The RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect, after the regulator found “serious deficiencies” in the lender’s IT risk management. These actions, the RBI said, were necessitated based on concerns arising out of Reserve Bank’s IT examination for 2022 and 2023, and the bank’s failure to address these concerns in a comprehensive and timely manner.

ITC said that its shareholders will meet on June 6 to decide on a scheme of arrangement between ITC and ITC Hotels.

The Canada Pension Plan Investment Board on Wednesday divested a 2.8 per cent stake in supply chain and logistics firm Delhivery for ₹908 crore through an open market transaction. US-based financial services company Capital Group, Fidelity Investments, HSBC, and the Master Trust Banker Japan Ltd A/C HSBC Indian Equity Mother Fund were the buyers on the NSE. According to the block deal data available with the National Stock Exchange, Canada Pension Plan Investment Board (CPPIB) sold 2,04,50,000 shares, amounting to a 2.8 per cent stake at an average price of ₹444.30.

Rallis India has filed an appeal with the Commissioner of Income Tax (Appeals) against the Demand Order dated March 26, 2024, from National Faceless Assessment Centre, Income Tax Department, aggregating to ₹408.50 crore, including interest, as tax liability for the assessment year 2022-23. The said liability is due to a mistake apparent from the record in calculation of the total income by the Income Tax Department. The company does not foresee any material impact on its financial, or operational or other activities

Jubilant Pharmova has announced that the United States Food and Drug Administration (USFDA) on April 23 concluded an audit of its radiopharmaceutical manufacturing facility in Canada -- Jubilant Draximage Inc., a subsidiary of its wholly-owned subsidiary of Jubilant Pharma Ltd. The USFDA has issued 5 observations on the completion of audit. The company will submit an action plan on the observations.

Hindustan Unilever Ltd (HUL), today announced a change in its Management Committee. BP Biddappa will join the Management Committee as Executive Director, Human Resources and Chief People, Transformation and Sustainability Officer for South Asia. Biddappa will also join the HUL Board as a Whole Time Director, subject to shareholder approval. Anuradha Razdan, currently Executive Director, Human Resources, HUL and Chief HR Officer, South Asia, will be appointed to a global role as Chief Reward & Organization Development Officer for Unilever. This change will be effective June 1.

RITES Ltd, a prime transport infrastructure consultancy, has signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate in Project Management Consultancy for rail infra works. The partnership aims at finding novel infrastructure solutions for upgradation, renovation and development of rail connectivity for power plants and surrounding areas. As part of this collaboration, RITES will work with DVC to develop rail infrastructure facilities and associated civil, structural, S&T, OHE works.

The foundation stone for Azad Engineering’s new lean manufacturing facility was laid by Global President & CEO of GE Vernova Steam Power at AZAD’s new upcoming plant at Tunikibollaram IP, Hyderabad, to serve and support in increasing the capabilities to supply critical rotating airfoils for their nuclear, industrial & thermal turbines.

Khanij Bidesh India Ltd (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) for long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals. KABIL is a JV company of three Indian public sector undertakings - National Aluminium Company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL), under the aegis of the Mines Ministry.

Motilal Oswal Asset Management Company has elevated Prateek Agrawal as MD & CEO with effect from Friday. He will take charge from Navin Agarwal, who will return to the parent company. Prateek, who is currently executive director, joined MO AMC in October 2022. Akhil Chaturvedi, currently Chief Business Officer, has been elevated as Executive Director. He was associated with MO AMC for over 11 years and currently leads sales and operations. All of them will start on their new roles from Friday.

Rail Vikas Nigam Ltd emerges as the Lowest Bidder (L1) from Southern Railway for “Provision of Automatic Block Signaling system from Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway.” The order value is ₹239.10 crore.