Top headlines: Future Retails averts default, airport privatisation, more

Business Standard brings to you a snapshot of top events which made the headlines today

Future Retail averts default, pays Rs 100 crore interest on bonds

Future Retail has managed to avert a default by paying Rs 100 crore of interest on its foreign bonds on Monday. The interest was paid on the last date of the 30-day grace period granted by the bondholders of the $500 million senior secured notes. Read on...

Kerala Assembly passes resolution against leasing airport to Adani

The Kerala Assembly passed a unanimous resolution on Monday, demanding the withdrawal of the Union Cabinet's decision to lease out the international airport at Thiruvanthapuram to Adani Enterprises Ltd. Chief Minister Pinarayai Vijayan moved the resolution and said the Centre should re-examine its decision and that the operation and management of the airport should be handed over to the Special Purpose Vehicle (SPV) in which the State Government has stake. Read on...

At least 5% of PNB's Rs 7.21 trillion loan book may be restructured

India’s second largest state-owned bank Punjab National Bank (PNB) is expecting at least five per cent of its loan book to undergo restructuring. “In respect of loan book size, our rough estimate is that 5-6 per cent of the credit book may be eligible under the restructuring profile. But we will be able to get a better estimate by the end of September,” PNB managing director and chief executive officer SS Mallikarjuna Rao said. Read on... 

Motherson's Sehgal aims to triple sales by 2025; here's why he can do it

Vivek Chaand Sehgal has a track record of achieving the seemingly impossible. His company, a sprawling parts supplier to the world’s biggest carmakers, has exceeded its five-year target every time bar one in the past quarter century. His latest goal is equally daunting -- Motherson Sumi Systems Ltd. is targeting to triple annual sales to $36 billion by 2025. Read on...

Tax mop-up from metros sees double-digit decline; Kolkata worst-hit city
Direct tax collections are likely to remain muted in the second consecutive quarter of the current fiscal year with most top Indian cities witnessing double-digit contraction in receipts till August 20. Kolkata emerged the worst-affected metro city, reporting a drop of 60 per cent in the mop up during April-August 20. Read more...  
 

Prashant Bhushan refuses to apologise in SC for his 2 tweets against judiciary

Lawyer Prashant Bhushan on Monday refused apologise to the Supreme Court for his two tweets about the judiciar,y saying what he expressed represented his "bonafide belief". "An insincere apology would amount to the contempt of my conscience and of an institution," Bhushan said in his supplementary statement. Read on...