The government has recapitalised public sector banks (PSBs) by infusing over Rs 3.10 lakh crore in the last five fiscals, a majority of which was through issuance of recapitalisation bonds, Parliament was informed on Monday. "Government has infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks," Minister of State for Finance Bhagwat Karad said in a written reply in the Lok Sabha. He was responding to a host of questions asked by Congress party's Member of Parliament Manish Tewari.
According to the makers, the CBFC was not happy with references made to Prime Minister Narendra Modi and use of real names in the film.
SAT observed that complaints were filed six years ago against 16 listed entities, including the registered intermediaries, but were disposed of by the regulator without settling the case.
Etihad's acquisition of 24 per cent stake in Jet Airways was the first FDI in an Indian carrier by a foreign airline.
Capital markets regulator Sebi on Tuesday barred five brokerage houses for up to six months from making fresh applications seeking registration as commodity brokers as they failed to meet 'fit and proper' criteria in the NSEL case. The affected brokerage houses include India Infoline Commodities, Anand Rathi Commodities and Geofin Comtrade (banned for 6 months each), and Phillip Commodities and Motilal Oswal Commodities Broker (for 3 months each). "There were enough red flags for a reasonable person to come to conclude that what was being offered as paired contracts on NSEL were not spot contract in commodities," Sebi said in five separate orders.
Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
In a setback to Tata Power, the Supreme Court on Wednesday dismissed the company's challenge to the Maharashtra Electricity Regulatory Commission's (MERC's) decision to award a Rs 7,000-crore transmission project near Mumbai on a nomination basis to Adani Electricity. The court upheld the order by the Appellate Tribunal for Electricity (APTEL) in this case and directed all State Electricity Regulatory Commissions to frame guidelines on tariff determination in accordance with Section 61 of the Electricity Act and the national policy. The verdict has implications for the Mumbai power market, said Ashok Pendse, an energy expert based in the city.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Locked in face-offs with two different regulatory agencies CCI and Sebi, realty major DLF's Chairman K P Singh on Monday suggested a provision in laws to sue regulators if their decisions get overturned at later stages.
Government may also consider giving relief to some of the worst-affected sectors.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
In August, the Supreme Court had said that the total amount should be deposited within 3 months with its Registry, pending the outcome of the appeal filed by the DLF against the May 19 order of Competition Appellate Tribunal's upholding the penalty imposed by CCI.
Sebi ruled that Pendse has violated various provisions of the PFUTP Regulations and the Securities Contracts Regulation Act with his illegal transactions.
The Supreme Court on Wednesday rejected the Board Of Control For Cricket In India's plea against a tribunal order asking it to pay around Rs 18 crore as service tax for video graphing matches and selling the feed to private sport channels.
The actor says it's unfortunate that the film has got so many cuts. Rajul Hegde reports.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India.
Occupants were served eviction orders in April this year
In a disciplined force like the Indian Army seniority has all the importance, the Supreme Court said while commuting the life sentence of a non-commissioned officer held guilty for killing his colleague during an altercation over seniority.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
Notwithstanding record revenues in certain media sectors like film exhibition in the July-September quarter (second quarter, or Q2), the operational performance of the broadcasting business remained subdued. Zee Entertainment Enterprises and Sun TV are expected to experience a year-on-year (Y-o-Y) decline in advertising (ad) revenues during this period. Conversely, box office (BO) collections are anticipated to exceed Rs 3,000 crore in the quarter, propelled by a series of successful movie releases.
The Supreme Court on Thursday set aside the Bombay high court verdict cancelling the caste certificate of Amravati MP and BJP leader Navneet Kaur Rana.
In his letter to Sitharaman, Venugopal said media reports have exposed the alleged "quid-pro-quo between BJP and several firms, which in a strange coincidence donated to it, after the Enforcement Directorate (ED), Income Tax Department (IT) and Central Bureau of Investigation (CBI) and others, raided or searched those enterprises".
Naved Masood, former secretary in the Ministry of Corporate Affairs and Sebi board member; TV Mohandas Pai, chairman of Manipal Global Education and Dinesh Kanabar, CEO, Dhruva Advisors have ceded their position on the NSE board following end of their tenure.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Granted 6-month relief, subject to interim payments and guarantee, on Rs 3,700-cr demand for alleged transfer pricing in FY09.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
The Supreme Court came down heavily on the Centre on Tuesday for failing to take any decision for years on the pension payable to retired regular captains of the Army in accordance with the One Rank One Pension (OROP) scheme and imposed a fine of Rs 2 lakh on it.
TDSAT had stated no amount was payable till resolution of the disputes.
The Nobel laureate filed an application before the High Court.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Promoters must mandatorily deposit 70% of unused fund collected for project in separate bank account
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
'Devas will continue to pursue its rights and enforcement actions against India in courts around the world.'
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
