BOMBAY HIGH COURT 

Bombay High Court quashes FDA order, allows Johnson & Johnson to produce baby powder (JAN 12, 2023)

The Bombay High Court quashed the Maharashtra FDA's order cancelling the licence of pharma giant Johnson & Johnson to manufacture its baby powder from the Mulund plant.

In a drastic move on September 15, 2022, the FDA Joint Commissioner had cancelledd J&J's licence to manufacture baby powder products and also told the company to recall its market stocks, after which the company challenged the decision in the high court. J&J had come under the FDA radar in November-December 2018 after random checks in Pune and Nashik when it collected samples for testing.

NEWS REPORT : Bombay High Court quashes FDA order, allows Johnson & Johnson to produce baby powder (timesnownews.com)

FINTECH

HomeBusiness JP Morgan Chase sues Frank, the founder of a fintech startup for student loans (JAN 12, 2023)

Charlie Javice is the 30-year-old founder of the fintech startup Frank, which the bank had paid $175 million to acquire. JP Morgan Chase sued it in December 2022. Morgan claims Javice misled it about the value of Frank by faking a sizable list of clients to persuade Morgan that the purchase was profitable.

According to court filings, a purported fraud allegedly started in 2021 when Javice approached the bank about a purchase and claimed that Frank had 4.25 million members. At the time, the company had just under 300,000 users.

DETAILS : JP Morgan Chase sues Frank, the founder of a fintech startup for student loans - TechStory

NEWS AT GLANCE 

  • Grand cultural event, 'Sur Sarita - Symphony of Ganga', to be held in Varanasi this evening, ahead of launch of world's longest river cruise Ganga Vilas tomorrow. 
  • India requests US for speedy issuance of business visas.

WORD OF THE DAY 

Damnum sine injuria – Damage without legal injury.

MARKET TODAY (as on 12.01.2023)

BSE SENSEX                 59,958.03 INR▼ -147.47 (-0.25%) 

NIFTY 50                        17,858.20 INR▼ -37.50 (-0.21%)

1 US Dollar = 81.19 Indian Rupee (Last updated · 12 January at 4:21 pm UTC)

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