After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
The Bajaj family dispute is set to end, finally. Shishir Bajaj today sold his 25 per cent holding in the primary group investment firm Bajaj Sevashram to his brother Rahul Bajaj in an off-market deal. This was after Rahul Bajaj transferred his group's entire 29.62 per cent shareholding in Bajaj Hindusthan.
While Barclaycard, the card arm of the Barclays group, has informed some of the credit card holders that the cash limit has been reduced to zero 'to help manage the credit situation'. The new entrant to the cards business in India has sent text messages to card holders informing them about the change. A customer care executive said that the limit has been lowered for all card holders.
A day before the settlement of the six-year-old Bajaj family dispute, the Bombay High Court has asked Rahul Bajaj, the family patriarch and chairman of Bajaj Auto, to compensate the Pittie family, a minority shareholder in group investment firm Bachhraj & Company.
At the start of 2008, Manoj Singh headed Tranzact Consolidated India, among the largest direct sales agents in Mumbai with about 200 employees.
The Life Insurance Corporation of India, the country's largest insurer, is pulling out all stops to mop up Rs 25,000 crore (Rs 250 billion) through Jeevan Aastha, a single-premium product which offers at least 9 per cent guaranteed returns, in an attempt to reverse the trend of falling sales.
Most mutual fund players and life insurance companies are planning to bid for appointment as pension fund managers for all citizens after the Pension Fund Regulatory and Development Authority (PFRDA) today decided to seek expression of interest from prospective fund managers.
Move to provide insurance up to Rs 1,000 cr from Rs 750 cr now.
Sending money overseas instantly could soon become a reality with the Reserve Bank of India considering proposals to allow non-banking entities like online money transfer portals to undertake wire transfers for outward remittances from India.At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders.
Gone are the days when banks would treat payment delays as part of life. Instead, they are taking measures to minimise chances of any kind of payment default by doing rigorous background checks.
The MD and CEO of ICICI speaks on how life will change and the bank's strategy going forward.
HDFC, the country's largest housing finance company, is planning to raise up to Rs 1,000 crore (Rs 10 billion) through non-convertible debentures with a green-shoe option next week. Sources close to the development said the company would issue NCDs worth Rs 200 crore (Rs 2 billion), while keeping an option to raise another Rs 800 crore (Rs 8 billion) through the green-shoe option.
Paresh Parasnis, HDFC Standard Life Insurance Company's principal officer and executive director spoke to Shilpy Sinha & Sidhartha about the company's strategy.
The regulator has asked the insurance companies to disclose their investment details for the September-November period of the current year. While seeking the information earlier this month, Irda had warned that insurers failing to submit the data would face penal action.
In the two weeks since the terror attacks in Mumbai, most of the large Indian business groups in the city have been conspicuous by their absence in offering help to terror victims.
GE Shipping, the country's largest private sector shipping company, is bringing down its exposure to the dry bulk segment to withstand the 93 per cent downfall in freight rate for such vessels.
At a time when financial institutions are in the process of cutting costs through retrenchment, the country's largest insurer, Life Insurance Corporation of India, has drawn up plans to hire over 10,000 employees and around 250,000 insurance agents across the country.
Similarly, the state-owned corporation has subscribed to NCDs worth around Rs 20,000 crore (Rs 200 billion) this year, with nearly Rs 12,000 crore (Rs 120 billion) flowing into these instruments over the last three months when the global credit crisis intensified.
In a wide-ranging interview with Abhineet Kumar, SCI chairman and managing director S Hajara discusses the problems facing the shipping industry.
Public sector banks have lowered both deposit and lending rates, while almost all private and foreign banks have stayed away from rate cuts despite the Reserve Bank of India reducing key rates. HDFC Bank has become the first private sector lender to reduce deposit rates, while other private sector banks said they would also jump on the bandwagon over the next few weeks.
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