in school textbooks
A panel on social sciences constituted by the National Council of Educational Research and Training (NCERT) has recommended replacing the name India with “Bharat” in school textbooks. Read more
Israel-Hamas War: S&P cuts Israel’s rating outlook to Negative as conflict rages
S&P Global Rating has cut Israel’s credit outlook was cut to negative. Reasons given were risks that the war with Hamas could spread and have a “more pronounced” impact on the country’s economy. Read more
UNGA calls for immediate truce between Israel and Hamas in Gaza, India abstains from vote
The United Nations General Assembly on Friday adopted a resolution calling for an “immediate, durable and sustained humanitarian truce” between Israel and Hamas terrorists in Gaza. However, India has abstained from a call for the protection of civilians and upholds legal and humanitarian obligations. Read more
Centre notifies 18% GST on corporate guarantees
The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 October. Read more
Indian Navy veterans sentenced to death by a court in Qatar
Eight former Indian Navy personnel have been sentenced to death by a court in Qatar. The former naval officers had been working for Al Dahra company on a submarine project for the Qatari authorities when they were detained more than a year ago. Read more
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