
Battle intensifies; Anil threatens to sue Mukesh
The fight between the Ambani brothers intensified on Saturday. Younger brother Anil’s Reliance Anil Dhirubhai Ambani Group (ADAG) threatened legal action against older brother Mukesh’s Reliance Industries Ltd (RIL) for trying to “disrupt” merger talks of Anil’s Reliance Communications Ltd (RCom) with South African telecom major MTN.
The Press Trust of India, quoting a letter reportedly sent to Mukesh’s group by Anil’s said: “If RIL chooses to take legal action, the same will be vigorously defended by RCom, which would claim costs and damages.”
Sources close to RIL said: “We stand by the statement we issued on Friday.” (See Page 7)
The spat is the latest in a series of battles the brothers have fought since the Reliance group was split between them in 2005. The latest face-off began after Mukesh’s group claimed first right of refusal over RCom shares in case they were being sold. If the sale of the shares is blocked, the merger with MTN would fall through as it envisages the transfer of Anil’s shares in RCom to MTN. MTN’s promoters’ shares would in turn be transferred to Anil.
Mukesh’s group had claimed that the share swap would be a breach of the first right of refusal, according to PTI.
RCom replied that it has jumped to conclusions without knowing the contours of the transaction.

CSR offences by firms now a ‘civil wrong’, not a crime

Intel tumbles after new CEO recommits to chip manufacturing
- Keeping chip production in-house may be bad for Intel because its manufacturing technology has fallen behind Taiwan Semiconductor Manufacturing Co., which makes chips for many of Intel’s rivals. If the US company can’t catch up, its products will become less competitive, lose sales and market share.

Indigo Paints IPO garners robust response; subscribed 117 times on final day

India will be role model on how to vaccinate billion people at scale: Nilekani

Govt has pledged strict foreign investment rules for e-commerce, says CAIT

Iran starts ramping up oil production to pre-sanctions levels
- Iran has been subject to tough US sanctions since 2018, when the administration of then-President Donald Trump unilaterally withdrew from an international deal that restricted the Middle Eastern country’s nuclear activities. Its crude production was below 2 million barrels a day for most of 2020.

Elon Musk targets telecom for next disruption with Starlink internet

Sensex tanks 746 points; Nifty ends below 14,375

Google parent-company shutting Loon, balloon-based alternative to cell towers

How traditional finance management methods by women continue to be relevant now

Airbus slows production ramp-up, cites virus hit to demand

Invest in mutual funds but steer clear of ‘Herd Mentality’!

Bajaj Finance can absorb a surge in provisions, says S&P Global Ratings

Biocon Q3 net profit falls 19% to ₹186.6 cr

Charting Sensex’ journey: How India’s benchmark index rose from 1,000 to 50,000
- The Sensex has nearly doubled from its lows in March and has risen nearly 50 times in three decades — the benchmark was on 999 on January 1, 1991.