Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
Loans at a discount to the benchmark prime lending rates of banks are back with a majority of the fresh loans being disbursed at sub-PLR rates.
Firms denied peer review certificate may be barred from auditing
The government is also approaching the other two major rating agencies - Moody's and Fitch - to explain its fiscal strategy, the economic situation and the outlook.
To discuss ways of increasing lending to optimise stimulus package impact.
India's growth rates may be crashing, but the rates of growth of crashing on the country's roads, and those dying in these crashes, are growing by leaps and bounds.
The general elections could take a toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
Perhaps the most sensible thing Goldman Sachs did in an otherwise poorly-researched report on ONGC was to talk of 'corporate governance issues with cash withdrawals by promoter,' says Sunil Jain.
Company balance sheets could soon acquire a new look, with the government asking ICAI to suggest ways to strengthen reporting norms following Satyam Computer Services scandal 7. ICAI sources said the mandate from the government was to ensure that company managements did not use notes to accounts as a cover-up for misdemeanours. The special group will submit its recommendations over the next few weeks.
Indian reinsurer General Insurance Corporation has hardened its stance while negotiating reinsurance arrangements for the next financial year. During the first round of talks with non-life insurers, GIC said that it would pay at least 5 per cent lower commission on business that is reinsured with it. Further, it has sought a share in underwriting profits, which could be as high as 50 per cent, sources involved with the negotiations said.
In the coming days, other lenders are expected to initiate similar steps to recover their dues from the company, which is facing the prospects of a change of management. IFCI executives said that the company revoked the guarantee earlier this month to recover its dues amounting to Rs 95 crore from Maytas Infra.
In a few months, private sector lender IndusInd Bank may have a new identity. The move was in line with the repositioning exercise initiated by the new management team led by Managing Director and Chief Executive Officer Romesh Sobti.
Shares of ITC, Axis Bank and Larsen & Toubro are likely to stay with the Specified Undertaking of the Unit Trust of India, which was to be wound up in June.Legal opinion received by the government suggests that SUUTI can exist as long as all investors in one of the schemes floated by the erstwhile Unit Trust of India have not redeemed their investment, sources close to the development said. The value of the shares of the three blue chips was estimated at over Rs 15,000 cr.
What's worrying for the public sector banks is the rise in delinquency in the housing portfolio, which does not include real estate. But a bank chief said that with low exposure to the real estate sector, the state-run banks have fewer worries. The other area of concern is credit cards but the operations of public sector banks in this segment are small compared with the likes of ICICI Bank, HDFC Bank and Citibank, the largest players in the business.
The KPMG Report points out that just four per cent of all frauds have been detected by external auditors the largest proportion, 36 per cent, have been detected by internal auditors, says Sunil Jain.
Less than half-a-dozen people have evinced interest in buying the eight apartments owned by the late Harshad Mehta and his family, partly due to a last-minute case filed by the stockbroker's mother, Rasila S Mehta.
In a possible precursor to further rate cuts, Finance Minister Pranab Mukherjee's meeting with public sector bank chiefs on Monday will review their benchmark prime lending rates and interest rates on loans for automobiles, homes, small and medium enterprises and non-banking finance companies.
While the jury's still out on whether US President Barack Obama's proposed stimulus is the right way to help fix the economy, rising unemployment is something that's likely to trouble the President for many years to come.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
A good example of just how little comes to light are the series of serious allegations made by the Ambani scions in their fight over the years of wrongdoing by each other - none of these are anything that the MCA came up with, nor have they been seriously investigated afterwards.
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