Corporate Corner News Political News 

2G spectrum allocation acquittal: 5 reasons why the case collapsed

A CBI court on Thursday acquitted all the accused, including former telecom minister A. Raja and DMK Rajya Sabha member Kanimozhi, of corruption and money laundering charges in the 2G spectrum allocation cases. It was a shock verdict. Here are five reasons the case against the accused may have collapsed: 1. The CBI couldn’t prove that Raja, along with telecom ministry officials, manipulated the cut-off date for bids in the first-come, first-served policy for allocation of 2G spectrum. 2. The CBI failed to establish that Raja had prior familiarity with two of…

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Corporate Corner News 

No pay for 3 months to 200 employees at Voonik, firm looking at restructuring

Around 200 employees of fashion retailer Voonik are staring at three months of unpaid job as the company is on a cost-cutting spree, reports Times of India. The Bengaluru-based firm is facing issues similar to that seen earlier this year by Snapdeal. The online retailer was unable to raise funds that led to lay-offs of hundreds of employees. At Voonik, there are plans of restructuring teams as the company cannot afford to hold on to its high paid executives. Out of the 350 people working in the company, teams that…

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Corporate Corner Current Affairs News Sports 

Brand Kohli beats Messi on Forbes top 10

It has got nothing to do with the celebrity football match he recently played or the football team he owns, but Virat Kohli is now a more valuable brand than Argentina and FC Barcelona forward Lionel Messi. Cristiano Ronaldo is the only footballer ahead of Kohli, who is No. 7 on the Forbes list of most valuable brands among sportspersons. Forbes list of 10 most valuable athletes in 2017 1. Roger Federer: $37.2m 2. LeBron James: $33.4m 3. Usain Bolt: $27m 4. Cristiano Ronaldo: $21.5m 5. Phil Mickelson: $19.6m 6. Tiger Woods:…

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Corporate Corner Gadgets & Technology News 

Know Steve Jobs – Father of Apple

Steve Jobs, pictured in 1996 PIC: REUTERS Born:25 February 1955 Died:5 October 2011 Early life:Born in San Francisco, Jobs was adopted by Paul and Clara Jobs as a baby and soon moved to Mountain View, now known as Silicon Valley Jobs and Wozniak On a fateful day in 1969, a 14-year-old Steve Jobs met Steve Wozniak, then 19. The pair bonded over a love of electronics, and went on to design and build the first Apple computer in the Jobs family garage. Seeking enlightenment: Jobs dropped out of college in 1972, travelled…

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Corporate Corner Cricket News Sports 

Live – IPL media rights auction: STAR India wins global broadcast, digital rights with bid of Rs 16,347 crores

STAR India wins the IPL media rights (TV and digital) for 2018-2022 with a bid of Rs 16,347 crore. The The Board of Control for Cricket in India (BCCI) auction took place in Mumbai. Catch live updates of the Indian Premier League (IPL) media auction here. Board of Control for Cricket in India (BCCI) is conducting the Indian Premier League (IPL) media rights auction in Mumbai. Initially, 24 companies picked up rights papers to contest for the several rights up for grabs. The BCCI is expected to net around Rs…

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Corporate Corner News 

Major overhaul at Infosys: Nilekani to be chairman, Sikka, Seshasayee resign from Board

  Nilekani returns as as non-executive, non-independent director and chairman of the Board of Infosys. IT bellwether Infosys On Thursday  said it will rope in Nandan Nilekani, the company’s co-founder, as non-executive, non-independent director and chairman of the Board of Infosys, in a dramatic turn of events in the very public battle between the board and founders continues. Infosys also said it had accepted the resignation of the current Board chairman R Seshasayee, Vishal Sikka, who was the executive vice chairman and board director, with immediate effect. Ravi Venkatesan also…

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Corporate Corner Health News 

Govt stops $1.3bn Chinese bid for Gland Pharma

The Centre has stalled a $1.3-billion bid by Shanghai Fosun Pharmaceutical Group (SFP) to acquire an 86% stake in Hyderabad-based Gland Pharma, citing “genuine concerns” over proprietary technology developed by the Indian company going over to a Chinese pharma major. Top government officials on Monday dismissed media reports that the decision was linked to the current border stand-off between the two countries. Sources say Gland Pharma has a lead in injectibles, an area where Chinese firms lag Indian pharma companies. Gland Pharma says it has pioneered Heparin technology in India, and is a world leader in…

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Corporate Corner News 

Snapdeal-Flipkart merger called off! Plan B comes into force

The development comes just three days after Snapdeal announced the sale of its payments unit Freecharge to private lender Axis Bank for Rs 385 crore. Gurgaon-based e-commerce firm Snapdeal has terminated all talks for a distress sale to its arch rival Flipkart and wants to pursue an independent path, the company said in a statement. “Snapdeal has been exploring strategic options over the last several months. The Company has now decided to pursue an independent path and is terminating all strategic discussions as a result,” Snapdeal has said. Moneycontrol had first…

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Corporate Corner Finance News 

Axis Bank buys Freecharge from Snapdeal for Rs 385 crore in all-cash deal

The Axis-Freecharge deal size at USD 60 million is significantly lower than the USD 400 million Snapdeal had paid to acquire the payments firm in 2015.  The board of Axis Bank has entered into a share purchase agreement with Jaspers Infotech Private Limited which runs Snapdeal to buy 100 percent stake in its payments subsidiary Freecharge in an all-cash deal worth Rs 385 crore, Axis Bank informed the BSE in a statement. Moneycontrol had reported on Wednesday that the two companies had agreed to a sale of Freecharge. The Axis-Freecharge deal…

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Corporate Corner News 

Infibeam and partners get contract to manage Government e-Commerce Marketplace

Infibeam and its partners have won the contract as a Managed Service Provider for “Design, Development, Implementation, Operation & Maintenance of Government e-Marketplace (GeM)”, the company has told the stock exchanges. A couple of days ago, the Economic Times had reported that the five year contract is worth around Rs 1000 crore, and Infibeam and its partner Intellect Design Arena had been the lowest bidders, but that was an unconfirmed report. Note that a GeM is already running, developed by the Directorate General of Supplies and Disposals (DGSD) and launched on 9th August 2016, with…

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