News digest: NPAs in Q4, AirAsia CEO, Sterlite plant, Fortis sale, and more

.story-content span,.story-content p,.story-content div{color:#000!important;font-family:‘open sans‘,Arial!important;font-size:15px!important} span.p-content div[id^=”div-gpt”]{line-height:0;font-size:0}

37 banks see Rs 1.3 trillion jump in gross NPAs in Q4

Weighed down by the Reserve Bank of India’s (RBI’s) new rules on restructured assets, domestic banks, both public and private, added over Rs 1.3 trillion in gross non-performing assets (NPAs) in the fourth quarter ended March.

CBI books AirAsia CEO for corruption

In a major setback for the Tatas, the Central Bureau of Investigation (CBI) has indicted top executives of Tata Sons and the group’s airline company AirAsia Bhd for trying to bribe government officials in order to subvert aviation laws of the country for their venture AirAsia India.

Income-tax appeal limits may be raised to cut litigation

In a move that will lead to more concentrated efforts in resolving tax litigation involving around Rs 5 trillion, the Central Board of Direct Taxes (CBDT) is planning to increase the threshold for filing appeals by income-tax (IT) authorities. The CBDT is planning to increase the limit for appeals to the Income Tax Appellate Tribunal (ITAT) from Rs 1 million to Rs 2 million. It also plans to increase limits for filing income-tax appeals in high courts and the Supreme Court from the current Rs 2 million and 2.5 million, respectively.

Fortis seeks fresh bids for minimum Rs 15 bn investment

Fortis Healthcare has invited fresh bids for an investment of at least Rs 15 billion in the hospital chain. Existing bidders and new suitors can make an offer. They will be given an opportunity to undertake due diligence and will have access to financial data. Under the offer conditions, bidders will have to give a plan for acquiring RHT Trust's assets, provide an exit option to minority investors, and retain the current management and employees. Fortis Healthcare has set June 14 as the date for submitting binding bids.

SoftBank seeks 900 Gw solar sale in one go

SB Energy, an arm of Japanese major SoftBank in India, has asked the renewable energy ministry to auction 900 gigawatt (Gw) of solar power projects in one go. This is nine times the 100 Gw solar capacity that the government is targeting by 2022.

Sterlite’s copper unit closure to roil domestic industry

The Tamil Nadu government’s decision to permanently shut down Vedanta’s copper smelter in Thoothukudi has significant implications for domestic industry. The unit has a capacity of 400,000 tonnes, of which 45 per cent is exported mainly to China and the Far East and West Asia, while the balance 55 per cent is sold to domestic customers.