Business

Appellate Authority Upholds Monetary Penalty IndiGo has said that an appellate authority has rejected its appeal against penalties imposed on two of its senior executives, leading to the restoration of fines levied earlier. The decision relates to penalties imposed on the airline’s Director Flight Operations and Director Training.The appellate authority, through an order dated January 7, dismissed the appeal and reinstated the monetary penalty of Rs 20 lakh each on the two executives.Background to the Case The penalties were originally imposed in September last year for alleged failure to use qualified flight simulators for pilot training at certain airports classified as Category C. Such airports are considered operationally...

Banking Arrangement Comes Into Effect From January 9, 2026 The Reserve Bank of India has fixed the Ways and Means Advances (WMA) limit for the Delhi government at Rs 890 crore, effective January 9, 2026, to support the administration in managing temporary mismatches between receipts and payments.Agreement Signed for General Banking Operations Earlier this week, the central bank entered into an agreement with the Government of the National Capital Territory of Delhi (GNCTD) to undertake the city government’s general banking business. The arrangement formally came into force on Friday, January 9, 2026.Aggregate WMA Limit Revised for States and UTs Following the fixation of the WMA limit for Delhi, the aggregate WMA limit for all State...

Mumbai, January 9, 2026 – Muthoot Microfin Limited has settled a provident fund-related issue after remitting penal damages amounting to ₹40.08 lakh, bringing the matter to a close.Background of the Matter The issue arose from delays in remitting provident fund contributions, with the major portion linked to the nationwide lockdown period in April 2020. During this phase, the company’s offices and branches remained shut. To support employees amid the disruption, Muthoot Microfin extended advance salaries to its workforce.Accounting Treatment and Remittance Timeline The advances provided during the lockdown were formally accounted for as salary in February 2021. Following this accounting treatment, the company remitted the...

New Delhi, January 9, 2026: UTL Solar (BSE: 544613 | NSE: UTLSOLAR), through its group entity Fujiyama Power Systems Limited, has received a tax demand order following the conclusion of a special audit for the financial year 2021–22. The company, however, has stated that it does not anticipate any material impact on its financial position or ongoing operations and is preparing to challenge the order. Details of the Demand Order The demand order was received on December 31, 2025, after the completion of audit proceedings related to FY 2021–22. The order alleges contravention of certain provisions under indirect tax laws and directs the company to pay tax, interest, and penalty within the stipulated timeline. Break-up of Demand...

Bengaluru, January 9, 2026: Syngene International Limited (NSE: SYNGENE | BSE: 539268) has received a favourable update in a long-running tax matter related to the assessment year 2016–17, with the appellate authority partly allowing the company’s appeal and directing further verification on select claims.Background of the Matter The case relates to an assessment order issued in December 2018, under which certain additions and disallowances were made, resulting in a tax demand of ₹72.34 crore. Syngene had challenged this order in early 2019.In the latest development, the appeal has been partly allowed. The appellate authority has also instructed the assessing officer to re-examine specific claims and grant relief where found...

New Delhi, January 9, 2026: NTPC Limited and Maharashtra State Power Generation Company Limited have executed a shareholder agreement to jointly acquire Sinnar Thermal Power Limited, marking a significant capacity addition for the NTPC Group.The agreement was signed on January 9, 2026, in connection with the acquisition of Sinnar Thermal Power Limited, which owns a coal-based thermal power project with an installed capacity of 1,350 MW, comprising five units of 270 MW each, located at Sinnar in Nashik district, Maharashtra.Transaction Structure and Ownership Under the terms of the agreement, NTPC and MAHAGENCO will acquire 100 percent equity ownership of Sinnar Thermal Power Limited through a consortium arrangement. Both partners...

Mumbai, January 9, 2026 HEG Limited (BSE: 509631 | NSE: HEG) has infused Rs 400 crore into its wholly-owned subsidiary, TACC Limited, through the subscription of optionally convertible debentures as part of a previously announced funding arrangement. The company has remitted Rs 400 crore towards the subscription of 4 crore unlisted and unsecured optionally convertible debentures, each with a face value of Rs 100, marking the completion of the first tranche under the agreement between the two entities. The debentures have been issued on a fully paid-up basis, aggregating to a total consideration of Rs 400 crore. Following the remittance, TACC Limited, which is a 100 percent subsidiary of HEG, has allotted the entire 4 crore debentures to...

New Framework Eases Entry for Accredited Investors Markets regulator Securities and Exchange Board of India has simplified the process for granting accreditation to investors under the Alternative Investment Fund framework. The move is aimed at streamlining onboarding while maintaining safeguards around formal accreditation.Managers Allowed to Proceed Based on Eligibility Assessment Under the revised approach, investment managers can execute contribution agreements and complete related formalities based on their own assessment of an investor’s eligibility. This is permitted even if the investor has not yet received the formal accreditation certificate.However, the investor’s commitment will not be counted towards the scheme’s corpus...

Hyderabad, January 9, 2026: Magellanic Cloud Limited announced that its Board of Directors has approved key corporate actions, including moving ahead with a proposed merger and convening an Extraordinary General Meeting to seek shareholder approval.Merger Proposal Approved by the Board The Board approved the draft notice to convene an Extraordinary General Meeting to place before shareholders a proposed Scheme of Merger between Magellanic Cloud Limited, as the transferee entity, and IVIS International Private Limited, as the transferor entity. The merger is proposed to be undertaken through a fast-track process, subject to shareholder consent.The approval marks a key procedural milestone in the company’s consolidation plans and is...

Mumbai, January 9, 2026: Bank of Baroda announced a revision in its Marginal Cost of Funds Based Lending Rate (MCLR), with changes set to take effect from January 12, 2026. The revision includes a reduction in the six-month tenor, while other maturities remain unchanged. Revised MCLR Structure The updated MCLR framework reflects a 10 basis point cut in the six-month tenor. All other tenors have been retained at their existing levels.MCLR TenorExisting Rate (%)Revised Rate (%)Overnight7.807.80One Month7.907.90Three Month8.158.15Six Month8.608.50One Year8.758.75Implications for Borrowers The reduction in the six-month MCLR is expected to marginally ease borrowing costs for customers with loans linked to this tenor...

New Delhi, January 9, 2026: NBCC (India) Limited has established a new branch office in Dubai Mainland, marking a strategic step in strengthening its international operations and expanding its presence in the Middle East market. The newly formed Dubai branch will focus on providing Project Management Services, aligning with NBCC’s core expertise in infrastructure development, real estate, and large-scale construction management. The move reflects the company’s intent to tap overseas opportunities while supporting execution and supervision of projects in the region. Details of the Dubai Branch OfficeParticularsInformationName of BranchNBCC (India) Limited – Dubai BranchLocationIris Bay, Business BayPlot and Land DetailsPlot...

New Delhi, January 9, 2026: E2E Networks Limited announced the successful procurement and deployment of advanced NVIDIA B200 GPU clusters at its Chennai data centre, marking a major expansion of its artificial intelligence focused cloud infrastructure in India.The deployment comprises 1,024 NVIDIA B200 GPUs, delivering approximately 184 TB of aggregate GPU memory along with significantly higher memory bandwidth over previous generation accelerators. The infrastructure is purpose-built to support large-scale AI model training and fine-tuning, including next-generation language models, as well as high-complexity enterprise and research workloads.AI Compute Capacity Expansion in India The newly commissioned GPU clusters are designed to...

Surat, January 9, 2026: Desco Infratech Limited (BSE: 544387) has signed a memorandum of understanding to acquire a controlling 75 percent equity stake in Shri Green Agro Energies Private Limited, marking its formal entry into the agro-energy and compressed biogas segment. The proposed transaction will be executed through subscription to fully paid-up equity shares of Shri Green Agro Energies, with Desco Infratech acting as the lead partner for the development, construction, operation, and maintenance of the project. Upon completion, Shri Green Agro Energies will become a subsidiary of Desco Infratech. Transaction Structure and Consideration The acquisition will be completed through a share subscription mechanism, under which Desco...

New Delhi, January 8, 2026: Elitecon International Limited (BSE: 539533) has announced a major strategic initiative aimed at accelerating long-term growth and enhancing operational scale. The company has appointed Deloitte Touche Tohmatsu India LLP as its strategic advisor and transaction program manager as it evaluates a comprehensive merger of select group entities. The move marks a decisive step by Elitecon to strengthen its corporate structure, unlock synergies across businesses, and position itself for sustainable value creation. Deloitte will assist the company in evaluating, structuring, and implementing the proposed merger, along with managing associated compliances and execution planning. Proposed Merger Structure Elitecon’s...

Pune, January 8, 2026: Schaeffler India Limited (BSE: 505790 | NSE: SCHAEFFLER) has informed stock exchanges that it does not meet the criteria to be classified as a large corporate, citing the absence of significant long-term borrowings at the close of the financial year. Financial Position Update The company stated that as of December 31, 2025, it did not have outstanding long-term borrowings of ₹100 crore or more. As a result, Schaeffler India does not fall within the threshold applicable to entities with elevated long-term debt profiles.This confirmation reflects the company’s conservative balance sheet approach and disciplined capital structure, underpinned by internal accruals and prudent financial management.Implications for...

Mumbai, January 8, 2026 Reliance Home Finance Limited (RHFL) has rescheduled the fifth meeting of its Committee of Creditors as part of its ongoing corporate insolvency resolution process.The meeting, which was earlier scheduled to be held on January 7, has now been deferred to Thursday, January 8, 2026, and will take place at 11:30 a.m. IST through video conferencing.The Committee of Creditors meeting forms a key part of the corporate insolvency framework, where lenders and stakeholders review the status of the resolution process, assess proposals, and deliberate on the future course of action for the company. The rescheduling is procedural in nature and does not indicate any change in the substance of discussions planned for the...

Hyderabad, January 8, 2026, Granules India Limited (NSE: GRANULES, BSE: 532482) announced that its wholly owned US subsidiary has received tentative approval with 180-day exclusivity for generic amphetamine extended-release tablets, marking a significant step in expanding its central nervous system product pipeline in the United States.Key Development and Market Opportunity The tentative approval covers amphetamine extended-release tablets in strengths of 5 mg, 10 mg, 15 mg, and 20 mg, the generic equivalent of a leading branded ADHD therapy. The product is indicated for the treatment of Attention Deficit Hyperactivity Disorder and addresses an estimated US market opportunity of approximately USD 41 million.The 180-day exclusivity...

Mumbai, January 8, 2026: Multi Commodity Exchange of India Limited has confirmed a key leadership development at its clearing subsidiary, with Multi Commodity Exchange Clearing Corporation Limited (MCXCCL) receiving approval for the appointment of Rishi Nathany as its Managing Director and Chief Executive Officer.The approval marks a significant step in strengthening the governance and operational leadership of MCXCCL, which plays a central role in clearing and settlement operations for India’s commodity derivatives ecosystem. MCXCCL is a wholly owned subsidiary of MCX and is responsible for ensuring financial integrity, risk management, and settlement efficiency across the exchange’s contracts.According to the company, the...

Mumbai, January 8, 2026 – Zaggle Prepaid Ocean Services Limited (NSE: ZAGGLE, BSE: 543985) on Thursday announced that it has entered into an agreement with Cubastion Consulting Private Limited, further strengthening its presence in the corporate employee benefits and expense management segment.Agreement Details and Scope Under the agreement, Zaggle will provide a structured facility to procure and lease mobile phones to employees of Cubastion Consulting Private Limited through its Employee Purchase Programme. The arrangement is designed to streamline device access for employees while offering employers a managed and compliant procurement framework.The agreement has been structured as an ongoing arrangement and will remain effective...

Noida, January 8, 2026: Samvardhana Motherson International Limited has completed the formation of its joint venture with South Korea-based Egtronics Co. Ltd., marking a strategic entry into the fast-growing clean mobility and vehicle electronics segment.The joint venture, named Motherson Egtronics Electronics Solutions Limited, was completed on January 7, 2026, following the fulfilment of all agreed conditions. The entity will focus on the design, development, manufacturing and assembly of advanced vehicle electronics catering to electric and clean mobility applications.Focus on Power Electronics for Electric Vehicles The newly formed joint venture will operate in high-value power electronics, with a product portfolio that includes...