Top headlines: Consumer spend, Singh bros, Essar Steel case, and moreNovember 15, 2019
Consumer spend sees first fall in 4 decades on weak rural demand: NSO data
Consumer spending fell for the first time in more than four decades in 2017-18, primarily driven by slackening rural demand, according to the latest consumption expenditure survey by the National Statistical Office (NSO). The survey — Key Indicators: Household Consumer Expenditure in India — shows the average amount of money spent by a person in a month fell by 3.7 per cent to Rs 1,446 in 2017-18 from Rs 1,501 in 2011-12. The figures for monthly per capita consumption expenditure (MPCE) are in real terms, meaning these have been adjusted for inflation, keeping 2009-10 as the base year. In 2011-12, the real MPCE had risen 13 per cent over a period of two years.
SC holds Malvinder, Shivinder guilty of contempt in Daiichi Sankyo case
The Supreme Court today held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited. A bench consisting of Chief Justice Ranjan Gogoi and Justice Deepak Gupta held the former Ranbaxy promoters guilty of contempt of court and said that they had violated its earlier order by which the sale of their controlling stakes in Fortis Group to Malayasian firm IHH Healthcare was put on hold. The apex court said that they would hear the Singhs on the quantum of sentence later.
Essar Steel case: SC clears way for ArcelorMittal to complete $5.8 bn deal
ArcelorMittal won approval from the Supreme Court to complete its $5.8 billion purchase of a bankrupt steel mill, clearing the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market. The apex court allowed Arcelor to make the payment for Essar Steel India Ltd. and set aside a bankruptcy appellate tribunal’s order that had given secured and unsecured creditors equal right over the sale proceeds.
Vodafone pleads for govt relief after posting worst quarterly loss in India
After posting the worst quarterly loss in India’s corporate history, Vodafone Group Plc’s besieged local venture is appealing for urgent relief from the government to help avert a collapse. Vodafone Idea Ltd took a one-time charge related to a $4 billion demand from the government towards overdue fees, leading to a net loss of Rs 50,900 crore ($7.1 billion) in the three months through September. Saddled with $14 billion of net debt, Vodafone Idea is fighting for survival after India’s top court last month ordered it to pay fees the government said were due from prior years.
Govt determined to see three pvt players in telecom sector: Vodafone Idea CEO
A day after posting the worst quarterly loss in India’s corporate history, Vodafone Idea’s CEO Ravinder Takkar said the Supreme Court judgment on Adjusted Gross Revenue (AGR) would have significant implications on the telecom industry and that the company…