Top headlines: FM to hold review meet; pharma focusing on OTC drugs

From govt asking ministeries to review staffer performance to likely SC verdict on telecom AGR dues, here are top headlines this morning

FM Sitharaman to hold review meeting with lenders on loan recast scheme

Finance Minister Nirmala Sitharaman will hold a review meeting with the financial sector on September 3 to review their preparedness of the loan restructuring scheme to provide relief to borrowers impacted by the Covid-19 pandemic. The finance ministry said in a statement on Sunday that the FM will “review with the top management of scheduled commercial banks and NBFCs [non-banking financial companies] the implementation of the resolution framework for Covid-19 related stress in bank loans.” Read More

Govt asks ministries to review performance of staffers aged over 50

The central government has asked all ministries and departments to start a continuous age profiling exercise in order to weed out older employees who have become deadwood. Those so profiled would be reviewed every quarter to see if their services ought to be terminated. Read More

BPCL consumers to get cooking gas subsidy after privatisation too

Subsidy for the consumers getting liquefied petroleum gas (LPG) from Bharat Petroleum Corporation (BPCL) will continue even after the government privatises the company. According to sources close to the development, the Ministry of Petroleum has decided to maintain the status quo even if a private player takes charge of BPCL. Read More

Oppn-ruled states dismiss Centre's 2 options on GST compensation shortfall

Rejecting both options proposed by the Centre to make up for the goods and services tax (GST) compensation shortfall, Opposition-ruled states, including West Bengal, Punjab, Chhattisgarh, and Kerala, will meet on Monday over a videoconference to thrash out the future course of action. Operationalising the Centre-states dispute resolution mechanism may be discussed as part of the future strategy. Read More

Kishore Biyani, once India's answer to Sam Walton, bows out of retail biz

On Saturday, Future Group Founder and Chief Executive Kishore Biyani made an impassioned plea over a Zoom call to nearly 300 senior leaders to look ahead and forget the past. Through the call, made a few hours before the announcement of the sale of his retail, logistics, warehousing, and wholesale assets to Reliance Retail in a nearly Rs 25,000-crore transaction, Biyani, 59, was composed, persons privy to the conversation said. Read More

Covid-19 prescription: Pharma players shift their focus over the counter

Over-the-counter (OTC) consumer health businesses have been a focus area for pharmaceutical firms in the recent past. Last year quite a few prescription (Rx) products switched to the OTC portfolio of leading pharmaceutical firms like Lupin and Cipla. Consumer health products do not require a prescription from a doctor and can be purchased over the counter. With the Covid-19 pandemic raging, analysts expect the focus on OTC brands to continue because visits to doctors are few and far between.  Read More

Amazon to stick on as Future Enterprises' shareholder after Reliance deal

American giant Amazon, which has a five per cent stake in Future Retail, will stick on as a shareholder in Future Enterprises after the sale of its retail, logistics, warehousing and wholesale assets to Reliance Retail. "All existing Future investors including Amazon will have a stake in Future Enterprises on the basis of the swap ratio that has been determined for the merger," an informed source told Business Standard. Read More

While RIL gains, deal may not be as sweet for Future Group shareholders

The mega deal between the retail arm of Reliance Industries (RIL) and the Future Group is positive for the shareholders of the former, but the jury is out on the benefit of the same for the latter. The Rs 24,713 crore deal will enable Reliance Retail to expand its geographic reach, product basket and strengthen its back-end infrastructure. Read More

Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT

The Reserve Bank of India (RBI) has rejected the move by Bank of Baroda (BOB) to send Anil Ambani group companies -- Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL) to the National Company Law Tribunal (NCLT) for debt resolution under Section 227 of the IBC. Read More

 

Telecom firms await SC verdict on AGR dues; judgment likely this week

The telecom industry is eagerly awaiting Supreme Court judgement on the adjusted gross revenue, expected this week. Apart from according its assent to a relaxed payment schedule to pay the AGR dues, the SC verdict is also likely to seal Vodafone Idea's future. The company, which is reeling under mounting losses, will decide its future course of action once the apex court pronounces its judgment on the matter. The Department of Telecommunications had sought a 20-year payment timeline for the payment of AGR dues by the company, which was rebutted by SC. Read More