Delhi HC declines Future Retail’s plea against Amazon

The Delhi High Court, on Monday, declined to grant Future Retail Ltd’s (FRL) plea for an interim injunction to restrain Amazon from writing to SEBI, CCI, and other authorities about the arbitral order against its asset sale. Kishore Biyani-led FRL had approached the court to direct Amazon to refrain from interfering with the approval process for the Rs 27,513-crore deal between Future Retail and Reliance Retail Ventures Ltd. 

The High Court noted that Future Retail and Amazon have already made their representations and counter representations to the statutory authorities or regulators. It is now up to these authorities to make their decision.

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India bans all flights from UK amid fears of new Covid-19 variant spread

The Indian Government, on Monday, decided to suspend all flights from and to the United Kingdom between December 23 to 31, amid fears of a new and more infectious coronavirus variant found in the country. Passengers arriving from the UK before the suspension deadline will be mandatorily tested for Covid-19 on arrival at Indian airports. The new variant of Covid-19 is up to 70% more transmissible and has spread from the UK to Denmark, Netherlands, and Australia.

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Antony Waste Handling Cell IPO subscribed 2 times on Day 1

The initial public offering (IPO) of Antony Waste Handling Cell has been subscribed 1.97 times on December 21, the first day of the bidding. The Rs 300-crore public issue has received bids for 1.32 crore equity shares, as against an offer size of 66.66 lakh shares. The retail portion was subscribed 3.56 times and that of non-institutional investors 0.083 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 0.63 times.

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Tata Motors to hike prices of commercial vehicles from January 2021

Tata Motors announced that it will hike prices of its commercial vehicle (CV) range, effective from 1 January 2020. The price increase is expected across the portfolio of Medium & Heavy Commercial Vehicles, Light & Intermediate CV, Small CV & buses. The actual change in price will depend on the individual model, variant, and fuel type. The company stated that the steady rise in material and other output costs has escalated the cost of manufacturing vehicles.

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M&M to hike prices of its tractors from January 2021

Mahindra & Mahindra (M&M) Ltd said that it will hike prices of its range of tractors from January 1, 2021, in order to partially offset the impact of rising input costs. The company further said that details of the price increase across different tractor models will be communicated in due course. Last week, M&M had announced that it will hike prices of its entire range of passenger and commercial vehicles from next month.

In other news, M&M’s Korean subsidiary- SsangYong Motor Company (SYMC) has filed for bankruptcy. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme, which is a court designed process. This development comes a week after SYMC missed the repayment of a loan worth Rs 480 crore to JP Morgan Chase, South Korea.

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Glenmark Pharma receives tentative approval for blood thinning drug

Glenmark Pharma, on Monday, said it has received tentative approval from the US Food & Drug Administration (USFDA) for anticoagulant Dabigatran Etexilate capsules. The approved product is a generic version of Boehringer Ingelheim Pharmaceuticals’ Pradaxa capsules. Pradaxa is used to prevent blood clots from forming because of certain irregular heart rhythms. 

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Ramco Systems to implement aviation software for Iberia Maintenence

Ramco System Ltd announced that it will implement its flagship aviation software, Ramco Aviation M&E MRO Suite, for Spain-based Iberia Maintenance (Iberia MRO). Ramco Aviation Software will replace multiple systems to unify operations across Airframe Maintenance, Engine Shops, Component Shops & Supply Chain. The technology transformation program will enable Iberia Maintenance to future-proof its business growth while offering a simplified user experience driving better user adoption, increase process automation, and self-service.

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L&T Finance Holdings dissolves Middle East subsidiary

L&T Finance Holdings (LTFH) said that its subsidiary, L&T Capital Markets (Middle East) Ltd (LTCM-ME) has been dissolved and ceased to exist. On July 17, LTFH had informed about the voluntary winding-up of one of its wholly-owned subsidiaries incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of the United Arab Emirates. The company stated that the arm was not a material subsidiary of the company. [A Material Subsidiary refers to a subsidiary whose income or net worth exceeds 10% of the consolidated income or net worth of the parent company].

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SpiceJet seeks one-time restructuring of debt

SpiceJet Ltd has sought a one-time debt restructuring, apart from ₹500-crore in a working capital loan, from Yes Bank. The airline company has submitted a revival plan and its financial documents to the private bank. The stressed low-cost airline requires these temporary funds to tide over the pandemic-related disruptions.

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L&T Defence gets ‘Green Channel Status’ from Defence Ministry

The defence arm of Larsen & Toubro (L&T) has been awarded the coveted ‘Green Channel Status’ for major naval weapon delivery systems from the Directorate General Quality Assurance (DGQA), under the Ministry of Defence. The status provides L&T Defence deemed registration status and waiver of pre-dispatched inspections. L&T Defence was awarded the status after stringent audits of its production facilities, quality systems, and products carried out by the DGQA.