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SC stays NCLAT’s order of reinstating Cyrus Mistry as Tata Son’s Executive Chairman

The Supreme Court on Friday stayed the National Company Law Appellate Tribunal (NCLAT)'s order to reinstate Cyrus Mistry as Chairman of Tata Sons on the grounds that the tribunal’s decision could be an adjudication error. The top court also issued a notice to Cyrus Mistry. The development comes a week after Tata Sons approached the SC challenging the restoration of Cyrus Mistry as the executive chairman of the group by the company law tribunal in December. Src: https://bit.ly/2sabEAu

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Reliance enters e-commerce vertical with its new venture JioMart

Reliance Industries Limited (RIL) has launched its e-commerce venture named JioMart to take on the e-commerce giants Amazon and Walmart’s Flipkart. The new venture will be operated by the Reliance Retail the retail branch of RIL. The project has already been launched in an experimental state for the customers of Navi Mumbai, Kalyan and Thane of Maharashtra’s Mumbai. The project will be rolled out all over the country in the later stages. Src: https://bit.ly/2F9Se1u

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Hinduja Group prepares for a bid to buy Jet Airways

According to sources, the Hinduja Group is preparing for a bid to buy Jet Airways India Ltd. The UK-based group is run by 2 brothers Gopichand Hinduja and Ashok Hinduja. The group plans to submit an expression of interest by the January 15 deadline, signaling its intent to make a formal offer. Jet Airways is a Mumbai-based airline that was earlier the country's largest airline by market value but due to highly competitive pricing by other carriers Jet Airways eventually started recording heavy losses and defaulted to banks, staff, and lessors. Src: https://bit.ly/2SFTS32

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Swiggy launches its digital wallet- Swiggy Money

Bengaluru-based food delivery startup, Swiggy has launched its own wallet-Swiggy Money. The wallet will only be used to credit amounts for the cancelled orders currently. Going forward, Swiggy Money will function as a usual digital wallet to store money and pay for transactions on the platform. The wallet of Swiggy is powered by ICICI bank and is a fully RBI compliant Prepaid Payment Instrument (PPI). Since Swiggy does about 50 million orders a month, having an in-house wallet will certainly help the firm in driving scale and engagement. Src: https://bit.ly/39eFtAA

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