India's exports decline for fifth straight month in December
NEW DELHI, Jan 15: India's merchandise exports shrank 1.8% in December, falling for the fifth straight month, while the trade deficit narrowed to $11.25 billion from a year ago, helped by lower oil imports, the Trade Ministry said in a statement said on Wednesday.
Merchandise exports fell to $27.36 billion in December compared with a year earlier, while imports were down 8.83% to $38.61 billion, the data showed.
India's trade deficit stood at $14.49 billion in December 2018, the statement said.
Imports declined by 8.83% $38.61 billion, bringing down the trade deficit to $11.25 billion during the month under review.
The trade deficit during December 2018 was $14.49 billion.
Oil imports contracted by 0.83 per cent to $10.69 billion, while gold imports dipped by about 4% to $2.46 billion.
During April-December 2019-20, exports slipped 1.96$% to $239.29 billion, imports declined by 8.9% to $357.39 billion, leaving a trade deficit of $118.10 billion.
Cyrus Mistry says not interested in getting back into Tata group in any capacity
MUMBAI, Jan 5: Cyrus Mistry on Sunday said he has “no interest in getting back into Tata Sons in any capacity”, days after being reinstated as the group’s executive chairman. Mistry said he was humbled by the National Company Law Appellate Tribunal (NCLAT) order which recognised the “prejudicial conduct of Mr Tata.”
“I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees,” said Mistry.
The NCLAT restored Cyrus Mistry as the Executive Chairman of Tata Sons on December 18. Mistry was sacked from the group three years ago. The Tribunal, in its order, said Ratan Tata’s actions against Mistry were oppressive and the appointment of a new chairman was illegal.
The Tata Consultancy Services (TCS) on Friday moved the Supreme Court against the NCLAT judgment in favour of Mistry.
Mistry on Sunday evening said that he has taken the decision in the overall interest of the Tata group, whose interests are “far more important than those of any individual”.
“To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board,” he said.
Ratan Tata had also moved the apex court on Friday in his personal capacity challenging the tribunal’s December 18 judgment. Tata alleged that Mistry was reluctant to disassociate himself from his family business even after he became the chairman of Tata Sons leading to conflict of interest.
Court allows banks to sell Vijay Mallya’s UBHL shares
MUMBAI, Jan 2: A special court designated under the Prevention of Money Laundering Act (PMLA) on Wednesday granted a consortium of banks led by State Bank of India (SBI) the rights of United Breweries Holdings Ltd (UBHL), owned by fugitive economic offender (FEO) Vijay Mallya. This means the bank can sell off UBHL’s shares and recover their dues.
However, after Mallya’s lawyers sought a stay on the order’s execution on the grounds that they need time to approach the Bombay high court (HC), the PMLA court stayed the execution till January 18. In the meantime, Mallya is likely to challenge the order before the HC.
Mallya and others, including top officials of IDBI Bank, are accused under PMLA in a ₹9,000-crore money-laundering fraud.
After Mallya was declared FEO on the Enforcement Directorate’s (ED) plea, his and his family members’ properties were attached by the latter. The SBI-led consortium of banks had then approached the special PMLA court, seeking the rights of Mallya’s properties and shares, approximately worth ₹6,203 crore. However, the PMLA court on Wednesday gave the banks the right of only UBHL shares, and not Mallya’s entire property. The special court is yet to begin hearing on confiscation of properties that prosecution agencies have listed as that of Mallya’s.