Top 10 biz headlines: L&T's share in Mindtree, Nirav Modi bail, and more

From RBI withdrawing circular to Essel Group shares, Business Standard brings you top stories that made news on Wednesday

RBI pulls out circular asking banks to reveal their IL&FS exposure

With the National Company Law Appellate Tribunal (NCLAT) allowing banks to declare the defaulting accounts of Infrastructure Leasing & Financial Services (IL&FS) group as non-performing assets (NPAs), the Reserve Bank of India (RBI) on Wednesday withdrew its previous circular asking banks, financial institutions to declare details of their exposure to the group that are bad loans. Read more here: Read more...

India seizes $860 mn of Nirav Modi, UK court denies him bail third time

A London judge rejected fugitive diamond merchant Nirav Modi’s third attempt to get bail, after his lawyer said that Indian authorities have seized or liquidated the equivalent of $860 million of his funds and he doesn’t have access to enough resources to flee. Read more...

RBI to update RTI disclosure norms after Lok Sabha elections 2019

The Reserve Bank of India (RBI) is working on its disclosure policy under the Right to Information Act (RTI), and will release an updated version in a few weeks, possibly after the election results. The central bank had, on April 30, updated its disclosure policy on its website to reflect the omission of certain clauses. Read more...

RP takes over RCom board; corporate insolvency resolution process to resume

Following the National Company Law Tribunal (NCLT) directive, Reliance Communications (RCom) on Wednesday informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume. Read more...

L&T nears 26% threshold in Mindtree after open-market transaction

L&T is fast inching towards touching the 26 per cent shareholding threshold in Mindtree, as the engineering firm on Wednesday bought an additional 2.29 per cent stake worth Rs 368.4 crore through open market transaction. With this round of buying, total holding of L&T reached 23.92 per cent in the Bengaluru-headquartered IT services company. Read more...

Essel group companies' shares fall 2-10% on Reliance Mutual Fund exit

Shares of Essel group companies fell 2-10 per cent on Wednesday on worries about its stake sale getting delayed. Meanwhile, Reliance Mutual Fund (MF) unwound its loan-against-shares (LAS) exposure to the group. Sources said the fund house recovered over Rs 400 crore of its debt exposure by liquidating the promoters’ pledged shares held as collateral. Read more...

British entrepreneur Jason Unsworth submits EoI to invest in Jet Airways

British entrepreneur Jason Unsworth has submitted an expression of interest to invest in Jet Airways, claiming support of its founder Naresh Goyal. But sources from public sector banks, which were steering the resolution process for the airline, said Unsworth's offer would not be considered at this stage. Goyal too has denied association with Unsworth, terming his claims as mischievous and misleading. Read more...

Sebi prompts bourses to consider capping sectoral weightage in indices

The Securities and Exchange Board of India (Sebi) nudged stock exchanges to consider capping sectoral weightage in their benchmark indices, said people with the direct knowledge of the development. Last week, both the National Stock Exchange (NSE) and the BSE floated consultation papers, seeking feedback from the market on whether to restrict the weightage of the top sector in the benchmark indices to as low as 25 per cent. Read more...

We target Rs 4,000 cr revenue from real estate biz, says Raymond Chairman

From setting up a suit-making facility in Ethiopia to venturing into real estate business, Raymond has been testing out various strategies to enhance shareholders value. The home-grown luxury brand has clear plans to tap the mass market segment even while catering to the needs of movers and shakers. In conversation with BusinessLine, Gautam Hari Singhania, Chairman and Managing Director, Raymond, shares his thoughts on the way forward for the diversified group.

Online pharmacy Netmeds in talks to raise up to $100 million

Online pharmacy Netmeds has started a fundraising process to raise up to $100 million, as the industry consolidates amid regulatory troubles, said three people, requesting anonymity. The company has appointed Credit Suisse as the investment banker for the deal, as it scouts for strategic and financial investors, said one of the people cited above, Livemint reported.