Morning Buzz: Direct tax collections rise to Rs 10.6 lakh crore, Goenka firm on leading company after Sony merger, and more

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Direct tax collections rise to Rs 10.6 lakh crore

In the April-November period of FY24, direct tax collections rose 23 percent to Rs 10.6 lakh crore. With this, 56 percent of the budget estimates have been achieved and if this trend continues the final FY24 tally would cross the budget estimates. The estimates had targeted Rs 18.22 lakh crore to be collected in FY24. Reasons given for the rise were better compliance, better profitability of companies and rise in salaried income.
(BusinessLine, Economic Times, Business Standard)

Goenka firm on leading company after Sony merger

Talks between Sony and Punit Goenka have hit a stalemate as Goenka insists on leading the merged company post merger. The deal was initially premised on the fact that Goenka would lead the merged company but his recent troubles with the Securities and Exchange Board of India (Sebi) have prompted a rethink. Sony also doesn’t want the merged entity to be run like a larger unit of Zee.
(BusinessLine)

Udaan raises $340 million in Series E funding

As deal momentum slowly gathers pace, Udaan has raised $340 million in Series E funding. This is the third largest round of funding raised in 2023. PhonePe had raised $850 million and Lenskart raised $500 million in 2023. Udaan’s investment will see fresh equity investments as well as conversion of existing debt into equity.
(Business Standard)

Calcutta HC rules in favour of Harsh Vardhan Lodha

The division bench of the Calcutta High Court allowed Harsh Vardhan Lodha to continue as chairman of the MP Birla group. The court held that the estate of Priyamvada Birla’s control over companies was limited with the extent of shares held by her. It said that her estate could only exercise the power held by her during the lifetime. The estate is likely to appeal in the Supreme Court.
(Business Standard)