Investigations Financial News

Goods and Services Tax Intelligence (DGGI) has dropped a tax demand of about ₹3,000 crore for 2017-18 against 18 foreign shipping companies operating in the country, people familiar with the matter said. The move brings cheer to foreign shipping lines, such as Maersk, Orient Overseas Container Line Ltd and Hapag Lloyd Mediterranean Shipping, who were facing notices for non-payment of goods and services tax (GST) on import of services from July 2017 onwards. The tax demand was dropped after the shipping companies gave a joint undertaking that there was no import of services in 2017-18, the people said.

regulator Directorate General of Civil Aviation (DGCA) has slapped a fine of ₹90 lakh on Air India for operating a flight on July 9 from Mumbai to Riyadh with an unqualified crew. Besides, the watchdog has slapped fines of Rs 6 lakh and Rs 3 lakh on Air India's Director of Operations and Director of Training, respectively, for the lapse. «Air India Ltd operated a flight commanded by a non-trainer line captain paired with a non-line-released first officer which has been viewed by the regulator as a serious scheduling incident having significant safety ramifications,» the release said.

inquiry committee after a couple was caught engaging in intimate activity inside a Noida mortuary, specifically in a freezer room, reported TOI. While three people were arrested on Thursday in relation to the incident, lapses in security were raised as a prime concern. Sher Singh, a former mortuary sweeper who was later fired, was arrested following the emergence of a month-old video that went viral on social media showing the couple in the mortuary while a corpse lay on a nearby stretcher. Singh, along with Parvendra, a cleaner who recorded the video, and Bhanu, a driver who was present, were arrested for their roles in the incident. The woman involved has not yet been identified. Noida Chief Medical Officer Sunil Sharma stated that the incident revealed significant security lapses. A three-member committee, including Deputy CMOs Dr. Jaisalal and Dr. RP Singh, and forensic expert Dr. Rishabh Kumar Singh, has been tasked with investigating the incident. Jaisalal is responsible for the post-mortem house, according to the TOI report.

Anil Ambani, the former chairman of Reliance Home Finance (RHFL), and 24 other entities from the securities market for five years. This decision follows allegations of fund diversion from RHFL, where Ambani and key officials were found to have orchestrated a fraudulent scheme. Sebi also imposed a fine of Rs 25 crore on Ambani, alongside penalties on other individuals and entities involved.

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The Italian coast guard says the body of British tech magnate Mike Lynch is among those recovered off the coast of Sicily from the wreckage of a superyacht whose builders had called unsinkable

Prosecutors at a federal labor agency have determined that Amazon is a joint employer of subcontracted drivers who delivered packages for the company in California

Italian authorities have launched an investigation after two easyJet flight attendants were injured when their flight from Corfu to London’s Gatwick Airport was buffeted by turbulence earlier this week

An explosion triggered a fire at a pharmaceutical plant in southern India, killing at least 18 workers

U.S. auto safety regulators have closed one of two investigations into the performance of General Motors’ Cruise autonomous vehicles after the company agreed to do a recall

A pharmacist who worked at a Massachusetts lab has pleaded no contest to involuntary manslaughter in the deaths of 11 Michigan residents

Mint in the week gone by. The Indian rupee is showing signs of weakness mainly due to demand for the dollar by importers, while India Inc’s profits grew at the slowest pace in five quarters. The Indian rupee has been on a downward trend, sparking concerns as it slipped to ₹83.9550 against the US dollar by 2 pm on Thursday, down from ₹83.7794 the previous day, according to Yahoo Finance.

A crash and large fire along a California freeway involving an electric Tesla Semi has drawn the attention of federal safety investigators

The Canadian government awarded billions of dollars in contracts earmarked for Indigenous enterprises without always requiring bidders to prove that they were First Nations, Métis, or Inuit, a Global News investigation has found.

Elon Musk will have a hard time convincing the European Commission, currently investigation his company X, formerly Twitter, about rules breach around sharing illegal content and misinformation peddling. For starters, Thierry Breton and Margrethe Vestager, who are some of the most determined European Commissioners, are now equipped with a new legal tool, which could easily be used to axe Musk and his company, says Reuters. These factors could lead to Musk deciding on exiting the European Union entirely and focus on the rest of the world for now.

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The sinking of a luxury yacht owned by British tech entrepreneur Mike Lynch off the coast of Sicily earlier this week has unfolded into a greater tragedy.

TD Bank Group reported a loss of $181 million in its latest quarter as it was hit by a charge related to ongoing U.S. investigations into its anti-money laundering program.

Karnataka Cabinet on Thursday decided to advise Governor Thawarchand Gehlot to permit prosecution of Union Heavy Industries Minister HD Kumaraswamy and former BJP ministers Shashikala Jolle, Murugesh Nirani and G Janardhana Reddy as sought by the Lokayukta. The Cabinet decision comes days after Lokayukta’s special investigation team (SIT) sent a second letter to the Governor requesting permission to file chargesheet against Kumaraswamy in connection with the renewal of a mining lease. The ruling Congress has stepped up its counter-offensive against the BJP-JDS combine, both legally and politically, and is preparing to build a strong case ahead of the scheduled hearing of Chief Minister Siddaramaiah’s writ petition in the high court, coming up on August 29. The CM is battling charges of his wife being given 14 residential plots, unlawfully, in an upscale area in Mysuru.

Raveendran, the embattled founder of Byju's, appeared close to settling his company's payment dispute of Rs 158 crore with the Indian cricket board after approval by the National Company Law Appellate Tribunal (NCLAT). However, on August 14, theSupreme Court intervened by staying the NCLAT order that had approved the settlement agreement between Think & Learn Pvt Ltd--Byju's parent company--and the Board of Control for Cricket in India (BCCI), adding to the woes of the troubled edtech firm. On Thursday, the apex court rejected pleas by Byju's and BCCI to halt a meeting of the Committee of Creditors (CoC) in its ongoing insolvency case. The court will hear the matter next on August 27.

Italian Coast Guard announced on Thursday that the body of British tech magnate Mike Lynch is among those recovered from the wreckage of a superyacht off the coast of Sicily. The yacht, deemed unsinkable by its builders, was involved in a tragic incident where one woman, Lynch's daughter, remains missing. Lynch, who had recently celebrated his acquittal on fraud charges with his family and supporters, was among six people whose bodies were recovered by rescue crews following Monday’s disaster. The Bayesian, a 56-meter (184-foot) British-flagged yacht, sank in a storm early Monday while moored about a kilometer (half a mile) offshore. Civil protection officials suspect the vessel was struck by a tornado, or waterspout, which caused it to sink rapidly.