Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
The company denies any wrongdoing, but says that the negative media coverage has left it with no clients and mounting legal fees which has forced it to resort to closure.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
'The one sector where there is still a sense of crisis is banking, but the government has regrettably set its face against privatising any of the government-owned banks,' says T N Ninan.
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
RBI governor Raghuram Rajan says, laws must be tightened for freeloaders.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
The problem of stressed assets needs to be addressed with effective recovery.
Contrary to the bragging that marked its two-year anniversary, the government's timidity on reform is simply astounding.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
Among executives who have been approached are former president and CEO of IndiGo Aditya Ghosh, Wolfgang Prock Schauer, current president and Chief Operating Officer at IndiGo and Sanjay Kumar, Chief Strategy and Revenue Officer of IndiGo.
'The entire government-owned banking system (excluding SBI) is now in the red.' 'But worse is to come,' warns T N Ninan.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
'When a company goes into insolvency, by definition it means that existing shareholders have been wiped out.'
RBI says haste in easing norms for banks harmful to economy.
For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
The board will first need to unpack IL&FS - it has 169 group companies with 24 direct subsidiaries, 135 indirect subsidiaries, six joint ventures and four associate companies, says Amit Tondon.
The Delhi and Districts Cricket Association has requested Board of Control for Cricket in India CEO Rahul Johri through observer Justice Mukul Mudgal to release Rs 2 crore on ad-hoc basis for hosting the ODI against New Zealand in October last year.
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
The biggest achievement of demonetisation is that it has brought about a social revolution against black money and corruption, says Sukumar Mukhopadhyay.
Non-Performing Assets are a wake-up call for public sector banks.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
International and Indian airlines are refusing to refund cash and giving credit that can be used later.
Make in India campaign has huge potential.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
RBI has cited at least 10 areas where it has no control over PSBs.
All evidence suggests that the US Federal Reserve will raise interest rates soon.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
The two nations share a problem of corporate debt gone bad that is so large and opaque.
Donald Trump, known for his unpredictable leadership style, divisive rhetoric targeting both allies and opponents, and the only US president to be impeached twice, left the White House on Wednesday with a tainted legacy never seen before in American political history.
US auto major Ford Motor Co on Friday said it and India's Mahindra & Mahindra have decided to scrap their previously announced automotive joint venture and it will continue its independent operations in India as it is. The two companies determined that they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the December 31, 2020 'longstop' or expiration date of a definitive agreement the organisations entered into in October 2019, Ford Motor Company said in a statement.
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