Slowdown continues for India Inc as big-ticket deals disappear

Mergers and acquisitions (M&A) deal activity experienced a significant decline, with a 45 per cent decrease in deal volumes and a notable 98 per cent decrease in values compared to May 2022, recording only 22 deals valued at $675 million.

"In addition, the government's emphasis on regulatory reforms to enhance the ease of doing business, combined with the country's robust fundamentals, create a strong foundation for deal-making in India," Vijetha added.

New Delhi, June 14 (IANS) The Aam Aadmi Party (AAP) on Wednesday condemned the arrest of Tamil Nadu's Electricity Minister, V. Senthil Balaji, and termed the action as 'political vendetta'.

"We strongly condemn the latenight arrest of Tamil Nadu's Electricity Minister, V Senthil Balaji, by the Enforcement Directorate (ED). The manner in which Balaji was arrested despite his health condition is inhumane and raises serious concerns about the working methods of the ED. "Our country is still grieving a devastating railway accident, demanding accountability. Amidst issues such as unemployment, inflation, and alarming data breaches from Co-Win jeopardizing our citizens' privacy and security, it is disconcerting that the government's priorities are misplaced.

"Instead of focusing on resolving these challenges facing the nation, the BJP appears intent on diverting attention through its relentless pursuit of political vendetta," AAP said in a statement.

It said, "The use of false allegations and politically motivated arrests undermines the democratic fabric of our nation and erodes public trust in the impartiality of law enforcement agencies."

AAP further stated, "Such actions weaken the very foundation of our democratic institutions and jeopardize India's image internationally. It is essential to protect the integrity of our democratic processes and institutions and ensure that the rule of law prevails over political expediency.

"We stand in solidarity with Mr. Balaji and all those opposition leaders who have been victims of the BJP's undemocratic targeting. The Aam Aadmi Party remains committed to upholding the values that define us as a democratic nation and will continue to monitor the situation closely," it added.

After 18 hours of interrogation, the Enforcement Directorate (ED) arrested Tamil Nadu Electricity Minister Senthil Balaji on Wednesday.

Wrestlers case: Delhi Police to soon submit report in court

New Delhi, June 12 (IANS) India

Inc recorded 106 deals valuing $4.6 billion last month -- a 45 per cent decline in deal volumes and a steep 87 per cent decline in deal values compared to May last year, a report showed on Monday.

The month of May saw only one IPO raising $390 million, compared to eight issues raising $4 billion witnessed in May last year.

Unlike May last year, which saw four multi-billion-dollar deals worth $31.5 billion, the month gone by witnessed an absence of big-ticket transactions, according to Grant Thornton Bharat's aDealtracker May 2023' report.

Domestic volumes reached a three-year low with 20 deals, while cross-border activity hit its lowest monthly volumes and values to date.

"We are currently seeing persistent global macro-concerns center around inflationary pressures in the US and eurozone.

India is also experiencing a downturn in deal activity compared to past year," said Shanthi Vijetha, Partner-Growth at Grant Thornton Bharat.

While there has been an overall decline in the deal activity compared to past years, both M&A and PE volumes have witnessed a gradual month-onmonth increase since February.

Despite a 44 per cent decrease in investment volumes and a 45 per cent decline in values, compared to May 2022, private equity (PE) landscape recorded 84 deals raising $3.9 billion in May 2023. The startup sector continued to dominate deal activity, accounting for 55 per cent of total PE deal volumes.

Among startups, the enterprise application and infrastructure segment saw increased activity, followed by the fintech and retail segments, collectively contributing to 67 per cent of the start-up sector's volumes, the report noted.

New Delhi, June 14 (IANS)

Investigators in the wrestlers' case will soon submit chats, videos and statements of over 150 witnesses in court, a Delhi Police source said on Wednesday. According to the source, police have collected several videos, including the CCTV footage of the Wrestling Federation of India (WFI) office.

Earlier, the police had reached out to five foreign wrestling federations, seeking information, as several wrestlers have alleged harassment during tournaments abroad. They are currently awaiting responses from these federations.

As for the charge sheet filed by police, officials said that Police Commissioner Sanjay Arora has reviewed the progress of the investigation and given approval to proceed.

"The investigating officer will now conclude the necessary procedures and submit the reports to the Rouse Avenue Court," said the official.

In April, Delhi Police registered two separate First Information Reports (FIRs) against the WFI chief Brij Bhushan Sharan Singh, based on sexual harassment allegations. The first FIR pertains to the accusations made by a minor and has been filed under the Protection of Children from Sexual Offences (POCSO) Act, along with relevant sections of the Indian Penal Code concerning the act of outraging modesty.