RMG players submit list to DGGI | Zee-Sony merger end: Banks withdraw petitions | Orkla India eyes public listing
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RMG players submit list of 540 illegal betting and gambling firms with DGGI
The Real Money Gaming (RMG) operators have submitted data of over 540 illegal betting and gambling firms to Directorate General of GST Intelligence (DGGI) for operating in India. Recently, the DGGI in its report said that real-money online gaming companies are the largest tax evaders amounting to Rs 82,000 crore.
According to DGGI, real money online gaming companies constituted 41 percent of the total Rs 2 lakh crore evasion uncovered this year. In its report, the DGGI mentioned that offshore companies include various online casinos based in tax havens like Malta, Cyprus, Curacao, and the British Virgin Islands remain uncooperative and seem to intentionally avoid tax compliance. While other entities are difficult to trace, as they operate through VPNs or cloud-based platforms.
Zee-Sony merger end: Axis Finance, IDBI withdraw petitions at NCLAT
Axis Finance, IDBI Bank and IDBI Trusteeship Services have withdrawn their petitions before the National Company Law Appellate Tribunal (NCLAT). The petitions were filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The NCLAT has allowed the petitions' withdrawal noting that the NCLT had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India.
Netflix under fire in India for alleged visa violations and racial discrimination
The Indian government is investigating Netflix for alleged violations related to visa issues and racial discrimination. According to a Reuters report, the email regarding the investigation was sent to the streaming platform’s former director of business and legal affairs for India.
The details of India's investigation were outlined in a July 20 email, reviewed by Reuters, which was written by a home ministry official to Netflix's former director of business and legal affairs for India, Nandini Mehta, who left the company in 2020.
MTR Foods' parent firm Orkla India eyes public listing: Report
MTR Foods owner, Orkla India is likely to launch an Initial Public Offering (IPO) by next year before completing the restructuring of its business, Mint reported.
Orkla ASA, the Norwegian investment company entered India in 2007 by acquiring packaged food company MTR, specializing in spices, pickles, ready-to-cook idli, poha, etc.
In 2011, Orkla India also bought Rasoi Magic, a 100% subsidiary of MTR. In 2020, the company acquired a majority stake in Kerala-based spice company Eastern Condiment. Orkla India has three business units-MTR, Eastern, and International business.
CCI seeks financials from Amazon, Flipkart to decide penalty over anti-trust case
The Competition Commission of India (CCI) has asked Amazon Seller Services and Flipkart Internet to share financial statements to determine a potential penalty in an ongoing antitrust case.
In 2020, the CCI ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements and giving priority to certain listings. In a 1027-page report on Amazon and a separate 1,696-page report on Flipkart- both dated August 9, the CCI investigators said the companies were found to have created an ecosystem where preferred sellers appeared higher in search results, elbowing out other sellers.
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