City Delhi Financial News

Delhi's mayor and lieutenant governor over the elections for the MCD ward and standing committees had little impact on the voting process on Wednesday. The elections proceeded smoothly, resulting in a notable win for the BJP, which secured victories in seven out of twelve zones, while the AAP managed to win in only five zones. Despite a clash over election procedures, AAP councillors took part in the process, which was overseen by deputy commissioners of the respective zones. This election had been pending for 20 months since the civic polls held in December 2022. The new zonal committees will be instrumental in decentralising discussions on local issues, speeding up resolutions, and overseeing project implementation. Before the elections, Mayor Shelly Oberoi objected to the deputy commissioners conducting the polls, claiming that they were not authorised presiding officers. She also deemed the election notices issued by the municipal secretary as «null and void.» Despite her objections and refusal to appoint presiding officers, Oberoi participated in the election for the Karol Bagh ward committee later in the day.

Prestige Estates Projects Ltd has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company had on August 29 launched its Qualified Institutional Placement (QIP) to raise funds. In a regulatory filing on Wednesday, Prestige Estates informed that a fundraising committee of the board approved the allocation of 2,98,68,578 equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors.

Delhi High Court on Wednesday said there was no infirmity in jail authorities' decision to deny visitation right to AAP's Rajya Sabha MP Sandeep Pathak for meeting Chief Minister Arvind Kejriwal in prison. Regarding Pathak's plea that he may be allowed to meet Kejriwal in the future, Justice Neena Bansal Krishna said he is at liberty to move an application seeking visitation, which shall be considered by the jail superintendent in accordance with law. The court, which had reserved its order on August 22 after hearing the submissions of the counsel for Pathak and Tihar Jail authorities, disposed of the petition. The jail authorities had allowed Pathak to meet Kejriwal twice in April but refused to give him permission this time, claiming that certain statements made by him after meeting the chief minister were in contravention of prison rules and mostly, politically motivated.

NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks. A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October. The resolution professional of Go First had moved the application under section 33 (1) of the Insolvency & Bankruptcy Code for the liquidation of Go First after the lenders failed to find a reasonable buyer within the stipulated time frame. During the proceedings, counsel appearing for Go First informed the NCLT that the Committee of Creditors decided to liquidate the company with a majority vote.

For the first time ever, India’s real estate market has been categorized as ‘transparent’ by the Global Real Estate Transparency Index, compiled by property advisory JLL every two years. Mint explains the index and India’s position. Launched in 1999, and conducted every two years, it categorizes real estate markets into five tiers—highly transparent, transparent, semi-transparent, low transparency and opaque.

Ather Energy, Bajaj Auto, and TVS Motor Company, as well as leading electric passenger vehicle makers Tata Motors, MG Motor India and BYD, said that since 30 August, the Delhi government has been charging a road tax of 7%-8% in the case of electric two-wheelers and 10% for four-wheelers. Buyers enjoyed a full road-tax waiver under the now-expired EV policy.

Mint. Mauritius Finance is the government-backed body that represents the country’s financial services sector. Last month, the Delhi High Court overturned an order of the Authority of Advance Rulings denying Tiger Global Management the benefits of the pre-2017 India-Mauritius Double Tax Avoidance Agreement (DTAA) on the capital gains made from selling its investments in Flipkart in 2018.

Renewable Energy Minister Pralhad Joshi on Wednesday stressed on the need to bring startups into the green hydrogen sector to bring new ideas and involve youth. Addressing a curtain raiser of the second International Conference on Green Hydrogen India 2024, Joshi said that there will be over 120 exhibitors in the event which is scheduled on September 11-13, 2024 in Delhi. He said for pushing green hydrogen mission, we need to bring startups as it needs young blood and new ideas. The event is to further green hydrogen mission for which government had allocated Rs 19,744 crore.

President Droupadi Murmu has delegated powers to the Lieutenant Governor (LG) Vinai Kumar Saxena to constitute and appoint members to any authority, board, commission, or statutory body under any law enacted by the Parliament that is applicable to the national capital, the Ministry of Home Affairs said. The gazette notification issued by the MHA on Tuesday said «In pursuance of clause (1) of article 239 of the Constitution read with section 45D of the Government of National Capital Territory of Delhi Act, 1991 (1 of 1992), the President hereby directs that the Lieutenant Governor of the National Capital Territory of Delhi shall, subject to the control of the President and until further orders, exercise the powers of the President under clause (a) of section 45D of the said Act for constitution of any authority, board, commission or any statutory body by whatever name it may be called, or for appointment of any Government officer or ex officio member to such authority, board, commission or any statutory body. It is likely to cause a fresh showdown between the LG and the ruling Aam Aadmi Party government in the union territory.

Oberoi Hotels pastry chef Kainaz Messman, had launched the sale process in January, after its private equity backer ICICI Venture decided to exit its investment. The company appointed investment bank Arpwood Partners to line up buyers. “The real negotiations will begin now.

General Insurance Corp, ONGC, SpiceJet, GSK Pharma, Cipla among others will be in focus due to various news developments. General Insurance Corp The government has proposed to sell 6.78% stake in General Insurance Corporation of India via offer for sale (OFS) and has set the floor price for the issue at Rs 395 per share.

India Meteorological Department (IMD) has issued weather alerts predicting heavy rains across several regions in India. As the intensity of rainfall diminishes in Telangana, the IMD has forecasted isolated heavy rains in Kumuram Bheem Asifabad, Mancherial, Jayashankar Bhupalpally, and Mulugu districts on September 4. Numerous alerts, ranging from warnings of thunderstorms to severe rainfall, cover regions including Kerala, Mahe, Coastal Karnataka, Northeast India, Rajasthan, and Delhi from early September through the 8th. In Telangana, the IMD anticipates thunderstorms accompanied by lightning and strong surface winds in Adilabad, Bhadradri Kothagudem, Khammam, and Mahabubabad. For Hyderabad and its surrounding areas, generally cloudy weather is expected over the next 24 hours, potentially bringing light to moderate rain or thunder showers with gusty winds. The city's temperatures are predicted to range between a maximum of 27°C and a minimum of 23°C.

Atlas Cycles, Salil Kapoor, has allegedly committed suicide at his home in Lutyens Delhi on Tuesday. Police officials reported that Kapoor's body was discovered around 1 pm near the puja room of his house on Dr A P J Abdul Kalam Road by his manager with a gunshot wound. A note recovered at the scene mentioned a «financial burden» as the reason for his actions. According to police, Kapoor shot himself in the head using a licensed revolver. His family, including his wife and three children, were staying separately at the time. Kapoor's manager and his family lived with him in the three-storey building. «Kapoor was immediately rushed to a hospital where doctors declared him dead,» said a police officer.

Foreign direct investment in India jumped 47.8 per cent to USD 16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at USD 10.94 billion in April-June 2023-24. The data showed that overseas inflows in May rose to USD 5.85 billion and in June to USD 5.41 billion from USD 2.67 billion and USD 3.16 billion, respectively, in the year-ago period. In April, FDI inflows were down marginally at USD 4.91 billion against USD 5.1 billion in April 2023.

Water-themed decor can be a bit kitschy, but for one of the sharpest legal minds with a brand-new address in posh Lutyens, it was a downright furnishing tragedy. One of Delhi’s recent downpours flooded the home, destroying furniture and art worth crores, leading to angry letters and furious calls to the guardians of the capital city, spurring immediate action. Tons of sludge had to be removed and blocked drains unclogged. Last heard, a high-powered committee has been set up to take stock of the fluid situation in this VVIP borough.

MakeMyTrip's ‘How India Travels Abroad’ report for the period of June 2023 to May 2024. Rajesh Magow, co-founder and Group CEO, MakeMyTrip, said with rising disposable incomes, greater exposure to global cultures, and the increasing ease of travel, more Indians are exploring both domestic and international destinations for leisure as well as business. «Our data attests to the growing confidence in exploring new destinations and indulging in different/ luxury experiences, which is also transforming the travel industry,» he said. «While domestic tourism remains buoyant, as noted in our previous report, our latest findings highlight the notable changes in international travel behaviour driven by macroeconomic factors that are fuelling the surge in travel among Indians. These trends present an exciting opportunity for the travel and tourism industry to innovate and cater to the evolving needs of Indian travellers,» he added.

Bharatiya Janata Party aims to enrol 2 crore primary members in Gujarat, the home state of Prime Minister Narendra Modi and Union Home Minister Amit Shah, a senior leader said on Tuesday. Gujarat Chief Minister Bhupendra Patel and state BJP president CR Paatil renewed their party membership at an event in Ahmedabad as part of the party's nationwide membership drive. The Gujarat BJP unit launched an enrollment drive, a day after PM Modi asked BJP members in Delhi to expand the party during the membership program in a way that a maximum number of its women candidates are elected to Lok Sabha and assemblies when 33 per cent reservation for women in legislatures comes into force. Paatil, also the union Jal Shakti minister, stressed that the Central leadership had not set any specific target for Gujarat. «However, the state unit will aim to enrol at least 2 crore members and secure top position among other states».

IndiGo on Monday has started to operate 35 flights from the new building of the Terminal 1 of Delhi’s Indira Gandhi International Airport, reported TOI. Operations from the terminal were smooth, said officials. IndiGo and Spicejet have now partially shifted their operations at T1. «Flight operations were smooth after 35 IndiGo departures were shifted to the new T1 from Monday,» said an airport official.

Netflix regarding the controversy surrounding the 'IC814-The Kandahar Hijack', the OTT platform has assured to be 'sensitive' to and in accordance with the India's sentiments. Further, it has also assured the Information and Broadcasting Ministry that it will conduct a content review following an uproar for the use of Hindu names for two terrorists, ANI reported citing sources. The Anubhav Sinha directed series has drawn criticism from the BJP-led centre for using Hindu names of two terrorists, 'Bhola' and 'Shankar', while the other three are referred to as Chief, Doctor, and Burger.

AIPL plans to take the rental portfolio to nearly 5 million sq ft with multiple retail and office complex under construction, a senior executive said. Majority of the company’s commercial project are in Delhi-NCR while some are in Punjab as well. The company currently operates 1.4million sq ft and by Q2 2025, two projects, AIPL Statement and AIPL Autograph having total leasable area of 3.5 million sq ft would be ready.

Delhi Jal Board (DJB) has planned to employ the Water Corporation of Odisha (WATCO), a non-profit under the Odisha government, to address the problem of loss of drinking water during transmission, reported TOI. About 58 per cent of water is wasted in transmission in the city, much higher than the national average of around 20 per cent. WATCO has been able to address a similar problem by bringing the loss of water rate down to 15 per cent from 50 per cent, said officials.