'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
Net profit was Rs 1,115 crore
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
From playing to the Sikh vote bank because Punjab elections are round the corner, to ensuring that a discordant 'us versus them' note was struck, whatever could be done to exploit every last drop of communal appeal, was done, observes Jyoti Punwani.
Images from matches played across top football leagues in Europe.
'If the government spends Rs 10 lakh crore this year then you would be looking at a GDP growth of minus 5 per cent.' 'If you do not do this, you will be looking at GDP growth between minus nine and minus 10 per cent.'
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
While the lender has Rs 17,000 crore of retail assets and land parcels in Juhu, Borivali, Worli, and Chembur in Mumbai, there may be a disconnect between the quality of DHFL's books and the value bidders ascribe to it.
'She is a strong, resilient, girl. She will not turn the other cheek.'
The remarks by China's deputy permanent representative to the UN, Geng Shuang, came during an emergency meeting of the Security Council on the situation in Afghanistan on Monday after the sudden and rapid takeover of the Afghanistan government by the Taliban insurgents.
'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.'
State-owned companies have been set stiff targets to increase accountability as they get ready for divestment. Nikunj Ohri explains why meeting them will be challenging.
Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
The statement contains a lot of crucial information. Ignoring it can sometimes be perilous and may land you in deep financial trouble
The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company.
'Your faith in the system, and in the fact that you are a citizen of this country and have rights, starts eroding.'
Fitch said the full implications of Patel's resignation will only become clearer once there is some indication of the RBI's policy approach under his replacement, Shaktikanta Das
'The worst is over, but it may take a couple more years for the banking system to re-establish the growth process.' 'Banks are the major pillars in an economy's revival.' 'Without banking operations and lending, revival will not happen.'
'Visibly there is a posturing that everything is fine. That creates a bit of a problem.'
'While growth will bounce back from the current sub-5 per cent, it will stay lower than the already inadequate long-term average of 6.6 per cent,' notes T N Ninan.
Both lenders and Etihad are not comfortable with the entities holding stake in Jet as they have no proven credentials in running a big business
'If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. 'But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on,' says T N Ninan.
The former Chief of Army Staff said India faces the most complex threats and challenges spanning a full spectrum of possible conflict -- from nuclear to sub-conventional -- but asserted that the armed forces are ready to deal with them.
It is a record that the saffron party has created, where the majority of its legislators belonged to the minority community.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
Was Kerkar duped by his employees, as he claims, or did a cocktail of greed, poor cost control and bad management bring the travel firm down, wonder Pavan Lall and Aneesh Phadnis.
There will be uncertainty about outcomes,but one must hope for the best, observes T N Ninan.
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
If not for Palaniswami, it is hard to guess if the AIADMK would have been able to garner 33.3 per cent vote share as against the DMK's 37.7 per cent. AIADMK won 66 seats, its allies Pattali Makkal Katchi and Bharatiya Janata Party five and four seats respectively and proved yet again that the western region was its fortress.
Rural India was left to fend for itself by those who ruled the country earlier, Modi said in a swipe at the Congress.
'The real estate sector has been badly bruised because it has become too reliant on funding from NBFCs, including housing finance companies. 'When the NBFC industry was rocked late last year by a large default, the real estate sector was hit hard. 'An intricate web of links between rural incomes, construction activity and shadow banks are fuelling the economic slowdown', says Pranjul Bhandari.
The slowdown in India is related to a credit squeeze, which is a cyclical problem - not a structural problem: American economist Steve Hanke.
'Afghanistan is a beautiful country but has no luck as far as lasting peace is concerned'
The amendments should be submitted by year-end.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
Bankers say there is palpable fear among erring promoters that the banking system just cannot be taken for granted, and any delay in loan repayment could mean promoters losing business
Novak Djokovic increased his Grand Slam tally to 19 titles, and is now one adrift of the men's record held by Roger Federer and Rafael Nadal.
'The Congress has indeed become overly dependent on the RJD.' 'A few Congress leaders have successfully convinced the national leadership about the benefits of maintaining ties with the RJD.'
Experts tell Tinesh Bhasin how to pick one to save money as well as some troubles later
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