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• Persistent Systems appoints Vinit Teredesai as CFO

  Teredesai will assume the position immediately, succeeding current CFO Sunil Sapre, who is slated to retire later this year.

  

• Nucleus Software appoints Surya Prakash Kanodia as CFO

  Nucleus Software bolsters its leadership team with the appointment of Surya Prakash Kanodia the CFO

  

• Ola CFO Kartik Gupta steps down two weeks after CEO exit

  Kartik Gupta, Ola's CFO since November 2023, is stepping down just two weeks after chief executive Hemant Bakshi left the firm.

  

• Fraud, crypto & wallet: A virtual hold for a real crime

  Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).

  

• ET Explains: What drives inward remittances?

  India has been on top of the charts of remittances from its diaspora. In 2022-23 it crossed the $100billion mark to $112 billion and a record $29 billion in the December quarter alone. But will the uptrend continue? An explainer on what drives inward remittances.

  

• Religare moves HC over Sebi 'inaction'

  Religare has asked the court to direct Sebi to conduct a forensic audit to unearth the facts behind the grievances raised by it and to submit to the court a detailed report on the actions taken by the capital markets regulator.

  

• Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power

  Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.

  

• NCLT sets the ball rolling on merger of Reliance's arm Viacom18 and Star India

  The merger scheme has two stages: the transfer of Viacom18's TV and streaming assets to Digital18 and the demerger and vesting of these assets from Digital18 to Star India. As consideration for the scheme, Viacom18 will transfer streaming platform JioCinema to Digital18, which will pay the company a consideration of Rs 24,186 crore through an allotment of 24.18 billion fully paid-up shares of Rs 10 each.

  

• India eyes more Chabahar-like pacts: Ports Minister Sarbananda Sonowal

  Sarbananda Sonowal, Union Minister of Ports, Shipping, and Waterways, stated that India aims to replicate the Chabahar port model in other strategic locations in the region to acquire additional assets. In an interview with ET, he emphasized that India is actively investigating opportunities to bolster its maritime presence and trade connectivity.

  

• Sleeping partner cannot answer: FM on brokers’ tax; urges collaboration for investor’s confidence

  During a recent event at the BSE, Finance Minister was asked a tough question by a stock broker regarding high taxes on stockbrokers and real estate transactions. Highlighting the significant tax burden, he called the government a "sleeping partner" reaping benefits without sharing operational risks.

  

• IIFL Finance raises Rs 1,271 crore through rights issue

  The rights issue offering 4,23,94,270 shares of IIFL Finance has been oversubscribed by 135 per cent (5,72,03,080 shares), as per data available on exchanges.

  

• Not necessary to make arrest in all GST cases, says SC

  The Supreme Court on Wednesday told the Centre that there is no need for making arrests in all Goods and Services Tax (GST) cases and that it can be done only if there is credible evidence and tangible material to prove culpability.

  

• AI-Vistara merger will strengthen presence in India: Singapore Airlines

  The Singapore Airlines Group announced that the proposed merger between Air India and Vistara will strengthen its multi-hub strategy and enable continued participation in India's growing aviation market. Upon completion, SIA will hold a 25.1% stake in an expanded Air India Group. The SIA group reported a 24% rise in net profit for FY 2023-24 due to strong air travel demand. Vistara and Air India have begun integrating their frequent flyer programs, with Club Vistara merging into Air India's Flying Returns.

  

• Hotels up hiring game: About 100,000 jobs likely to be created in 12-18 months

  Hotels across segments are ramping up their workforce as they are adding more rooms and entering new markets amid a strong pickup in business and leisure travel. The jobs they are recruiting for are a mix of permanent, temporary and gig, said Balasubramanian A, vice president and head of consumer, hospitality and ecommerce at TeamLease.

  

• Urban unemployment drops slightly to 6.7% in Q4FY24; female labour force participation rises further

  Urban unemployment slightly decreased to 6.7% in Q4 FY24 from 6.8% in the same period last year. However, it rose sequentially from 6.5% in the previous quarter, attributed to layoffs in sectors like IT, telecom, and startups. Female unemployment improved slightly, while male unemployment increased. Self-employment rose, but regular wage employment remained low.

  

• DHFL bank loan case: Dheeraj Wadhawan moves court for bail after his arrest

  Former DHFL director Dheeraj Wadhawan seeks bail on medical grounds after arrest by CBI in bank loan fraud case. Bail plea listed on May 18 at Rouse Avenue Court. Directed for physiotherapy and medical care in jail. Previously granted protection by Bombay High Court.

  

• Q1 tax revenue likely to exceed budgeted growth

  The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like compliance, corporate earnings, elections, and enhanced focus on recovery contributing to growth.