Top headlines: Adani cos under Sebi lens, TCS on foreign remittances

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Dealings in shares of at least three Adani companies under Sebi lens

Capital markets regulator Securities and Exchange Board of India (Sebi) is scrutinising certain dealings in the shares of at least three Gautam Adani-led companies — Adani Power, Adani Green Energy and Ambuja Cements — for suspected breach of securities laws that relate to insider trading, according to two people familiar with the ongoing probe. Read more
 

TCS on foreign remittances: FinMin evaluates issues flagged by banks

The finance ministry is “evaluating” the issues related to the implementation of a new rule that mandates 20 per cent tax collected at source (TCS) on foreign remittances. “The decision on extending the July 1 deadline (for the implementation of the new rule) has not yet been taken. However, it cannot be completely ruled out amid procedural challenges,” a government source privy to the matter told Business Standard. He confirmed that a few banks have raised concerns with the finance ministry regarding the preparedness of the reporting systems required to implement the new rule. Read more

Indian firm used toxic industrial-grade ingredient in cough syrups: Report

 

The Indian manufacturer of cough syrups that Uzbekistan said last year had poisoned 19 children used a toxic industrial-grade ingredient rather than the legitimate pharmaceutical version, two sources with knowledge of the matter told Reuters. The company, Marion Biotech, bought the ingredient - propylene glycol (PG) - from trader Maya Chemtech India, as reported by Reuters. But Maya did not have a licence to sell pharmaceutical-grade materials and "dealt in industrial-grade only," according to a source at the firm with knowledge of the Marion investigation. Read more

Govt prepares new multibillion-dollar battery subsidy scheme: Report

The Indian government is preparing a new multibillion-dollar subsidy scheme for companies making electricity grid batteries as part of its transition to clean energy, the Financial Times reported on Wednesday, citing a power ministry proposal. The draft proposal for a production-linked incentive subsidy scheme would offer Rs 21,600 crore ($2.63 billion) from this year through to 2030 for companies to set up manufacturing capacity for battery cells in India, the FT reported. Read more

 

Prosus NV slashes valuation of edtech giant Byju's to $5.1 billion

Dutch-listed technology investor Prosus NV has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Prosus cut the value of its 9.6% stake in Byju's to around $493 million in the financial year ended March 31, the report added, days after it stepped down from Byju's board along with other investors. Prosus is the company's biggest investor shareholder. Read more

The Indian manufacturer of cough syrups that Uzbekistan said last year had poisoned 19 children used a toxic industrial-grade ingredient rather than the legitimate pharmaceutical version, two sources with knowledge of the matter told Reuters. The company, Marion Biotech, bought the ingredient - propylene glycol (PG) - from trader Maya Chemtech India, as reported by Reuters. But Maya did not have a licence to sell pharmaceutical-grade materials and "dealt in industrial-grade only," according to a source at the firm with knowledge of the Marion investigation. Read more