Elixir Legal Services has an expert attorney team dealing in Technology, Media, and Telecommunications Law in India, and represented clients, in legal proceedings involving the Indian telecommunications regulator and appellate body, the information and broadcasting ministry, and High Courts and the Supreme Court of India regarding telecom policy matters.

Indian Startup News Stories You Don’t Want To Miss This Week

The Union's budget for 2019 was presented in Parliament by Finance Minister Nirmala Sittraman

Ola obtained a license to operate a private vehicle (PHV) to operate in London

OYO Hotels and Homes in Southeast Asia has expanded into Vietnam

We bring you the latest version of News Roundup: Indian Startup Stories of The Week!

This week, Finance Minister Nirmala Sittraman presented the EU's 2019 budget to parliament. The Government has announced favorable measures to begin, including a very predictable clarity on the Angel Tax case. Citraman said that to solve the problem of Angel Tax, startups and investors who make the required statements will not be subject to any kind of scrutiny with respect to valuing the equity premium.

Through the new budget, Sitharaman said that the inclusion of solar storage batteries and cargo infrastructure in the FAME system would give a strong boost to manufacturing, which is essential for India to jump and become a global hub for the manufacture of these compounds. To read more about Union Budget 2019, click here.

Not only that, the annual economic survey for the period 2018-1919 called for an ideal fiscal policy for new companies so that they could help innovative investments in the Indian economy. The survey indicated that growth in the new economy can not be promoted without an ecosystem that rewards innovation and entrepreneurship. Recognizing the fact that new companies and innovative companies face a great deal of uncertainty compared to traditional "brick and mortar"

The remaining week was full of interesting developments on Ola's global expansion, and Flipkart sought to revise its foreign direct investment rules and more. Here's a look at India's important start-up news during the week.

Important news stories from the beginning of the week in India

Still thinking about pharmacy rules: Center tells Delhi HC

In a statement before the District Court of Chief Justice DN Patel and Judge C Hari Shankar, the Permanent Attorney of the Government, Kirtiman Singh, said that measures had been taken to draft the pharmacy rules and that the process was under consideration. The Center also gave more time to present its response to a statement of disdain. The issue will be heard on 24 September.

The international agenda for M Modi includes data localization and 5G

At the G-20 Summit of the Member States in Osaka, Japan, Prime Minister Mody spoke with his international colleagues about 5G technology, trade, data settlement, terrorism and other problems. Most of the G-20 countries signed the Osaka Path, a general framework that encourages cross-border data flows and enhanced protection by Japanese Prime Minister Shinzo Abe. India has continued its tough stance against such a free flow of data with Indonesia and South Africa remaining on its side.

Protest, illegal operations and deception fees in companies

The Ministry of Industry Promotion and Internal Trade (DPIIT) held two online food aggregators such as Swiggy, Zomato, Uber Eats and Foodpanda for a meeting. It is said that the meeting was held to discuss the complaints of traditional restaurants, which claimed Internet companies large discounts and predatory prices. DPIIT wants to discuss areas of common interest between online and offline stakeholders and develop viable solutions to achieve equitable growth in the industry.

Bank of Delhi Supreme Court Division, Chief Justice DN Patel and Judge C Hari Shankar, issued a notice to Reserve Bank of India (RBI) and PayPal. A statement submitted by economist Abhijit Mishra at the Delhi Supreme Court claimed that the operation of PayPal as a payment system in India contravened Article 4 (1) of the 2007 Settlement and Settlement Systems Act (2007 Act). Mishra alleges that Paypal Payments Private Limited does not appear as a licensed operator under the list of "Payment Operators" published by RBI on 27 May 2019. Please note that this list describes RBI-approved operators to establish and operate in India under the 2007 Act.

Hrithik Roshan, who is also the brand ambassador to Curefit Cult.Fit, was accused of fraud with three Cult.Fit officials, following a complaint filed by one of the participants alleging that "false promises" had been made in the company's announcements about the services provided by the gym. trending startup news India The plaintiff claimed that he did not receive daily training at the Cult.Fit Gymnasium, although he paid "unlimited" tuition fees. In a statement, Cult.Fit said it was cooperating with the authorities "in accordance with due process and evaluating corrective actions".

Ola’s International Expansion, Uber Plus And More

Ola, a Unicorn taxi service based in Bangalore, has obtained a license to operate a private car rental operator (PHV) in London. This will allow the company to launch operations in London in September. The company expanded to the UK for the first time in August 2018.

The Ministry of Transport has informed Uber that their joint transport services are not permitted under the Karnataka Transport Act. Therefore, they have asked companies to withdraw assembly services, effective immediately. The Department of Transport plans to make a decision after consultation with the state government.

Uber is now testing a reward program for its drivers in India. The program, Uber Plus, is being tested for a selected base of drivers in Delhi, Mumbai and Chandigarh. Under Uber Plus, the company offers an exclusive loyalty loyalty program to allow drivers to ensure more savings and exciting rewards, while continuing to drive with Uber.

The central government in India plans to implement a notice to state governments to promote the use of shared travel services, and transport companies such as Ola and Uber have also started. The center is said to believe such practices are necessary to reduce air pollution and relieve congestion in Indian cities.

OYO expands to Vietnam

The OYO Hotels & Homes chain has expanded in Southeast Asia through its penetration into Vietnam, with more than 90 hotels in six major cities, including Hanoi and Ho Chi Minh City. OYO plans to expand into more than 10 cities in Vietnam by the end of 2020. The company has also committed to invest $ 50 million over the next few years to transform the hotel landscape in Vietnam to create more than 1,500 direct and indirect jobs. . To help the country throughout its economic course.

Flipkart is ready to review FDI standards and more

Kallian Krishnamurthy, CEO of Flipkart, said the company fully complies with India's foreign direct investment rules and is ready to face any scrutiny to prove it. Walmart's etamart is reviewing the brokerage agreements signed in March this year to circumvent e-commerce rules. At a meeting, the Minister of Trade and Industry, Biosh Gueil, asked Flickrkart to show compliance with the latest FDI standards for online markets, which were implemented earlier this year.

Flipkart announced plans to integrate 50,000 SMMs into its statute by the end of 2019. MSME Connect will also help expand its position in Tier 3 cities and small cities. Flipkart claims to have nearly 100,000 sellers of SMEs on its platform.

According to reports, trending startup news India the new e-commerce policy is expected to require e-commerce markets such as Amazon and Flipkart to demonstrate that product discounts are offered by the seller online and not through the e-commerce platform. According to reports, the policy may set up the maximum discount that can be offered on the product.

TikTok rejects accusations of sharing user data with China

Chinese video application TikTok denied allegations by Congressman Shashi Tharoor that the application illegally sent data about Indian users to the Chinese government. Tharur claimed that there were reports that the Chinese government was receiving data from users of the state-owned giant China Telecom. TikTok issued a statement on Tuesday denying that the allegations are true. "The privacy and security of our users is a priority for TikTok, and we are committed to local laws and regulations in the markets in which we operate," he said.

How Indian-Born Tycoon Chinnakannan Sivasankaran's Luxe Trip Dwelling Acquired Tangled In Canadian Probe

http://tinyurl.com/y4s4xolo There’s little proof to indicate the mansion was purchased with prison proceeds. It seemed to be the coup de grace of a Canadian soiled cash probe into actual property: a sprawling island manor off the coast of Vancouver that the federal government stated was linked on to an alleged prison conspiracy at a state-run Indian financial institution. A six-month investigation commissioned by the province of British Columbia had scoured greater than 1,000,000 land titles for indicators of illicit funds swirling by means of Canada’s costliest housing market. Whereas hundreds of properties had been flagged as suspect, nearly all fell wanting clear prison hyperlinks. Save one, in line with the probe’s closing report. “Most astonishingly,” Legal professional Basic David Eby declared at a press convention when it was offered, “a C$3.5 million ($2.6 million) Gulf Island property acquired with funds allegedly embezzled from a $90 million mortgage fraud in India.” It seems the federal government jumped the gun on that too. There’s little proof to indicate the mansion was purchased with prison proceeds – it was bought by an Indian entrepreneur lengthy earlier than he confronted the accusations of fraud. The tenuous hyperlink is the newest misstep by the provincial authorities after multi-billion greenback laundering estimates it offered that very same day failed to carry as much as scrutiny. Premier John Horgan is below stress to ship solutions to a public outraged that the price of a typical Vancouver house has surpassed 1,000,000 {dollars}. He is blamed the worth surge on what he is referred to as “unchecked” fraud and launched a proper inquiry into cash laundering in a bid to chill the market. The probe exhibits that proving ties to prison exercise is not really easy. A path of paperwork reveals that the property’s been linked since 2005 to a flamboyant Indian-born telecom tycoon, Chinnakannan Sivasankaran, who transferred its possession whereas topic to an asset freeze as collectors chased him by means of courts within the U.Ok., India and the Seychelles. Sivasankaran declined to be interviewed for this story or to reply to the B.C. claims the property could have been bought with embezzled funds. He additionally declined to reply questions on whether or not he supposed to make use of the property to settle a few of his corporations’ money owed. Vancouver’s Soiled Cash Figures: The Smoking Gun That Wasn’t The property in query is glamping for the mega wealthy — a timber-and-glass cabin perched in a 26-acre wooded property with views stretching to Mt. Baker in Washington state. It sits on the southern tip of Salt Spring Island, a halcyon haven of hippies, retirees, and trip properties usually owned by rich People. Land title information checklist the proprietor as Axcel Sunshine Ltd. — a British Virgin Islands-based shell that Indian investigators say is managed by Sivasankaran and was utilized in an alleged fraud at Mumbai-based IDBI Financial institution Ltd. Evergreen Loans In line with India’s Central Bureau of Investigation and U.Ok. courtroom filings, Sivasankaran and his deputies allegedly conspired with former IDBI executives to acquire an $83 million credit score facility for Axcel in 2014 with a purpose to repay loans to different Siva Group corporations that had soured — a observe referred to as “evergreening” that is been frequent amongst Indian banks holding the world’s worst bad-loan ratio. Inside that ignominious group, IDBI has the worst bad-loan ratio. Of the $67 million that was truly disbursed to Axcel, the complete quantity has been accounted for — it was used to clear the dues of six Siva Group corporations, in line with the CBI. In different phrases, that cash does not seem to have ended up in Salt Spring, regardless of the claims by the B.C. authorities. Sivasankaran had already purchased the property lengthy earlier than the alleged mischief at IDBI and when his star was nonetheless rising. Sivasankaran constructed a fortune beginning within the 1980s by anticipating the desires of India’s aspirational shoppers: cut-rate private computer systems, cellphones, a Starbucks-copycat named Barista. Siva Group, the sprawling conglomerate he based, claimed annual revenues of $Three billion at one level. When he bought the Canadian property by means of a unit in 2005, the tycoon was on the cusp of clinching a mega deal — the sale of Indian cell provider Aircel Ltd. to considered one of Malaysia’s richest males for about $1 billion. As his wealth grew, so did his style for the finer issues in life: gold Rolexes, presidential suites on the Ritz-Carlton, and at the least three personal planes, in line with a 2014 Enterprise Normal profile. The Salt Spring property is decidedly modest in comparison with his different actual property sprees just like the “Hammer Time” mansion in California — a 40,000-square-foot enormity with gold-plated gates and a 17-car storage that he purchased from M.C. Hammer when the rapper might not afford to maintain it. Again-Up Yacht “A primary-class flight remains to be public transport,” Sivasankaran advised Singapore’s The New Paper in 2008 after paying $1 million for a 12 months’s membership in an elite membership to complement his transport, with 4 jets and two yachts as “again up.” If the 62-year-old mogul had supposed to cover a few of his huge wealth, he would’ve discovered few locations as welcoming as Canada. The nation has lengthy accepted money of unknown origin from world wide with few questions requested and guarded the anonymity of homeowners as tightly as any tax haven, whereas lending transactions a veneer of respectability — a course of quaintly referred to in worldwide regulation enforcement circles as “snow washing.” Sivasankaran — higher referred to as Siva — did not take full benefit of Canada’s veil of secrecy. He used an eponymous Bermuda-registered shell Siva Ltd. to purchase the property for C$3.6 million in 2005, in line with B.C. property information. His title and signature seem in land title paperwork almost a decade later when the residence was transferred to Axcel. World Chase Sivasankaran has proved slippery previously: Bahraini telecom operator Batelco spent years chasing him by means of courts within the U.Ok., India and the Seychelles — the place in some unspecified time in the future he’d change into a citizen — to pay a declare associated to a failed three way partnership. A London courtroom positioned a worldwide freezing order on Sivasankaran and Siva Ltd.’s property in July 2014. In an obvious violation of that order, inside days, Sivasankaran had listed the Salt Spring property on the market and transferred it in a non-public transaction to Axcel, in line with B.C. property information. The property has been put in the marketplace at the least thrice since 2011 for about C$7 million. It is by no means offered. In the meantime, the head-scratching case involving the Indian financial institution drags on. IDBI filed an $86 million declare in opposition to Axcel, which didn’t repay the mortgage used to repay the opposite Siva Group dues. Axcel has acknowledged it owes the quantity, however its attorneys advised the courtroom that “our shopper doesn’t have the property and/or assets to satisfy the funds due.” “Because the proceedings haven’t concluded, it could be inappropriate to remark or confirm your question in relation to a property in Canada,” Scarmans, the regulation agency representing Axcel and one other Siva Group firm that backed its mortgage, stated in a letter. “Each corporations have confirmed to us, because of your enquiry, that they’re unaware of any cash laundering investigation in Canada or in any other case.” IDBI’s U.Ok. attorneys four Pump Courtroom and TLT LLP, and the workplace of the B.C. lawyer basic declined remark. Wild deer graze outdoors the Salt Spring property because the peal of an unanswered doorbell echoes by means of the woods. Whether or not the property is ever used is anybody’s guess — there is not any neighboring house close by. It will not go down as one of many higher investments by a dealmaker as soon as referred to as considered one of India’s shrewdest. The property is presently assessed at C$3.eight million — adjusted for inflation, lower than what Siva Ltd. paid for it 14 years in the past. It is an ironic twist provided that the cash laundering probe which singled out his property was prompted by outrage on the speedy escalation in actual property costs within the province. Scott Simmons, a realtor on Salt Spring, reckons it’d promote for about C$Three million. He is by no means heard of Sivasankaran and is doubtful {that a} flood of soiled cash has actually fueled housing costs. That stated, throughout his 20 years there as a realtor, occasionally the police appear to swoop in and nab white-collar crime suspects on the sleepy island, he says. “It is like clockwork,” he says. “They assume it is the top of the earth out right here.” (Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.) (function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0];if (d.getElementById(id)) return;js = d.createElement(s); js.id = id;js.src = "http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.5&appId=213741912058651";fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk')); Source link

Elixir Legal Services has an expert attorney team dealing in Technology, Media, and Telecommunications Law in India, and represented clients, in legal proceedings involving the Indian telecommunications regulator and appellate body, the information and broadcasting ministry, and High Courts and the Supreme Court of India regarding telecom policy matters.