Page 15 - Banking Finance June 2021

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Nevertheless that will be good news for Thapar is already being investigated in In May, Tata Digital had announced its
aircraft manufacturers, who slowed down another case pertaining to the purchase of a 64% stake in online
production during the crisis as airlines diversion of public money in Yes Bank grocer BigBasket, in one of the largest
cancelled orders to stay financially afloat. allegedly involving Yes Bank's former M&A deals in India's digital sector.
Airbus has already announced it plans to chief Rana Kapoor. CBI had filed a case
step up the manufacturing cadence of its against two private companies based With the 1mg deal, India's online
best-selling A320 single-aisle aircraft and at Delhi and Gurugram and their pharmacy sector is now more or less a
should reach a record level already in promoters and directors besides some game of corporate giants, with
2023. Boeing, for its part, forecasts that bank officials, who have not been Reliance having acquired a majority
airlines will need 43,110 new aircraft identified yet, for defrauding Yes Bank. stake in Chennai-based Netmeds for Rs
through 2039, which will result in a near "It was alleged that the private 640 crore last August and Amazon,
doubling of the global fleet. Asia alone will company based at Gurugram/Delhi ramping up its prescription drug
account for 40 percent of that demand. had availed term loan facility of Rs 515 deliveries in Bengaluru through its
As with the September 11 attacks or crore from Yes Bank Limited in largest seller Cloudtail.
the global financial crisis of 2007-2009, December, 2017. The loan amount
"the industry will prove resilient again," was declared as NPA on October 30, UK competition watchdog
Darren Hulst, vice president of 2019. Further, the borrower was planning to probe
marketing at Boeing, said last year. allegedly declared 'Red Flagged
Marc Ivaldi, research director at the Account' on March 6, 2020, on the Amazon's use of data
Paris-based School for Advanced basis of Early Warning Signals (EWS)," The United Kingdom's competition
Studies in the Social Sciences, noted an agency spokesperson said. watchdog is planning to launch a
that only one percent of the population
formal probe into how Amazon uses
currently uses air travel. "With the Tata Digital to acquire the data collected from smaller sellers
simple demographic rise and the fact
that people become richer there will majority stake in 1mg on its platform.
be rising demand for air travel and The Tata Sons subsidiary is acquiring a The Competition and Markets
thus for aircraft," he told AFP. 51-60% stake in online pharmacy 1mg, Authority (CMA) has been studying the
days after it pumped $75 million into online retailer's business for months
CBI books industrialist health and fitness startupCureFit and and the investigation may revolve
appointed its co-founder Mukesh around whether it favours merchants
Gautam Thapar for Yes Bansal as president. that use its logistics and delivery
Bank fraud case Y 1mg is said to have received about services, it said.
The Central Bureau of Investigation $100-$120 million in primary Y CMA has reportedly analysed how
(CBI) has registered an FIR against capital and $220-240 million Amazon decides which merchants
billionaire Gautam Thapar, promoter overall, including secondary appear in the "buy box", a white
of the Avantha Group, and others for investments, according to people box that appears on the right side
alleged diversion of over Rs 466 crore close to the development.
in Yes Bank during 2017-19. Y Existing investors Redwood Global- of the product detail page, where
customers can click to add
The industrialist and others have been Korea Omega and World Bank's products to their cart.
accused of cheating the bank by International Finance Corporation
availing of a loan that turned into an (IFC) have also pumped in primary In 2019, the European Commission had
NPA (non-performing asset). capital. The deal values 1mg at opened an antitrust investigation
$450 million, a person briefed on against Amazon on similar charges.
CBI carried out searches at 14 locations
the deal told us. About a year later, it had accused the
in Delhi-NCR, Kolkata, Lucknow, and
Secunderabad, after registering the Y Sequoia Capital and Omidyar firm of using non-public seller data to
case, which led to the recovery of Network are fully exiting the firm benefit its own retail business, through
incriminatory documents and digital while other early investors are which it directly competes with third-
evidence. opting for partial exits. party sellers. T

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