Top headlines: Physics Wallah becomes unicorn; IT portal develops snag

HDFC-HDFC Bank merger: Parekh expects fair, judicious regulatory response

Deepak Parekh, chairman of HDFC Ltd, India’s largest mortgage financier, on Tuesday said he expected the regulator’s view on HDFC’s proposed merger with HDFC Bank to be fair and judicious, asking the stakeholders to be patient.

In his note to shareholders in the annual report, the HDFC patriarch said after 45 glorious years of providing homes to millions of customers, the time was right for HDFC to find a new home. Read more

IT portal develops snag on first anniversary, Infy directed to fix issue

The The Department’s new-look tax return filing portal, developed by Infosys, again developed snags on Tuesday – a day that marked the first anniversary of its unveiling.

The portal, which was billed to make it easier for taxpayers to file returns and claim refunds, had for several weeks witnessed technical glitches after its launch on June 7, 2021, and the snags resurfacing again prompted some to wonder if it has been hacked on the anniversary. Read more

Fraud ‘orchestrated and committed’ by Future Group, its promoters: Amazon

US e-commerce giant has warned and its promoters about going ahead to approve the sale of Future Retail Ltd (FRL) assets to Reliance Retail as part of the $3.4 billion deal.

In a letter written to founder Kishore Biyani, his daughter Ashni and other promoters, said it is at liberty to take all action available in law to enforce valid, binding and subsisting injunctions and reserves all rights in this regard. Read more

India’s 101st unicorn: startup PW raises $100 mn in Series-A funding

At a time when startups have begun to feel the pressure of raising funds and are looking to lay off employees to manage costs, platform PW (PhysicsWallah) has become India’s 101st unicorn by raising $100 million in Series-A funding from Westbridge and GSV Ventures. The company was valued at $1.1 billion after completion of the transaction. Read more

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