IndiGo, in middle of a storm, may fly with more directors

• Proposal to increase board strength to a dozen from the current six will be taken up on Friday
• The plan to add more directors follows allegations of corporate governance violations against co-founder Rahul Bhatia by his estranged partner, Rakesh Gangwal

Best yet to come, says Azim Premji at last AGM as Wipro chief

• The mood at Wipro’s 73rd AGM was sombre. But Premji went about the proceedings clinically
• Premji will pass the baton over to his son Rishad in July-end after leading the charge at the company for over five decades

BS VI petrol, diesel likely to pinch more due to higher refining costs

• The price rise may be between a few paise and ₹2, which is likely to be charged as a special cess or duty
• In 2016, the govt decided to meet the global best practices and leapfrog to BS VI norms, skipping BS V

Respond to Gangwal’s charges in  three weeks,  MCA tells InterGlobe Aviation

• Ministry of Corporate Affairs wants the company to respond to Gangwal's claims of corporate governance lapses
• The Ministry is also looking into whether the shareholder agreement between Gangwal and Rahul Bhatia is in line with the Companies Act

TikTok parent eyeing content startup deals in big push into India

• ByteDance plans to replicate its China playbook in India by creating a bouquet of apps
• The move comes at a time when several Chinese funds are turning their attention to startups in India, as its domestic consumer internet market slowly hits saturation

No changes made in ITR forms, only utility software updated, clarifies CBDT

• CBDT issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns, the deadline for which is 31 July
• CBDT explained that the updation in the utility of ITR forms is based on feedback and mainly aimed at easing compliance burden of taxpayers

Mumbai building collapse live updates: 11 dead, 40 trapped in Dongri

• The building was more than a century old and had 10 families living inside despite its dilapidated condition
• Prime Minister Narendra Modi tweeted his condolences to the victims' families, describing the incident as 'anguishing'

Suzlon defaults on bond payments worth $172 million

• The outstanding payment was part of a total bond issuance of $546.91 million, the company said in a filing to stock exchanges
• On 11 July, Bloomberg reported that Canadian asset manager Brookfield Asset Management Inc. is planning an offer for a majority stake in Suzlon

Rate cut hopes see bond yields diving  to  lowest since December 2016

• The plan for an overseas bond issue is likely to reduce supply of bonds in India and thus impact their prices
• Falling bond yields globally, amid expectations of the US Federal Reserve adopting a dovish stance, also influenced domestic yields

Retail auto sales continue in slow lane in Jun, decline 5.4%

• Showroom sales of passenger vehicles declined 4.6% year-on-year to 224,755 units
• Consumer sentiment remains subdued due to an overall slowdown in the economy

L&T CEO Subrahmanyan, two others board Mindtree at AGM

• L&T assures Mindtree shareholders that firm will be kept independent, agrees to hefty dividend payout
• Besides the CEO, L&T’s R. Shankar Raman and Jayant Patil were appointed to Mindtree’s board

Bombay  HC  quashes permits for ₹14,000-crore  coastal road project

• In a setback to BJP-Sena govt, HC quashes environment clearances granted by state, central governments
• The 29.2-km-long 8-lane expressway was to connect Kandivali and Marine Lines in South Mumbai

Govt to launch portal to help Jet Airways' staff find jobs at other airlines

• The Civil Aviation Ministry is in touch with SpiceJet and IndiGo to assist Jet staff get employment
• Every employee would be listed on the portal and the prospects for their re-employment or employment will be facilitated by the government, said Civil Aviation Minister Hardeep Singh Puri

Why is the rate of failure of airlines so high in India?

• Airlines now need to operate only 20 aircraft on local routes to start flying overseas
• Government allows 100% foreign investment in airlines

Toll rises to 36 as floods worsen in Bihar, Assam

• 25 people have been killed in Bihar with over 16 districts facing a severe deluge. In Assam, the death toll rose to 14
• In Assam, road connectivity across various districts has been disrupted

How government taps the super rich in its efforts to help the poor

• PM’s categorization of the population into 2 classes of poor and well-off is defining the nation’s economic policies
• The reaction to the surcharge increase has been mixed

Government to invite expressions of interest for Air India by August

• Govt will conduct road shows and is open to meet prospective buyers before the expressions of interest are sought
• The plan is being prepared after the government’s attempt to partially exit the carrier failed to attract any bidder last year

Lenders to DHFL ready for haircut in rescue

• Any rescue package will require regulatory approvals and needs the backing from debtholders
• DHFL's plight underscores growing financial sector stress as state banks grapple with nearly $150 billion of bad debt

I have no desire to sell my stake in IndiGo, here for the long haul: Gangwal

• The co-founder of IndiGo says he'll maintain his stake amid a feud with his partner Rahul Bhatia
• The primary reason for the fight is the controlling rights held by Bhatia, which Gangwal alleges allows his partner to push through related-party transactions in violation of rules

Opinion | The advent of inclusive family welfare policies

Several corporations have decided to extend welfare benefits to their employees’ partners regardless of their marital status and sexual orientation. The idea deserves to catch on

Indus plans to host EV charging units across its vast network of telecom towers

• The move will let Indus secure a unique revenue stream outside the traditional model of renting towers to phone firms
• The move will allow the company to secure a unique revenue stream outside the traditional model of renting out its towers to mobile phone operators

Creditors’ panel to vote on $10 mn interim fund for Jet tomorrow

• The NCLT will hear the insolvency case and the progress report by the insolvency resolution professional (IRP) on 23 July
• Jet Airways has not flown since 18 April because of funding woes

Progressive taxation will help bring down income inequality

• The govt’s focus on rationalizing corporate tax rate is the need of the hour for Indian economy
• In a dynamic economy, some sectors may need to be incentivised.

Govt’s new buyback tax set to hit MF investors, shareholders alike

• The new buyback tax coupled with dividend tax may lower the return from various equity investments
• Investors should keep a close eye on how companies and fund managers react to the new buyback tax

You can transfer right of undivided house

• You can transfer a certain percentage, say, 25% undivided right, title and interest in the property in favour of your friend by way of a gift
• This will safeguard your interest of protecting the property from your relatives

Modi warns BJP MPs yet again for skipping House proceedings

• PM Modi has asked to be informed if ministers or MPs skip their duty, say senior party leaders
• This is not the first time when Modi has cautioned BJP MPs to attend Parliament proceedings

Foreign portfolio investors bear the brunt of taxation flip-flops

• Progressive taxation is often used mitigate societal ills associated with income inequality
• Options for FPIs to rework their structure is impractical and unwieldy

In downward spiral, Congress faces crises across states

• Party faces defections, turf wars across Karnataka, Goa, Telangana, Delhi and Punjab
• The crisis since Rahul Gandhi’s resignation began with 12 of its 19 Telangana MLAs merging with the TRS

Debt mutual funds also need a ‘Sahi Hai’ moment

• The key risks associated with debt funds include interest rate risk, credit risk and liquidity risk
• Interest rate risk is triggered due to change in interest rates which generally has an inverse correlation to returns

Shut since Balakot strike, Pakistan airspace reopens for civilian operations

• The closure of the airspace was a blow to Indian carriers operating internationally as they were forced to take detours
• The dropping of the restriction will allow Pakistan to collect overflight fees from airlines

Karnataka govt using IMA Jewels case to coerce me: Roshan Baig tells HC

• Shivajinagar Cong legislator says the Kumarawamy-led govt is using case to coerce him into supporting the ruling coalition
• Baig and Congress minister B.Z. Zameer Ahmed Khan are among scores of people being questioned by SIT for their alleged involvement in the scam

Andhra Pradesh to go ahead with review of PPAs in spite of Centre’s warning

• YSR Congress Party government said that the existing PPAs will put a 'burden of thousands of crores' on the state annually otherwise
• The state govt will review all the power agreements which were done over the last five years, when TDP was in power

Lenders to Essar Steel move Supreme Court against NCLAT ruling

• NCLAT had ruled that lenders and operational creditors would get 60.7% of their outstanding claims
• Essar Steel’s financial creditors are primarily state-run banks, while its operational creditors are vendors and suppliers

Snapdeal narrows FY19 losses to ₹186 crore

• Consolidated revenue grew 72% to ₹925.3 crore in FY19 from ₹535.9 crore in the previous financial year
• Snapdeal’s consolidated revenues grew to ₹925.3 crore in FY19

Govt readies nationwide genome analysis plan in bid to reduce disease burden

• Genetic resource helps develop base- line data on ethnic groups for disease susceptibility
• The aim is to improve disease management with more genetic labs & trained personnel

Oyo Hotels acquires Innov8, expands co-working space business

• The acquisition of Innov8 highlights Oyo’s increased focus on the fast-growing co-working space segment
• OYO Workspaces is set to open the door to its more than 21 workspaces, with over 15,000 seats

Mutual funds meet on DHFL debt issue

• This is because, unlike banks, they represent unit holders and manage money which is given in trust to them
• AMCs felt that adequate safeguards for them would have to be put in the ICA

Cong ‘loyalists’ form group to address loss in Telangana polls

• Political analyst Palwai Raghavendra Reddy said the Congress will be revamped across the country, including in Telangana
• Ever since the electoral losses, there has been anger within the party against TPCC president

Opinion | The contours of a sustainable disinvestment platform

We need a Temasek-like entity that functions independently of its owner, the government

Adani Ports begins buyback of $650 million bonds due next year

• Adani Ports is buying back the $1,000 bonds for $1,009.5 apiece
• The plan under which Adani Ports is buying back $1,000 bonds at $1,009.5 each will close on 24 July, a statement said

Boris Johnson: An unsuitable boy

Britain will be taken even less seriously when the front-runner Tory MP steps into 10 Downing Street next week

STFC NCD issue opens today. Should you buy?

• Non-convertible debentures carry high risk and are taxed at slab rates
• Investors can look at debt funds instead as they are more tax-efficient and less risky than NCDs

Contract notes record stock market transactions

The format and content of a contract note is specified by the Sebi and it should clearly identify the client and mention the unique client code assigned by the member

MyMoneyMantra raises ₹104 crore from Vaalon Cap

• As part of the deal, Vaalon Capital have representation on MMM’s board
• MMM will use the funds to expand its footprint

'Game of Thrones' breaks record with 32 Emmy nominations

• HBO claimed 137 nods to Netflix's 117 -- a record for each, meaning the pair tighten their joint stranglehold on the prestigious awards
• This year's nominations also saw HBO reclaim its title for most-nominated network from web streaming giant Netflix

Commercial vehicles among the worst placed in auto slowdown

• Commercial vehicles among the worst placed in auto slowdown
• This is worrisome given that there was a drop in inventory in two-wheelers and passenger vehicles

ThyssenKrupp to create Indian supply hub for engineering business

• The German industrial group embarked on a major restructuring programme after a failed merger of its steel unit in May with India's Tata Steel's European business
• India currently contributes one-fifth of ThyssenKrupp's industrial solutions business and one-fourth of its workforce

Govt cuts interest rate on General Provident Fund (GPF)

• GPF interest rate applies to provident funds of central government employees, railways and defence forces
• GPF rate is in line with that of Public Provident Fund (PPF)

Is Facebook launching new TikTok competitor?

• Facebook's NPE team is aimed at developing experimental apps for consumers who are still slightly removed from the core Facebook brand
• The world's largest social media platform last week announced that it will begin to launch new consumer-focused apps

US hedge fund Steadview to step up investments in Indian startups

• Fund plans to invest $500 million in growth-stage consumer internet startups over the next two years
• During the period, it barely invested even in its existing portfolio’s follow-on rounds

DGCA suspends flying licences of two SpiceJet pilots for six months

• An aircraft operated by them damaged runway edge lights during landing at Kolkata airport
• In recent weeks, the watchdog has been taking strict action against individuals and entities for various violations