Top 10 business headlines: ICICI Bank sacks Kochhar, IOC Q3, and more

Here are the top 10 business stories that made news on Wednesday

Chanda Kochhar held guilty in ICICI probe report, will lose her perks

A probe panel headed by former Supreme Court Judge B N Srikrishna has found that former chief executive and managing director of ICICI Bank Chanda Kochhar violated the bank’s code of conduct in the Videocon loan case. Based on the findings of the report submitted on Wednesday, ICICI Bank has decided to take back all bonuses given to her between April 2009 and March 2018, and also revoke all benefits and stock options. Read on...

ICICI Bank board under fire for giving clean chit to Chanda Kochhar

The ICICI Bank’s then board, which rushed to give a clean chit to its former Chief Executive Officer and Managing Director Chanda Kochhar in March 2018 without any investigation, is liable and can be prosecuted for violation of various sections of the RBI, Sebi Act, whistle-blower policy, and the bank’s own code of conduct, according to corporate lawyers. Click here to read more.

Govt to probe Dewan Housing, takes 'very serious note' of allegations

The Ministry of Corporate Affairs (MCA) has taken a "very serious note" of allegations of financial mismanagement against Dewan Housing Finance Corp Ltd (DHFL), a government source with direct knowledge of the matter told Reuters on Wednesday.

Investigative media outlet Cobrapost on Tuesday said Dewan diverted funds to shell companies to buy assets, and that firms linked to Dewan's controlling shareholders—the Wadhawan group—made political donations beyond mandated levels. Read on...

Air India to get capital infusion till divestment

The government will continue to give financial support to debt-ridden Air India, subject to stringent riders on efficiency improvement till the national carrier is divested, reports Livemint.

IOC Q3 net profit dips 91% to Rs 716.82 crore on higher inventory loss

State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year. Read on...
 

Coca-Cola bowls out PepsiCo on ICC pitch, becomes global sponsor

In a major development, Coca-Cola has replaced PepsiCo as the global sponsor of the International Cricket Council (ICC), breaking the latter's eight-year deal that was signed in 2015. The announcement of Coke’s induction as the global sponsor will be made in India on Thursday.

The move is of significance since the India team of Coca-Cola took the lead to bag the sponsorship. The deal size is estimated at Rs 300 crore over a five-year period till 2023, sources said. Click here to read more.

Facebook shuts controversial program to pay Apple users for data

Facebook Inc will shut down a program to pay iPhone users for sharing their personal data, following a report disclosing controversial details of the effort including that some participants were teenagers.

The social networking company paid people aged 13 to 35 as much as $20 a month to install the Facebook Research App, track phone and web usage habits, according to a TechCrunch story. The program sidestepped Apple’s App Store and gave Facebook root access to network traffic in what may have been a violation of Apple policy. Read more...

Uber starts speed boat services in Mumbai, will link tourist destinations

Taxi-hailing app Uber entered into a new mode of transport in the country by introducing boat services to connect the mainland Mumbai with popular tourist attractions nearby.

Users will be able to book speed boat services from the Gateway of India to Elephanta Island to the east and Mandwa to the south, the company said, adding it is being implemented on a pilot basis. Read on...

Govt arms DIPP with policy oversight to assume singular control over retail

Amidst a controversy regarding rules for e-commerce in the country, the government has armed the Department of Industrial Policy and Promotion (DIPP) with more policy oversight to assume singular control over the retail trade sector.

The DIPP had till now set the rules for foreign direct investment (FDI) in e-commerce and physical retail. In its new avatar as the Department for Promotion of Industry and Internal Trade (DPIIT), it will directly be responsible for 'the welfare of traders and their employees', a gazette notification published on Tuesday. Click here to read more.

US-based Juul Labs plans to enter India's e-cigarette market with new hires

US-based electronic cigarette company Juul Labs Inc is hoping to launch its products in India by late 2019, a person familiar with the strategy told Reuters, marking one of its boldest bets to expand away from its home turf.

After recruiting Uber India executive Rachit Ranjan as a senior public policy strategist, Juul this month hired India-based Mastercard executive Rohan Mishra as head of government relations. Read on...