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Debt-ridden Vodafone Idea on Friday said its board has approved an amendment in shareholders agreement to enable promoters Aditya Birla Group and Vodafone Group to retain governance and management rights in the company notwithstanding the increased government s stake at 48.99 per cent.

Sebi has proposed rationalizing the QIP placement document by focusing on relevant information for sophisticated investors. The regulator aims to reduce duplication and time-consuming disclosures, suggesting summarized financials, brief industry descriptions, and tabular legal proceedings. Materiality thresholds are proposed for litigation disclosure, while some sections remain unchanged. Public comments are invited by May 23.

Sebi has proposed aligning valuation report timelines with financial results for REITs and InvITs to promote ease of business. Annual reports should be submitted within 60 days of the financial year-end, while half-yearly or quarterly reports should be submitted within 45 days. The regulator also seeks feedback on aligning trading lots and updating investor charters for REITs and InvITs.

Tech Mahindra s subsidiary, Tech Mahindra London Ltd, will acquire Mahindra Racing UK Ltd. The deal involves a cash consideration of GBP 1.2 million. This acquisition allows Tech Mahindra to diversify into sporting events and data-driven engineering. Mahindra Racing UK participates in the Formula Electric World Championship. The company reported a revenue of Rs 357.56 crore for the last financial year.

The Securities Appellate Tribunal (SAT) has upheld SEBI s ₹30-lakh penalty on Reliance Industries and two compliance officers for delayed disclosure of Facebook s Jio Platforms stake purchase in 2020. SEBI s investigation revealed news of the deal circulated in March and April 2020, prior to RIL s official announcement on April 22.

The judgment has raised concerns over the sanctity and finality of the Insolvency and Bankruptcy Code (IBC), and that global financial investors may stay out of the distressed asset market due to the lack of legal certainty.

The rupee strengthened Friday to a peak of 83.78 per dollar, before closing weaker at 84.58, likely due to dollar purchases by the Reserve Bank of India (RBI). The rupee had closed at 84.48/$1on the previous day.

Bond yields declined after the RBI announced buying back government securities worth ₹1.25 lakh crore in May, lifting sentiment, while the large quantum took market participants by surprise.

This team would review and scrutinise external communications, including notices and reports from regulators, stock exchanges, and other stakeholders. It is also advising the bank on potential legal implications stemming from the audit reports submitted, sources said.

ICICI Bank was fined for non compliance on cyber security framework in banks, know your customer (KYC) regulations, and credit card and debit card - issuance and conduct.