In one of the largest merger and acquisition deals in the domestic gaming sector, Nazara Technologies has announced buying a significant stake in Moonshine Technology Pvt Ltd (MTPL), the parent company of PokerBaazi, for Rs 982 crore. The listed gaming and media technology firm’s stock price hit a 52-week high on the acquisition news at Rs 1,059.45 during intra-day trading.
Nazara will acquire 47.7 per cent in MTPL for Rs 832 crore through a secondary transaction. The company will also inject Rs 150 crore in primary capital via compulsory convertible preference shares. MTPL is the holding company for four subsidiaries: Ross Technologies, Baazi Networks, Baazi Games, and SBN Gaming Network.
Baazi Networks operates PokerBaazi, which is India’s largest online poker platform, driving over 85 per cent of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12 per cent.
The Reserve Bank of India said it has imposed a penalty of Rs 31.8 lakh on BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms.
In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas.
Union Commerce and Industry Minister Piyush Goyal on Friday launched two online portals while chairing the third Board of Trade meeting to promote timely and transparent service delivery and reduce the footfall at the doorsteps of various Commerce departmental offices, thereby moving towards zero interface between the Commerce department and its stakeholders.
One of the portals launched today is named Jan Sunwai, which serves as an online platform to provide all information and services, including grievance redressal, to the stakeholders. The portal is also equipped with an on-demand videoconferencing facility, besides fixed videoconferencing links for scheduled interactions,
so that no one has to physically visit the offices and autonomous organisations under the Commerce Ministry for addressing trade and industry-related issues.
The minister also launched the Enterprise Resource Planning portal by ECGC, alongside a revamped in-house SMILE-ERP system, wherein all services pertaining to ECGC like claims, grievance redressal, information regarding policies, etc., will be online. It will also have a videoconferencing facility. These two portals were a part of the government’s 100-day agenda.
ECGC would also help in securing bank credit for exporters as ECGC from July had introduced a programme by which all exporters, except the gems and jewellery sector, with a credit limit up to Rs 80 crore will be eligible for a credit insurance cover up to 90 per cent for any losses that they may suffer on account of non-fulfilment of their obligations against their credit.
Nehal Vora has been reappointed as the MD and CEO of Central Depository Services India. Vora has been heading the country’s only listed depository since September 24, 2019.
His second five-year term will be from September 18, 2024, till September 17, 2029. His appointment follows regulatory nod from Sebi in a letter dated August 29.
CDSL handles over 130 million demat accounts.
SCHIL’s key brands include Allegra, DePURA, Avil, and Combiflam. Several Indian companies, including Reliance Industries, Raymond, and Bajaj Electricals, have demerged their units to unlock value. Sebi introduces Centralised Fee Collection Mechanism (CeFCoM), a voluntary platform for registered investment advisors (IAs) and research analysts (RAs) to collect fees, aimed at
curbing unauthorised activities. The platform, co-created by BSE with stakeholder input, will be operational from October 1, with BSE required to outline the operational framework by September 23. CeFCoM will channel fee payments through a formal, supervised system, enhancing regulatory oversight and transparency.
The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital seeking interest on the payment for the extended period. A three-member bench led by Chairperson Justice Ashok Bhushan directed the Hinduja Group firm, IIHL to file reply within two weeks.
The National Company Law Appellate Tribunal (NCLAT) was hearing the petition from Committee of Creditors (CoC) of RCap.
The lenders have sought modification in the order passed by the Mumbai Bench of National Company Law Tribunal (NCLT), which had on July 23, directed IIHL to deposit the equity component of Rs 2,750 crore in the CoC escrow accounts.
Mauritius-based IIHL emerged as the successful bidder for acquisition of Reliance Capital
In a significant step to boost export of basmati rice, a premier GI variety rice of India, the Government of India has decided to remove the floor price on export of basmati rice. In response to ongoing trade concerns and adequate domestic availability of rice, the Government of India has now decided to completely remove the floor price on Basmati Rice exports.
The Agricultural and Processed Food Products Export Development Authority (APEDA) will closely monitor export contracts to prevent any non-realistic pricing of basmati rice and ensure transparency in export practices.
As a background, a floor price of $1,200 per metric ton (MT) was introduced in August 2023 as a temporary measure in response to rising domestic rice prices in the wake of tight domestic supply situation of rice and to curb any possible misclassification of non-basmati rice as basmati rice during exports, in view of the export prohibition on Non-Basmati White rice.
Union Minister of State for Agriculture & Farmers’ Welfare Shri Ram Nath Thakur along with Ambassador of India to Brazil Shri Suresh Reddy and Joint Secretary (NRM), Department of Agriculture & Farmers’ Welfare participated in the G20 Agriculture Ministerial Meeting held in Cuiabá, Brazil on 12th -14th September 2024.
In addition to the Ministerial sessions, Shri Ram Nath Thakur held bilateral meetings aimed at strengthening India's agricultural relations with other countries. He reiterated India's readiness to collaborate, learn and contribute to the collective global efforts required to address the pressing challenges facing global food systems.
In a significant fillip to courier exports and with an aim to encourage e-commerce industry in India, the Central Board of Indirect taxes and Customs (CBIC) has extended export related benefits under Duty Drawback, RoDTEP and RoSCTL schemes for exports made through Courier mode w.e.f. 12.09.2024.
To provide further stimulus to e-commerce exports, CBIC has approved amendments to the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 which will enable exporters to claim Duty Drawback, RoDTEP, and RoSCTL benefits for exports made through courier mode.
The Courier import and export shipments are handled on the ECCS for clearance at the notified lCTs. There are 14 International Courier Terminals (ICTs) notified under Section 7 of the Customs Act, 1962. CBIC has specifically undertaken a slew of measures to promote cross border E-commerce through courier and postal mode.
The Express Cargo Clearance System (ECCS), an electronic system was launched and is presently operational at 9 major ICTs which simplifies and streamlines customs clearance process for courier consignments. Auto LEO facility for export through Courier mode and the facility of advance assessment of Courier Shipping Bills were also introduced on the ECCS last year.
In collaboration with the Department of Posts, CBIC had launched in December 2022 an innovative ‘Hub and Spoke’ model to promote E-commerce exports leveraging the extensive network of post offices across the country to facilitate seamless export processes, particularly benefiting MSMEs and small exporters in remote areas.
Under this model, 1,015 Dak Niryaat Kendras have been designated so far across the country for facilitating booking and collection of export parcels. s far as courier exports are concerned, in FY 2022-23, total value of Courier exports stood at Rs. 7,995 crore with e-commerce exports accounting for Rs. 3,510 crore.
Defence Research and Development Organisation (DRDO), on September 13, 2024, successfully conducted the preliminary automotive trials of the Indian light Tank, Zorawar, a highly versatile platform capable of deployment in high-altitude areas.
Zorawar has been successfully developed by the Combat Vehicles Research & Development Establishment (CVRDE), a unit of the Defence Research and Development Organisation (DRDO), in collaboration with Larsen & Toubro Ltd. Numerous Indian industries, including Micro, Small, and Medium Enterprises (MSMEs), contributed to the development of various sub-systems.
Government of India keeps a close watch on the prices of wheat and takes suitable appropriate interventions to ensure price stability for the consumers in the country. A total production of 1129 LMT of wheat was recorded during Rabi 2024 and there is ample availability of wheat in the country.
The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 was issued on 24 June 2024 and was applicable until 31st March 2025 for all States and Union Territories.
All wheat stocking entities are required to register on the wheat stock limit portal (https://evegoils.nic.in/wsp/login) and update the stock position on every Friday. Any entity which is found to have not registered on the portal or violates the stock limits will be subject to suitable punitive action under Section 6 & 7 of Essential Commodities Act, 1955.
In case the stocks held by above entities are higher than the above prescribed limit, they shall have to bring the same to the prescribed stock limits within 15 days of issue of the notification.
Traders/Wholesalers are now restricted to holding a maximum of 2,000 metric tons of wheat, down from the previous limit of 3,000 metric tons. Additionally, stock-holding limits for wheat processors have also been tightened.
Mexico became the world's first country to allow voters to elect judges at all levels after protesters invaded the upper house and suspended debate on the issue. The reform was approved with 86 votes in favor and 41 against, garnering the two-thirds majority needed to amend the constitution, in an upper chamber dominated by the ruling Morena party and its allies.
Human Rights Watch had urged lawmakers to reject what it called the "dangerous proposals," saying they would "seriously undermine judicial independence and contravene international human rights standards."
The state government has decided to celebrate September 17, the day Hyderabad was integrated into the Indian Union in 1948, as the “Telangana Praja Palana Day” (people’s governance day). As per the orders, the national flag will be hoisted at all government offices, urban local bodies and gram panchayats on September 17.
In 2023, the then BRS government decided to celebrate September 17 as National Integration Day. The Union government, on the other hand, decided to celebrate it as Hyderabad Liberation Day, and the Ministry of Home Affairs issued a gazette notification to this effect on March 13, 2024.
Hyderabad merged with the Indian Union on September 17, 1948, following a “police action” under Operation Polo. While some describe it as liberation from Nizam rule, others call it a merger with the Indian Union.
Hindi Diwas is a day dedicated to celebrating the Hindi language, one of the official languages of India. It is a cornerstone of India’s cultural and linguistic identity. In 1918, a group of Hindi scholars and activists formed the Hindi Sahitya Sammelan (Hindi Literary Conference) to promote the use of Hindi as a national language.
The Sammelan played a major role in the adoption of Hindi as the official language of India. After independence, the Constituent Assembly of India accepted Hindi, written in Devanagari script, as an official language on September 14, 1949.
This decision was taken to promote and develop Hindi as the lingua franca of India and to unite the diverse linguistic and cultural regions of the nation. The first Hindi Diwas was celebrated in 1953. Hindi Diwas, also known as National Hindi Day, is celebrated annually to commemorate the adoption of Hindi as one of the official languages of India.
Divisional Railway Minister Narendra Anandrao Patil announced that the Vijayawada Railway Station has been awarded the prestigious Non-Suburban Group-1 (NSG-1) status by the Ministry of Railways. This accolade is reserved for stations that either achieve an annual revenue exceeding Rs 500 crore or serve more than 20 lakh passengers annually.
The Vijayawada division surpassed its revenue targets, achieving a notable Rs 528 crore. The station’s success has propelled it into the elite category of the top 28 stations within Indian Railways. Additionally, the station has been recognized with a Platinum rating by the Indian Green Building Council (IGBC) for its world-class facilities and sustainability practices.
