Top 10 business headlines: Relief for MSMEs, Mindtree-L&T saga, and more

From e-commerce policy to electric cars, Business Standard brings to you stories that made the headlines on Tuesday

RBI's panel on MSMEs bats for Rs 5,000-crore stressed asset fund
 

A Reserve Bank of India (RBI) committee has recommended doubling collateral-free loans for micro, small and medium enterprises (MSMEs), self-help groups, and borrowers falling under the Pradhan Mantri Mudra Yojana to Rs 20 lakh. The eight-member expert panel, headed by former Securities and Exchange Board of India chairman U K Sinha, has also suggested creating a stressed asset fund of Rs 5,000 crore to protect the sector from distress caused by external circumstances. Read more...

National e-commerce policy after a year, no change in FDI guidelines
 

The wait for an e-commerce policy will get much longer now with the government setting a 12-month deadline for it. After an e-commerce policy draft in February had drawn industry flak, the government was in the process of reviewing it. While a comprehensive policy is expected around the middle of 2020, the government has made clear that there would be no changes in the foreign direct investment (FDI) rules in the sector. Read more...

Madras HC dismisses Cognizant's plea over Rs 2,800 crore tax demand
 

The Madras High Court (HC) has dismissed Cognizant Technology Solutions India’s (CTSIPL’s) petition challenging the recovery proceedings initiated by the income tax department for non-payment of Rs 2,800 crore in dividend distribution tax (DDT). The court has dismissed another plea by Cognizant (Mauritius) and Cognizant Technology Solutions Corporation (US), against the department. Read more...

Centre nominates another joint secretary-rank bureaucrat to Sebi board
 

The Centre has appointed another joint secretary-rank bureaucrat to the board of the Securities and Exchange Board of India (Sebi). Some believe the move could weaken the stature of the regulator. From Thursday, K V R Murthy, joint secretary, Ministry of Corporate Affairs (MCA), will take charge as a government nominee member on the Sebi board. Read more...
 

Mindtree-L&T saga: Oversight, price correction behind Nalanda's U-turn
 

There was a meeting in Mumbai last week between the Mindtree founders and the key institutional investors in the Bengaluru-headquartered IT services firm. This was the founders’ last-ditch attempt at convincing the big investors to stick to the company, which they had earlier seen as a tight ship. Read more...

Lenovo re-adopts dual brand strategy to revive smartphone sales in India
 

Chinese consumer electronics major Lenovo has adopted a revival plan for India’s fast-growing smartphone market. Once the dominant player, the company is shifting its focus back to two models — Lenovo and Motorola — two years after it deviated from the tested formula. Read more...

How 5G's success lies in adoption in health care, farming and automation
 

If you cut the hype over the ultra high-speed 5G mobile technology, the reality is that it may not have any significant impact for another three to five years. Read more...

Despite push, India has a lot of ground to cover on shift to electric cars
 

Imagine a time when the dependence on fossil fuel to power one’s scooter or car will become non-existent with electricity taking its place and the air that we breathe is much less toxic, reports LiveMint. 

Difference between promoters over terms of related party transaction: IndiGo CEO
 

IndiGo’s co-founder Rakesh Gangwal wants “higher standards” when the airline gets into related party transactions, a demand that is the bone of contention between him and business partner Rahul Bhatia, a top executive at the airline said Monday, reports The Economic Times. 

Coconut product makers demand import duty on desiccated powder
 

Rising imports of desiccated coconut (DC) powder from Sri Lanka have prompted coconut product manufacturers to seek a minimum import price for the commodity as these shipments have been impacting the domestic industry in a big way, reports BusinessLine.