Reliance Fine Relief, Ola Electric's Losses, Vedanta Chip Partner And More: Top Stories From Weekend You Can't Miss

Reliance Industries’ Fine Overturned by Tribunal

The Securities Appellate Tribunal (SAT) in India has overturned a fine of ₹250 million that was imposed on Reliance Industries Ltd by the Securities and Exchange Board of India (SEBI). The fine was originally levied due to alleged fraudulent trading practices related to Reliance Petroleum Ltd in 2007. However, the tribunal ruled that SEBI failed to provide sufficient evidence to support the charges, Reuters reported.

Ola Electric’s Losses Ahead of IPO

Ola Electric, the electric vehicle arm of ride-hailing giant Ola, recorded a loss of ₹1020 crore in the financial year 2022-23, according to sources. The company, which is preparing for an initial public offering (IPO), also saw its revenue from operations fall by nearly 90% during the same period, Reuters reported.

India Allows Firms to List on GIFT IFSC

India is allowing domestic firms to list directly on exchanges in the Gujarat International Finance Tec-City (GIFT) as it seeks to attract foreign flows and compete with global financial hubs. The move is part of a broader plan to make GIFT IFSC a gateway for raising capital for infrastructure development, Bloomberg reported.

Nearly 96,000 Companies Voluntarily Wound Up in the Past Five Years

Nearly 96,000 companies have voluntarily wound up in the past five years, according to data from the Ministry of Corporate Affairs. The data also revealed that 1,481 companies were ordered to be wound up by the National Company Law Tribunal (NCLT) during the same period, Mint reported.

Four-Five Semiconductor Firms Exploring India Packaging Plant

Following US chipmaker Micron Technology’s planned investment in India to set up a semiconductor packaging plant, four to five other chipmaking companies have expressed interest in setting up a similar plant in the country. These companies have reached out to the Centre post the Micron announcement, according to Minister of State for Electronics and IT Rajeev Chandrasekhar, Indian Express reported.

Vedanta to Soon Have a Tech Partner for Semicon Ambitions After Foxconn Break-Up

Vedanta chairman Anil Agarwal has announced that the company has found a world-class tech partner for its semiconductor unit in India and is in the process of tying up. This comes after Taiwan’s Foxconn withdrew from a deal valued at $19.5 billion (₹1.6 lakh crore), shattering the company’s chipmaking plans, the Economic Times reported.