The Ruias are selling an additional 25% stake in Essar Oil, months after selling 49 per cent stake to Russia's Rosneft. This move will make the Ruias minority shareholders in the company, giving up their role in its management. ET
The Income Tax department took on a stern tone in a new set of FAQs, saying that black money holders should not try to pass the money off as current income. Disclose it in the one time compliance window, no questions asked, the department said. NDTV
Bankers say that compelling entrepreneurs to make personal guarantees for company loans, as in the case of Vijay Mallya, is unfortunate, and there should be a distinction between the individual and the company in the case of debt. ET
UltraTech's Rs 15,900 crore deal to buy the cement divisions of Jaiprakash Associates has run into rough waters, with JA failing to meet terms of the deal including providing working capital for the cement plants and cutting debt. Livemint
US mutual fund Vanguard has marked down the valuation of its Flipkart shares, the sixth markdown in a row that the firm has received. Flipkart was valued approximately $15 bn In July '15, a valuation that has now based on markdowns declined to around $10 bn. BS
Photo of the day: Tejas, India's new single and twin seat fighter jet, takes to the skies. IE
Photo source: tejas.gov.in
