QBiz: Karnataka Suspends Ola Permit; Lenders Mull Taking Over Jet
23 March 2019 12:00 AM IST
A round-up of top business stories for the day.
- Karnataka suspended Ola’s licence to operate in the state for six months after the homegrown cab aggregator failed to comply with an order to suspend “illegal” two-wheeler taxi services in the state’s capital Bengaluru.
- A letter sent to Ola parent ANI Technologies Pvt Ltd on 18 March by the state transport department ordered the company to suspend all operations, including four-wheeler cabs, within the next three days.
- As ANI Technologies Pvt Ltd, which operates Ola, has violated the Karnataka On-Demand Transportation Technology Aggregators Rules 2016, their aggregator licence – which was issued for a period up to June 2021 – remains suspended,” the letter said.
- As part of the plan, State Bank of India – the lead bank in the lenders’ consortium – has asked Naresh Goyal, his wife Anita Goyal and two other members on Jet board to step down.
- On Friday, Power Finance Corp completed the acquisition of the government’s 52.63 percent stake in Rural Electrification Corp for Rs 14,500 crore.
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