Here's a rundown of 11 significant news stories to keep you in the know:
#MostRead⚡
Shilpa Shetty invests Rs 2.25 crore in Shark Tank fame, Direct-to-Consumer startup, WickedGud
WickedGud, a direct-to-consumer (D2C) startup, announced on Monday a significant investment from Bollywood actress and fitness guru, Shilpa Shetty. The Mumbai-based company, 100Percent Nourishment Pvt Ltd, which markets healthy indulgent food products under the WickedGud brand, said that it has raised Rs 2.25 crore from Shetty.
"This latest investment from Shetty, a serial start-up investor known for her healthy lifestyle advocacy, follows previous funding from Titan Capital, Mumbai Angels, NB Ventures, Dholakia Ventures, Venture Catalyst, and other marquee founder angels including boAt co-founder Aman Gupta," the company said in a statement.
Sameer Wankhede case: CBI FIR reveals conspiracy to extort Rs 25 crore from Aryan Khan
The Central Bureau of Investigation (CBI) revealed on Monday that two independent witnesses in the Aryan Khan drugs case had planned to extort Rs 25 crore from Khan who was arrested on charges of alleged possession of narcotic substances in 2021. The two independent witnesses named in the CBI FIR were Kiran Gosavi and Prabhakar Sail.
The details of the FIR filed by the FIR came a day after the probe agency booked Sameer Wankhede, the IRS officer and former Mumbai Narcotics Control Bureau (NCB) chief, on charges of corruption, extortion and criminal conspiracy. Wankhede was the Zonal Director with the NCB when the drug case involving Shah Rukh Khan's son, Aryan Khan, came to light.
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IBM employee on sick leave for last 15 years sues company for not hiking salary
A senior employee who has been on sick leave for the past 15 years while working for software giant IBM in the United Kingdom sued his company for discrimination because he didn't get a raise.
What is the case?
According to a report published in The Telegraph, the employee, named Ian Clifford, has been employed at IBM since 2008, and according to his LinkedIn profile, he has been "medically retired" since 2013.
Clifford first requested a sick break in September 2008 and remained on it until he filed a grievance in 2013. IBM took note of his complaint and offered him a "compromise agreement" in which he was added to IBM's disability plan as an employee with "no obligation to work" who was unable to work but was not fired.
Infosys’ top performing employees rewarded with allotment of over five lakh shares
IT behemoth Infosys allotted over 5.11 lakh equity shares to its employees eligible under two schemes on May 12, the firm announced in a stock exchange filing.
In 2023 so far, the company’s stock has erased about 17 percent of investors’ wealth as against benchmark index Sensex which has gained 1.7 percent this year. Infosys has allotted 5,11,862 equity shares to its employees eligible under two schemes — 1,04,335 equity shares under the 2015 Stock Incentive Compensation Plan and 4,07,527 equity shares under the Infosys Expanded Stock Ownership Program 2019.
#Layoffs 📢
Amazon sacks 500 employees in India as a part of global workforce reductions
Global e-commerce giant Amazon has gone through a fresh round of layoffs in India across different businesses and functions. As per the reports, at least 500 employees in the country are being let go by the company under the current layoffs.
Multiple media reports said that these layoffs are affecting various departments, including Amazon Web Services (AWS), human resources, and support functions.
#Indepth 🔎
Mamata Banerjee's TMC to support Congress in 2024 Lok Sabha elections, but conditions apply
West Bengal Chief Minister and TMC supremo Mamata Banerjee said on Monday that her party will support the Congress where it is strong in the 2024 Lok Sabha elections. However, she put forth a condition before Congress in exchange for the TMC's support.
"Wherever the Congress is strong, let them fight. We will give them support, there is nothing wrong (in that). But, they have to support other political parties, too," she was quoted by PTI as saying.
#startupnews 👩💻
Goldman Sachs-backed ZestMoney founders resign after PhonePe deal fails
All three founders of ZestMoney have resigned from their positions after PhonePe called off a deal to acquire a digital EMI financing platform over due diligence concerns, sources privy to the developments told CNBC-TV18.
According to multiple people familiar with the development, chief executive officer (CEO) Lizzie Chapman, chief financial officer (CFO) and chief operating officer (COO) Priya Sharma, and chief technology officer (CTO) Ashish Anantharaman have resigned from their positions.
Outgoing Puma India head Abhishek Ganguly’s Agilitas Sports raises Rs 430 crore
The outgoing PUMA Group India head Abhishek Ganguly’s entrepreneurial venture – AGILITAS SPORTS LTD – innovation-led sportswear and athleisure solutions platform, has raised Rs 430 crore to invest in the core fabric of the Indian sports ecosystem.
The startup has received Rs. 400 crores from Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, a former Fairfax India executive. The remaining amount has come from individual investors who remain unknown.
#featured⚡
Active vs passive mutual funds: Which is a better investment bet and for whom
A mutual fund pools money from multiple investors having similar financial goals and invests the corpus in securities with an aim of achieving the investment objective of the fund. With respect to the approach of the fund manager, there are two types of funds – actively managed funds and passively managed funds.
In the case of active funds, the fund manager actively manages the composition of the fund and makes purchase/redemption decisions to ensure that the financial goals of the funds are met. On the other hand, passive funds seek to replicate the performance of a specific index.
Here's all you need to know about two key court decisions this month on tax matters
Two orders of significance on indirect taxes were passed by the judiciary in the month of May. The first was by the single judge of the High Court of Karnataka in a long pending matter of leviability of Goods & Services Tax (GST) on online gaming. The second was by a bench of the Supreme Court on the availability of the benefit of Settlement under the Customs Act in certain situations.
The matter, which came up before the Karnataka HC for consideration, was whether offline/online games such as Rummy that preponderantly based on skill and not on chance, and whether they are played with/without stakes tantamount to ‘gambling or betting’ as contemplated in Entry 6 of Schedule III of the Goods and Services Act, 2017.
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Explore the enchanting beauty of Lahaul Valley: A guide to the greener side of Lahaul-Spiti district
Nestled in the lap of the Himalayas is Lahaul Valley, a hidden gem that few have yet discovered. Surrounded by breathtaking landscapes, snow-capped peaks, and lush green forests, this valley is a paradise for nature lovers and adventurers alike. The high altitude of the valley makes it a unique destination that offers a glimpse of the greener side of the Lahaul-Spiti District.
The valley is home to several small villages, each with its own distinct culture and traditions. In this guide, we'll take you on a journey through the enchanting Lahaul Valley, discovering what makes it such a special place.
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First Published: May 16, 2023 12:34 PM IST
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Lok Sabha elections 2024: 28% of candidates contesting in fourth phase are 'crorepatis'
May 9, 2024 4:29 PM
Free poha-jalebi to movie ticket discounts: How cities struggling with 'urban apathy' are luring voters to polling booths
May 9, 2024 3:17 PM