"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
IndiGo has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.
Rajesh Karkera/Rediff.com heads to south Mumbai to discover why Kitab Khana is considered one of the best bookshops in the world.
The new rail and road cargo service launched on Friday, linking Guangdong, Tibet and Nepal, aims to boost trade with the South Asian neighbour as China pushes forward its Belt and Road (Silk Road) initiative, state-run Xinhua news agency reported on Saturday.
Legendary cricketer and co-owner of Indian Super League football club Kerala Blasters, Sachin Tendulkar wished everyone on the auspicious day of Onam.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The automaker was found to have engaged in anti-competitive practices.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
Separate entity for publishing business of Kasturi & Sons Ltd to increase focus on publishing business; no plan to bring in external investors, says firm.
They said Rajeev Shamsher Bahadur Saxena wanted in the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case and lobbyist Deepak Talwar wanted by the Enforcement Directorate and the Central Bureau of Investigation in a case of misusing over Rs 90 crore taken through the foreign funding route, were brought in a special plane to Delhi around 1:30 am.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
Rajiv Saxena, an accused in AgustaWestland chopper deal scam, was extradited from Dubai, UAE, to India .
US-based company has a 100-aircraft order from Air India, SpiceJet and Jet Airways.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
Foreign portfolio investors (FPI) have pumped in a net sum of Rs 49,553 crore in Indian markets this month so far on back of high liquidity coupled with improving global indicators and clarity after the US presidential elections. FPIs invested Rs 44,378 crore in equities and Rs 5,175 crore in the debt segment, taking the total net investment to Rs 49,553 crore between November 3-20. In October, FPIs invested a net sum of Rs 22,033 crore.
Is Kedarnath Director Abhishek Kapoor upset with her?
US rate hike fear keeps Asian firms in check; India most upbeat.
Foxconn has said it is aiming to develop 10-12 facilities in India, including factories and data centres, by 2020
Infosys Ltd co-founder N.R. Narayana Murthy is close to entering into an e-commerce joint venture in India with Amazon.com Inc through his investment firm, Catamaran Ventures.
Reliance Industries on Friday announced the sale of 2.32 per cent stake in its digital unit to US-based Vista Equity Partners for Rs 11,367 crore, the third deal in a little over two weeks that will inject a combined Rs 60,596.37 crore in the oil-to-telecom conglomerate to help it pare debt. The US-based private equity firm will buy a stake in Jio Platforms, which houses the country's youngest but biggest telecom firm Jio, at an equity value of Rs 4.91 crore and an enterprise value of Rs 5.16 crore.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
Roopam Asthana, CEO and the whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH and AUTO insurance.
Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
India is in dire need of cybersecurity professionals. With several recent incidents of data breach, India's cybersecurity journey so far proves this demand. But is the country ready to meet this demand and is it preparing a cybersecurity workforce for the unforeseen cyber future? A report titled "India Cybersecurity Services Landscape" by Nasscom-Data Security Council of India (DSCI) predicts that the Indian cybersecurity services industry would grow at a compound annual growth rate (CAGR) of about 21 per cent to touch $13.6 billion by 2025. And by 2022, the industry, which generated a cumulative revenue of about $4.3 billion in 2019, is expected to grow to $7.6 billion. However, around 3.5 million jobs in the cybersecurity space will remain unfilled by the end of 2021.
Rediff reader Anjum Parwej, 52 from Indore shares his story.
As part of the deal, Padukone will own equity in Drum Foods.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
HP's 60.5 per cent stake is valued at $1 billion.
The ban in India would hit Chinese internet companies that were making headway in the world's fastest-growing mobile market.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
Becoming a unicorn is surely a marker for a company in its growth story, but it's not a major achievement nor is it a turning point of any significant worth.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The much awaited work to inlay with gold the dome of Bodh Gaya's 1,500-years-old Mahabodhi temple began on Wednesday by a team of technical experts from Thailand.
This marks the second billion-dollar investment by Silver Lake in a Reliance subsidiary after the $1.35 billion investment in Jio Platforms.
Diverse marquee investors are becoming long-term shareholders of Jio Platforms because of a unique set of technologies and platforms under one entity.
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?
