Final Nail in Coffin?
It came as a major jolt for Vodafone Idea when Aditya Birla Group Chairman Kumar Mangalam Birla stepped down as non-executive chairman from its board. It is a major shock for the company that is struggling to stay afloat. Vodafone Idea has made several failed attempts to raise funds in the past. Even the promoters have refused to infuse fresh equities.
In this situation, lenders are surely finding themselves in a tight spot. And there appears every chance of VodaIdea ending up facing the insolvency process.
Flipkart Feeling the Heat
The Enforcement Directorate has issued a show-cause notice to Flipkart for alleged violation of foreign investment laws. If proven, Flipkart could face a penalty of $1.35 billion. ED is investigating allegations that Flipkart sold goods to consumers on its shopping website through its subsidiary, which was prohibited under law.
Such allegations have become commonplace against e-commerce giants like Flipkart and Amazon. There have been multiple complaints against them for bypassing foreign investment laws and giving undue advantage to select retailers on their portals.
Kharif Sowing Goes Down
Despite the monsoon revival, July ended with an 8% rainfall deficit. It has hampered the Kharif season with delayed sowing of key crops such as pulses, cereals, and oilseeds across the country.
Total acreage under sowing has fallen by 10% to 721.4 lakh hectares, from 791.8 lakh hectares for the same period last year. Pulses sowing has come down by 10.1%. Cereal sowing is down 15.5% and oilseeds by 10.4% so far this year.