Before the MCC came into effect, Modi was busy laying stones, cutting ribbons, and unveiling plaques across the country.
Lenders send 'SOS' to the finance ministry on the tardy decision making and pile-up of cases at the Debt Recovery Tribunals and its appellate forum the Debt Recovery Appellate Tribunal.
Bids to be evaluated according to guidelines by the civil aviation ministry, following which a buyer will be selected. Transfer of control to the buyer to be effected by June-end.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
The train has a lot to offer to its passengers: Silent run, fully-sealed gangway connecting two coaches, GPS-based passenger information system, modular bio-vacuum and disabled-friendly toilets, intelligent air conditioning that adjusts cooling according to the climate and closed-circuit television for safety.
If cleared, the ONGC arm will become the first subsidiary company of an existing Maharatna to get into this superior league among government-owned entities.
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
The Railway Board and employees at Integral Coach Factory in Chennai, makers of the train, are at loggerheads over the proposed transfer of design and reassigning the manufacturing of Train 18 to Modern Coach Factory in Raebareli.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
State governments in Punjab, Gujarat, Maharashtra and Jammu & Kashmir are on high alert and have come up with contingency plans to ensure the security of residents in case of a war.
Owing to the risk perception attached with the segment by banks, the residential realty segment has been increasingly relying on non-banking financial companies and housing finance companies to raise debt financing, reports Abhijit Lele.
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
'The effect will be seen two-three quarters down the line.'
Although the RBI's open market operations have ensured sufficient system-level liquidity, some sectors are finding liquidity to be a challenge owing to their credit profile.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Kerala Chief Minister Pinarayi Vijayan has graduated from being a stalwart of the CPM to a 'strong' mass leader and arguably the 'most able administrator' that the state has seen in over three decades, reports Shine Jacob.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
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