Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.

Fortis Healthcare Ltd (FHL) informed the Delhi High Court that Sebi has asked it to to recover Rs 403 crore from former Ranbaxy Laboratories Ltd promoters Malvinder and Shivinder Singh, who allegedly diverted funds of FHL and its subsidiary Fortis Hospital Ltd.

FHL made the submission in a recent affidavit filed in an ongoing case by Japanese drugmaker Daiichi Sankyo against the Singh brothers and their firms.

The Enforcement Directorate (ED) on Monday attached movable and immovable properties worth Rs 2.95 crore of Puneet Jain, Hemraj Singh, Vinod Deshmukh, Rajeev Singh Kushwaha, Mehfooz Khan, Pravesh Kumar Gandhi and others in a money laundering case relating to Axis Bank demonetised currency conversion case.

San Francisco: Amazon.com Inc is rolling out machines to automate a job held by thousands of its workers: boxing up customer orders.

The company started adding technology to a handful of warehouses in recent years, which scans goods coming down a conveyor belt and envelopes them seconds later in boxes custom-built for each item, two people who worked on the project told Reuters.

BHUBANESHWAR: India on Monday successfully conducted the flight test of ABHYAS - High-speed Expendable Aerial Target (HEAT) from a test range in Odisha, Defence sources said.

The trial, carried out by the Defence Research and Development Organisation (DRDO) from the Integrated Test Range (ITR) at Chandipur in Balasore, was tracked by various radars and electro-optic systems.

BERLIN: German giant Mercedes-Benz said on Monday it wants to stop selling traditional combustion engine cars by 2039 and plans for its new vehicles sold worldwide by that time to be carbon-neutral.

"We aim to have a carbon-neutral new passenger car fleet in 20 years," said Ola Kallenius, current head of Mercedes research, who is to succeed Dieter Zetsche as chairman of the Daimler group next week.

Vodafone Idea on Monday narrowed its consolidated net loss during the January-March quarter at Rs 4,882 crore on the back of lower operating costs due to realisation of merger synergies. However, it was still wider than the Bloomberg consensus estimate of Rs 4,721 crore.

The firm had reported a net loss of Rs 5,004.6 crore at the end of December quarter, and a net loss of about Rs 4,974 crore in the preceding September quarter.

The 2019 edition of the Indian Premier League (IPL) is understood to have fetched broadcaster Star India advertising revenues of more than Rs 2,000 crore, slightly more than the revenues of Rs 1800-2,000 crore earned in 2018. Sandeep Goyal, chairman at Mogae Media, believes the revenues may have even crossed Rs 2,500 crore. “Since the tournament was played across two financial years, clients have used residual budgets of the last financial year in March which normally were never available,” Goyal told FE.

Standard Chartered Bank (SCB), which has been allocated only 1.7% of its Rs 3,187 crore of admitted claim from the lenders of the Essar steel under the NCLT-approved resolution plan, on Monday submitted that the committee of creditors (CoC) of a firm undergoing resolution process does not have the authority to decide on the distribution of the receivables from the resolution applicant.

ITC managing director Sanjiv Puri was on Monday appointed the company’s chairman, two days after the death of YC Deveshwar, who earlier held the post. Puri, who has been the MD at the diversified firm since May last year, is now its chairman and managing director.

The announcement was widely expected. Puri, 56, was the chief operating officer (COO) before being promoted as chief executive officer (CEO) in February 2017.

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