Corporates

Robin Kamark, who has spent 17 years at Scandinavian Airlines System, will replace Harsh Mohan as nominee director, Jet said. Jet is 24 per cent owned by Etihad Airways.

Tata conglomerate is now likely to be the potential white knight for the debt-laden Jet Airways, but no proposal has been made yet.

The infrastructure finance company, whose board was superseded by the government early last month after it defaulted on payment dues triggering liquidity concerns, had invited EoIs for two of its units last week in its attempt to turn around IL&FS.

Amazon with $736.6 billion is currently at third and Alphabet (the parent company of Google) with $725.5 billion is at the fourth spot.

The departure comes as the airline struggles to keep itself afloat, with rising debt levels and higher oil prices weighing on profits.

Sanjay Kumar will be responsible for commercial operations of the airline and will be reporting to the newly-appointed CEO and MD Sunil Bhaskaran.

Infosys had said earlier this month that it would open a technology hub at Richardson in the US state of Texas, where it would hire 500 techies by 2020.

Apollo's shares have gained about 30 per cent after hitting a four-year low in June, and stock forecasters are more bullish than they have been in a decade.

The developments since September 19 have wiped off over Rs 29,000 crore ($4.06 billion) from the company's market value, as of Tuesday's close.

Jet Airways said it has reviewed its network and is deploying aircraft on more profitable, productive and economically efficient routes.

Cracking whip on the embattled Amrapali Group, the Supreme Court warned the developer to reveal, by December 3, details of all its properties in the name of directors, their family members, relatives, chief financial officers and statutory auditors. The top court made it clear that Amrapali Group is required to disclose "in clear terms" every activity involving transfer of money since 2008. It asked the Amrapali Group and its officials to comply with all its directions. The case relates to non-delivery of flats to around 42,000 homebuyers.

It gave one last opportunity to Amrapali Group and its directors and promoters to comply with each and every direction passed by the court since May last year.

"You can't rush into a complex situation that could cost the group up to $2 billion (143.21 billion rupees) without doing serious homework," the report cited a source as saying.

1,775 entities issued show-cause notice under the Foreign Contribution (Regulation) Act for their failure to submit annual income and expenditure statements on foreign fundings.

Coming down hard on the cash-starved shadow banking industry, the Reserve Bank of India on Monday announced cancellation of registration certifications of 66 non-banking financial companies (NBFCs). Out of the 66 non-banking companies, 22 were based in West Bengal and 18 in Delhi, the central bank said in two separate statements released on Monday evening. These companies "shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934", the RBI said, without citing any reason behind its decision.