The government seems to be running out of options to deal with the spike in crude prices and its impact on the economy. A marginal cut in excise duty would be seen as tokenism, while bringing it under the GST would provide relief to consumers. But, this option would face stiff resistance from states as they would have to forgo substantial revenues.
Days after winning Bhushan Steel, Tata Steel managing director T.V. Narendran on Monday met acting finance minister Piyush Goyal to discuss bankruptcy rules as North Block touted the Bhushan deal as a success story for Insolvency and Bankruptcy Code, 2016, and the changes it brought about to give the rules more teeth.
The Enforcement Directorate took fresh action against Nirav Modi and attached assets worth Rs 170 crore of the absconding diamantaire in connection with its money laundering probe in the PNB fraud case amounting to over $2 billion, officials said on Monday.
After years of being in the works, Kumar Mangalam Birla's UltraTech Cement is finally acquiring the cement business of Basant Kumar Birla-led Century Textiles and Industries Ltd in a share-swap deal for an enterprise value of Rs 8,621 crore.