The Sahara India Group pulled its team Pune Warriors India out of the Indian Premier League following the Board of Control for Cricket in India's decision to encash the bank guarantee after they failed to pay the franchisee fee.
ABG close to winning bid for container-handling berth at Haldia.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
With prices of new franchises dropping, the team valuations, instead of going up, seem heading south. One major reason for that could be the numerous issues the T20 league has faced over the years, and growing friction between franchises owners.
After terminating cash-strapped Deccan Chargers from the Indian Premier League, the BCCI began the process of finding a new team by floating tender notices for a fresh franchise.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
Kerala high court on Tuesday asked the owner of Italian Merchant Vessel Enrica Lexie and the families of the two fishermen allegedly killed by the marines whether they were willing for an out of court settlement for determining the compensation.
Rajasthan is all set to vote on Saturday to elect members of a new assembly with the Bharatiya Janata Party aiming to unseat the ruling Congress, which is fighting hard to change the trend of alternate governments in the state.
The commission asks for notification to be deferred; RIL's KG-D6 pricing issue may return to Cabinet
'The BJP is doing politics 24x365, but the Congress revs up only during elections.'
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The CAG has suggested canceling nationwide broadband spectrum allocated to Infotel Broadband Services, now a Reliance Industries company, for allegedly rigging the auction and violating rules.
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
Former IPL commissioner Lalit Modi has again fired a salvo at BCCI bigwigs Sashank Manohar and president N Srinivasan for the "mess" created due to the termination of IPL franchise Kochi Tuskers Kerala.
Cracking the whip, the BCCI terminated the contract of IPL franchise Kochi Tuskers Kerala for non-payment of bank guarantee, thus abruptly ending the controversial Kerala team's association with the cash-rich league after just one year.
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
Virat Kohli will be in focus as Royal Challengers Bangalore look to strengthen their claim for an IPL play-offs berth in their must-win match against laggards Sunrisers Hyderabad.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Since 1993, when the BJP came to power after a stint of President's rule, the state has alternated between the Congress and the BJP.
The franchise owners Kochi Tuskers Kerala are planning to take legal action against the BCCI after the BCCI terminated the Indian Premier League side's contract at its Annual General Meeting on Monday.
'The ICC would put in place a process through which any member can access the withheld money upon an unconditional and irrevocable undertaking, perhaps a bank guarantee,' ICC president Ehsan Mani said.
The Dubai branch of Bank of Baroda has been directed by courts in Dubai to pay a sum of over $103,869 to an Indian company in a bank guarantee case.
Telecom regulator TRAI on Tuesday released a detailed consultation paper to discuss threadbare the modalities for auction of spectrum across multiple bands, including pricing, quantum and other conditions -- preparing the groundwork for 5G auctions slated for next year. Trai's comprehensive consultation paper runs into 207 pages and throws up 74 questions for industry-wide discussion, touching on crucial aspects like valuation and reserve price of spectrum, including 5G, quantum of spectrum, block size, eligibility conditions for participation in auction, roll-out obligations, spectrum cap, and surrender of spectrum. Norms will also be worked out for new frequencies such as 526-698 MHz and millimetre band, that is 24.25 - 28.5 GHz, in addition to bands such as 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300-3670 MHz.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
New regime on loans to one party to kick in by Apr 2019.
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The Supreme Court on Monday refused to interfere with a Mumbai high court's order under which Times Now news channel has been asked to deposit Rs 20 crore in cash and to give a bank guarantee of Rs 80 crore, before its appeal against a trial court award of damages of Rs 100 crore to former apex court judge P B Sawant, could be heard.Justice Sawant had sued the news channel for displaying his photo wrongly during the telecast of a news bulletin on September 10, 2008.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
In a bid to promote competition in resale of bandwidth, the Telecom Regulatory Authority of India in its recommendations submitted to Department of Telecom has favoured not fixing any ceiling on the number of players in the segment.
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