A tale of two IPOs
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Hi, Digbijay here. Today, Ashwin and I report on two well-known payments startups and their plans to cash in during the upcoming
IPO rush.
SoftBank’s investment in Swiggy gets CCI nod
Antrix urges US federal court to stop Devas
Mobikwik files for IPO, shareholders approve
Paytm’s
It’s finally happening. A clutch of Indian startups, after raising venture capital money, are now set to go public. And it’s happening fast.
The Indian government s refusal to honour the award of an international arbitration tribunal to pay Edinburgh-based Cairn Energy its dues is becoming increasingly embarrassing.
While the energy major has registered cases in various countries - the US, Netherlands, Germany, etc - for seizing government assets like Air India s aircraft, a French court has obliged and ordered a freeze on 20 Indian properties in central Paris.
In a nutshell: The tax department seized and sold a 10 per cent stake in Cairn’s Indian operations in lieu of tax claims for purported capital gains related to restructuring of the company in 2006. The tax department relied on an amendment to the Finance Act which allowed levy of taxes retrospectively since 1962.
Synopsis
Devas Multimedia, a company which is seeking over $1.2 billion it had won in a similar award against the government, and the Indian government are locked in a number of tussles. Then, there is the Vodafone case as well.
Arbitration case: Cairn Energy secures French court order to seize 20 Indian govt properties in Paris
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As India tries to come to terms with the court order allowing Cairn Energy to seize the first batch of overseas Indian assets, problems for the govt may have only just started.
Devas Multimedia, a company which is seeking over $1.2 billion it had won in a similar award against the government, is now likely to push for similar court-mandated measures following today s French order favouring Cairn.
Grofers, Zomato and the big online grocery battle
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Grofers is the latest beneficiary of the boom in
online grocery deliveries. The company is set to become the latest Indian startup unicorn after raising $120 million from
Zomato and
Also in this letter:
HC to hear Twitter India MD’s petition next week
Sequoia picks 13 Indian startups to accelerate
E-grocery sweepstake
E-grocer Grofers has signed a deal with Zomato and Tiger Global to raise $120 million, sources have told us. We were the first to report on May 7 that Zomato was in talks to invest $100 million in Grofers at a $1-billion valuation.
Devas seeks to seize Air India US assets to enforce Antrix arbitration award
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Last Updated: Jun 30, 2021, 08:54 AM IST
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Synopsis
The litigation filed by Devas Multimedia in a US court stems from the cancellation of a satellite deal with ISRO’s Antrix Corp. in 2011 that culminated in the $1.2-billion arbitration award.
Devas Multimedia is the second company after Cairn Energy to target the overseas assets of Air India in its bid to enforce an arbitration award on the government.
Bengaluru:Devas Multimedia Pvt. Ltd.
has filed a petition in a New York court seeking to seize the assets of Air India in the United States as reparation for India’s failure to honour an $1.2-billion arbitration award won by the satellite firm in 2015.