Ruchi Soya second-round bidding on Jun 11; Patanjali to submit revised bid

Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to acquire bankruptcy-hit Ruchi Soya, is likely to submit a revised bid tomorrow as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value. 

The Committee of Creditors (CoC) in its last meeting held on May 30 had set the stage for an aggressive bidding between the two suitors for Ruchi Soya to maximise the value of the assets, sources said, adding that the COC in consultation with the independent evaluator has decided to adopt a Swiss challenge. According to sources, Patanjali group has submitted its undertaking of having no objection to the 'Swiss Challenge' process adopted by the lenders. When asked about the development in the bidding process, Patanjali spokesperson S K Tijarawala said: "Whatever process is being adopted by the CoC, we will follow it."

India seeks UK help in extradition of Mallya, Lalit Modi

India on Thursday sought the help of United Kingdom forearly extradition of liquor baron Vijay Mallya and former IPL honcho Lalit Modi andin locating diamantaire Nirav Modiduring the third Indo-UK home affairs dialogue here, officials said.

New Delhi also asked London not to allow the British territory to be used for anti-India activities by Kashmiri and Khalistani separatists.

"We have sought the help of the authorities in the UK in extradition of our wanted persons. The process is on and everyone knows because of our proactive action, Mallya had to go to a court in the UK," an official privy to the two-hour long meeting here.

While the Indian delegation was led by Union Home Secretary Rajiv Gauba, the UK team was led byPatsy Wilkinson.

WPP shares fall 6% as company, investors adjust to post-Martin Sorrell era

WPP entered uncharted territory on Monday after the exit of founder Martin Sorrell left the world's biggest advertising company rudderless at a time of intense industry change.

Shares in WPP fell 6 percent after Sorrell, the driving force behind 33 years of dealmaking and relentless expansion, stepped down on Saturday after the board investigated an allegation of misconduct.

David Herro of Harris Associates, WPP's biggest shareholder according to Thomson Reuters data, said Sorrell would be missed.

"Sir Martin is a visionary, a legend in advertising and a skilful businessman," he said. "The circumstances surrounding this are regrettable as is a leadership transition without Sir Martin's involvement.

Banking fraud fallout: Court allows ED to grill those held in PNB case

A special CBI court today allowed the Enforcement Directorate's plea seeking permission to interrogate employees of the Nirav Modi group firms who are in judicial custody in the alleged Punjab National Bank (PNB) fraud.

"The ED's plea is allowed," said special CBI judge S R Tamboli.

The agency had last week approached the court seeking its nod to question some of the accused, arrested by the CBI, who are in judicial custody at present.

The accused are lodged in high security Arthur Road Jail in Mumbai.

"We had sought permission saying that we have registered a case and we want to interrogate them," said an ED official.

The ED had sought permission to interrogate Vipul Ambani (president, Finance, Fire Star Diamond--a Nirav Modi group firm), Manish Bosamiya (then assistant general manager, Operation, of Firestar International Pvt. Ltd), Miten Pandia (then Financial Manager at Firestar International), Sanjay Rambhia (Auditor of Nirav Modi group), Vipul Chatalia (Vice President, Banking operations, Firestar) and Kavita Mankikar (executive assistant and authorised signatory of Diamond R US, Stellar Diamond, and Solar Exports).

US stocks roar back as trade war fears fade; Dow jumps 2.84%

Stocks rose almost everywhere on Monday, reflecting optimism that the United States and China are set to begin negotiations on trade.

MSCI's world equity index, which tracks shares in 47 countries, rose 1.53 percent after touching its level since Feb. 9, stirred by expectations that U.S. Treasury Secretary Steven Mnuchin would try to reach an agreement with China.

Hope of a rapprochement abbreviated the markets' hangover about a trade war pitting the world's two largest economies against one another.

The Dow Jones Industrial Average rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 <.SPX> gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite added 227.88 points, or 3.26 percent, to 7,220.54. Each index turned in its best day of performance since August 2015. 

Global stocks tank most since Nov; Facebook data breach drags tech stocks

US stocks joined a broad decline in global equity markets on Monday as traders turned cautious ahead of the Federal Reserve's policy meeting this week and amid continuing concerns about the threat of a global trade war.

The Dow Jones Industrial Average fell as much as 425 during the session and ended won 335.60 points, or 1.35 per cent, at 24,610.91. The S&P 500 index lost 39.09 points, or 1.42 per cent, to 2,712.92 and the tech-heavy Nasdaq Composite index dropped 155.07 points, or 1.8 per cent, to 7,334.24.
MSCI's main 47-country world stock index fell 1.1 per cent in afternoon trading after European stocks dipped and benchmark US indexes declined. Global equities are on their worst run since November.
Facebook shock to tech stocks

At the same time, shares of Facebook Inc shed nearly 7 per cent after reports that a political consultancy that worked on US President Donald Trump's 2016 campaign gained inappropriate access to data on 50 million of the social network's users. That decline dragged other technology stocks, which have led the market higher over the last two years.