Top headlines: SC sentences Mallya to 4 months in jail; rupee hits new low

Mallya's $40-million transfer to family members that resulted in a $25 fine
 

The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount.

The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US. Read more...

Byju's struggles to close $800-mn funding as investors balk amid tech rout
 

Indian online education provider Byju’s is struggling to close a funding round of $800 million as a global technology rout weighs on valuations.

Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250 million of the targeted amount because of “macroeconomic reasons,” a Byju’s spokeswoman said Monday without elaborating. Read more...

EPS is winner as AIADMK council scraps dual leadership, expels OPS
 

The AIADMK on Monday made Edappady K Palaniswami (EPS) its leader as interim general secretary and expelled former chief minister O Panneerselvam (OPS), ending a dual power structure in Tamil Nadu’s main opposition party that lost power in 2021.

A meeting of AIADMK’s general council, which has more than 2,500 members, in Chennai expelled OPS from its primary membership and as treasurer for allegedly working against the party. Read more...

Rupee falls 22 paise to new low of 79.48 against USD on subdued equity mkts

The rupee depreciated by 22 paise to close at a fresh lifetime low of 79.48 (provisional) against the US dollar on Monday, tracking a strong greenback overseas and subdued domestic equities.

However, receding crude oil prices in the international market restricted the rupee's loss, forex traders said. Read more...