Ferrari SF90 Seized in Bengaluru Over ₹1.4 Crore Tax Evasion
A blazing red Ferrari SF90 Stradale, worth ₹7.5 crore, made headlines—not for its speed, but its stalled status. Registered in Maharashtra, the hybrid supercar was frequently seen on Bengaluru’s roads. The RTO Bengaluru South found the owner had failed to pay the Karnataka road tax. Acting swiftly, officials seized the car and gave the owner till evening to pay or face legal action. Under pressure, the dues of ₹1.41 crore were paid the same day. The incident highlights Karnataka’s strict enforcement of road tax rules and how even luxury car owners can’t outpace the law.
Credits: NDTV
IG Drones Unveils India’s First Indigenous Defense Drone Simulator
In a monumental leap for India’s defense tech sector, IG Drones has received a patent for the country’s first-ever indigenous defense drone simulator. The cutting-edge system was unveiled at Defense Expo 2022 in the presence of Prime Minister Narendra Modi. Designed to train the Indian Army, Navy, Air Force, and paramilitary forces, the simulator replicates high-risk, GPS-denied, and combat zones. This innovation marks a crucial step in self-reliant military preparedness, allowing personnel to hone drone operation skills safely and realistically. It also signals India’s growing capability in developing strategic indigenous defense technologies with real-world combat applications.
Credits: The Economic Times
Swiggy Shuts Down Minis, Shifts Focus to Core Offerings
Swiggy has decided to shut down “Minis,” its storefront platform for small businesses and creators, as part of its renewed focus on core operations. The foodtech major is doubling down on high-frequency verticals like food delivery and Instamart. Launched to support local sellers, Minis didn’t gain the traction required to scale profitably. Sellers were informed of the shutdown effective August 10. The move reflects Swiggy’s ongoing drive toward profitability and efficiency. With fierce competition from Zomato and quick commerce players, Swiggy’s strategic exits from non-core businesses underline the need to stay lean and focused in India’s dynamic market.
Credits: India Today
SBI Declares Reliance Communications Loan Account as Fraudulent
In a stern move, the State Bank of India (SBI) has officially classified the loan account of the bankrupt Reliance Communications (RCom) as fraudulent. This decision was disclosed by RCom in a regulatory filing on July 2. According to SBI’s June 23 letter, the classification stems from alleged fund diversion dating back to 2016. The Anil Ambani-led telecom company had borrowed significant amounts from public sector banks, most of which have turned into non-performing assets (NPAs). SBI’s move is part of a broader crackdown on corporate loan defaulters as banks face increasing scrutiny to clean up their balance sheets.
Credits: Reuters
MobiKwik Secures SEBI Nod to Launch Stock Broking Services
In a decisive push toward becoming a full-stack fintech player, MobiKwik’s subsidiary—MobiKwik Securities Broking Pvt Ltd—has received regulatory clearance from SEBI to operate as a stock broker and clearing member. This approval paves the way for the company to offer capital market services and integrate stock trading into its broader platform. The development signals MobiKwik’s expansion beyond payments and lending into wealth management and investment tech. As fintech firms increasingly look to offer holistic financial services, MobiKwik’s entry into this space could reshape the competitive landscape and open new revenue streams in the fast-evolving fintech ecosystem.
Credits: MediaNama
Banga Family to Sell Half of Its Nykaa Stake via Block Deal
The Banga family, led by shipping tycoon Harindarpal Singh Banga, is set to sell nearly 2% of its stake—half of what it owns—in FSN E-Commerce Ventures, the parent company of Nykaa. The sale will be conducted through a block deal at a slight discount. As early backers of the beauty and lifestyle ecommerce platform, the Banga family’s exit reflects a broader trend of early investors cashing out amid market volatility. It also highlights the maturing of Indian startups, where successful exits are becoming more common. The move may influence Nykaa’s stock performance in the near term.
Credits: Mint
