Top 10 biz headlines: Divided house at RBI, govt may abolish DDT, and more

From Hines Real Estate to takeover norms for unlisted firms, here are the top 10 business headlines for the day

Global carmakers set to firm up India strategy amid auto sales slump

The worst slump in car sales in two decades has not discouraged global carmakers from entering the Indian market. Two years after SAIC-owned MG Motors and Hyundai’s affiliate Kia Motors established a presence here and tasted reasonable success, a clutch of automakers from China such as Great Wall Motors, FAW Haima Automobile, and Changan Automobile are set to firm up their India strategy. Read more.

Hines Real Estate in talks with GIC, CapitaLand to sell Mumbai property

Singaporean sovereign fund GIC, CapitaLand (from the same country), and others are in separate talks with Hines Real Estate — the Indian arm of US-based investment firm Hines — for a forward purchase agreement of commercial property in the Kanjurmarg area of Mumbai. The deal size is expected to be around Rs 2,000 crore. Read more.

Govt likely to abolish dividend distribution tax in upcoming Budget

The government is likely to abolish dividend distribution tax (DDT) in the upcoming Budget and may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies. The move will need changes in Section 115 (O) of the Income-tax Act. Read more

It's divided house at RBI over new oversight cadre; board meet on Feb 15

The Reserve Bank of India (RBI) is heading towards a human resource crisis, with a majority of its officers indicating to their reporting heads that they want to opt out of the unified regulatory and supervisory cadre, which came into effect from November 1, 2019. Read more.

Budget 2020: Govt turns to asset monetisation as divestment target eludes

With the privatisation of a number of marquee state-owned companies unlikely to be completed this fiscal year, the Central government has turned to asset monetisation to come close to the ambitious 2019-20 divestment target of Rs 1.05 trillion. Read more.

Takeover norms for unlisted firms may change playing field for shareholders

The ministry of corporate affairs (MCA) is in the process of coming out with takeover norms for unlisted companies. Legal experts explain how the new rules may change the playing field between majority and minority shareholders. Read more.

Blowing the whistle: What the CCI's changed stance means for e-tailers

The country’s anti-trust watchdog could play a party pooper in the online shopping paradise. Exclusive deals at two e-commerce websites, Amazon and Flipkart, and large scale discounts on products have come under the scanner of the Competition Commission of India (CCI), in what is being seen as an about-face that portends hardening of its stance going forward. Read more.

ArcelorMittal-Nippon plans to take control of captive jetty at Hazira

AM/NS — the joint venture in India of ArcelorMittal and Nippon Steel — is trying to take control of the captive jetty at Hazira in Gujarat from the Ruias of the Essar group. AM/NS declined to comment on the issue but sources in the state government confirmed it had applied for a transfer of licence from Essar Bulk Terminal (EBTL), the majority in which is held by Essar. Read more.

Karvy Case fallout: Brokers may lose PoA privilege

Power of Attorney (PoA) privileges that give brokers control of clients’ demat accounts to prevent misuse, as in the case of Karvy Stock Broking, may soon be barred by the Securities and Exchange Board of India (Sebi). The regulator plans to mandate that brokers taking collateral from clients can only create a pledge on the shares with customer consent. The step is aimed at protecting clients’ shares, reports The Economic Times.

Govt may cap airport contracts at two per firm

Private bidders vying for future airport privatization projects are likely to be restricted to a maximum of two contracts in each round of auction, according to sources quoted by LiveMint.