Jet Airways Founder In Custody, Uday Kotak Steps Down As CEO And More: Stories You Don't Want To Miss From The Weekend

Jet Airways Founder to Remain in Custody

Naresh Goyal, the founder of Jet Airways, has been ordered by a special money laundering-focused court to remain in custody until September 11. This decision comes amid ongoing investigations into financial irregularities associated with the airline. Jet Airways, once a prominent player in India’s aviation sector, faced significant financial challenges leading to its operations being halted. The case against Goyal is emblematic of the broader challenges faced by the aviation industry in India, Reuters reported.

Leadership Change at Kotak Mahindra Bank

Uday Kotak, a prominent figure in India’s banking sector, has stepped down from his role as CEO of Kotak Mahindra Bank. His resignation marks the end of an era for the bank, which has seen significant growth and transformation under his leadership. The reasons for his resignation and the subsequent plans for the bank’s leadership structure are keenly awaited by industry observers.

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Tata Steel Closes in on Key Funding for UK Plant

Tata Steel is reportedly in advanced discussions to secure funds for its UK-based plant. The steel giant’s move comes as it aims to bolster its operations in the region and navigate the challenges posed by the global steel market. The UK plant has been a focal point of Tata Steel’s European operations, and securing funds will be crucial for its future endeavors in the region, the Economic Times reported.

BSE Revises Circuit Limit for Several Stocks

The Bombay Stock Exchange (BSE) has announced revisions to the circuit limits for multiple stocks, including Jio Financial and RailTel. Circuit limits are mechanisms to prevent excessive volatility in stock prices, and their revision can impact trading patterns for the affected stocks. Such measures are taken to ensure market stability and protect investors from abrupt price movements.

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Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.