IL&FS auditors BSR, Deloitte facing probe heat from six agencies

• Six entities including the SFIO, the MCA, Sebi, ED, NFRA and ICAI go after two auditors of scam-hit firm and besiege them with chargesheets, petitions, show-cause notices
• The corporate affairs ministry has filed a plea in NCLT to bar the auditors of IL&FS

Apollo Munich Health Insurance finds a new roof under HDFC

• HDFC to buy Apollo Hospitals’ 50.8% stake in health insurer for ₹1,336 cr
• The total deal size of ₹1,347 cr values Apollo Munich Health Insurance at 1.2 times the gross written premium for FY19

US exploring limit on H-1B visas for Indian professionals

• Currently, there is no current country-specific limit on H-1B work visas granted each year
• It is estimated that estimated 70% of H-1B work visas go to Indians professionals

US Fed holds rates steady, signals cuts possible later this year

• US central bank lowers inflation projections
• The long-run federal funds rate, a barometer for the state of the economy over the long term, was cut to 2.50% from 2.80%

The  case for doubting India’s GDP numbers

Arvind Subramanian’s conclusions about GDP growth figures are in the right direction. There’s no point being in denial

Harley-Davidson, Hero gear up for India ride

• Harley-Davidson’s growing focus on India and similar markets comes amid tough conditions in its home market
• Both firms are keen to explore a potential alliance that would make Harley-Davidson bikes cheaper in India

Four insurance covers you must have this monsoon

• Claims for motor and health insurance see a spike during the annual rainy season
• Home insurance claims see a jump from areas that witness very heavy rains and flooding.

E-commerce battle moves beyond the discounts

• Focus in online retail shifting to fastest deliveries, after-sales services such as alterations, and reduction in the number of returns
• Myntra to launch 30 experience centres across India by August, where customers can pick products they ordered when convenient, return and get alterations done on the spot

Key opposition parties skip PM’s meet on ‘one nation, one election’

• NDA decides to set up a panel to give suggestions on implementation of the idea of simultaneous polls
• Rahul Gandhi, Mamata Banerjee, M.K. Stalin, Mayawati and Akhilesh Yadav skipped the meet

PMEAC questions ex-CEA’s claims on GDP estimates

• PM’s economic advisory council rejects the methodology adopted by Subramanian
• former CEA said actual average GDP growth from FY12 to FY17 may have been sharply lower

Invest up to ₹50 lakh in capital gains bonds, get LTCG tax break

• You need to reinvest the gains in capital gains bonds within six months of the asset’s transfer.
• The maximum you can invest in these capital gains bonds is ₹50 lakh per financial year

Mumbai ED arrests two former directors of IL&FS in PMLA probe

• Arun Saha and K Ramachandra were arrested by ED as part of probe into circuitous transactions that took place at IL&FS
• This comes after the SFIO on 31 May filed its first chargesheet in the IL&FS case

Renault pulls the plug on diesel in India, to focus on petrol vehicles

• The French firm is the second carmaker in the country after Maruti to discontinue selling diesel vehicles
• CEO Thierry Bolloré says share of diesel vehicles is reducing as a percentage of firm’s overall sales

When your smartphone becomes a low-cost household robot

• A prototype smartphone app, VRa, allows a user to program robots to perform dull tasks
• Using AR, the app allows the user to walk out where the robot should go to perform its tasks

Masayoshi Son sees SoftBank’s portfolio growing 33-fold in 20 years

• Son’s remarks during the shareholders’ meeting drew laughs and even feigned outrage from directors
• Son’s message to investors is that when it comes to technology, he is ahead of the curve

More Indians funding travel plans with loans, says report

• There has been a strong 33% jump in short travel breaks opted by business travellers
• Some Indian tourists economise on transport and accommodation and splurge on local and interests-based experiences

After auditors, fraud probe office now trains its guns on lenders in IL&FS case

• Ministry of corporate affairs tells SFIO to probe banks as well as their officials who lent to IL&FS group, show documents
• SFIO filed its first charge sheet on 31 May in the IL&FS crisis against 30 individuals

Road ministry proposes exemption of registration fees for electric vehicles

• The government has been pushing to boost the adoption of electric vehicles, as it tries to bring down its oil imports and curb pollution
• The proposed exemption will apply to all categories of electronic vehicles, including scooters, motorbikes, autorickshaws and cars

Adhir Chowdhury pulls no punches as leader of Congress in Lok Sabha

• Adhir Chowdhury is the new leader of the Congress in the Lok Sabha, having replaced Mallikarjun Kharge
• Chowdhury, a 5-time MP from Berhampore, managed to stay in control of his constituency with a stunning margin of 80,000 votes despite the BJP surge in the state

Govt to revamp Mudra scheme in bid to ensure better access to credit

• In its budget for 2015-16, NDA had announced the loan scheme for over 57 mn non-farm small and micro enterprises
• According to the Mudra website, 6.56 million loans worth ₹32,457 crore have been disbursed since 1 April, data updated on 14 June showed

SAT fines Sebi for 2017 order, calls its approach ‘casual’

• Sebi had issued an interim order against Supreme Tex Mart Ltd on charges that it sent out bulk messages to buy its shares
• SAT says it was unable to accept the approach of the Sebi whole-time member in deciding the matter

Supreme Court issues notice on separate Gujarat Rajya Sabha bypolls

• The seats fell vacant after Amit Shah and Smriti Irani were elected to the Lok Sabha from Gandhinagar and Amethi, respectively
• The poll panel announced in a press note that the by-elections for the vacant Rajya Sabha seats will be held on 5 July

Rudratej Singh, former Royal Enfield boss, to head BMW India

• In his new role, Singh is expected to oversee sales of BMW’s passenger cars as well as motorcycles in India, say sources
• Singh quit the Eicher Motors-owned motorcycle brand earlier this year

Will Fresh Start, bankruptcy law for small debts, help borrowers?

• The govt is reportedly considering moving ahead with Fresh Start, a part of IBC that applies to low-income individuals who have small debts
• Neil Borate asks experts if the thresholds for Fresh Start are set too low, and whether or not the procedure will help small borrowers

PNB's recovery of bad loans doubled to ₹20,000 crore in FY19

• Chairman Sunil Mehta says PNB narrowed its net loss to ₹9,975 crore in FY19 against the loss of ₹12,283 crore during 2017-18
• Net NPA reduces from ₹48,684 crore in March 2018 to ₹30,038 crore

Food firms add regional, ethnic flavours to offerings in bid to taste growth

• More firms are now actively infusing regional ingredients, and experimenting with local formats as consumers find comfort in tastes that are familiar to them
• The success of companies such as Paper Boat have prompted others to revisit flavours commonly consumed at home

Nirmala Sitharaman discusses liquidity, financial stability with regulators

• Apart from Budget suggestions, the state of the economy was also discussed during the FSDC meet attended by sectoral regulators
• The failure of corporate governance in some of the financial sector entities and ways to address it was also discussed

Is allowing MFs and AIFs to invest in commodities an opportunity or hype?

• Sebi has permitted mutual funds to invest in commodities and offer schemes linked to the same
• Commodity markets have had a pretty rough ride in recent years

JSW Energy on the lookout for stressed plants to grow power portfolio

• JSW will only consider pithead plants, that is those that are located near coal mines with assured supplies
• A newspaper report says JSW Energy is among those bidding for Ind Bharath Energy Utkal, a 700MW coal-fired power plant in Odisha

As debt levels inch up for road developers, time for investors to hit the brakes

• While companies had robust order booking, especially in the roads segment, between FY17 and FY18, the last fiscal year was a bit dull
• The rise in balance sheet leverage is mirrored in higher debt-equity ratio

API startup Postman raises $50 million funding from Charles River, Nexus Venture

• Postman plans to use the funds to accelerate its product road map, and increase customer support operations
• Postman helps developers programme their software by offering API development tool-kits in a single platform

Income-tax law does not consider all inherited assets as ancestral property

• Ancestral property is defined as one which a person inherits from any of three immediate male ancestors—father, grandfather and great grandfather
• Here’s how ancestral property is taxed under the Hindu Succession Act.

Cricket World Cup 2019: Can Bangladesh pull off another upset?

• Bangladesh look the most likely among the rest to fight for a place in the semi-finals. A win over Australia on Thursday would set them up nicely, but that’s a hard nut to crack
• Mint tells you what to watch out for at the Trent Bridge clash

Opinion | A new class of shares that will spur entrepreneurship

For shares with differential voting rights to be issued in India, various laws need to be amended

Store additions key but margin pressure may continue for Avenue Supermarts

• One of the factors that affected the company’s store additions in FY19 is the delay in getting approvals
• In the past one year, the DMart stock has lost nearly a tenth of its value, suggesting investors have already taken some of these concerns into account

Venture debt deals on the rise as investors double down on bets

• InnoVen and Alteria have together done follow-on rounds in about 10 companies this year alone
• Venture debt funds, unlike equity counterparts, don't allocate a portion of funds for follow-ons

It’s never too late to streamline your finances

The Sanklechas started putting money matters in order late in life, but with the newfound discipline, they find themselves looking at a secure future

Domestic air traffic may grow in the low single digits in FY20

• Domestic flyer growth expected to fall from double to single digit in current fiscal
• During fiscal year 2019, air passenger traffic grew at 13.6%, according to data from DGCA

SH Kelkar’s buyback should be backed up by revenue growth

• The stock had delivered good returns in the first year, but gains fizzled out soon as revenues began to sputter
• This is expected to accelerate growth in the current fiscal year

Opinion | The edge that Indian companies could wield in Africa

With their home market experience, Indian firms are better placed to address African needs

IndusInd Bank fixes 4 July as date for merger with Bharat Financial Inclusion

• M R Rao, current CEO of BFIL, will become the CEO of IndusInd Financial Inclusion
• Assets and liabilities of BFIL will be merged with IndusInd's balance sheet

Why soft skills will be in demand amid automation

• A LinkedIn report, Future of Skills, based on data points from member engagement on the social media platform, highlights the need to develop soft skills in an automated world
• Mint analyses the report that says innovation and communication will be just as important as number skills in the future

Why minorities in India support free trade

Minorities in India are more supportive of trade liberalization than other groups, suggests a new study

Jaishankar, Russian deputy PM meet in Delhi; discuss Modi's Vladivostok visit

• Modi will be attending the Eastern Economic Forum in Vladivostok in September
• Trutnev also met Dharmendra Pradhan, Ajit Doval in Delhi

Walking the tightrope of romance and professionalism in the modern workplace

A constructive way to channel attraction for a colleague is to transform it into respect

Where trekking serves as a metaphor for work ethics

• Meeting rooms named after mountain passes and wall photos shot by the staff reflect the founders’ love for treks
• Comfort and a sense of home are what Pepperfry’s founders were going for while furnishing the corporate, customer service teams

India will not allow multi-brand retail by foreign firms, predatory pricing

• Goyal also 'asserted that predatory pricing will not be allowed and necessary action will be taken against defaulters'
• Goyal also asked the traders to use government e-marketplace and MUDRA scheme to promote their business.

Finance Ministry to prepare fresh proposal for Air India sale

• The government last year invited bids to sell 76% stake in Air India, along with transfer of management control
• The government has already asked Air India to finalise its accounts for 2018-19 by June 30

In railways' 100-day plan: Reducing Delhi-Howrah, Delhi-Mumbai travel time

• The 100-day plan also includes railways' earlier proposal of handing over certain routes to private players
• The two routes account for 30% of passenger and 20% of freight traffic

‘Credible evidence’ linking Saudi crown prince to Khashoggi murder: UN expert

• Agnes Callamard, an independent human rights expert, calls on UN Secretary General Antonio Guterres to initiate a formal criminal investigation into the case
• She stresses that ‘no conclusion is made as to guilt’, within her findings that were based on a large body of evidence, including CCTV footage from inside the consulate of the killing itself

Maharashtra identifies site for Saudi Aramco, ADNOC's refinery

• The new site in Maharashtra would be at Raigad district, about 100 kms (62 milies) south of the country's financial capital Mumbai
• The refinery was initially proposed to be built at Nanar, a village in Ratnagiri district, some 400 kms (250 miles) south of Mumbai