According to a report by the Mercom Capital Group, the total M&A and global corporate funding, including venture capital (VC), debt financing and public market financing in the global solar sector stood at $9.7 billion in 2018, a 24% drop from a year ago. The top investors in large-scale projects included the European Bank for Reconstruction and Development (EBRD), which invested in 16 projects, followed by the Dutch development bank FMO with seven deals, and Natixis with six deals.
The Bangalore Income Tax Appellate Tribunal (ITAT) has barred auditors from issuing valuation certificates to their auditee companies, particularly for the purpose of share valuation. The ruling is set to affect several tax litigations involving company valuations including angel tax on start-ups. Tax officials have often disputed the high valuation of start-ups which ultimately led to levy of angel tax. The tax department has started issuing show-cause notices to valuation experts questioning the valuations certified by them and subsequent high share premiums received by the start-ups from angel investors even where the revenue and profitability has constantly declined.