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MUMBAI : Anxious shareholders grilled the founders and the management of edtech giant Byju’s at an emergency meeting on Tuesday, seeking explanations about funds utilization, with some even demanding that founder Byju Raveendran step aside to make room for an interim chief executive officer (CEO). According to four people aware of the development, shareholders of the online tutor pressed its leadership for pro-forma financials at the extraordinary general meeting (EGM) following the exit of its long-time auditor and three external directors amid delay in financials and lawsuits in the US.

₹250 crore per instance for data breaches, which can be raised up to ₹500 crore by the Data Protection Board that will be constituted as an appellate body. The penalties will be decided on a case-to-case basis, depending on the severity, extent of harm or loss, scale and number of people impacted by the breach, and the clauses that have been specified in the bill. The bill is likely to be presented in the upcoming monsoon session of Parliament.

Almost all Federal Reserve officials at their June meeting indicated further policy tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. Policymakers decided against a rate increase amid concerns over economic growth, even though most members think further hikes are on the way. Citing the lagged impact of policy and other concerns, they saw room to skip the June meeting after enacting 10 straight rate increases. Officials felt that «leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress toward the Committee's goals of maximum employment and price stability.» Federal Open Market Committee members voiced hesitance over a multitude of factors. They said that a brief pause would give the committee time to assess the impacts of the hikes, which have totaled 5 percentage points, the most aggressive moves since the early 1980s. «The economy was facing headwinds from tighter credit conditions, including higher interest rates, for households and businesses, which would likely weigh on economic activity, hiring, and inflation, although the extent of these effect remained uncertain,» the minutes stated. The unanimous decision not to hike came in «consideration of the significant cumulative tightening in the stance of monetary policy and the lags with which policy affects economic activity and inflation.»

Tata Power on Wednesday announced bagging a smart metering project worth Rs 1,744 crore in Chhattisgarh. The order has been awarded by Chhattisgarh State Power Distribution Company Limited (CSPDCL), Tata Power said in a statement.

Narendra Modi's state visit to the US in June has sparked unprecedented momentum in the India-US defence ties. As competition in the Indo-Pacific escalates, the US is keen to give India access to top-grade military technology and flesh out the latter's role as a 'major defence partner'. But, for Delhi, stronger defence ties with the US are not an achievement.

One of the last bastions of industry where carbon emissions go largely unregulated may be about to fall. Shipping—which consumes about 5% of the world’s oil and emits about 3% of its greenhouse gases—is edging toward a net-zero target. The International Maritime Organization, the United Nations body that oversees the industry, is meeting in London this week to strengthen measures to reduce its carbon footprint over the coming decades.

Supreme Court on Wednesday sought responses from the Centre and others, including the Indira Gandhi National Open University (IGNOU), on a plea arising out of a Madras High Court judgement that upheld the primacy of the UGC in deciding the regulations for conducting distance education programmes. Though the January 20, 2023 judgement by a division bench of the high court largely favoured the University Grants Commission (UGC), it was aggrieved by a part of the order which said the statutory body's communication of 2012 will not have retrospective effect.

Visakhapatnam to further expand their overall military cooperation. The Indian Navy is hosting the seventh edition of the Japan-India Maritime Exercise (JIMEX) and this edition marks the 11th anniversary of wargame since its inception in 2012.

Haryana government gave its nod to the 24x7 operation of restaurants in the state, eateries in Gurugram are overjoyed hoping to cash in on late night cravings of residents and round-the-clock working MNC employees. Several restaurants of the city, an IT hub, said they can't wait to serve late night and early morning diners with piping hot food and chilled drinks, even though security remains the foremost concern of most restaurateurs.

₹3,500 plus ₹500 as a fixed Dearness Allowance. He was also entitled to 15 per cent Housing Rent Allowance and a City Compensatory Allowance at 10 per cent.

Imagine the following scenario. A political outsider wins a critical election by promising to root out corruption. Even if that is a sincere intention, upon assuming office, the winner will quickly realize that it is best to focus on critics of the government and opposition political parties, since going after one’s own allies for corruption will erode one’s political base.

₹167 crore for the distribution of bicycles among 3.78 lakh students of Class 9, studying in government and provincialised schools, news agency PTI reported quoting Tourism Minister Jayanta Malla Barua. The cut-off marks of higher secondary examinations for both girls and boys will be 75% and above from the next year, Barua said.

MUMBAI : A Reserve Bank of India (RBI) appointed committee on Wednesday has recommended a roadmap to achieve internationalisation of rupee including efforts for inclusion in the International Monetary Fund’s Special Drawing Rights (SDR) basket. The inter-deparmental group headed by RBI executive director RS Ratho in its report said the rupee has the potential to become an international currency as India is one of the fastest growing economies and has shown resilience in the face of major headwinds.

New Delhi: In a significant move aimed at promoting renewable energy sources and reducing dependence on fossil fuels, Union minister Piyush Goyal launched a new Sugar-Ethanol portal on Wednesday.  The portal, unveiled during the ‘National Conference of Food Ministers of States/UTs’, aims to enhance the production and utilization of ethanol derived from sugarcane in India. The conference, organized by the Department of Food and Public Distribution (DFPD), brought together key stakeholders to discuss various aspects of foodgrain procurement, distribution, and policy reforms.  Goyal, while addressing the gathering, emphasized the importance of renewable energy and the need for India to transition towards a cleaner and greener future.

Oil rose as traders weighed Saudi Arabian and Russian production cuts after a slew of low-volume trading sessions.

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As the crypto market returns to form this year, so too has demand for liquid staking – especially in the Solana ecosystem. 

BharatPe on Wednesday said that it has roped in former Razorpay executive, Pankaj Goel, as its chief technology officer (CTO). Prior to joining BharatPe, Goel was the head of payments engineering at payments infrastructure provider Razorpay. As a part of his new role, Goel will be leading the technology function at BharatPe and spearhead innovation strategy across its group companies.

demand trends in the FMCG sector remained «stable» but the anticipated pickup in rural demand remained elusive in the June quarter, according to Marico. The company — which owns Saffola, Parachute, Hair & Care, among other brands — also said that consumer demand from rural India will recover for the rest of the year as inflation is moderating.

Taipei Economic and Cultural Center (TECC) in India's financial capital Mumbai in sync with the broader aim of expanding overall cooperation between the two sides. Taiwan's decision to set up the TECC in Mumbai came at a time when leading Taiwanese companies are increasingly looking at relocating their production bases from China to India, the US and countries in Europe amid Taipei's increasingly tense relations with Beijing.