News digest: UltraTech to buy Binani Cement, telecom battle, and more

Bankruptcy case: UltraTech to pay Rs 73 bn for 98% stake in Binani Cement It was a day of high drama in the Binani Cement bankruptcy case with promoter Binani Industries entering into an agreement to sell the cement company’s shares to UltraTech Cement, even as the National Company Law Tribunal’s (NCLT’s) Kolkata bench heard petitions from UltraTech and Braj Bhushandas Binani, director and promoter of Binani Cement. Read more... Domestic investment bankers rake in hefty bonuses as issues swell Domestic investment bankers are set to sign off a blockbuster year for equity fund-raising by taking home hefty bonuses, ranging between 100 and 200 per cent of their annual pay. The current financial year has seen a mop-up in excess of Rs 1.2 trillion, a historic high, by way of initial public offerings (IPOs) and qualified institutional placements (QIPs). Read more... Rai alleges communication breakdown between Banks Board Bureau and govt Banks Board Bureau (BBB) Chairman Vinod Rai on Monday hit out at the government for sitting over its slew of recommendations for public sector banking reforms.

He also pressed for banking regulations being made independent of ownership, a position similar to what Reserve Bank of India Governor Urjit Patel had taken in a public event a few days ago, in the light of the Rs 129 billion Punjab National Bank scam. Read more... Jio vs the rest: Next round of telecom sector consolidation has just begun For a customer using a mobile phone since 2007, it has been a dream run with voice calls now becoming free and unlimited compared to Rs 1 you had to fork out in 2007. Now you pay only for data at rock-bottom prices and monthly bills have dramatically halved in the past 18 months. Read more...