The Supreme Court refused to extend a six-month moratorium on loan repayments that ended in August last year. Sports technology company Dream Sports raised $400 million in a new funding round. India filed an appeal against the Cairn Energy arbitration verdict at The Hague, challenging the $1.2-billion award. Here is more on what happened this week.
- The Supreme Court refused to extend a six-month moratorium on loan repayments that ended on August 31 last year, offering huge relief to banks, but said no borrower can be charged any form of additional interest incurred during that period.
- Venu Srinivasan, who built TVS Motor Company into one among the top five global manufacturers of two- and three-wheelers, will step down as chairman in January 2023. He will be replaced by Ralf Speth, former chief executive officer of Jaguar Land Rover.
- Sports technology company Dream Sports raised $400 million in a new funding round led by TCV, D1 Capital Partners, and Falcon Edge Capital. The latest round takes the company’s valuation close to $5 billion. This is the first India investment of TCV, a backer of Netflix Inc.
- India filed an appeal against the Cairn Energy arbitration verdict at The Hague, challenging the $1.2-billion award on grounds of sovereignty and tax avoidance by the UK oil major. New Delhi seeks to block Cairn from enforcing the award by appealing before courts to seize Indian assets abroad.
- The Delhi High Court put on hold another judge’s order restraining Future Group chief Kishore Biyani from selling personal assets, amid legal challenges to the group's $3.4-billion retail deal. In various courts, Amazon has accused Future of violating certain contracts by agreeing to sell its retail assets to Reliance Industries.
- India’s government is considering blocking the internet protocol (IP) addresses of companies and exchanges trading in cryptocurrencies, Business Standard reported quoting a source. The proposal will be implemented once investors are given three to six months--the period has not been decided-- to exit cryptocurrencies.
- Suzlon Energy said market regulator Sebi has appointed a forensic auditor to check its financial statements. Suzlon, India’s largest renewable energy equipment maker, said the auditor had been appointed in the context of disclosures of financial information and business transactions.
A few links for further reading
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.
Small savings scheme
Investors breathed a sigh of relief when the government announced that interest rates on these instruments would not be revised for the fourth quarter of the calendar year.
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.