Of the Rs 4,405 crore unpaid debt of 12 companies, more than half was locked in just one Mumbai-based real estate company, Kohinoor CTNL Infrastructure.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
The regulator has extended the deadline by 45 days till June 30 for submitting half-yearly financial results for NCDs, NCRPS and CPs, while it has given a time period of another 30 days till June 30, for filing annual earnings.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
The Securities and Exchange Board of India's decision to subject all Nifty and Sensex companies to a peer review of their accounting statements, may not be a bad idea, if some pitfalls are avoided.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
'I hope the Centre and the states will both act in the spirit of cooperative federalism and find acceptable solutions without testing the law and the limits of each other's power.' 'This should not be considered a wrestling match.'
The Tata Steel Group has extended substantial financial support to the UK business and suffered asset impairment of more than 2 billion pounds in the last 5 years.
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.
Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore during the period under review from Rs 13,423.4 crore in the same quarter last year.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
The chief of the Central Intelligence Agency on Friday apologised for the United States' spy agency's surveillance of computers used by lawmakers and their staffers involved in investigating the organisation's harsh interrogation techniques.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
"Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter," Wipro CEO and executive director Abidali Z Neemuchwala said.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
The Centre stressed that the next three weeks will be critical for the country reeling from the worst health crisis as it announced a series of measures to shore up medical infrastructure and supplies and scale up vaccination.
Sports Awards could to be delayed: Ministry official
Reserve Bank has almost finalised the structure of Central Fraud Registry.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
Cricket Australia (CA) named Trevor Hohns as the full-time chairman of its National Selection Panel on Friday, effecting a structural change to improve the rankings of the underperforming Twenty20 side.
Is Kohli not a great captain in spite of so many wins? My answer is, yes, declares Dr Sudhir Bisht.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
Nudging the RBI to cut interest rates to boost growth, Finance Minister Arun Jaitley on Sunday said he had already made his mind clear and hoped the central bank will take decision after taking into account various factors.
The new Diageo management had asked Vijay Mallya to step down.
'I would say restore the banks to health, get active board composed of professionals, then there will be an ideal situation for merger.'
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
The saffron party will use Lord Ayyappa the same way it made use of Lord Ram in the north to take away the Nair vote and make electoral inroads in the state.
'We want to connect unique skills that students have with the unique jobs being created.'
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