The amendments seek to put in place a 330-day deadline for corporate resolution process, including litigation and other judicial processes (iStock)
The amendments seek to put in place a 330-day deadline for corporate resolution process, including litigation and other judicial processes (iStock)

Cabinet approves eight amendments to IBC for easier resolution

  • The amendments will also aid decision-making in the case of bankrupt entities such as property developers
  • The amendments aim to fill the critical gaps in the country’s corporate rescue framework, says the government

Former RBI governor Bimal Jalan (Mint file)
Yes Bank’s loan book grew 18% to  ₹2.36 trillion, led by retail loans (Photo: Aniruddha Chowdhury/Mint)
Yes Bank’s loan book grew 18% to 2.36 trillion, led by retail loans (Photo: Aniruddha Chowdhury/Mint)

Yes Bank reports bad loans worth 6,230 crore in Q1, net profit slumps 91%

  • Bank’s other income dropped 25% to 1,272.66 crore in the three months from 1,694.14 crore a year ago
  • The bank posted a net profit of 113.76 cr for the quarter ended 30 June, from 1,260.36 cr a year ago

Mint Headlines: Karnataka trust vote, India’s ICJ win, stocks to watch & more

Headlines @ Mint gives you a quick brief on the biggest events and developments expected to make news this Thursday, including the Karnataka floor test, Kulbhushan Jadhav verdict fallout, the Ayodhya mediation panel’s expected submission of its report to SC and the impending launch of the sixth tranche of Exchange Traded Fund of Central Public Sector Enterprises. Also, on the menu are the issues and events likely to influence the markets on Thursday and of course, the key stocks to watch out for. Watch the full video to tune into your daily dose of news shorts and more.

File photo of Rajesh Mokashi
Dhruv Shringi, co-founder and CEO of Yatra Online.
The Panel of Judges during the verdict on Kulbhushan Jadhav case at the International Court of Justice in The Hague on Wednesday (Photo: ANI)
The Panel of Judges during the verdict on Kulbhushan Jadhav case at the International Court of Justice in The Hague on Wednesday (Photo: ANI)

ICJ stays Kulbhushan Jadhav’s execution, tells Pakistan to allow consular access

  • ICJ directs Pakistan to review, reconsider Jadhav’s sentence under provisions of 1963 Vienna Convention
  • The court rejected all the objections of Pakistan, including one unanimously on the admissibility of the case

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The company’s employee attrition rate crossed 15% on a trailing 12-month basis (Photo: Aniruddha Chowdhury/Mint)

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The National Medical Council will regulate fees for 50% seats in private medical colleges and deemed universities. (HT )
The National Medical Council will regulate fees for 50% seats in private medical colleges and deemed universities. (HT )

Government clears NMC Bill to revamp medical education system

  • The bill, which was first presented in 2017, lapsed with the dissolution of Lok Sabha, and will now be tabled in ongoing session
  • The Commission will regulate fee and all other charges for 50% seats in private medical colleges and deemed universities

Long Reads
Prime Minister Narendra Modi during his interaction with secretaries to the government this month. (Twitter@narendramodi)

The plan to reform India’s babudom

8 min read . 01:15 AM IST
If Boris Johnson becomes PM, he will assume leadership at a time when the old model of leadership in the UK lies exposed and a new one is yet to be born (Photo: Getty Images)

Boris Johnson: An unsuitable boy

11 min read . 16 Jul 2019
Richard Branson, president, Virgin Atlantic (Photo: Mint)

Business dreams powering a lunar race

9 min read . 16 Jul 2019
Karnataka chief minister H.D. Kumaraswamy leaves the state assembly premises after meeting speaker K.R. Ramesh Kumar, in Bengaluru on Wednesday. (PTI )
Prime Minister Narendra Modi during his interaction with secretaries to the government this month. (Twitter@narendramodi)
Prime Minister Narendra Modi during his interaction with secretaries to the government this month. (Twitter@narendramodi)

The plan to reform India’s babudom

The government wants to parachute private sector experts into India’s bureaucracy. Is the idea workable?

The slowdown in sales of FMCG products in rural areas occurred at a sharper pace than in urban markets (Photo: Mint)
The slowdown in sales of FMCG products in rural areas occurred at a sharper pace than in urban markets (Photo: Mint)

Nielsen revises FMCG forecast as sales growth stays in the slow lane

  • Nielsen has lowered its 2019 growth forecast for FMCG to 9-10% from its previous outlook of 11-12%
  • In the first half of the year, growth in FMCG sales was 12%, lower than Nielsen’s earlier prediction of 13-14% for the same period

CWC has also issued an advisory highlighting the likelihood of rapid rise in water levels in rivers in Kerala and Karnataka.
CWC has also issued an advisory highlighting the likelihood of rapid rise in water levels in rivers in Kerala and Karnataka.

Heavy rain alert for Kerala, Karnataka

  • IMD said heavy to extremely heavy rainfall is likely in parts of Kerala, Puducherry, TN and Karnataka across 18-20 July
  • The southern peninsula is currently facing a high monsoon deficit

15th Finance Commission Chairman NK Singh. (PTI )
15th Finance Commission Chairman NK Singh. (PTI )

15th Finance Commission's term extended till 30 November

  • The commission was constituted in the backdrop of various major fiscal /budgetary reforms introduced by the government
  • The meeting of the Cabinet, chaired by PM Modi approved the changes to the Terms of Reference of the 15th Finance Commission

A file photo of a hydroelectric power project. The Dibang plant in Arunachal Pradesh is a storage-based hydroelectric project with flood moderation being a key objective. (Mint)
A file photo of a hydroelectric power project. The Dibang plant in Arunachal Pradesh is a storage-based hydroelectric project with flood moderation being a key objective. (Mint)

Cabinet nod to 2,880MW hydel project in Dibang

  • Government okays 1,600 crore pre-investment, clearance fund for the 28,080.35 crore project
  • Move is part of the National Democratic Alliance govt’s focus on the northeastern region

One of the joint development projects is in the prime Bandra Kurla Complex.aniruddha chowdhury/mint
One of the joint development projects is in the prime Bandra Kurla Complex.aniruddha chowdhury/mint

Prestige to sign up for 2 prime office project deals in Mumbai

  • The firm is in talks with DB Realty to enter into a joint development pact for two of the latter’s projects
  • Prestige Group has been looking to enter Mumbai’s office market for several years and has explored similar deals in the past

Hafiz Saeed (Reuters file)
Chennai-based Arvind Sivasundar and his wife Nrutya Subramanyam have been using electric vehicles for eight years now. (Sai Sen/Mint)
Chennai-based Arvind Sivasundar and his wife Nrutya Subramanyam have been using electric vehicles for eight years now. (Sai Sen/Mint)

Despite budget sops, EVs may find few takers yet

  • High initial cost and lack of infrastructure are major hurdles to EV adoption in India
  • One of the downsides of owning an EV is that you may not be able to use it for a distance of more than 100km

The budget— ₹9,150.36 crore for the National Rural Drinking Water Programme—is a 69% increase in allocation from the previous year (Photo: Reuters)
The budget— 9,150.36 crore for the National Rural Drinking Water Programme—is a 69% increase in allocation from the previous year (Photo: Reuters)

Water infra may need 18.5 trillion funding over 15 years

  • Govt’s Nal Se Jal scheme for piped water supply alone may need 6.3 trillion
  • For context, only 18.3% of rural households have piped water supply today

 (Photo: iStock)
(Photo: iStock)

Fifth CPSE ETF tranche set to open tomorrow

  • The 2019 budget has proposed to include CPSE ETFs in the ELSS category that is eligible for tax deduction, but past returns have not been inspiring
  • Since CPSE ETFs may now come in the ELSS category, investors may have to contend with a three-year lock-in

Sanjay Jalona, CEO and MD of L&T Infotech.
Expense ratio is deducted from the corpus of the fund on a daily basis (as a tiny fraction of the annual expense ratio). (Mint)
The deadline for filing income tax returns for individuals, Hindu Undivided Families and those taxpayers whose accounts are not required to be audited is 31 July (Photo: Pradeep Gaur/Mint)
The deadline for filing income tax returns for individuals, Hindu Undivided Families and those taxpayers whose accounts are not required to be audited is 31 July (Photo: Pradeep Gaur/Mint)

Over 1.46 crore I-T returns filed so far; 90.8 lakh taxpayers file ITR-1

  • As per data compiled by revenue dept, a total of over 7.94 lakh tax returns were alone filed on 16 July, of which over 5.26 lakh was ITR-1 or Sahaj
  • Officials said higher return filing is on account of convenience, mainly due to pre-filled return forms, which have been made available from this year

Manu Jain, vice-president, Xiaomi, and managing director, Xiaomi India.
Manu Jain, vice-president, Xiaomi, and managing director, Xiaomi India.

Xiaomi eyes premium smartphone segment

  • Firm launches the Redmi K20 Pro at 30,999, its most expensive phone yet
  • Entry  into premium segment is triggered by the intent to launch a product at an affordable price

Bernard Arnault has added $39 billion to his fortune in 2019 alone.
Yes Bank’s common equity tier-I ratio was 8% as of end- June and the overall adequacy was 15.6% (Mint file)
Yes Bank’s common equity tier-I ratio was 8% as of end- June and the overall adequacy was 15.6% (Mint file)

Once likened to a diamond, Yes Bank loses shine post clean-up

  • The private lender’s 10% loan growth for the June quarter is a shadow of its past record of 45-50%
  • For the June quarter, the lender reported a 91% fall in its net profit, with core income growing at just about 2.8% from a year ago

The case is currently at the country's company law tribunal and the bank expects good recovery. (Pradeep Gaur/Mint)
The case is currently at the country's company law tribunal and the bank expects good recovery. (Pradeep Gaur/Mint)

Punjab & Sind Bank flags fraud in Bhushan Power account

  • Punjab National Bank said it had reported a borrowing fraud of 38.05 billion rupees in Bhushan Power's account to the RBI
  • State-owned PSB also said it has made provisions amounting to 1.89 billion rupees relating to its exposure to the Bhushan Power account

Home minister Amit Shah (PTI file)
Essar’s Insolvency judges had ruled that creditors whose claims are backed by collateral won’t get preferential treatment in the $6 billion sale of the company’s plant to ArcelorMittal (Photo: AP)
Essar’s Insolvency judges had ruled that creditors whose claims are backed by collateral won’t get preferential treatment in the $6 billion sale of the company’s plant to ArcelorMittal (Photo: AP)

Opinion | Essar insolvency judgement risks damaging debt market

Essar saga has gone on for over 600 days, when the original legal limit was 270 days

Analysts at Coresight Research have estimated global product sales of $5.8 billion over the two days, and JP Morgan predicted sales of $5 billion.
Analysts at Coresight Research have estimated global product sales of $5.8 billion over the two days, and JP Morgan predicted sales of $5 billion.

Amazon Prime Day 2019 surpasses sales of Black Friday and Cyber Monday combined

  • Amazon said Prime Day sales topped the combined total from the two big shopping days in the year-end holiday season, known as Black Friday and Cyber Monday
  • The e-commerce leader said members of its Prime subscription service purchased more than 175 million items

Wipro shares closed 0.15% lower at  ₹259.70 today on the BSE. The IT firm declared results after market hours. (Mint)
Wipro shares closed 0.15% lower at 259.70 today on the BSE. The IT firm declared results after market hours. (Mint)

Wipro Q1 Results: Profit jumps 12.6% to 2,388 crore

  • Wipro's June quarter consolidated net profit stood at 2,388 crore as compared to 2,121 crore in the corresponding quarter last year
  • Wipro revenue grew by 5.3% in Q1

Before filing your tax returns this year, calculate and pay self-assessed tax

  • Taxpayers are required to pay tax on the consolidated income from all the five sources of income—income from salary, business and profession, house property, capital gains and other sources
  • Tax can be paid either offline at designated branches of banks empanelled with the I-T department, by filling up challan 280 or online through Incometaxindia.gov.in

DCB Bank’s asset quality metrics took a knock, with gross bad loans rising to 1.96% of the book (Mint file)
The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest.
The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest.

Azim Premji helps create India’s newest tech unicorn

  • With this round of funding, Icertis has raised over $211 million
  • The startup now helps customers worldwide manage over 5.7 million contracts

 (Jayachandran/Mint)
Greenko’s renewable assets portfolio comprises operating assets of 4.2 gigawatts (GW) and under-construction assets of 7GW. (Reuters )
The National Register of Citizens (NRC) is the list of Indian citizens of Assam (AP file)
A file photo of a Tata Motors plant. Tata Chemicals plans a factory to make lithium-ion cells, which will augment Tata Motors’ ambitions to build a sustainable EV ecosystem. (Reuters )
A file photo of a Tata Motors plant. Tata Chemicals plans a factory to make lithium-ion cells, which will augment Tata Motors’ ambitions to build a sustainable EV ecosystem. (Reuters )

Tata Chemicals may make lithium-ion cells

  • Firm said to have acquired land in Dholera town of Gujarat for the factory
  • Tata Chemicals will play a key role in Tata Motors’ plan to devise an EV ecosystem in India

To inculcate a positive attitude towards tax payment, we need to change the narrative around taxation (iStock)
To inculcate a positive attitude towards tax payment, we need to change the narrative around taxation (iStock)

Opinion | How we could improve tax compliance behaviourally

One of the fallouts of years of socialist thinking is that becoming rich is considered a sin. This narrative needs to change

Photo: iStock
Mercedes-Benz India head Martin Schwenk moved to Pune from France last year.
Mercedes-Benz India head Martin Schwenk moved to Pune from France last year.

‘I find Indians to be very friendly and competent’

The 53-year-old German managing director and chief executive of Mercedes-Benz India, who calls France home, is a true-blue expat, what with his job taking him to Germany, the US, Austria and South Africa

India needs to increase labour force participation by equipping workers with the right skills, suggests a study. Bloomberg
India needs to increase labour force participation by equipping workers with the right skills, suggests a study. Bloomberg

How to reap India’s demographic dividend

  • In theory, increase in working-age population should generate a 'demographic dividend' that can power economic growth
  • India’s working-age population is now increasing because of rapidly declining birth and death rates

RailTel has created a fast wi-fi network for Indian Railways at 1,615 stations.
Mutual Funds primarily invest in equity (stocks) or debt (bonds). (iStock)
Mutual Funds primarily invest in equity (stocks) or debt (bonds). (iStock)

Why picking the right mutual fund is key in a tough market

  • The “mutual funds sahi hai” (mutual funds are good) catchline hasn’t amused investors, given their poor returns in the last two-three years when the industry faced setbacks
  • Mint analyses the reasons for the lacklustre performance of the funds and suggests what you should do

The daily flight on Mumbai-Bangkok route would depart from Mumbai at 9.30 pm (local time) and would land at 3.35 am (local time) at Thailand's capital.
The daily flight on Mumbai-Bangkok route would depart from Mumbai at 9.30 pm (local time) and would land at 3.35 am (local time) at Thailand's capital.

IndiGo to start daily flights from Mumbai to Singapore, Bangkok from 22 August

  • The daily flight on Mumbai-Bangkok route would depart from Mumbai at 9.30 pm (local time) and would land at 3.35 am (local time) at Thailand's capital
  • The return flight would depart from Bangkok at 3.25 pm (local time) and arrive at Mumbai airport at 6.30 pm (local time)

(Photo: PTI)
Maharashtra CM Devendra Fadnavis at the handing over of BKC plot allotment letter to Kojun Nishima, President of Sumitomo Reality & Development Company Ltd, in Mumbai (Photo: @CMOMaharashtra)
Maharashtra CM Devendra Fadnavis at the handing over of BKC plot allotment letter to Kojun Nishima, President of Sumitomo Reality & Development Company Ltd, in Mumbai (Photo: @CMOMaharashtra)

Japan's Sumitomo pays 2,238 crore for a 3-acre plot in Mumbai's BKC

  • The bid, which works out to around 745 crore per acre, is billed as among the biggest in the country in recent times
  • The plot, 'C-65', belongs to the Mumbai Metropolitan Region Development Authority and an offer letter for it was issued to Goisu Realty Pvt. Ltd. for an 80-year lease

Uniqlo becomes one of the key brands to enter India, to set up business in the country under its 100% single brand FDI. (Reuters)
Uniqlo becomes one of the key brands to enter India, to set up business in the country under its 100% single brand FDI. (Reuters)

Japan’s fashion retailer Uniqlo to open 3 stores in India

  • Uniqlo to open its first store in Delhi in October
  • The store launch in India will help fuel Uniqlo’s global strategy as it tries to beat Spain’s Zara and Swedish H&M to sell more apparel globally

He said according to the existing rules and instructions, if a government employee has already availed withdrawal from GPF for building or acquiring a house or flat, GPF withdrawal for a second house is not permissible. (Ramesh Pathania/Mint)
He said according to the existing rules and instructions, if a government employee has already availed withdrawal from GPF for building or acquiring a house or flat, GPF withdrawal for a second house is not permissible. (Ramesh Pathania/Mint)

No proposal to amend GPF rules to permit withdrawal for second house: Govt

  • GPF withdrawal for a second house is not permissible
  • Jitendra Singh said according to the existing rules and instructions, if a government employee has already availed withdrawal from GPF for building or acquiring a house or flat, GPF withdrawal for a second house is not permissible

A sign is pictured outs a Google offcie near the company's headquarters in Mountain View, California.  (Reuters )
A sign is pictured outs a Google offcie near the company's headquarters in Mountain View, California. (Reuters )

Google closes its Chinese search engine project: Report

  • Senior Google employees have also resigned citing lack of corporate transparency after the company revealed its efforts to re-enter China through 'Dragonfly'
  • The search engine giant had launched a search engine in China in 2006 but pulled the service out of the country in 2010

Commerce minister Piyush Goyal (Mint file)