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Shekhar Bajaj resigns from Bajaj Auto Board

MUMBAI: Bajaj Auto on June 14 said that Shekhar Bajaj has tendered his resignation as a non-executive Director of the company due to health reasons. The resignation is with effect from June 30, the company said in a regulatory filing. Shekhar Bajaj is the Chairman and Managing Director of Bajaj Electricals since 1994. Meanwhile, the stock of Bajaj Auto declined by 5 per cent after the company said its Board has deferred a decision on its proposed share buyback.

Modi meets his primary school teacher at Navsari

AHMEDABAD: Prime Minister Narendra Modi met his primary school teacher Jagdish Naik at the inaugural event of a multispecialty and cancer hospital complex at Navsari on June 10. Naik was accompanied by his daughter and son-in-law who had VIP invitations. According to media reports, Naik had sent a word to the PM identifying himself as his primary school teacher when he was studying in a school at Vadnagar. PM Modi invited him to a private room, where the two met.

Modi meets his primary school teacher at Navsari

AHMEDABAD: Prime Minister Narendra Modi met his primary school teacher Jagdish Naik at the inaugural event of a multispecialty and cancer hospital complex at Navsari on June 10. Naik was accompanied by his daughter and son-in-law who had VIP invitations. According to media reports, Naik had sent a word to the PM identifying himself as his primary school teacher when he was studying in a school at Vadnagar. PM Modi invited him to a private room, where the two met.

Delhi Cantt station to be redeveloped for Rs 335 cr

Development Authority (RLDA) has invited a Request for Proposal (RFP) for the redevelopment of the Delhi Cantonment Railway Station. The station will be redeveloped for Rs 335 crore and work is expected to be completed in 30 months from the award of the tender. The station was built in 1914 and used to serve primarily the cantonment area. With time, people settled around the Army premises resulting in increased footfalls. The station needs a revamp to meet the renewed demand.

Air India fined Rs 10 lakh by the aviation regulator

NEW DELHI: Aviation regulator DGCA has imposed a fine of ₹ 10 lakh on Air India for denying boarding to passengers holding valid tickets and thereafter not providing mandatory compensation to them. “A series of checks were carried out by DGCA and during our surveillance at Bengaluru, Hyderabad and Delhi, there were specific instances, in the case of Air India – where the regulation is not being followed and therefore, a show-cause notice was issued to the airline and also a personal hearing was afforded,” the DGCA said in a statement.

US Fed effects biggest rate hike since 1994

WASHINGTON: The Federal Reserve announced the most aggressive interest rate increase in nearly 30 years, raising the benchmark borrowing rate by 0.75 percentage points on June 15 as it battles against surging inflation. The Fed’s policy-setting Federal Open Market Committee reaffirmed that it remains “strongly committed to returning inflation to its 2 per cent objective” and expects to continue to raise the key rate.

Sri Lankan official quits amid Adani project row

COLOMBO: MMC Ferdinando, Chairman of the Ceylon Electricity Board (CEB) resigned, days after he told a parliamentary committee that Prime Minister Narendra Modi had “pressured” Sri Lankan President Gotabaya Rajapaksa to clear an Adani Group project in the island nation. The senior Sri Lankan official subsequently withdrew the statement and apologised after President Gotabaya himself “vehemently denied” it.

Mahindra and Srinivasan nominated to RBI Board

MUMBAI: Mahindra & Mahindra Group Chairman Anand Mahindra and TVS Motor Company Chairman Emeritus Venu Srinivasan are one of the few corporate heads who has been nominated by the Government to join the Reserve Bank of India (RBI) Board as part-time Directors. The Government also nominated Zydus Lifesciences’ Chairman Pankaj Patel and Ravindra Dholakia, a former Professor of the Indian Institute of Management, Ahmedabad.

Union Cabinet approves 5G auction for 20 years

NEW DELHI: The Union Cabinet has approved a proposal to auction high-speed fifth-generation (5G) telecom spectrum for 20 years by the end of July. In a meeting, the Cabinet approved the Department of Telecom’s proposal for the auction of 72 GHz of spectrum for a 20-yearperiod by July-end to reduce the cost of doing business for telecom service providers and also decided to “enable the development and setting up of private captive networks to spur a new wave of innovations in industry 4.0 applications”.

Retail inflation drops to 7.04 per cent in May

NEW DELHI: Retail inflation slightly eased to 7.04 per cent in May, according to the data released by the Ministry of Statistics and Programme Implementation. India’s headline inflation touched near-eight-year high of 7.79 pc in April. A sharp drop in the fuel prices after cut in excise duties had significantly contributed to bring down the food prices last month. The Consumer Price Index inflation in May remained above the upper tolerance limit of RBI, for the fifth consecutive month.

Bansal sells Flipkart stake worth Rs 2k-cr to Tencent

NEW DELHI: Flipkart co-founder Binny Bansal has sold his company’s stakes worth $264 million (more than Rs 2,000 crore) to Chinese Internet giant Tencent. The development comes at a time when the neighbouring country has once again hardened its positions along the Indian border. Tencent bought Bansal’s stake, via its European subsidiary called Tencent Cloud Europe BV and now holds 0.72 per stake in Walmart-owned Flipkart, according to media reports. Bansal now holds nearly 1.84 per cent stake in Flipkart.

Tesla executive quits as India plan is put on hold

BENGALURU: Tesla’s key executive, who was leading the lobbying effort for the US electric carmaker in India, has resigned, Reuters reported quoting sources. Manuj Khurana, the executive with policy and business development of Tesla in India, was hired in March 2021 and played a key role in forming a domestic marketentry plan for the US auto giant in the country. Tesla has put on hold its plans to sell electric cars in India.

IAF to acquire 114 jets, 96 to be built in India

NEW DELHI: Amid a big push for the Aatmanirbhar Bharat scheme by Prime Minister Narendra Modi-led Government, the Indian Air Force is planning to acquire 114 fighter jets of which 96 would be built in India, and the rest 18 would be imported from the foreign vendor chosen for the project. The Indian Air Force intends to buy 114 Multirole Fighter Aircraft (MRFA) under the ‘Buy Global, Make in India’ scheme, which allows Indian companies to work with global vendors.