The Bombay High Court has just upheld the governments order directing the merger of the erstwhile Financial Technologies (India) Ltd (FTIL) and its subsidiary, National Spot Exchange (NSEL). To refresh your memory, NSEL, a commodities exchange promoted by the Jignesh Shah-led group company, was rocked by a Rs 5,600 crore scam first unearthed in mid-2013. It involved NSEL executing illegal forward contracts along with commodity spot trading along with running a Ponzi scheme, according to Capital Mind. When a notification from the Forward Markets forced the exchange to suspend most contracts in ... Read More

Xiaomi India, popular for its smartphone brand, has plans to set up more plants and add capacity to manufacture phone and products in other categories. The company currently has three manufacturing plants two for phones in Sri City, Andhra Pradesh and one for power banks in Noida, its Vice-President Manu Jain told reporters here. We are definitely exploring. We want to add more capacity. We want to set up more plants,not just for phones, even for other categories like Mi-band. There are many other categories.he said. From July 2014 to the beginning of this year, the company has invested mor ... Read More

Indian Railways has decided to expedite redevelopment of 400 A1 and A category railway stations across the country. It will now appoint its joint venture company Indian Railway Station Development Corporation (IRSDC) as the nodal agency to speed up the process, the Mint reported. The high-value project to revamp these stations through public private partnership (PPP) will require investments of around Rs 1 lakh crore. The Railways will also monetise 2,700 acres of spare railway land as part of it. The first phase of the redevelopment was launched in February this year with 23 stations under ... Read More

Steel companies are in focus after the ordinance amending the Insolvency and Bankruptcy Code proposes to put restrictions on promoters that have willfully defaulted in participating in the sale of stressed assets. Throwing more light on the above development and the outlook for the industry going forward Steel Secretary Aruna Sharma said the country is expected to reach close 150 million tonnes of steel production by 2020 on back of various commitments and expansion plans that are in the offing but both the integrated big steel plants, PSUs and secondary sector.Currently, India produces 126 m ... Read More

The Winklevoss twins, entrepreneurs famous for suing Facebook founder Mark Zuckerberg, are the first public figures to become Bitcoin billionaires. According to a New York Post article, the twins are one of the early investors in Bitcoin. They put in USD 11 million in 2013, after getting USD 65 million in a lawsuit against Mark Zuckerberg. The twins alleged that Zuckerberg had stolen their idea for an online social media platform. Bitcoin was valued at more than USD 250 for the most part of 2013, and under USD 150 per coin for a few months during the year. The report estimates that if they b ... Read More

Softbank-backed Paytm on Tuesday unveiled its ATMs or partner outlets where customers can open bank accounts, deposit cash and withdraw money. It plans to invest Rs 3000 crore over the next three years to expand these offline-distribution networks by allowing local stores to act as potential cash-in and cash-out points. It plans to add 100,000 Paytm ka ATMs across India to the current strength of 3,000 approved outlets. The company launched its payments bank last month. It offers zero charges on all online transactions and no minimum balance is required for holding an account. ... Read More