The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
All the bank notes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
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.
The Cabinet, chaired by Prime Minister Narendra Modi, allowed contractors to move to the new, speedier arbitration process, approved the release of 75 per cent of the amount in dispute against bank guarantees and provided for a conciliation board comprising independent domain experts in new contracts.
Wayanad will continue to support Rahul but not to the same extent as in 2019, when his margin of victory had been enormous. Articulate, to the point and speaking in fluent Malayalam, CPI's Annie Raja, had the people who gathered to see her, listening in rapt attention, notes Shyam G Menon.
The party also promised reservation to minorities on basis of their population after the caste census.
As Sahara India chief Subrata Roy continues negotiations with potential investors to raise funds to secure his release from jail, a senior group executive has proposed a 'contribution scheme' to raise Rs 2,500-3,000 crore ( 25-30 billion) from two lakh members of its parabanking division.
'The global situation is not very good.'
Chidambaram said the government will not go back on its decision to raise gas prices for both public sector and private producers from April 1.
The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates.
The 46-year-old Brad Hodge had played 14 games for KTK, scoring 285 runs at an average of 35.63. He was bought by Kochi Tuskers for $US425,000 at the 2010 auction.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
The party's research department team, which Rajya Sabha member M V Rajeev Gowda heads, has sifted through the suggestions received in the last five months, and the manifesto is slated to be released later this month, reports Archis Mohan.
A consortium led by Ajay Singh is initially expected to invest Rs 1,200 cr, largely to cover liabilities.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
The airline not to be put on cash and carry mode
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Pune Warriors India are disappointed at being axed from the IPL but expressed hope that it would not be the end of the road as far as their relationship with the BCCI is concerned.
About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
Congress sitting MLA Saleh Mohammad, is hoping to buck the trend of anti-incumbency in the seat, and believes people will vote for his development work and not along religious lines.
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
The approved proposals included "procurement of night sight (image intensifier), light vehicles GS 4X4, air defence fire control radar (light) and GSAT-7B satellite," it mentioned.
This article examines the call for the government to reduce its majority ownership in public sector banks ostensibly with the objective of improving the functioning of these banks.
The regulator said if the variable pay is up to 200 per cent of the fixed pay, at least 50 per cent of it should be in non-cash, and if the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
Sources said the Cabinet had in December last year stipulated that the new gas rate will apply to all producers excepting eastern offshore KG-D6 block where the contractor, which is fighting government against levying penalties for output shortfall, will have to give bank guarantees equivalent to the incremental revenue it would get from the new rates.
Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected till the deal is signed.
The apex court asked Securities and Exchange Board of India to release title deeds of the property to be sold by Sahara in favour of purchasers for arranging the money.
The Supreme Court is likely to pronounce on Wednesday its verdict on a plea of jailed Sahara Group chief Subrata Roy seeking modification of an earlier order asking him to pay Rs 5,000 crore (Rs 50 billion) in cash besides a bank guarantee of an equivalent amount for securing his release.
A petition seeking a review of the October 17 verdict refusing to accord legal recognition to same-sex marriages was mentioned before the Supreme Court on Thursday for an open court hearing.
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