The board of Tata Motors has approved the proposal to demerge the company into two separate listed entities. The commercial vehicles business and its related investments would be housed in one entity while the passenger vehicles businesses including PV (Passenger Vehicle), EV (Electric Vehicle), JLR ( Jaguar Land Rover), and its related investments would be part of the other entity, the auto major said in a regulatory filing. The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of TML (Tata Motors Ltd) shall continue to have identical shareholding in both the listed entities, it added.

State-owned Punjab National Bank (PNB) have partnered with online travel tech platform EaseMyTrip to launch a co-branded credit card. This co-branded travel credit card is aimed at mass to premium customer segments and has been designed to offer a variety of rewards for Indian travellers, a joint statement said.

Digital payments brand Ongo has partnered with Patanjali Ayurved (of Patanjali Foods) to launch open-loop Cobranded Prepaid Cards. These prepaid cards can be accepted on any device on the Rupay network pan India, a joint statement said on Monday. Patanajali-Ongo cobranded card users will earn rewards on purchasing Patanjali products through these cards, it said. Additionally, they can use these cards for various other payments, including shopping, dining, fuelling and e-commerce, it added.

Metropolis Healthcare has received a demand notice for ₹24.46 crore from the income tax authority. The actual demand for AY 2023-24 will come to ₹24.19 crore after adjusting rectification of ₹27 lakh pertaining to AY 2023-24, it added. “We will be filing an appropriate appeal before the CIT (appeal) against the assessment order,” the company said, adding that based on legal advice it believed that the order would not have any immediate material financial impact as there is merit in the accounting principle applied by it.

The Reserve Bank of India has approved the $530-million all-stock merger of AU Small Finance Bank and Fincare Small Finance Bank. The effective date of amalgamation will be April 1 this year, and all the branches of Fincare SFB will function as branches of AU SFB from that day, the Reserve Bank said in a release. Under the deal, shareholders of the unlisted Fincare will get 579 shares of the listed AU SFB for every 2,000 shares that they own. Post-merger, shareholders of FSFB will own 9.9 per cent equity in AUSFB.

Insolvency appellate tribunal NCLAT on Monday set aside a BHEL petition seeking to halt REC from initiating insolvency proceedings against Hiranmaye Energy, formerly India Power Corp (Haldia).

The Reserve Bank of India on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.

AI-powered fintech company Infibeam Avenues has received final authorisation from Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand - CCAvenue.

Sunteck Realty received EDGE green building certification from IFC, a member of the World Bank Group for its project ‘Sunteck WestWorld Naigaon’.

Sunita Tools has announced the establishment of its new subsidiary dedicated to the manufacturing of defence and aerospace parts and components. This strategic move signifies Sunita Tools Limited’s commitment to diversifying its offerings and tapping into new markets with specialised expertise, per the company.

The Right Issue Committee of Arunjyoti Bio Ventures has fixed the record date for the purpose of determining the shareholders who will be eligible to apply for the Rights Equity Shares as March 12. Up to 1,65,67,200 fully paid-up Equity Shares of face value of ₹10 each at par aggregating to ₹3313.44 lakh. Eight Rights Equity Shares of ₹210 each for every one share of ₹10 each held by the Eligible Equity Shareholders in the Company as on the record date, with the right to renounce.

Tanla India’s CPaaS provider has launched of Messaging as a Platform (MaaP) at Mobile World Congress 2024, Barcelona. MaaP, is built upon the Rich Communication Services (RCS) standard to support Google RCS Business Messaging (RBM) and helps operators engage with their customers in richer, more interactive ways, per the company.

NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited, has signed a joint venture Agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) on March 4 at UPRVUNL’s office at Lucknow for development of Renewable Power Parks and Projects in Uttar Pradesh.

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