NCLT allows Future Retail to convene meeting of shareholders, creditors.

Top of the Morning

In this episode find out about the new SEBI chief, also find out about Bharat Pe’s Ashneer Grover exit.
Business Term: Metaverse

Markets remain closed on account of Shivaratri celebrations.

The Mumbai bench of the National Company Law Tribunal on Monday allowed Future Retail Ltd. to convene meetings of its creditors and shareholders. This will be the first step in its ultimate sale to Reliance Retail Ventures Ltd. The tribunal also dismissed Amazon.com NV Investment Holdings LLC’s application challenging the conduct of shareholders meeting

Ashneer Grover, the embattled founder of fintech unicorn BharatPe, has resigned as the managing director and a director on the company’s board, according to a source close to the development.This comes amid a tussle in the company where Grover has found himself on the opposite side of the Board, key investors in the company and his co-founders. The Appointments Committee of the cabinet named Madhabi Puri Buch as next chairperson of the Securities and Exchange Board of India. Buch has been appointed for an initial term of three years, according to a government notification. She replaces Ajay Tyagi whose term ends on Monday. Madhabi Puri Buch is SEBI’s tenth head and its first woman chair. Her appointment marks the first such SEBI chair selection from the private sector after over 15 years. India’s GDP growth slowed down to 5.4 percent in October-December 2021 from 8.5 percent in the previous quarter.The statistics ministry also said India’s GDP will likely grow by 8.9 percent in FY22, down from its first advance estimate of 9.2 percent, released in early January 2022. The Burman family, promoters of Dabur India Ltd said that t it made an open offer for an additional 26 percent stake in Eveready Industries Ltd, which is now controlled by Khaitan Group. The mandatory open offer under the takeover regulations was made as the Burmans acquired an additional 5.26 percent share of Eveready for Rs 122.30 crore, taking their total shareholding to 25.11 percent. The Burman family is the single-largest investor in Eveready Tech Mahindra has announced the launch of TechMVerse,its Metaverse practise to deliver interactive and immersive experiences in the Metaverse for its customers. The company plans to hire and train 1,000 employees for TechMVerse in the first year. Initially, the operations will be spread across Dallas, London, Pun and Hyderabad. Moving on to markets U.S. stocks ended sharply higher on Thursday, led by a 3% gain in the Nasdaq, in a dramatic market reversal as U.S. President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine. The S&P 500 rose more than 1%, ending a four-day slide amid worries over the escalating crisis. The Dow also ended in positive territory. India’s stock benchmarks advanced after recovering from nearly 2% decline in morning session, aided by gains in metal stocks. Benchmark BSE Sensex, after a weak opening today, plunged more than 1,025 points to the day’s low of 54,833.50, before staging a recovery to close 388.76 points or 0.70% higher at 56,247.28, Business Term of the day The term ‘metaverse’ combines the worlds ‘meta’ and ‘universe.’ It is used primarily to refer to an anticipated future iteration of the internet that’s often hailed as Web 3.0. It’s a combination of multiple elements of technology, including virtual reality, augmented reality and video where users “live” within a digital universe. Supporters of the metaverse envision its users working, playing and staying connected with friends through everything from concerts and conferences to virtual trips around to the world.