Supreme Court upholds crypto ban, fresh twist in Fortis takeover race, and more top news

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The Supreme Court has refused to provide temporary relief to cryptocurrency exchanges facing the RBI’s heat, Quartz reports. This means banks will have to close down accounts of crypto exchanges and refrain from providing services to those associated with the virtual currency trade before the July 5 deadline. Exchanges such as WazirX and Koinex Loop intend to launch peer-to-peer services to facilitate trade even after the RBI’s ban is enforced, Business Today reports. The apex court will hear the matter again on July 20.

The Munjal-Burman combine has backed out of the race to acquire  Fortis Healthcare. That leaves shortlisted bidders IHH Healthcare and TPG-backed Manipal Health (which have submitted new binding offers), and KKR-backed Radiant Life Care in the fray for the beleaguered hospital chain. Earlier, the Fortis board accepted a joint offer by the Munjals of Hero Enterprise and the Burman family to pick up nearly 17% in the company. But the winning consortium gave its consent to reopen the takeover process following disagreements among Fortis' shareholders.

The government has warned WhatsApp over dissemination of fake news. Economic Times reports that the Ministry of Electronics and Information Technology has instructed the Facebook-owned messaging app to immediately curb the spread of "messages filled with rumours and provocation" using appropriate technology. In the last one year, as many as 22 people have been killed by lynch mobs incited by WhatsApp messages that accused the victims of abducting children.

Punjab National Bank is closing most operations at the fraud-hit Mumbai branch. Reuters reports that the state-run lender will move all big client accounts out of the Brady House branch, which was swindled out of $2 billion by diamond magnates Nirav Modi and his uncle Mehul Choksi. “Only a small retail banking operation will remain at the branch,” said a person aware of the development. PNB had blamed a handful of Brady House bankers for orchestrating the scam, but an internal probe found "widespread risk-control and monitoring lapses" in many areas.

The BSE is delisting 222 companies today as part of the government's clampdown on shell firms. The promoters of these companies – trading in whose scrips has remained suspended for over six months – will buy the shares from public shareholders as per the fair value determined by an independent valuer. Earlier, the finance ministry said that more than 226,000 shell companies were struck off from the Registrar of Companies database in FY18.

Idea of the Day: Don’t be afraid of uncertainty, writes McKinsey managing partner Dame Vivian Hunt.

“Uncertainty makes it possible for luminaries and leaders, creative giants and business people to stand out and reshape their professional landscapes.”

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Abhigyan Chand and Adith Charlie/Share this using #DailyRundown