BAC Financial News

Subscribe to enjoy similar stories. The puzzle of how thousands of pagers were sabotaged in an Israeli attack on Hezbollah this past week has sparked investigations into the supply chain behind them, leading investigators to a labyrinth of shadowy companies and individuals spanning Asia and Eastern Europe. The search for who was behind the manufacturing, sale and distribution of the pagers has pointed to some companies that were created in recent years, with little to no paper trail of their activities and run by mysterious business people with a vague online footprint and little experience in the telecommunications industry.

A Taiwanese company says that a firm based in Hungary was responsible for manufacturing the pagers that exploded in Lebanon and Syria in an apparent Israeli operation targeting Hezbollah’s communications network

Income tax rebate under section 87A of the Income-tax Act 1961, is a tax benefit which reduces a taxpayer's net quantum of tax payable to nil if they meet the total income condition. It is given only to those taxpayers who have an income up to Rs 5 lakh under the old tax regime or up to Rs 7 lakh under the new tax regime. However, following an update in the ITR filing utility on July 5, 2024, experts have noted that many taxpayers were denied the benefit of tax rebate under section 87A if they had a special rate income. According to Anand Bathiya, president, Bombay Chartered Accountants' Society (BCAS), «Post 5th July 2024 the income tax return (ITR) filing utilities are not allowing the rebate under section 87A for various special rate incomes, including short-term capital gains on equity shares or equity oriented mutual funds taxable at 15% under Section 111A.»

Edtech major Byju’s on Monday said it has appointed Richard Lobo as an «exclusive» advisor to help drive its human resources function and guide the management on organisational change and transformation. The move – following Lobo’s 23-year career at information technology services integrator Infosys, where he last served as executive vice president and head of human resources – comes at a time when the Bengaluru-based edtech steers itself through massive layoff exercises and corporate governance crises. “His extensive experience and leadership in HR will be instrumental in further enriching our work culture and ensuring that the welfare of our team members remains at the core of every decision we take.

MUMBAI : Arjun Mohan, the former chief executive officer of upGrad and former chief business officer of Byju’s confirmed on Thursday that he is working with Byju’s co-founder Raveendran on “multiple things" but said he hasn’t been roped in for the role of international CEO. Responding to queries from Mint, Mohan said, “I am working with Byju’s founder Byju Raveendran on multiple things but I have not joined the company on this role." He didn’t respond to follow up messages requesting details on the scope of his current role in Byju’s. A spokesperson for Byju’s declined to comment.

edtech startup Byju's. It has sought a report in six weeks, the Bloomberg News reported, citing people familiar with the matter.  A media report (Hindu Business Line) on July 8 said the SFIO, a multi-disciplinary organization under the Ministry of Corporate Affairs (MCA), has begun its probe against Byju's.

Hindu Business Line on 8 July. In June, three directors — GV Ravishankar of Peak XV Partners (Sequoia Capital India), Russel Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg Initiative — stepped down from Byju’s Board.

Board Advisory Committee (BAC) to guide and advise the beleaguered edtech major on the composition of its board and governance structure, CEO Byju Raveendran told shareholders on Tuesday. The BAC will serve as a working group consisting of independent directors with credible backgrounds and relevant experience from diverse corporate fields, as per a memo of the minutes of a shareholders’ meeting that ET has reviewed.

By Saeed Azhar