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Will support startups with passionate founders: Ratan Tata

Tata group chairman emeritus Ratan Tata, a serial start-up investor, said on Wednesday that he will support startups that have founders who have passion to build sustainable company rather than scaling it up just to sell it. Tata has been investing in startups in India and abroad. Some of these firms include Snapdeal, Urban Ladder, CarDekho, Xiaomi, Ola, DogSpot.in, CashKaro, FirstCry and Teabox. “A founder who has a passion to stay with something and build it into a sustainable company is somebody I tend to support,” he said in an…

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Govt to disqualify over 1 lakh directors for link with shell companies

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money. The latest move comes close on the heels of the corporate affairs ministry cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period. Besides, banks have been asked to restrict operations of these companies’ bank accounts by their directors or their authorised representatives. The ministry has “identified 1,06,578 directors for disqualification under Section 164(2)(a) of the…

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Raghuram Rajan: Demonetisation put new interest burden on RBI as people found ways to convert black money

The failure to stop dodgy cash coming back into the banking system after demonetisation has likely burdened the Reserve Bank of India with additional interest payments running into tens of thousands of crores, former governor of the central bank Raghuram Rajan said Thursday. Latest Reserve Bank of India data shows that all but 1% of the high-value bank notes demonetised on November 8 last year have returned to the banking system, meaning black money hoarders found ways to legitimise their cash that now earns interest. Rajan estimates this burden could be as…

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Amazon opens largest fulfilment centre near Hyderabad

E-commerce giant Amazon on Thursday opened its largest fulfilment centre near Hyderabad with the view to enhance customer experience ahead of the festive season. The four lakh square feet facility with a massive storage capacity of 2.1 million cubic feet has come up at the Rajiv Gandhi International Airport in Shamshabad, about 20 km south of Hyderabad. This is Amazon’s fifth fulfilment centre in Telangana and the largest in India. Amazon has ramped up the storage capacity to 3.3 million cubic feet in Telangana to enable faster deliveries to customers…

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How Does Your Business Compare With Others?

Is your dental practice as profitable as the next one? Are you generating from your landscaping business as much money as the firm across town is? Business owners are busy; the latest U.S. Survey of Entrepreneurs from the Census Bureau found that nearly 1 in 5 owners of businesses with employees worked more than 60 hours a week. In addition to handling a crush of everyday operational challenges, owners are often obsessing over how to generate sales, build customer relationships or improve their product or service. At the same time, however, business…

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Amazon issues refund to customers who bought phoney eclipse glasses

E-commerce giant Amazon is offering refunds to customers who purchased eclipse glasses from the platform and warned them not to use the spectacles to view the total solar eclipse that will occur on August 21. The company began notifying the buyers about the “unverified” glasses on Saturday. Those who did not receive a recall email are safe to use the ones they purchased, CNET reported on Sunday. “We recommend that you do not use this product to view the sun or the eclipse,” the email issuing the warning read. Amazon…

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