Tata Group says it's open to buying Mistry group's shares to aid fundraising
Tata Group, India’s largest conglomerate, is open to buying the shares in Tata Sons Pvt. held by the Shapoorji Pallonji Group to aid the latter’s fund raising efforts, Tata’s lawyer told India’s Supreme Court. The Shapoorji Pallonji Group, controlled by tycoon Pallonji Mistry and his family, own about 18% of closely held Tata Sons, the holding company of the $113 billion software-to-cars Tata empire. Read More...
Sebi to prescribe stress tests, liquid holdings for debt mutual funds
The Securities and Exchange Board of India (Sebi) on Tuesday said it would soon issue guidelines that mandate all debt mutual fund schemes to hold a certain percentage of liquid assets in their schemes, including government securities and treasury bills. This is aimed at improving liquidity in all schemes and would help schemes to meet sudden redemption pressures, chairman Ajay Tyagi said addressing the mutual fund industry at the Association of Mutual Funds in India’s (Amfi’s) 25th annual general meeting. Read More...
India trials for Russia's Covid vaccine may start in few weeks: Dr Reddy's
Dr Reddy's Laboratories Ltd could begin late-stage Indian clinical trials of Russia's potential coronavirus vaccine in the next few weeks, an executive at the Indian drugmaker said on Tuesday. Indian trials of the Sputnik-V vaccine candidate, being developed by Russia's sovereign wealth fund, will enroll 1,000-2,000 participants and be conducted at multiple government and private hospitals across the country, Deepak Sapra, CEO for API and pharmaceutical services at Dr. Reddy's, told Reuters. Read More...
Murugappa family votes to keep Valli Arunachalam out of holding co board
Shareholders of Ambadi Investments, the holding company of the Rs 38,000-crore Murugappa group, have voted against the induction of Valli Arunachalam, the eldest daughter of former executive chairman M V Murugappan, onto the board. Arunachalam, 59, had sent a notice in August 2020 proposing her candidature for directorship.The shareholders' meeting was held on September 21. Read More...
Singapore, HK top destinations for suspect funds; China and India follow
Singapore and Hong Kong were the biggest destinations for suspect transactions in Asia, even though the financial centers saw just a small fraction of an estimated $2 trillion in potentially dodgy money flows revealed in a report. Singapore processed $4.4 billion in suspicious flows through banks, including DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the International Consortium of Investigative Journalists said in an investigation published Sunday. Read More...
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