Ola is betting big on the food business and is planning to launch a portfolio of in-house food brands and take them across the country. These brands would not only be available on external platforms like food delivery apps Swiggy and Zomato, but also offline stores including restaurants, cloud kitchens, food trucks.SoftBank-backed company has launched its flagship brand ‘Khichdi Experiment’ which has gone live in Bengaluru, Hyderabad, Mumbai, Pune and Chennai. It is offering more than 16 varieties of ‘khichdi’ and the flavours will keep expanding depending upon the feedback from the customers

The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers

The Supreme Court (SC) has transferred all the petitions related to linking of Aadhaar to social media profiles, pending in various high courts to itself. The case will be next heard in January next year, after the central government finalises its rules to prevent misuse of social media

The Securities and Exchange Board of India (Sebi) has appealed in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the Price Waterhouse (PW) case.On September 9, the tribunal had quashed the order passed by the regulator against the global audit firm for its role in the Satyam scandal.In January 2018, Sebi had issued an order banning PW firms and two of its auditors from providing services to listed firms and market intermediaries for two years, for their involvement in the accounting scam.

Bank of Maharashtra Q2 net profit jumps over four-fold to Rs 114.66 crore.Kotak Mahindra Bank posted a 15.5 per cent rise in consolidated profit before tax (PBT) at Rs 2,944.71 crore for the quarter ended September 30, 2019 (Q2FY20), from Rs 2,549.91 crore in the year-ago quarter.RBL Bank's Q2 profit before tax plunges 67% as provisions jump three fold

Online proficiency self-assessment test for independent directors from Dec: All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards. The online proficiency self-assessment test to be conducted by the IICA will evaluate the candidate's knowledge of the Companies Act, securities law, basic accountancy and of other subjects that are required for the individual to perform as an independent director.

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Government accords 'Maharatna' status to Hindustan Petroleum, Power Grid Corp The grant of 'Maharatna' status to the PSUs will impart enhanced powers to their boards to take financial decisions

Agents providing various services to foreign companies are quoting the government’s own Tax Research Unit’s (TRU’s) clarification in asking for exempting them from the 18 per cent goods and services tax (GST). These clarifications call for amending Section 13 (8) of the Integrated GST Act, which says the place of supply in cases where these services are offered will be the location of the supplier of services itself

The Indian Banks’ Association (IBA) has formally declined a request from employee unions to keep bank branches open for five days a week, while also expressing inability to hike wages by more than its proposal of 12 per cent

Banks have combined exposure of Rs 38,342 crore to DHFL, in the form of term loans, non-convertible debentures and commercial paper, according to the draft debt resolution plan.Declaration of the account as fraud would create a burden of provisioning as early as the third quarter (October-December) of the current financial year

Nissan Motor is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller

KPMG forensic audit finds fund diversion from DHFL to promoter-led entities KPMG was asked to conduct a special review for the period between April 2015 and March 2019 of DHFL’s books.The audit exercise is said to have found that DHFL disbursed loans and advances to inter-connected entities that appear to be linked to its promoters. Repayments by 28 such entities worth Rs 12,541 crore are not traceable, according to KPMG’s special audit report.The report found that loans and advances of Rs 24,594 crore were disbursed to 65 entities that had minimal operations and inadequate loan documentation.Valuation of land mortgaged as security at the time of loan requisition was not available for 21 entities, with loan disbursals amounting to Rs 11,313 crore in such cases and the outstanding at Rs 9,313 crore

The Securities and Exchange Board of India (Sebi) has initiated a preliminary enquiry against Infosys following allegations of unethical practices by a whistleblower.The anonymous letter written by an employee group has accused Infosys Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of indulging in unethical practices. The letter calls for an “immediate investigation” and has accused the top management of changing investment and accounting policies to boost short-term profits.

Govt relaxes fuel retailing norms, private firms can set up petrol pumps Government has scrapped a rule that mandated a company to commit at least Rs 2,000-crore investment in the petroleum sector. With this, newer players like Total, Adani, and Saudi Aramco — and even super markets — can open outlets for selling automobile fuel.Entities seeking authorisation will now need to have a minimum net worth of Rs 250 crore only.Authorised entities will, however, have to meet certain conditions such as setting up a minimum 5 per cent of their retail outlets in the notified remote areas within five years of grant of authorisation.

Govt approves BSNL-MTNL merger, clears Rs 70,000-crore relief package. The relief package includes a sovereign bond issue worth Rs 15,000 crore, to be serviced by the two telcos. Also, BSNL and MTNL will be allotted 4G spectrum at an administered price, pegged at the 2016 auction value. The two firms would be allotted 4G spectrum worth Rs 20,140 crore, Rs 29,937 crore for VRS covering 50 per cent of their employees.BSNL has around 1,76,000 employees and MTNL workforce is at 22,000.

CIT(A) cannot enhance assessment by taking income which wasn't considered by AO during assessment-Delhi-Tri