Indian Prime Minister Narendra Modi said on Monday that a collective global effort is needed to deal with the problems posed by cryptocurrenices, Reuters reported. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference. India has been mulling virtual currency-related regulations which were widely expected to be introduced in the winter session of the parliament in December before being shelved.

Legal technology startup LegalPay has partnered with Mumbai-based non-banking finance firm Jumbo Finance Ltd to give interim finance to the companies undergoing the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported. New Delhi-based LegalPay, which also works as an alternative-investments platform specializing in legal financing, is also in talks with some more such NBFCs to fund companies under CIRP. mid-market companies, including micro-small and medium enterprises (MSMEs), undergoing insolvencies requiring up to Rs 5 crore.

Vodafone Idea Ltd. said that India’s government doesn’t want to actively run the unprofitable phone operator after its board approved a rescue plan that made the state its biggest shareholder with a 36% stake in the company, Bloomberg News reported. “They do not have to desire to take over the operations of the company,” Ravinder Takkar, managing director and chief executive officer of Vodafone Idea, told reporters on Wednesday.

Vodafone Idea said on Tuesday it is giving the Indian government a 35.8% stake in the company after its board approved conversion of dues and spectrum auction installments into equity to save the third-largest telecom operator in the country from collapsing, TechCrunch reported. The operator, a joint venture between the British telecoms group Vodafone and local billionaire Kumar Mangalam Birla’s conglomerate, has been attempting to avoid a collapse for several years after the arrival of Reliance Jio, which undercut the competitors with cheap data and free calls offering.

An Indian court has ordered a halt on Amazon.com Inc.’s arbitration case against Future Retail Ltd. in Singapore, a day after it had refused to interfere with the process, Bloomberg News reported. Following an appeal by Future Retail, a two-judge panel of the Delhi High Court overturned Tuesday’s verdict and stayed the arbitration process started by Amazon to stop the cash-strapped Indian retailer’s asset sale to Reliance Industries Ltd. until the next hearing on Feb. 1.

A bankruptcy appeals court on Wednesday scrapped billionaire Anil Agarwal-led Twin Star Technologies' winning bid to take over Videocon Industries Ltd on a plea by some creditors that the money offered imposed a steep Rs 62,000 crore haircut upon banks, the Times of India reported.

When V. Rajapandian was pushed out of his job at a heat treatment plant in India, the reason had nothing to do with performance or falling revenue. Instead, his boss offered a peculiar explanation: After Rajapandian defaulted on a loan from a mobile app, recovery agents demanded the plant pay on his behalf, Bloomberg News reported. “I lost my job because of them,” Rajapandian said of CASHe, the app he used to secure a $132 loan.

More changes have been proposed to strengthen the Insolvency and Bankruptcy Code, 2016 by the Insolvency Law Committee, Bloomberg News reported. These include a swifter admission process, a time limit on acceptance of resolution plans, more stringent measures against avoidable transactions and wrongful trading, and a formal closure of the voluntary liquidation process. The ILC was constituted in November 2017, by the central government. It has since issued four reports on the basis of which the ministry has recommended changes to the IBC.

Praxis Home Retail Ltd has settled with regulator Sebi a case of alleged violation of market norms, by paying over Rs20 lakh towards settlement charges, the Economic Times of India reported. The firm had allegedly failed to make disclosures of certain material events, in accordance with the Listing Obligations and Disclosure Requirements norms. The material events pertain to a company petition that was filed against the company under the Insolvency and Bankruptcy Code to initiate a corporate insolvency resolution process for its failure to make payment.

Indian tax officials have seized more than $30 million in cash and gold in raids on suspected tax evaders this week including a record haul of 1.94 billion rupees ($26 million) and 23 kg of gold ahead of assembly elections in five states, Reuters reported. The raids triggered a flurry of accusations from rival political parties over protection for tax evaders as they prepare to compete in the elections, including in the bellwether state of Uttar Pradesh.