Top 10 biz headlines: Changes in insolvency law, IndiGo board meet, & more

From changes in insolvency law to Wipro Q1 results, Business Standard brings you the top headlines that made news on Wednesday

Govt clears changes to insolvency law; secured lenders to get preference

In a big relief for banks, the government is bringing in multiple reforms to the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors, to be applicable retrospectively; strict timelines for the resolution and litigation process; and powers of the committee of creditors (CoC). Read more...

Jalan panel proposes 'nominal' transfer of RBI funds to govt over 3-5 years

The Union government may not get the windfall gain it was expecting from the Reserve Bank of India (RBI) reserves as the Bimal Jalan committee, tasked with reviewing the central bank’s economic capital framework, has proposed a “nominal” transfer of surplus to the central government in a phased manner. Read more...

Bhatia vs Gangwal: IndiGo headed for a stormy board meet on Friday

In the meeting on Friday, Rahul Bhatia and Rakesh Gangwal — the founders of IndiGo, will possibly face each other with deep mistrust, which the board chairman, M Damodaran, will attempt to defuse. The IndiGo board meeting is likely to take up the proposal of expanding the size of the board. Read more...

Sebi chief questions Budget plan for transfer of surplus funds to govt

Sebi Chairman Ajay Tyagi has written to the finance ministry, seeking a review of the Budget proposal that mandates transferring 75 per cent of the market regulator's surplus funds to the central government. Tyagi argued on the rationale for the regulator keeping a reserve fund and its importance in protecting the interests of investors. Read more...

Wipro net up 12.5% at Rs 2,388 crore in Q1, revenue growth tepid at 5.3%

IT services major Wipro continued to witness tepid revenue growth in the first quarter of the ongoing financial year owing to uncertainty in the macro environment apart from delay in closure of large projects. Operating margins also dipped because of rising wage cost and higher expenses. Read more...

Investigators may grill banks on closure of Jet Airways' forensic audit

Investigative agencies examining the books of Jet Airways are likely to seek an explanation from the State Bank of India (SBI)-led consortium after the lenders “closed” the forensic audit report on the basis of the “more-than-adequate” responses by the grounded airline. Read more...

USA's Ebix to buy travel services firm Yatra Online for Rs 2,327 cr

US-based software firm Ebix is set to acquire Gurugram-based online travel agent Yatra Online for an enterprise value of $338 million or Rs 2,327.4 crore in an all-stock deal. Once the transaction is completed, Yatra will be a part of Ebix's travel portfolio, EbixCash. Read more...

Investors from Singapore and Cyprus may come under tax scrutiny in India

Investors from Singapore and Cyprus, who have availed an exemption or concessional rate of taxation for investments made before this financial year, may come under scrutiny under a global tax framework that was recently ratified by India. Read more...

How Grofers is roping in kirana stores in fight against hard discounters

Grofers seeks to help the kirana stores with inventory management, using its insights from online retail trends and, in turn, leverage the trust these stores enjoy in the local neighbourhoods. As many as 200 new Grofers stores will come up in Bengaluru and the NCR by the end of the ongoing quarter. Read more...

With eBay deal shopkeepers can source US, European products: Paytm founder

E-commerce player eBay has bought 5.5 per cent stake in Paytm Mall. While the deal size has been kept under wraps, sources say eBay invested $160 million in Paytm Mall, which is valued at $3 billion. Read more...