A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
'Start-ups that generate a majority of their income in India are likely to opt for an Indian listing.'
If there is a morality tale here, it is that debt and death spare no king.
Vikram Kothari's Rotomac stares at a loan default of Rs 369 crore
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
The Reserve Bank of India (RBI) has asked banks not to treat Kingfisher Airlines' brand as collateral since it is intangible. This is because the loan has turned non-performing for most of the banks.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
Ajit Mishra answers reader queries on the stock market.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
Sources close to the bank said non-executive and non-independent director Ajai kumar had been recommended for the interim CEO role.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
Investor interest in banks and real estate companies dipped and these stocks witnessed correction post the policy announcements.
Stocks such as ICICI Bank, Axis Bank, State Bank of India, Bank of Baroda and HDFC Bank are among the top banking picks of analysts for 2017. A decline in cost of funds and treasury gains are expected to help stabilise their net interest margins
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
The largest financial institution, LIC, led the list of companies that paid up their advance tax this morning, with a spike in the amount to Rs 1,200 crore (Rs 12 billion) from Rs 1,070 crore (Rs 10.70 billion) a year ago, a senior income tax official said in New Delhi on Thursday.
SBI keeps IDBI waiting for proposal to set up infra development fund
Rating agencies on Wednesday warned against more exposure to debt-ridden Kingfisher Airlines, saying more debt may hit banks' credit profiles and add to the burden of provisions.
Two Indians, including an 8-year-old boy, were killed in the ghastly terror attack on a shopping mall in Kenya, an incident which was strongly condemned by Prime Minister Manmohan Singh who reminded the world community about the need for concerted effort to control such mindless violence.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The S&P BSE 500 index, which accounts for 94% market capitalisation of BSE listed companies, has gained 45% from its March 24 low. However, out of the BSE 500 index stocks, 225 have underperformed the index by gaining less than the broader index during this period.
Bank of Baroda said it received a notice of one day strike scheduled for February 21 by the bank employee unions.
The candidate will be expected to have at least two to three years of remaining service.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
The new interest rates will be effective from August 19 and will be applicable to both resident and non-resident customers.
The decision was taken at the State Bank of India headquarters in Mumbai on Monday when the top managements of the lenders met.
After private banks, it is now the turn of large public sector banks to raise interest rates on non-resident (external) rupee (NRE) deposits after the central bank lifted the cap on rates for these deposits.
Expect rate rise pause, amid market expectations to the contrary.
Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.
The third highest paid endorser after Virat Kohli and MS Dhoni, Sindhu is the highest paid among woman athletes and non-cricket sportspersons in the country, says Urvi Malvania.
Standard Chartered cuts base rate by 0.25%
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
Virat Kohli is going through a rare lean phase in his career, but Sharma is unperturbed and feels that the Indian captain will bounce back.
The IPO is an offer for sale of 38 million shares by SBI, BOB, LIC, PNB and T Rowe Price. Barring T Rowe and PNB, the others are selling stake to comply with Sebi norms.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
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