News digest: Toxic asset auctions, Paradise Papers, Auto sales, and more

Govt recently issued an ordinance to debar wilful defaulters, those with one year or more NPA, from bidding

Resale curbs likely in toxic asset auctions

The government is in discussions as to whether it should put in reasonable restrictions for a limited period of time on the successful bidder of a distressed asset so that it cannot transfer or sell the shares of the company back to its promoters or their related parties, holding companies, subsidiaries and associate companies. Read more

Paradise Papers: Task force asks tax dept to send notices to 714 persons

The multi-agency group (MAG), set up by the government a day after the Paradise Papers leak, has asked the income-tax (I-T) department to send notices to the 714 Indians who were named in the list for investments that they made in and routed funds through tax havens. Read more

Nissan initiates arbitration to recover Rs 5,000 crore from govt

Japanese carmaker Nissan has sued the Tamil Nadu government in order to recover around Rs 5,000 crore ($770 million) of promised incentives along with interest charges and damages. Nissan Motor had initiated international arbitration proceedings to this effect after months of talks with the state government did not lead to a resolution, Reuters reported. Read more

Modi has a vision for India, Manmohan laid foundation: Barack Obama

Continuing the famous 'bromance', former US president Barack Obama and Prime Minister Narendra Modi met on Friday. Obama was in New Delhi to attend a few events that are part of a three-country tour he is undertaking in one of his first global outings as a private citizen. Read more

Auto sales grew 14% in November

Maruti Suzuki, Hyundai and Mahindra & Mahindra (M&M) had double-digit growth in automobile sales for November, helping the industry report growth of a little over 14 per cent. Read more

Wipro faces Rs 900-cr lawsuit over ERP implementation

Wipro, India’s third-largest software services firm, on Friday said it would contest the lawsuit filed by National Grid US seeking damages of over Rs 900 crore ($140 million) for a project that began in 2009. Read more