Main titles: 28% tax on online games, Dish TV-YES Bank, etc.

Global 28% GST could badly affect online gambling in India, industry says

Online game players in India fear the industry will be hit hard if the Center proposes a general Goods and Services Tax (GST) of 28%. According to Roland Landers, Chief Executive Officer (CEO) of the All India Gaming Federation, the move could hamper the upward trajectory of the booming industry and lead to closure of businesses in the sector. Read more…

Dish TV-YES Bank saga highlights non-retired director’s puzzle

The tussle between former Dish TV promoters and YES Bank has brought to light the conundrum of ‘non-retired’ directors at India Inc. The Companies Act 2013 allows public companies to appoint directors not likely to retire. The concept, say legal experts, is to allow large institutional shareholders, such as Life Insurance Corporation of India, to appoint nominee directors. However, it can complicate matters in cases where individuals from former promoter groups refuse to quit even when they lose control of the company, experts observe. Read more…

SaaS startups gain favor as funding slows for other businesses

One of the biggest M&A events for software as a service (SaaS) came when NYSE-listed Zendesk was acquired for $10.2 billion. Although the size of the deal is less than the $17 billion previously offered by the same consortium of investors, it shows the interest and potential of SaaS companies across the globe. Read more…

Public sector banks ask for RBI on bond portfolios as yields tighten

Senior Treasury officials from some state-owned banks asked Reserve Bank of India (RBI) officials to provide waivers over their bond holdings at an informal meeting on Friday, sources told Business Standard.

Treasury officials have requested a further increase in held-to-maturity (HTM) portfolio limits for government bonds as well as permission to amortize mark-to-market losses incurred on bond holdings at during the current quarter. Read more…

Delayed diagnosis, reluctance to take booster dose increasing severe cases

Late diagnosis, delayed treatment and reluctance to take the booster shot are factors contributing to the sharp rise in the number of Covid cases in the pockets, doctors say. Deaths have been rising in the pockets – Mumbai and Kerala are examples. Over the past 15 days in Mumbai, there have been 31 Covid-19 deaths among the 1,370 people hospitalized. The city reported 26,615 cases in a fortnight. Read more…

Towering legacy: Pallonji Mistry’s business achievements span continents

They called him the “ghost of Bombay House” – his powerful presence was felt rather than seen at the Tata Group headquarters. Pallonji Mistry, the man who was Tata Sons’ largest shareholder outside of Tata Trusts and whose Mumbai-based construction conglomerate Shapoorji Pallonji (SP) Group left its mark on continents, died early Tuesday morning . He was 93 years old. Read more…

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