Latest business developments on NewsX: Big win for Air India in arbitration case & more

By NewsX Bureau | Updated: 19 March 2017 3:52 PM

Air India won an arbitration case against US-based air charter company Dynamic International Airways in a major victory for the government-owned airline. This puts an end to a more than three-year-old legal tussle between the two parties. The order given by arbitrator, former Comptroller and Auditor General P Sesh Kumar, will require the US-based charter operator to pay an amount of around Rs 65.71 crore to the national airline.

The government has asked 10 public sector banks to curtail employee benefits including industry-standard pay hikes if they want to receive any capital. The Centre wants these banks to sign a memorandum of understanding with the employees’ unions to get a commitment on this. Benefits such as leave travel concessions and perks could go for a few years till the banks returned to health if the unions agree.

State-owned Oil and Natural Gas Corporation has signed definitive agreements to buy out debt-ridden GSPC’s entire 80% stake in KG-basin natural gas block for USD 1.2 billion. The company will close the deal and pay the Gujarat State Petroleum Corporation the money after regulatory approvals like government nod for transfer of participating interest and change of operatorship are secured.

The Maharashtra state budget brought in cheer for the sugar industry on Saturday. State Finance Minister Sudhir Mungantiwar waived purchase tax for the last two years. Purchase tax waiver has been a long-standing demand of the sugar industry. Cooperative mills have been arguing that they should not be made to pay purchase tax as they purchase cane from their members.

US-listed I-T major Cognizant Technology Solutions is said to be reducing its employee count by as much as 5%. The company, which has a significant workforce in India, is shifting its focus from traditional I-T services to digital ones. Globally, the company employs around 260,000 employees, of this around 75% of the workforce is based in India. Cognizant says it is a part of their annual appraisal exercise that ends in March.

First Published | 19 March 2017 3:52 PM

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