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Snapdeal washes hands off Aamir Khan intolerance controversy</br> Distancing itself from the controversial remark by superstar and its brand ambassador Aamir Khan on intolerance, ecommerce major Snapdeal said the comments were made by the actor "in his personal capacity" and the firm is "no way connected" with them. "Snapdeal is neither connected nor plays a role in comments made by Aamir Khan in his personal capacity. Snapdeal is a proud Indian company built by passionate young Indians focused on building an inclusive digital India," Snapdeal said in a statement. The controversy also raged online, with Netizens airing their views on Twitter. While many users deleted the Snapdeal app to show their protest against the ecommerce firm of which Aamir Khan is a brand ambassador, others have given a one-star rating (lowest). "Dear @snapdeal I will not purchase anything from you until you remove @aamir_khan as brand ambassador. Will boycott #AamirKhan movies," read one tweet.
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Mahindra XUV500 automatic launched priced at Rs 15.36 lakh </br> Mahindra & Mahindra launched its premium sports utility vehicle Mahindra XUV500 automatic at a starting price of Rs 15.36 lakh (ex-showroom Navi Mumbai). The Mahindra XUV500 is the only SUV in its class to offer a second generation six-speed automatic transmission with all wheel drive (AWD) as an option. The Mahindra XUV500 automatic, whose W8 FWD variant will be sold at the starting price, will be available across Mahindra dealerships from December 5 onwards, Mahindra & Mahindra (M&M) said. "The Mahindra XUV500 already has many technology firsts to its credit and now we have further pushed the boundaries with the introduction of the XUV500 Automatic," Mahindra President Pravin Shah said. The company has sourced the new automatic transmission for the first time from the leading global supplier AISIN, Japan.
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Hyundai Elite i20 sales at 1.5 lakh </br> Hyundai Motor India today said one of its best selling model Hyundai Elite i20 sales crossed the 1.5 lakh unit mark in the domestic market. The Hyundai Elite i20 launched in March 2014 commands 66 per cent market share in the premium compact segment in the Indian auto market. "We are overwhelmed with customers' response by receiving unprecedented 1,50,000 domestic sales for the Hyundai Elite i20," Hyundai Motor said. With Hyundai Elite i20, HMIL has fortified its position in the premium compact segment in India and demonstrated excellence of 'Made in India' products with global standards, the company said.
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Delhi Metro services hit at Blue Line section due to India International Trade Fair (IITF) rush </br> Delhi Metro services on Blue Line, the busiest corridor, were severely hit today owing to "excessive" passenger rush at the Pragati Maidan station due to the ongoing India International Trade Fair (IITF). Passengers travelling on this over 50-km-long section, that connects Dwarka to Noida, were left stranded for long durations, in cases stretching to an hour. Trade fair is witnessing a large crowd due to Guru Nanak Jayanti being a holiday. "Due to excessive crowd at Pragati Maidan station, trains are halting for more than 20 seconds, which is the usual duration. This is because doors are not shutting on time," a senior metro official said. Metro train cannot move if automated gates are shut. Impatient commuters vented their frustration on the authorities, wondering why they could not at least make announcements stating the reason for the delay. (Image Source: Reuters)
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CVC examines Wal-Mart's top executives over corruption charges </br> Top executives of the US-based world's biggest retailer Wal-Mart have been examined by Central Vigilance Commission (CVC) amid allegations that the company gave bribes to government officials to get customs clearances and obtain permits to set up stores in India. The company officials have submitted balance sheets of past seven years and sought time to give some more documents required by the anti-corruption watchdog. "We had summoned Wal-Mart's officials. Following which, two of their senior executives including company's India head have been examined. They have sought time till December 15 to submit more documents relevant in the case," Vigilance Commission said. It is for the first time that the probity watchdog has started investigations involving a private company. </br>(Image Caption: Shoppers look at merchandise at a Walmart store in Secaucus, New Jersey (Reuters))
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Tinder's downloads in India up 400%; women more active </br> Online dating app Tinder today said it has witnessed a 400 per cent increase in downloads in the country in the past year, and women are more active in using the application than men. "We are truly excited about the rapid adoption of Tinder in India…women particularly seem to love Tinder, sending more Super Likes than men each week, which is incredibly empowering," Tinder's India head Taru Kapoor said in a statement. Without disclosing absolute numbers, the app which competes with others like TrulyMadly, OkCupid and Woo, said it has witnessed a 400 per cent increase in downloads in past year. It said Indians are sending one million 'super likes' per week on the application, with women being more active in sending the 'super likes'.
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Hero MotoCorp's Pawan Munjal is India's highest paid director </br> Hero MotoCorp's promoter Pawan Munjal emerged as the highest paid director among the top listed private companies, taking home a pay packet of nearly Rs 44 crore last fiscal, followed by two other executives of the auto group, says a report. The group's two other promoters – late Brijmohan Lall Munjal and Sunil Kant Munjal – were the second and third most paid directors during 2014-15 period, according to proxy advisory firm InGovern. Brijmohan Lall, who passed away earlier this month, had a pay packet of Rs 43.64 crore, while that of Sunil Kant Munjal stood at Rs 41.87 crore. Desh Bandhu Gupta, chairman of Lupin, earned a salary of Rs 37.58 crore, while Larsen & Toubro chairman A M Naik drew an annual remuneration of Rs 27.32 crore.
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'India leads in corporate responsibility reporting globally' </br> India along with three other nations lead the way globally in terms of reporting on corporate responsibility activities, with companies making more disclosures especially due to mandatory regulatory requirements, says a survey. The KPMG survey of Corporate Responsibility Reporting 2015 released today said India leads corporate responsibility (CR) reporting rates in the world. The Asia Pacific region has overtaken others on CR reporting rates, with India amongst the top 10 countries. "More companies (79 per cent) now report on CR in Asia Pacific than in any other region, followed by the Americas (77 per cent) and Europe (74 per cent)," it said. As per the report, the overall rate worldwide is increasing, with around 73 per cent of the companies now reporting on CR. (Image Source: Reuters)
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US FDA talks of DRL drug import ban if flaws are not fixed</br> The US Food and Drug Administration (US FDA), which had issued a warning letter to Dr Reddy's Laboratories over quality issues, has said it might withhold approval of the company's fresh drugs and stop import if no corrective action is taken. The regulator said it had found several violations with regard to current good manufacturing practices (CGMP) at threeof its plants. "At Dr Reddy's Laboratories' facilities, we identified significant deviations from CGMP for manufacturing of active pharmaceutical ingredients (APIs)… we found significant violations of CGMP regulations for finished pharmaceuticals," US FDA noted. "FDA strongly recommends that you evaluate global manufacturing operations to ensure compliance with CGMP regulations and requirements, comprehensively and immediately," the regulator said in its letter on November 5 addressed to Satish Reddy, DRL Chairman. (Image Source: Reuters)
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Companies may raise $5 bn via masala bonds over 3 years: S&P </br> Indian companies could raise up to USD 5 billion over the next three years through issue of offshore rupee or masala bonds, but success of the new instrument will depend on competitive pricing and attractive returns, a report said today. In the report titled 'The Success Of Masala Bonds Will Depend On Satisfying International Investors' Palate', Standard & Poor's Ratings Services (S&P) said masala bond issuers will seek competitive pricing and funding diversification, while investors will pursue adequate returns that factor in their estimates of currency risk. The nascent market for rupee-denominated offshore bonds, colloquially called masala bonds, holds good promise for diversifying the funding for Indian issuers, S&P noted. (Image Source: Reuters)
