Regulator Sebi has barred MGH Project India Ltd and its directors from capital markets after finding that the company had illegally raised money from people. The Securities and Exchange Board of India (Sebi) found that the firm had raised Rs 1.35 crore by issuing redeemable preference shares to 2,355 investors during 2011-12 without complying with regulatory provisions applicable to a public issue. The regulator observed that allotment of preference shares by the firm was a public issue (made to more than 50 people), which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.

Mukesh Ambani has elbowed past Li Ka-shing to become Asia’s second-richest man as investors rallied behind his efforts to arm India’s poor with cheap data-loaded phones. Some analysts are beginning to focus on the costs of his ambition. The chairman of Reliance Industries Ltd. has added $12.1 billion to his wealth this year, according to the Bloomberg Billionaires Index, as shares of his refining-to-telecom company surged to a record. Spurring the rally on is optimism that a new $23 phone launched last month will expand the market for Ambani’s fourth-generation mobile network into India’s hinterland.

MUMBAI: The government has asked state oil firms to raise cooking gas prices by Rs 4 every month till the entire subsidy — about Rs 87 for a 14.2 kg cylinder in Delhi — is wiped out. The government has already removed price controls on most fuels.

For cooking gas, it undertook the ‘Give It Up’ campaign and had earlier authorised oil marketing companies to increase the price of subsidised LPG cylinders by Rs 2 a month. It has now doubled the amount to accelerate elimination of subsidy.

Maruti Suzuki India hit a new high of Rs 7,920, up 3% on BSE in intra-day trade, after the company reported a healthy growth of 20.6% in total sales to 165,346 units in July, on back of strong domestic sales. The company, leader in passenger vehicles, had sold total 137,116 units in July 2016.

The sales growth in July month was highest in past six months. Domestic sales grew by 22.4% year-on-year (YoY) to 154,001 units against 125,778 units in year ago month. Export sales however, grew 0.1% to 11,345 units in July, the company said in the monthly sales report.

Four crew members of Air India were detained by the Saudi Arabia police last week as they could not show them the original copies of their passport.

According to an Air India pilot, crew members of all airlines are required to deposit their passports at the immigration office at Jeddah, which issues a certificate.

The country’s largest bank—State Bank of India (SBI) — cut interest rate on savings deposits up to Rs 1 crore by 50 basis points (bps) to 3.5 per cent per annum with immediate effect, setting the stage for other banks to follow suit.

Deposits of over Rs 1 crore will continue to earn four per cent interest per annum, SBI said in a statement.

Bengaluru: Snapdeal, run by Jasper Infotech Pvt. Ltd, has walked away from talks to sell itself to Flipkart and the struggling online marketplace will now try and survive as an independent entity by selling assets and cutting costs.

The decision to end discussions with Flipkart marks a big win for Snapdeal founders Kunal Bahl (CEO) and Rohit Bansal (chief operating officer), both of whom were against the sale to their sworn enemy Flipkart from the start.

State-owned NTPC has no plans to take over stressed assets in the power sector, the government said today.”Currently, NTPC has no proposal to acquire stressed power projects or enable their lenders to operate on contract basis,” Power Minister Piyush Goyal said in a written reply to the Rajya Sabha. Neyveli Lignite Corporation of India Ltd (NLCIL) has identified Damodar Valley Corporation’s Ragunathpur thermal power plant for acquisition, the minister said.

Sudharshan Sukhani of s2analytics.com advises the investors to stay invested in the Yes Bank stock. One of the best technical analysts in the country, Sukhani advised the investors to hold on to bluechip companies without getting nervous. In conversation with CNBC TV-18, the expert believed that, this is a long term bull market, and there is still a lot of opportunity in the Yes Bank stock for the net 2-3 years. He said that the prices will be volatile in the short term, and it must not unsettle the investors. On the back of excellent first quarter results announced by the company, the shares of the bank were trading at all time high levels.

The CBDT has said that Aadhaar can be linked to the PAN till August 31 and added that ITR can be processed after linking Aadhaar to CBDT. Earlier, the govt extended the deadline for filing Income Tax Returns (ITRs) till August 5, a top official today said.

The official twitter handle of the department said the move was made "in view of difficulties faced by taxpayers." A senior official of the department said the decision to extend the deadline ending today was taken after a meeting of the revenue department and the Central Board of Direct Taxes (CBDT) was held in the finance ministry today.

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