The company’s board of directors also stated that they will commence a search for a replacement

After four sessions of gains, shares of rating agency ICRA fell as much as 5 percent on August 30 session, a day after the company announced the immediate termination of its Managing Director and Group CEO.

The board of rating agency ICRA, an affiliate of Moody's, on August 29, terminated the services of its managing director and CEO Naresh Takkar, following the appearance of his name in the IL&FS case.

In the release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced to leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

Shares of ICRA traded 2.21 percent down at Rs 2,738 on BSE around 1020 hours.

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Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-U.S. trade relations marred investor sentiment

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economies.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from Sept. 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in positive territory.

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The market closed in the red after four straight sessions on August 28 due to profit booking and fears of a global recession. Banks, auto, metals and pharma stocks pulled the market down while IT outperformed, rising over a percent.

The BSE Sensex was down 189.43 points at 37,451.84 while the Nifty 50 fell 59.30 points to 11,046.10 ahead of the expiry of August futures & options contracts, forming a bearish candle on daily charts.

But, the expected decline is unlikely to damage the recent uptrend status of the Nifty, he said, adding important supports to be watched are around 10,900-10,850 levels, where one may expect a reliable upside bounce from the lows.

The broader markets were also caught in a bear trap with the Nifty Midcap index falling 1 percent and Smallcap index losing 0.65 percent.

According to the pivot charts, key support level is placed at 10,979.3, followed by 10,912.5. If the index starts moving upward, key resistance levels to watch out for are 11,121.3 and 11,196.5.

Nifty Bank closed at 27,804.30, down 1.14 percent on August 28. The important pivot level, which will act as crucial support for the index, is placed at 27,594.13, followed by 27,383.96. On the upside, key resistance levels are placed at 28,055.03 and 28,305.77.

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Indian indices ended on a positive note on August 23 in hopes of a stimulus package from the government. Buying was seen in the metal, auto, pharma, infra and IT, while FMCG stocks remained under pressure.

Sensex was up 228.23 points at 36,701.16, while Nifty was up 88.00 points at 10,829.40. About 1,310 shares advanced, 1,125 shares declined, and 130 shares were unchanged.

IndusInd Bank, ITC, ICICI Bank, Eicher Motors and Kotak Mahindra Bank were among major losers on the Nifty, while gainers were Zee Entertainment, Vedanta, UPL, BPCL and Yes Bank.

According to the pivot charts, key support level is placed at 10,690.17, followed by 10,551.03. If the index starts moving upward, key resistance levels to watch out for are 10,915.47 and 11,001.63.

Nifty Bank closed at 26,958.7, down 684.85 points on August 23. The important pivot level, which will act as crucial support for the index, is placed at 26,610.43, followed by 26,262.16. On the upside, key resistance levels are placed at 27,257.13 and 27,555.57.

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Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet's liabilities

The resolution professional (RP) for Jet Airways has received a fresh expression of interest (EoI) from a “known foreign entity”, two people with knowledge of the matter told FE. The committee of creditors (CoC) for Jet Airways will meet on August 26 to consider the proposal, which came in this week. The CoC will also try to resolve the dispute over Siroya Centre, Jet’s headquarters till recently, sources said.

“A fresh EoI was received this week which looks promising. Since it came after the deadline had ended on August 10, it will be taken up for the CoC’s consideration on Monday. Of the three EoIs that were submitted before the deadline, Volcan Investments has officially withdrawn its EoI this week and Avantulo group was not provisionally shortlisted,” one of the persons mentioned above said.

Volcan Investments is the family-owned trust of Anil Agarwal, the founder and executive chairman of Vedanta Resources.

Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet’s liabilities.” Before the August 10 deadline, two other parties — Panama-based Avantulo Group and a Russian entity, Treasury RA Creator — had submitted EoIs.

The CoC will also take up the settlement proposal put forth by the legal counsel for Luckystar, the owner of Siroya Centre, over the disputed premises. Luckystar had approached the tribunal last month seeking to repossess Siroya Centre, the six-storey building which was the headquarters of Jet Airways; the lease expired on June 7. The legal counsel for Luckystar has since put forth a settlement proposal, which, if agreed upon by the CoC, will lead to Jet Airways vacating the premises.

Additionally, the CoC will take up the settlement proposal put forth by HDFC regarding the dispute on keeping Godrej BKC out of Jet’s resolution proceedings. The National Company Law Tribunal (NCLT) will hear both matters on August 28.

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India’s domestic air passenger traffic had slowed down in the June quarter as Jet Airways’ shutdown pulled the beleaguered airline’s capacity out of the system

Even so, last quarter’s financial results of InterGlobe Aviation Ltd and SpiceJet Ltd are nothing to complain about. InterGlobe runs IndiGo, India’s largest airline by market share.

One factor that helped last quarter was that the environment for yields, a measure of pricing, remained stronger. IndiGo surpassed Street expectation by clocking a 12.7% year-on-year improvement in its yields. On the other hand, a smaller rival, SpiceJet’s yield increased by 2%, falling short of estimates.

At the time of announcing results, SpiceJet said, “The airline’s operations remained stressed for a large portion of this quarter due to the continued grounding of its superior B737 MAX aircraft. This limited the airline’s ability to take its yields up, owing to passenger disruptions and re-accommodation; while simultaneously increasing its fixed costs on this category of aircraft."

“While Indigo’s domestic passengers carried grew by about 20%, international jumped by about 50%. Higher yields on international routes vacated by Jet Airways have also led to the divergence in yield growth between Indigo and SpiceJet," said analysts from Edelweiss Securities Ltd in a report on 21 August.

As such, capacity expansion helped both airlines clock handsome revenue growth. IndiGo’s revenues increased by about 45% and SpiceJet’s by 35%. On the profitability front, IndiGo’s Ebitdar, increased by a whopping 233% year-on-year to ₹2656 crore. Ebitdar is earnings before interest, tax, depreciation, amortisation and lease rentals. SpiceJet’s Ebitdar also jumped sharply by 88% to 684 crores.

Going ahead, yields will remain a key monitorable for investors. Here, from a near-term perspective, the scenario doesn’t look hunky-dory.

“The yields have started to normalise in Q2FY20 as the impact of Jet Airways’ grounding has waned off," Centrum Broking Ltd said in a report on 20 August. “While Q2FY20 is anyways a seasonally weak period, there is additional softening of yields due to lower fares in 0-15 day ticket booking window," it added.

Severe disruption due to floods has made Q2FY20 even worse, point out Edelweiss analysts, adding, “We expect nominal yield growth at best, with potential for significant pick up during Q3FY20."

As such, the muted yield environment may well cap sentiment for airline stocks in the near future.

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The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017

Shares of real estate major DLF fell 19.4 percent intraday on August 22 to hit its 31-month low on August 22 after getting a notice from the Supreme Court for non-disclosure of key information in Qualified institutional placement (QIP).

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

Petitioner KK Sinha, on whose complain SEBI had earlier barred DLF promoters from markets and imposed a penalty, told SC that DLF failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court, and the matter is pending with the SC, reported BusinessLine.

The report said the court had ordered directed investigation into DLF group companies and its admitted subsidiaries for violation of land ceiling laws and other laws, matters concerning Benami purchases, licensing, stamp duty payment and transfer pricing issues.

But Ashok Tyagi, Wholetime Director of DLF said in an interview to CNBC-TV18, "All material disclosures had been made in the QIP and complaint is about 5-6 acres of land by a co which is not company's arm.".

He further said, "DLF has received the notice from Supreme Court a month ago and SC notice does not ask us for any disclosures. SC has asked DLF & SEBI whether the complainant should be impleaded in the case."

The report said if there is an adverse decision by the apex court then it could impact DLF investors as petition prays that the company be asked to return more than Rs 5,000 crore that it raised via two qualified institutional placements (QIPs), one of which was in 2019.

In addition, DLF patriarch K P Singh has stepped down as whole-time director but will continue to be its non-executive Chairman, the realty firm said on August 19.

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Indian shares fell on Thursday as investors fretted over the chances of a fiscal stimulus and anxiously awaited the U.S. Federal Reserve chairman's speech later this week for clues on future rate cuts

Real estate stocks were among the top losers, with the Nifty real estate index shedding 7.2%, its biggest intra-day dip since late 2016, as DLF Ltd slumped 19.6%.

A report in the Hindu BusinessLine newspaper said https://www.thehindubusinessline.com/companies/supreme-court-issues-notice-to-dlf-sebi-on-non-disclosure-of-key-information-in-qip/article29204691.ece the Supreme Court had issued a notice to the real estate developer for allegedly suppressing material information from shareholders.

The broader NSE Nifty was down 0.42% at 10,873.00 as of 0445 GMT, while the benchmark BSE Sensex was lower by 0.34% at 36,933.80.

The minutes of the Fed's July meeting showed policymakers deeply divided over rate cuts, while hopes for a fiscal stimulus dimmed as President Donald Trump said he was not looking at cutting payroll taxes.

Much now depends on how dovish Fed Chair Jerome Powell chooses to be in his speech on Friday.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.35%. [MKTS/GLOB]

Meanwhile, markets awaited news on an economic stimulus from the Indian government amid a bruising slowdown that has hammered industries including the crucial automotive sector, leading to production cuts and job losses.

"The disappointment factor is increasing day by day because we've not heard anything from the government," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. "Earnings have also been a big disappointment."

June-quarter net profits for India Inc grew at a moderate pace of 6.6% year-over-year, compared with 24.6% a year earlier, CARE Ratings said on Wednesday, based on an analysis of 2,976 companies.

The Nifty metals index fell 2.13%, with miner Vedanta Ltd declining 3.9%.

The Nifty FMCG index, which tracks manufacturers of fast-moving consumer goods, was the lone gainer with a rise of 1.17%.

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Iterating that renewable energy sources were unlikely to overtake coal as the major source of power generation in India any time soon, state-owned Coal India Ltd on Wednesday said the energy migration would happen "differently" in the country as compared to many other countries switching to renewables

"The question is can renewables take over coal completely in our country? Not in the near future at least. It would not be an exaggeration to state that Coal India Ltd (CIL) is synonymous with India's energy scenario," CIL chairman Anil Kumar Jha said in his speech to shareholders at the company's 45th annual general meeting here.

"The energy migration scenario in India would be different compared to many other countries which have been switching to renewable sources," he said.

CIL produces around 83 per cent of the country's back fuel.

Jha said for the first time in its history, the miner's production and off-take of coal had surpassed the 600 million tonnes mark.

Its coal production clocked 606.89 million tonnes while the miner supplied 608.14 million tonnes of the fuel in 2018-19.

While the production rose 6.97 per cent, the off-take went up by 4.8 per cent as against the figures for the previous 2017-18 fiscal.

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Global software major Infosys on Wednesday expanded its partnership with Google Cloud to help its clients accelerate their digital transformation

"As a qualified Google Cloud managed service provider, we will offer clients application lifecycle services with cloud and data analytics expertise," said the city-based IT firm in a statement here.

The partnership with the global search engine will enable the software vendor to offer consulting, assessment, migration and support services to enterprises for optimising their workloads on the Google Cloud Platform.

"We will offer industry-specific solutions on the Google platform for healthcare, financial services, insurance, telecom and retail industries," the outsourcing firm said.

The partnership also strengthens the vendor's capabilities to help companies innovate and industrialise analytics, drive accelerated insights for new revenue models, realise savings and achieve faster time to market.

Other services offered are data cafe, an enterprise portal for data exploration, and cognitive conversational inter-faces for contextual interactions.

Services include data marketplace for managing data as an asset, data governance and data operations across hybrid platforms.

"As Cloud has been a focus area for us, we invest in new solutions, partnerships and offerings to enable our clients to navigate their digital transformation journeys," said Infosys Vice-President David Wilson in the statement.

Enterprises will benefit from Google Cloud's secure platform and Infosys' expertise in data, AI, analytics, workload migration and cloud deployments.

"We are expanding our partnership with Infosys, which has domain expertise in managed services, as enterprises want to move mission-critical workloads to Google Cloud," said the Google arm's Vice-President Carolee Gearhart in the statement.

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Vietnamese carrier Vietjet, popularly called 'bikini airline', would operate direct flights from Ho Chi Minh City (commonly known as Saigon) and Hanoi to New Delhi starting from December 6 with thousands of "super-saving tickets".

"The Ho Chi Minh City-New Delhi route will operate four return flights per week on every Monday, Wednesday, Friday and Sunday starting from December 6, 2019," the airline said in a statement.

The Hanoi-New Delhi route will operate three return flights per week.

Vietjet currently operates around 400 flights daily on 129 routes covering destinations across Vietnam and international destinations such as Japan, Hong Kong, Singapore, South Korea, Taiwan, mainland China, Thailand, Myanmar, Malaysia and Cambodia.

The air traffic between India and Vietnam has been growing over the last few years. As per consultancy firm Centre for Asia Pacific Aviation (CAPA), Hanoi-Delhi was the third-largest Vietnam-India city pair, accounting for almost 12 per cent of Vietnam-India bookings in 2018.

Rajan Mehra, CEO of Club One Air and former India head of Qatar Airways, said that both leisure and business traffic on the India-Vietnam sector has been witnessing significant growth.

"A lot of corporates are going to Vietnam to set up businesses there. The tourist traffic has also been growing. It's a mix of both," he said.

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The BSE Sensex plunged 267.64 points to 37,060.37 while the Nifty 50 lost 98.30 points to close below 11,000 levels, at 10,918.70, forming a bearish candle on the daily charts.

Experts feel the bearish bias may continue in coming session also if the index breaks its August lows.

Among sectors, Nifty Metal fell most with loss of nearly 3 percent followed by Bank and FMCG which declined nearly a percent each. The correction in broader markets was quite high compared to benchmarks as the Nifty Midcap index fell 1.6 percent and Smallcap index lost 1.9 percent.

According to the pivot charts, key support level is placed at 10,872.2, followed by 10,825.7. If the index starts moving upward, key resistance levels to watch out for are 10,999.7 and 11,080.7.

Nifty Bank closed at 27,719.05, down 263.40 points on August 21. The important pivot level, which will act as crucial support for the index, is placed at 27,557.24, followed by 27,395.37. On the upside, key resistance levels are placed at 27,989.94 and 28,260.77.

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Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country

Shares of Coffee Day Enterprises gained on August 19, the first time in 17 trading sessions, after a media report said that the promoters were likely to resume talks with Coca-Cola for a stake sale in Cafe Coffee Day chain to cut the debt.

In fact, the stock traded high for the first time after the shock death of founder VG Siddhartha, whose body was found on the banks of the Netravati river in Karnataka on July 31, two days after the 60-year-old businessman had gone missing.

The stock was locked in 5 percent upper circuit at Rs 66.05 on the BSE. It was in lower circuit for previous consecutive 12 trading sessions after July 29 and lost 68.5 percent in the previous 16 sessions.

"The promoters of the Coffee Day Group plan to restart talks with Coca-Cola for selling a chunk of their stake in the Café Coffee Day (CCD) chain in a bid to cut the group's debt further," The Economic Times reported on August 19.

Siddhartha had begun talks with the beverage giant, seeking a valuation of Rs 8,000-10,000 crore for the company in June but was reluctant to sell a majority stake, the report said.

Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country.

The deal will help Coca-Cola get a foothold in the cafe space as it tries to expand beyond its core carbonated drinks portfolio.

The move will help Coffee Day Group reduce debt obligations significantly. The company's debt as on July 31 was Rs 4,970 crore, with the debt incurred by its logistics arm, Sical, accounting for about Rs 1,488 crore.

The group recently sold Global Village Tech Park, under it is real estate arm Tanglin, in Bengaluru to Blackstone Group for about Rs 2,600-3,000 crore.

The total debt position of Coffee Day Group will reduce by Rs 2,400 crore after the payment for the deal is received.

The debt position of the Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from the sale of Global Village will be Rs 1,000 crore in the next 45 days.

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India's largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in the economy

"Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. 

"On a case to case basis, whichever dealer has faced any problem on account of excess inventories, we have been working out solutions for all of them," SBI's Managing Director, Retail & Digital Banking, P.K. Gupta said.

He also said the current slowdown would not create NPAs. 

The auto sector is the worst-hit sector in the current slowdown and apart from huge inventory build-up, the companies are resorting to production shutdowns to cope up with poor sales. 

"SBI is looking at extending the credit period for those auto dealers faced with inventory build-up due to poor demand. Our main focus is making available funds at cheaper cost for those retail customers keen on buying cars. We also fund the dealers when they buy cars from the manufacturer. However, for the aspect of the revival of demand, only the government can step in," Gupta said.

The bank has an exposure of Rs 11,500 crore to auto dealers.

Gupta said that at the moment, some automobile dealers are facing difficulty in repaying existing loans as per schedule. He was, however, hopeful that the festive season will boost auto sales.

"Our discussions with dealers' associations suggest that the festive season is going to start soon and then they will be able to clear most of the inventory and most of the accounts may not turn into NPAs. But it will all depend on what kind of demand revival takes place," he said.

The SBI on Sunday said in a statement that it conducted sessions with officials starting from the branch level to chalk out a roadmap for reviving credit. The rush for conducting these meetings is a result of a push from the Central government asking banks to come up with suggestions on the future of the industry.

It said the bank is trying to ensure availability of credit to car buyers, and low-interest rates and the current slowdown in the country's auto sector may not create non-performing assets for the banking sector. 

"I think it will be difficult to say at this point in time (whether there will be NPAs in the auto sector). We have seen some cases of dealers having an excess inventory, and we have been working out solutions for them," Gupta said.

Auto sales in July this year fell to a 20-year low, and at the current monthly average sales, total projected annual sales of passenger vehicles for 2019-20 may drop to yearly sales levels seen in 2014-15 and 2015-16.

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Glenmark Pharmaceuticals Ltd perhaps needs a stronger pep pill. Its first-quarter (Q1) results disappointed and fell short of analysts’ expectations. Besides, investors are not expecting its debt reduction plans to be any smooth either

A bigger disappointment came in its overseas businesses, particularly in the US, which clocked revenue growth of just 3.86% year-on-year in the June quarter. Analysts were expecting double-digit growth in the low teens from this important market.

Europe posted a fairly decent increase of about 10.5%, while Latin America saw revenues shrink 17%. Revenue growth in the rest of the world was about 5.4% year-on-year.

The US business was impacted by a decline in sales of its Mupirocin cream. Besides, tropical dermatological and skincare products are seeing significant price erosion, which has been continuing for three quarters now. Thankfully, two generic approvals in the second quarter could shore up its US business.

Besides, the company has launched multiple products in major countries in Europe during Q1, which should aid growth in the coming quarters.

Costs, though, have piled up in Q1. Raw material prices have surged by about 22% year-on-year. As a result, Ebitda margins have dipped from 16% a year ago to 14.7% in the June quarter. This is about 200 basis points below analysts’ estimates. Ebitda is earnings before, interest, taxes, depreciation and amortization.

Besides, Glenmark is undergoing a restructuring exercise. The company plans to reduce debt by about ₹700-800 crore in FY20. On this front, it is seeking a partner for its speciality chemicals business. Additionally, it is also seeking a minority partner in the recently separated active pharmaceutical ingredient business, Glenmark Life Sciences Ltd.

But slow business conditions, particularly in the US, are not convincing the market of this debt reduction programme. “Despite several niche approvals, Glenmark’s US business has failed to take off and restricted the company’s ability to meaningfully reduce debt as parallel investments in speciality/innovation pipeline have continued. Given a tepid outlook, we expect debt reduction to be gradual ( 400 crores vs. 700-800 crore guidance)," said analysts at Emkay Global Financial Services Ltd in a note to clients.

Additionally, its Baddi plant is facing regulatory issues, with the US FDA classifying it as Official Action Indicated, which impedes business from this facility. Much will depend on how soon Glenmark comes out of this and how its US business progresses, going forward.

“Increasing pricing pressure in the US and highly leveraged balance sheet limit the stock’s upside potential," said Reliance Securities Ltd in a recent client note. Little surprise, Glenmark has tumbled over 15% since its results were announced on 13 August.

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The share touched its 52-week high Rs 404 and 52-week low Rs 79.50 on 20 August 2018 and 05 August 2019, respectively

Shares of Yes Bank fell nearly 3 percent intraday on August 9 after the private lender announced the opening of qualified institutional placement (QIP) at a floor price of Rs 87.90 per equity share with a proposed discount of not more than 5 percent.

Yes bank is planning to raise about Rs 2,000 crore ($ 285 million) via QIP.

JM Financial, Motilal Oswal and CLSA are managers to the sale.

The announcement was made after market hours on 8 August 2019.

Yes Bank was quoting at Rs 87.60, down Rs 1.55, or 1.74 percent on the BSE.

The share touched its 52-week high of Rs 404 and its 52-week low of Rs 79.50 on 20 August 2018 and 5 August 2019, respectively.

Currently, it is trading 78.24 percent below its 52-week high and 10.57 percent above its 52-week low.

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Slamming Price Waterhouse & Co's recent allegations of violation of the Companies Act 2013 by Reliance Capital, the company on Thursday said that the audit firm's recent letter to the Ministry of Corporate Affairs was invalid

The company board met earlier in the day to review the matters arising out of the letter filed by PwC with the Ministry of Corporate Affairs (MCA), under Section 143(12) of the Companies Act, 2013.

A company statement said the Board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole Statutory Auditors of the Company, confirming that there are no violations as alleged by PWC

"The Board also noted that PwC had duly audited the accounts for the financial year 2017-2018, as also a limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns," it said.

Reliance Capital's board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PwC, as per the company and the independent legal opinion from reputed law firm confirmed that there was no violation.

"The Board noted the independent legal opinion from reputed law firm confirming that there was no violation attracting Section 143(12) of the Companies Act, and which concluded that the PwC letter is devoid of any rationale or basis and is invalid," the statement said.

Further, the board observed that the alleged basis relied upon by PwC for reporting under Section 143(12) is itself "grossly inadequate, and does not even point to a single specific instance of alleged fraud".

As per the statement, PwC had chosen not to attend the audit committee meeting on June 12, 2019, despite being invited to do so and abruptly resigned at the unearthly hour of 4.32 a.m. on June 11, 2019.

"After resigning and ceasing to be the auditor of the company, PwC filed its letter with MCA later the same day; and PwC did not even share a copy of its letter with the company or even with the Board's independent audit committee, despite repeated requests by the company." 

The Board reaffirmed to take all appropriate steps to safeguard the interests of all stakeholders.

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The Indian civil aviation sector is showing signs of recovery months after the grounding of Jet Airways with domestic air passenger traffic demand grew 7.9 per cent in June, a global airline association said on Thursday

According to the International Air Transport Association (IATA), India's domestic air passenger volume -- measured in revenue passenger kilometres was the third-highest among the major aviation markets such as Australia, Brazil, China, Japan, Russia and the US.

India's domestic RPK in June rose by 7.9 per cent as compared to the corresponding month of the previous year.

In the period under consideration, India's domestic passenger traffic growth was preceded by that of China at 8.3 per cent and Russia at 10.3 per cent.

The country's domestic available passenger capacity measured in available seat kilometres stood higher by 3.1 per cent in June, followed by China at 8.9 per cent and Russia at 9.8 per cent.

"The domestic India market has proven resilient in the face of the demise of Jet Airways earlier in the year," IATA said in its global passenger traffic results for June 2019.

"Growth in domestic RPKs have recovered strongly, lifting to a 7.9 per cent year-on-year pace in June, as the remaining carriers moved quickly to fill the gap created by the loss of a competitor and to meet the customer demand," it added.

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Seltos, the first car manufactured for India by South Korean auto major Kia Motors, rolled out of its plant in Andhra Pradesh's Anantapur district on Thursday

The world's eighth-largest automaker rolled out the production version of the sports utility vehicle (SUV), which will be launched on August 22.

The company announced the commencement of mass production of Seltos after testing the vehicle over 20 lakh km in different climatic conditions and some of the most challenging terrains in India.

The first Kia Seltos was rolled off the assembly line by South Korea's ambassador to India, Shin Bong-Kil, and Managing Director and Chief Executive Officer (CEO) at Kia Motors India, Kookhyun Shim.

"The roll-out of the first Seltos is an emotional moment for all of us, especially for the people at the plant as we worked together relentlessly to build the future of Kia Motors in India. The invaluable contribution made by the government of Andhra Pradesh has enabled us to achieve our target of manufacturing the Seltos in record time. The first Seltos is the symbol of our promise and commitment to the Indian market," said Kookhyun Shim.

"The Seltos will be BS-VI compliant right from its launch. It will be available in a highly efficient, brand new smart stream engine that will come in three variants: 1.5 Petrol, 1.5 Diesel and first in segment 1.4 Turbo Petrol, offering the perfect balance of performance and efficiency," the company said.

The Seltos will be launched on August 22 and bookings are being accepted across all Kia dealerships along with the Kia official website.

Since the commencement of pre-booking on July 16, Kia Seltos has already gathered 23,311 bookings.

The Seltos is available for test drives across all Kia dealerships. 

Kia's manufacturing facility in Anantapur is spread over 536 acres and has an annual capacity of 300,000 vehicles. The plant will also be capable of producing hybrid and electric vehicles.

The plant in Anantapur is equipped with the most advanced global technologies such as robotics and artificial intelligence and is remarkably environment-friendly with capabilities like 100 per cent water recycling within the plant, the company said.

The plant also houses a five-acre training facility offering the basic technical course (BTC) in automobiles for skill development to provide all skills necessary for an entry-level job on the factory floor.

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