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NEWS

Posted On:
09-10-2024

Byju’s transferred funds in violation of bankruptcy rules via shell company: Report

Byju's, the embattled tech company controlled by Indian entrepreneur Byju Raveendran, has been accused of illegally transferring funds from its U.S. affiliate, according to a lawsuit filed on Tuesday in a Delaware federal court, Bloomberg reported. The lawsuit claims money that should have been used to pay creditors was funnelled to Whitehat Education Technology. Court-appointed trustee Claudia Springer, a bankruptcy attorney, is seeking the return of nearly $700,000 allegedly transferred from accounts under her control, per the Bloomberg report.This legal battle is part of a broader conflict between Byju's and its lenders, who claim the edtech company owes more than $1.2 billion to them. For over a year, lenders have been trying to locate $533 million they say the company hid from them, as per the report. The dispute stems from a Byju’s affiliate that once held the missing $533 million, which creditors took over and placed in Chapter 11 bankruptcy. Three other units were also forced into insolvency and placed under Springer's control. All U.S.-based affiliates are currently in bankruptcy court in Wilmington, Delaware, while Byju’s faces separate bankruptcy proceedings in India, as per the report.
internship

Posted On:
09-10-2024

₹50,000 crore sent to China via hawala: ED cracks down on Indian companies

The Enforcement Directorate (ED) is intensifying its investigation into allegations of money-laundering involving companies importing goods from China, officials have told Business Today TV. Several Indian firms are suspected of having violated laws by under-invoicing luxury products such as furniture and gadgets imported from China. This practice helps these firms evade taxes, with the remaining payment being funnelled to Chinese sellers via hawala networks, officials claimed.The Ministry of Finance, External Affairs, and Home Affairs have coordinated closely with the ED on the probe. Officials claim that in the past six months alone, Indian firms have allegedly siphoned off Rs 50,000 crore to Chinese sellers through this under-invoicing tactic. These companies are believed to have violated both anti-money laundering and foreign exchange regulations. The ED has initiated a formal investigation under the Prevention of Money Laundering Act (PMLA) and is looking into how the remaining funds are rerouted to China. The agency is also investigating the use of cryptocurrencies in these transactions, as many payments are reportedly being made through digital currencies.
internship

Posted On:
12-10-2024

'He was a true visionary': RBI Governor Shaktikanta Das pays homage to Ratan Tata

RBI Governor Shaktikanta Das expressed his condolences on the passing of veteran industrialist Ratan Tata. He praised Tata's significant role in shaping a self-reliant India and described him as a towering figure in Indian industry, whose contributions will continue to inspire many. Following this, in a heartfelt post on social media platform X (formerly Twitter) he acknowledged Tata's immense contributions to India's economic growth and industry.He wrote, “Honoured to have paid my respects to the mortal remains of Shri Ratan Tata. Truly a great visionary. Strong believer of ethics in corporate governance. He was also a member of RBI central board for more than 12 years. When the economic history of modern India is written, even one full volume will not suffice to describe Shri Ratan Tata’s phenomenal achievements. May his soul rest in eternal peace.” "There are two things that stand out about Shri Ratan Tata. First, he was a true visionary. Second, he was a strong believer in ethics in corporate governance. I think whenever the economic history of modern India is written, I would feel that a full volume will not be enough to describe his achievements...A great son of India and a phenomenal person. May his soul rest in peace," he told ANI after paying tributed to the 86-year-old industrialist.
internship

Posted On:
12-10-2024

Samsung strike: Demand for recognition of majority trade unions remains top issue

K C Gopikumar, CITU secretary, Tamil Nadu underlines this as legal right of workers, says outsiders can be allowed to lead as per Trade Unions Act. As the strike by Samsung Electronics workers in Tamil Nadu entered its second month, labour leaders have underlined the demands that must be taken up at a tripartite discussion. “The demand for registration and recognition of a majority trade union is the topmost issue, while other economic demands can be settled with ups and downs,” KC Gopikumar secretary of CITU, Tamil Nadu and spokesperson of Samsung India Electronics Union told Business Today.Over 1,000 workers of Samsung India at the Sriperumbudur plant have been on strike since September 7. The workers have sought recognition of their newly-formed union Samsung India Workers Union (SIWU) led by the Centre of Indian Trade Unions (CITU). The workers have also prepared a charter of other demands including higher pay as well as other benefits. While the Samsung management had agreed to the demand for higher pay, it has not agreed to the issue of recognition of the workers’ Union. Workers also rejected a settlement offer from the company with a wage increase as it did not include the recognition of the Union.
internship

Posted On:
14-10-2024

‘Felt like a parting gift’: Shantanu Naidu shares how bear hugs from Mumbai cops comforted him at Ratan Tata’s funeral

Naidu’s relationship with Tata went beyond a professional connection. Their bond started when Naidu sought support for his initiative, Motopaws, which aimed to protect stray dogs by providing them with reflective collars. At Ratan Tata’s funeral, a quiet but powerful moment unfolded when Shantanu Naidu, one of Tata’s closest aides, was embraced by Mumbai policemen. The gesture was simple yet deeply meaningful, reflecting the collective grief over the loss of a man who had impacted many lives, including Naidu’s. As Tata’s hearse made its way through the streets, Naidu, who had been a part of Tata’s inner circle, led the procession on his motorcycle, visibly moved by the support around him. The bear hugs from the officers symbolized the city’s shared sorrow, offering Naidu a brief moment of comfort in the midst of his grief. Later, Naidu took to LinkedIn to share his emotions, reflecting on the overwhelming sense of loss. “Still coming to terms with the fact that I will never see him smile again, or get to make him smile,” he wrote. He expressed his gratitude for the kind gestures from strangers and the Mumbai policemen, calling the bear hugs “a parting gift” that brought him a sense of solace during a difficult time.
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