News digest: Govt cracks the whip on LLPs, India's first monorail, and more

From the govt's plan to get rid of LLPs to it planning to pump Rs 113 bn into 5 PSBs, BS brings you up to date with the latest news

After targeting over 200,000 shell firms, govt is trying to weed out LLPs
 

After striking over 200,000 ‘shell’ firms off the records, the government is now trying to weed out limited liability partnerships (LLPs). 

The Ministry of Corporate Affairs has sent notices to 7,775 LLPs for not filing annual returns for at least two consecutive years, according to officials.  Read More

Piramal plans big splash in consumer products biz, eyes Rs 10 bn revenue

With its non-compete agreement with Abbott ending next month, Piramal’s consumer products division has drawn up elaborate plans to expand its existing portfolio as well as acquire brands that have the potential for over-the-counter (OTC) switches. 

OTC business plans are part of the company’s broader strategy to enter the domestic pharmaceutical formulations market.  Read More

Govt to pump Rs 113 bn into 5 PSBs to meet regulatory capital requirements 

The government has decided to infuse Rs 113 billion into five public sector banks, including Punjab National Bank, to help them meet regulatory capital requirements, according to sources. 

The capital infusion will be part of the Rs 2.11-trillion recapitalisation plan for public sector banks announced by the government last year. Read More

UTI AMC board clashes over appointment of managing director and CEO  

The stand-off between principal shareholders of UTI Asset Management Company (AMC) has escalated over the appointment of managing director (MD) and chief executive officer (CEO). 

The largest shareholder, T Rowe Price group, wants current chief Leo Puri to continue, while the other four domestic shareholders led by Life Insurance Corporation (LIC) are keen on appointing a new CEO. Read More

India's first monorail in Mumbai goes off track, idle for past one year

India's first monorail, which came up in Mumbai at Rs 25 billion, has been lying abandoned and unused since last year -  a fact that may dampen the enthusiasm for experimenting with different forms of rail-based urban transport system. 

Industry experts observe that though such advanced transit systems have great utility, Indian cities may not be ready for them. Read More