HDFC Bank Races to Find Jagdishan’s Successor
HDFC Bank is facing a race against time to find a successor to MD and CEO Sashidhar Jagdishan, who has decided not to seek reappointment. Jagdishan, 61, took charge in October 2020 after succeeding longtime chief Aditya Puri and was reappointed in 2023. His current term is set to end on October 26, 2026. The lender now has to navigate a lengthy CEO selection process that also requires regulatory approval. The process can be unpredictable, with instances in the past where regulators rejected names recommended by banks, forcing lenders to restart or rework their selection process.
Lenders Challenge Essel Group Repayment Plan
Several lenders, including public sector financial institutions, are challenging the National Company Law Tribunal’s approval of a repayment plan submitted by Essel Group founder Subhash Chandra. The lenders have approached the National Company Law Appellate Tribunal against the plan, which proposes paying just ₹6.25 crore against admitted claims of approximately ₹22,000.57 crore. The enormous gap between the claims and proposed repayment has become the central point of contention. The challenge could now put the spotlight on how insolvency proceedings balance the interests of creditors with restructuring proposals submitted by financially distressed promoters.
India Doubles 5G Tower Power Limits
The government is easing electromagnetic field limits for mobile networks, potentially giving telecom operators a major boost as 5G traffic continues to rise. Under the revised rules, which are expected to take effect next month, the permitted power density for a 5G base transceiver station will double to 10 watts per square metre from the current 5 watts. Higher limits could allow signals to travel farther, enabling operators to cover larger areas with fewer towers. The move is aimed at maintaining network quality while reducing expansion costs. EMF limits regulate the radio-frequency energy emitted by mobile network equipment.
Credits: Rantcell
Tata Chemicals Wins Major Soda Ash Contracts
Tata Chemicals is strengthening its North American soda ash business after its wholly-owned US subsidiary acquired customer contracts covering more than 500,000 metric tonnes of soda ash supplies. Tata Chemicals North America emerged as the successful bidder in the Chapter 11 bankruptcy proceedings of Searles Valley Minerals. The contracts cover supplies from September 2026 through December 2028. The transaction, approved by the US Bankruptcy Court for the District of Delaware, involves a cash consideration of $21.16 million and remains subject to customary closing conditions. The deal gives Tata Chemicals access to a substantial portfolio of North American customer contracts.
Budget 2027-28 Exercise to Begin in October
The government will kick-start preparations for the Union Budget 2027-28 from October 12, setting the stage for months of economic planning amid global uncertainty and rising food and fuel prices. According to the Budget circular issued by the Department of Economic Affairs, pre-Budget meetings chaired by the Expenditure Secretary will begin on October 12. Financial advisers have been instructed to ensure required information is entered into the Union Budget Information System by October 6. The upcoming Budget is expected to focus on continuing reforms, accelerating economic growth, creating jobs and strengthening domestic demand as policymakers navigate a challenging global environment.
GST Council to Revisit Input Tax Credit Rules
The 57th GST Council meeting is scheduled for September 12 in New Delhi, with officials set to meet a day earlier. One issue that could draw significant attention is the possibility of easing restrictions on input tax credit under Section 17(5) of the CGST Act. The provision currently blocks ITC on several categories, including certain motor vehicles, food and beverages, outdoor catering, beauty treatment, health services, club memberships and travel-related benefits, subject to exceptions. Credit is also restricted for goods and services used in constructing immovable property. Any changes could affect businesses across multiple sectors and potentially reshape how companies manage their GST costs.
