If you redeem your investments when prices have fallen sharply, you will be selling at low prices and may make a permanent loss. On the other hand, if you remain patient and remain invested, you give your investment the time to recover, says Dwaipayan Bose
'The ministry may like to consider setting up an ombudsman similar to electricity ombudsman and insurance ombudsman, to ensure a time-bound resolution of consumer issues within the airline sector.'
Dr Reddys Laboratories announced on Tuesday that Kalpana Morparia has been appointed as an additional director on its board.
A civic body in North Goa has banned the sale of the popular street food 'Gobi Manchurian' at roadside stalls in its jurisdiction after concerns were raised about the unhygienic conditions in which the dish was prepared, an official said on Tuesday.
Wipro Ltd has informed BSE that the board of directors vide the circular resolution effective January 13 resolved to issue and allot 4870 equity shares of Rs 2 each pursuant to exercise of stock options by eligible employees.\n\n\n\n
India is marching towards becoming the fourth country in the world to have space docking technology.
The executive committee of the Supreme Court Bar Association (SCBA) on Wednesday decided to call off the general body meeting scheduled for March 16 to vote on resolutions seeking explanation from senior advocates Kapil Sibal and Neeraj Kishan Kaul for apologising to CJI DY Chandrachud on behalf of the bar body.
The provisional restructuring plan has been carried out by lenders, led by State Bank of India, under the Reserve Bank of India's February 12, 2018 circular.
The bench was hearing a Public Interest Litigation (PIL) challenging the State Government's decision to retrospectively reduce the rate of police protection provided during the IPL matches. The PIL was filed by RTI Activist Anil Galgali.
The Supreme Court Bar Association (SCBA) will convene its special GBM on March 16 to consider resolutions seeking explanation from senior advocates Kapil Sibal and Neeraj Kishan Kaul for apologising to the top court after a heated exchange of words between the Chief Justice of India and SCBA president Vikas Singh last week on allotment of land at 'Appu Ghar' for lawyers' chambers.
Loans of over Rs 1.8 trillion, for which agreement has been signed by banks, are likely to be referred to IBC.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
A mission to study the Sun, and launching a climate observation satellite, a test vehicle as part of Gaganyaan human space flight programme and an Indo-US synthetic aperture radar.
Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month. The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
Four months ago, the resolution demanding to rename City Chowk was moved by senior Deputy Mayor of the JMC, Purnima Sharma. Simultaneously, the resolution was adopted after it was passed by the general house of the JMC.
The National Company Law Tribunal (NCLT) on Thursday gave crisis-hit Future Retail Ltd (FRL) time till May 12 to submit its reply to the insolvency petition filed against the company by Bank of India. Last week, Bank of India had moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. The NCLT hearing on Thursday also came against the backdrop of Reliance calling off its proposed Rs 24,713 crore-deal with Future Group after secured creditors voted against it.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
Such a financial condition had impelled the management to expedite a board resolution for fresh infusion of equity capital through a rights issue.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
The first five courtrooms of the Supreme Court have become WiFi-enabled, Chief Justice of India (CJI) D Y Chandrachud announced on Monday, in a significant step towards the digitisation of the top court.
The 26 sectors specified by the RBI include automobiles, power, tourism, cement, chemicals, gems and jewellery, logistic, mining, manufacturing, real estate, and shipping among others.
Days after Herwad village in Maharashtra's Kolhapur district passed a resolution to ban the customs associated with widowhood to maintain women's "right to live with dignity", those spearheading the campaign are now following up with the state government, demanding that a law be framed to end the "regressive" traditions.
'As per the provisions under the Constitution of India, Hon'ble President of India has appointed the following Chief Justices of High Courts as Judges of the Supreme Court. My best to them: Rajesh Bindal, Chief Justice, Allahabad HC and Aravind Kumar, Chief Justice, Gujarat HC,' Law Minister Kiren Rijiju tweeted.
The Indian Space Research Organisation on Sunday faced a blip in its plan to tap the small satellite launch vehicle market, as an anomaly in the placing of the satellites by the rocket led to deviation on its path thereby becoming 'no longer usable', Chairman S Somanath said on Sunday.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
The Reserve Bank of India (RBI) on Wednesday gave banks time till October 31 to comply with its guidelines on current account and overdraft facilities. The central bank indicated that it was in no mood to change the proposed rules, but would only allow for stretching the timeline for smoother implementation. The initial deadline had ended on July 31, leading to thousands of current accounts being closed or frozen by banks. Lenders had requested the RBI for some more time to resolve the operational issues in implementing the provisions of the August 2020 circular in letter and spirit.
State Bank of India, the nation's largest lender, has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine, sources said. To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well, sources said. No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list would be processed irrespective of the currency of the transaction, they said. Payments due to such entities have to be processed by other mechanism rather than through the banking channel, sources added.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
The three options are - a one-time settlement, restructuring of loans and of course go to IBC.
Under the resolution plan, the lenders would end up having a sizable portion of shares in the airline, if their boards of directors agree to convert part of their debt into equity.
In a circular issued late Sunday evening, the top court cancelled the scheduled hearing in courts 2, 8 and 14 and said that from Wednesday only one bench of two judges will take up for hearing in only urgent matters through video conference.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
Patel, who headed the RBI from September 2016 till his sudden resignation in December 2018, says in his book thta the government seemed to lose enthusiasm for the new bankruptcy law in the middle of the year he left the central bank. Though Patel does not name anybody in the book, the mid-2018 period he refers to is the time when Piyush Goyal held temporary charge of the finance ministry between May and August.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
The Supreme Court asked the Centre and the RBI on Monday to place on record the K V Kamath committee recommendations on debt restructuring in view of Covid-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
There is no provision for the state government to either install or remove loudspeakers, Maharashtra Home Minister Dilip Walse Patil said on Monday after an all-party meeting on the issue.
