OUP India apologises for unverified statements in Shivaji Maharaj book

by Hansraj Agrawal | Jan 7, 2026 | Business

In a newspaper notice, the publisher said certain passages in Shivaji: Hindu King in Islamic India by American author James Laine were not verified and expressed regret for the distress caused

Oxford University Press (OUP) India has issued an apology to Udayanraje Bhosale, 13th descendant of Chhatrapati Shivaji Maharaj, over certain “unverified statements” made about the Maratha king in a book published more than two decades ago.

In a public notice that appeared in a newspaper on Tuesday, OUP India acknowledged that some statements contained on pages 31, 33, 34 and 93 of the book “Shivaji: Hindu King in Islamic India”, published in 2003, were unverified.

The book, written by American author James Laine, had triggered a row after more than 150 activists from the Sambhaji Brigade ransacked the renowned Bhandarkar Oriental Research Institute (BORI) on Law College Road in Pune in January 2004, alleging that it helped the writer, who allegedly made objectionable remarks about Shivaji Maharaj in the book.

In the notice, the publisher expressed regret over the publication of those statements and tendered an apology to Chhatrapati Udayanraje Bhosale and to the public at large “for any distress and anguish caused”.

The apology was issued on behalf of the OUP’s former Managing Director, Sayeed Manzar Khan, the notice said.

Published on January 7, 2026

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IBBI revises liquidation forms to simplify compliance for insolvency professionals

by Hansraj Agrawal | Jan 6, 2026 | Business

The Insolvency Bankruptcy Board of India has introduced revised electronic forms for the liquidation process, effective January 2026, to streamline compliance for insolvency professionals and improve regulatory filings.
| Photo Credit:
iStockphoto

The Insolvency Bankruptcy Board of India has launched a set of revised electronic forms for the liquidation process to reduce the compliance burden on insolvency professionals and improve the quality of regulatory filings.

The move came after the Insolvency Bankruptcy Board of India (IBBI) had notified amendments on January 2 to the IBBI (Liquidation Process) Regulations, 2016, which mandate that insolvency professionals file the forms, along with enclosures, on the regulator’s electronic platform within prescribed timelines.

Compliance burden reduced

In a circular issued on Monday, IBBI said the existing liquidation forms were comprehensively revised to eliminate duplication, rationalising data requirements and leveraging technology for auto-population of information already available on the portal.

The regulator added that these revisions are expected to significantly reduce the time and effort required for compliance while continuing to ensure that the Board receives all essential information in a timely manner.

Lifecycle coverage complete

Under the revised framework, four forms — LIQ-1 to LIQ-4 — will cover the entire lifecycle of the liquidation process, from commencement and public announcement to dissolution or closure.

These include periodic progress reporting, details of asset realisation and distribution, unclaimed proceeds, stakeholders’ consultation committee meetings and receipts and payments, IBBI said.

The Board said that all revised forms, except LIQ-2, will be made available on the IBBI website from January 1, 2026. Since LIQ-2 is required to be submitted on or after February 1, 2026, it will be made available accordingly. The existing forms will stand discontinued with effect from these dates.

Penalty relief period

To facilitate a smooth transition for Insolvency Professionals, IBBI clarified that no penalty will be levied for delayed filing of forms, if any, during the initial quarter, from January to March 2026.

The regulator has also introduced a form-modification utility on its electronic platform, allowing IPs to correct errors and omissions in already filed forms through an OTP-based authentication process.

All filings will be required to be made electronically using a unique username and password provided by IBBI and authenticated through digital signature or e-signing.

IBBI also clarified that failure to file forms or submission of inaccurate and incomplete information may attract regulatory action under the provisions of the Code and the regulations.

Published on January 7, 2026

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IDFC FIRST Bank launches “Zero-Forex Diamond Reserve Credit Card” for affluent global travellers

by Hansraj Agrawal | Jan 6, 2026 | Business

IDFC FIRST Bank has launched a “Zero-Forex Diamond Reserve Credit Card” for affluent global travellers. Some of the features of the card include zero forex markup on all international spending, reward points on hotel and flight bookings, travel lounges, among others. The Bank, in a statement, said the credit card, which is priced at ₹3,000 + GST, has an annual fee waiver proposition at ₹6 lakh annual spends, making it effectively free from the second year onwards.

Published on January 6, 2026

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Doctors flag concerns on promotion of weightloss drug’s, as Mounjaro sales spike

by Hansraj Agrawal | Jan 6, 2026 | Business

Eli lily’s Mounjaro
| Photo Credit:
GEORGE FREY

The upward trajectory of weight-loss and diabetes drugs continues, as Eli Lilly’s Mounjaro clocks sales of over ₹100 crore in December 2025 – making it three months on a trot, according to industry data.

The multinational drugmaker holds pole position, clocking ₹105 crore in sales (December), besides total sales of ₹601 crore, a Pharmarack report said. While medical practitioners vouch for the “good science” behind recently launched weight-loss products like Mounjaro and Wegovy (semaglutide) from Novo Nordisk, there is concern from some quarters on whether medical or cosmetic reasons were driving sales. Globally, for example, diabetes drug Ozempic became a household name after celebrities spoke about its weight-loss feature.

“There is a complete disparity in the number of prescriptions and the sales,” alleges Dr Rajiv Kovil, senior diabetologist with Zandra Healthcare, commenting on the sales spike of Mounjaro. Concerned that the product was being promoted by unqualified people through social media, Kovil said, it was being sold as part of a package. The Government needs to act on the wrongful promotion of the product by those not qualified, he said.

“It’s not like a paracetamol, which can be…given without a prescription,” says Kovil. The product should be prescribed only by the designated expert, “it is not for cosmetic weight loss, it’s for chronic weight management,” he adds. Pointing to the social media campaign and billboards with people talking about obesity, he said, “You are indirectly and surrogately selling a product… that itself is in poor taste, according to me.” And that is not the way “to sell a very good …scientific product,” he adds.

Making a larger point on prescriptions, he said, “every prescribed molecule need(s) to be prescribed for the validity of the prescription,” whether it is semaglutide or Mounjaro, or an antibiotic.

Dr David Chandy, Director (Endocrinology), Sir HN Reliance Hospital, observed that people with obesity now have a powerful and effective option for weightloss in Mounjaro. Misuse should be curbed, he said, by ensuring that qualified experts prescribe it, as should be the case with any drug.

Eli Lilly was contacted by businessline for its insight on the increased sales of the product, a response is awaited.

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Published on January 6, 2026

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US–Venezuela crisis sparks Bitcoin rally, reviving ‘digital hedge’ debate

by Hansraj Agrawal | Jan 6, 2026 | Business

Bitcoin rallied amid heightened geopolitical tensions following developments in the US-Venezuela crisis, reviving debate over the crypto’s role as a potential hedge alongside traditional safe-haven assets such as gold and silver.

Recent geopolitical tensions surrounding the US-Venezuela crisis have shed light on the crypto’s role during global uncertainty, particularly in relation to typical safe-haven assets such as gold and silver. Following reports of US military action and the detention of Venezuelan President Nicolás Maduro, financial markets briefly entered a risk-sensitive phase, during which cryptocurrencies posted gains.

Sathvik Vishwanath, co-founder and CEO of Unocoin, observed that Bitcoin and major digital assets rallied, with the former crossing the $94,000 mark. This price action reignited the digital haven narrative, suggesting that some investors continue to view the crypto as a hedge against geopolitical instability, alongside gold and silver, rather than as just a speculative risk asset.

Oil deals

Reportedly, Venezuela and its state oil company PDVSA have used dollar-pegged stablecoins like USDT since 2024 to facilitate oil transactions while bypassing US financial restrictions. This use case may strengthen the long-term strategic case for cryptocurrencies, especially in regions facing capital controls or sanctions.

“Speculation around unconfirmed ‘shadow reserves’ of Bitcoin allegedly held by Venezuela — estimated at up to $60 billion — has fuelled bullish sentiment. The possibility that such assets could be seized and retained by US authorities rather than liquidated has been interpreted as a potential supply-constraining event for Bitcoin,” he noted.

Rising demand for traditional hedges did not come at crypto’s expense. Gold and silver rallied up roughly 2.7 per cent and 5.4 per cent, respectively, alongside Bitcoin, pointing to a diversified flight into alternative stores of value. This trend suggests investors are spreading risk across multiple hedging assets rather than choosing between precious metals and crypto.

However, according to Vikram Subburaj, CEO, Giottus, Bitcoin’s strongest showing in several weeks comes with the caution that participation remains thin. The price has moved back above key levels such as the 50-day EMA and the yearly open, signalling a shift in the short-term trend from weakness to strength. That said, spot volumes are at their lowest since late 2023, and order books remain shallow, making the rally more sensitive to marginal flows and increasing the risk of sharp extensions or abrupt pullbacks.

“Equities, gold and Bitcoin benefited from the initial market response to the US-Venezuela developments, reinforcing a short-term ‘asset owners win’ narrative. The same environment is highlighting fragility: liquidity across crypto has not recovered since the October liquidation event, with Glassnode data showing demand lagging price. The result is a market that can move higher on less capital. It also remains vulnerable if sentiment or flows reverse. Until volumes and depth rebuild, strength should be treated as provisional rather than decisive,” he said.

Published on January 6, 2026

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India’s urea tender gets lowest offer at 5/tonne for West Coast delivery

India’s urea tender gets lowest offer at $425/tonne for West Coast delivery

by Hansraj Agrawal | Jan 6, 2026 | Business

National Fertilizers (NFL) got the lowest offers for urea supply at $426.80 per tonne for delivery on east coast ports and $424.80 for delivery on west coast ports in its latest tender. The company plans to import 1.5 million tonnes (mt), on behalf of the government.

NFL floated the global bid on December 17 to import 1.5 mt of urea and the last date of submission of bids was January 2. The financial bids were opened on January 5.

According to the results, Koch Fertilizer LLC (Bid Id -952818) was the lowest bidder, quoting $424.80 per tonne for delivery at Pipavav, Deendayal (Ex-Kandla) and Mundra ports in Gujarat. It quoted $426.80 per tonne for delivery at Kakinada and Vizag ports in Andhra Pradesh.

Other bidders

Surprisingly, the highest bid was by Suvarnabhoomi Enterprises at $523 per tonne for delivery at Krishnapatnam, Gangavaram, Vizag and Kakinada in Andhra Pradesh and at $510 per tonne for delivery at Mundra, Deendayal, Adani Hazira, Dahej (all in Gujarat) and Jaigarh (Maharashtra) ports.

The other participants in the NFL’s urea import bid include Aditya Birla Global Trading, Agri Commodities & Finance FZ, Agrifields DMCC, Ameropa Asia, Aramco Trading Fujairah FZE, Chasemax International DMCC, Continental Traders, Dreymoor Fertilizers Overseas, Fertiglobe Fertilizer Trading Company (Dubai), Fertistream DMCC, Hexagon Fertilizers Asia, Indagro SA, India Coke And Power, Indorama Eleme Fertilizer & Chemicals FZE, Keytrade AG, Midgulf International, Macrosource LLC, Samsung C&T Corporation and Sun International FZE.

The previous bid on the government account was conducted by Indian Potash (IPL). In that tender, the imported urea was offered at $418.40/tonne, trade sources said. Though IPL had floated bids for 2 mt, the government finalised the deals for 1.5 mt only, based on the response.

Imports surge

Urea has been on the news for quite sometime due to farmers’ complaints about shortages and black marketting. Since the government has been supplying urea to farmers at a highly subsidised rate of Rs 267 for a 45-kg bag (equals about Rs 5,933/tonne) against current lowest rate of imported urea at Rs 38,232/tonne.

According to the Fertiliser Association of India (FAI), urea imports surged 120 per cent to 7.17 mt during April–November of 2025-26 fiscal, mainly due to meet increased demand and decline in production. It has said that urea sales reached 25.40 mt, which is 2.3 per cent up from the year-ago period whereas domestic production dropped 3.7 per cent to 19.75 mt.

“First, the structural shift toward import-driven supply management for nitrogen and phosphate nutrients and secondly, the strong performance of indigenous phosphatic fertilisers like SSP, have helped sales grow 15 per cent,” said Suresh Kumar Chaudhari, Director-General, FAI, while pointing out the two major points of the data.

“This signals a balanced approach—we are securing critical nutrients through planned imports while strengthening domestic phosphatic production. Going forward, FAI will focus on data-driven planning and diversification in nutrient use to support sustainable agriculture,” he said.

Published on January 6, 2026

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