The business wrap: SC finds Vijay Mallya guilty of contempt of court, and 6 other top stories
Other headlines: A UN report said demonetisation alone could not curb black money, and the IMF predicted India’s growth will touch 7.2% in 2017-’18.
A look at the headlines in this sector right now:
- Supreme Court holds Vijay Mallya guilty of contempt, asks him to be present before it on July 10: A consortium of banks had accused the businessman of transferring USD 40 million to his children in violation of a court order.
- Demonetisation alone will not stop the flow of black money, says UN report: The United Nations has suggested the government use supplementary measures to target undeclared wealth and assets.
- India’s growth to touch 7.2% in 2017-18, predicts International Monetary Fund: Cash shortages caused by demonetisation are likely to ease in 2017, the organisation added.
- IT professionals file petition with Tamil Nadu government against layoffs in Cognizant: The software company, in its defence, said the employees were asked to quit because they performed poorly.
- Maruti Suzuki partially replaces manpower with robots at its Manesar and Gurugram plants: The robots are working in the automated weld, paint and press shops whereas manual work is limited to the car assembly.
- The Netherlands’ massive new offshore wind farm promises green energy to 1.5 million people: With 150 turbines located north of Ameland in the North Sea, the Gemini windpark will supply at least 7,85,000 Dutch households.
- Adi Godrej’s daughter to head Godrej Consumer Products: Nisaba will assume the new role of executive chairperson on Wednesday.