Shrimi Choudhary

All stories by Shrimi Choudhary

Police book Indiabulls promoters, directors

Police book Indiabulls promoters, directors

Rediff.com27 Apr 2021

The Maharashtra police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar's judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.

I-T notices to holders of foreign assets

I-T notices to holders of foreign assets

Rediff.com17 Apr 2021

'Quite a few notices have been issued in both black money and benami transactions.'

Centre may offer an exit window to cryptocurrency holders

Centre may offer an exit window to cryptocurrency holders

Rediff.com12 Apr 2021

The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.

NSE co-location case: ED to also investigate tech glitch

NSE co-location case: ED to also investigate tech glitch

Rediff.com25 Mar 2021

Sebi had, in February, dropped allegations of fraudulent and unfair trade practices against NSE's former heads Ravi Narain and Chitra Ramakrishna in the co-lo case.

Non-govt PFs, gratuity funds can now invest in AIFs

Non-govt PFs, gratuity funds can now invest in AIFs

Rediff.com17 Mar 2021

The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.

Software royalty likely to cost Centre Rs 5,000 crore every year

Software royalty likely to cost Centre Rs 5,000 crore every year

Rediff.com15 Mar 2021

Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.

Profit-making PSUs likely to go under the hammer first

Profit-making PSUs likely to go under the hammer first

Rediff.com12 Mar 2021

The Centre is likely to privatise profit-making enterprises, reversing its previous position of first closing or merging loss-making state-run units. The NITI Aayog, which is in the process of selecting public sector units for privatisation, is likely to put out its first list, focusing on companies in non-strategic sectors, along with those that have got Cabinet approval for stake sale, or are in final stage of due diligence. "The shortlisted firms will be put out in three-four tranches, with the first list comprising non-strategic ones, followed by strategic sectors with a focus on privatisation and not divestment," said a senior government official privy to the plan. He said the first report was expected in early April. The think tank approach is in sync with the government's new strategies on privatisation and asset monetisation.

Sebi's expert panel to probe glitch at NSE, submit report by March 15

Sebi's expert panel to probe glitch at NSE, submit report by March 15

Rediff.com10 Mar 2021

The Securities and Exchange Board of India's (Sebi's) technical advisory committee has been mandated to probe the trading halt at National Stock Exchange (NSE) and fix accountability. The committee after a detailed examination would send its findings and recommendations to whole-time member Madbhi Puri Buch, to decide the future course of action, said two people in the know. The panel, which is currently chaired by Ashok Jhunjhunwala of IIT Madras, is learnt to have sought an explanation over two key issues from NSE: One on the effectiveness of interoperability as it was unable to migrate the trading positions; the other on laxity in switching it to the disaster recovery site.

Reeling under high prices? Finance ministry says it's downside to growth

Reeling under high prices? Finance ministry says it's downside to growth

Rediff.com6 Mar 2021

'While intensification of fuel prices and broad-based domestic cost pass-through pressures is a downside risk, core inflation is expected to strengthen further as demand recovers to pre-Covid levels,' the ministry said on Friday.

How successful is India in catching economic offenders?

How successful is India in catching economic offenders?

Rediff.com5 Mar 2021

Despite Nirav Modi win, in the last five years, India managed to bring only about 20 fugitive offenders.

Govt likely to ease restrictions on Chinese FDI

Govt likely to ease restrictions on Chinese FDI

Rediff.com3 Mar 2021

However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.

Stressed asset cases likely to be resolved soon

Stressed asset cases likely to be resolved soon

Rediff.com22 Feb 2021

Government may also consider giving relief to some of the worst-affected sectors.

FM Sitharaman seeks Parliament nod for Rs 6.3-trillion extra spending

FM Sitharaman seeks Parliament nod for Rs 6.3-trillion extra spending

Rediff.com12 Feb 2021

Of the cash outgo, Rs 64,598 crore is for enhanced expenditure on fertiliser subsidy under Atmanirbhar Bharat Abhiyan 3.0 and Rs 20,466 crore for the capital outlay in defence services.

Finmin pins hope on vaccine drive for robust recovery in services sector

Finmin pins hope on vaccine drive for robust recovery in services sector

Rediff.com11 Feb 2021

FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.

'Rating agencies are like Bollywood'

'Rating agencies are like Bollywood'

Rediff.com11 Feb 2021

'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.

Budget 2021: Govt stares at revenue shortfall of Rs 7 trillion this fiscal

Budget 2021: Govt stares at revenue shortfall of Rs 7 trillion this fiscal

Rediff.com29 Jan 2021

Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.

Budget may open window for big-ticket foreign investments

Budget may open window for big-ticket foreign investments

Rediff.com26 Jan 2021

The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.

Over Rs 950-crore tax evasion by Swiggy, Flipkart unit,: I-T department

Over Rs 950-crore tax evasion by Swiggy, Flipkart unit,: I-T department

Rediff.com21 Jan 2021

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.

Govt mulls easing NPA norms

Govt mulls easing NPA norms

Rediff.com18 Jan 2021

Move to increase 90-day window to 120 days to give more time to borrowers to service loans.

Ministries face cash crunch as winter session scrapped

Ministries face cash crunch as winter session scrapped

Rediff.com28 Dec 2020

The health and family welfare ministry spent 70 per cent of its allocation till October. The ministry may need additional funds for the vaccination drive which is expected to be kicked off from January.

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