Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
'The striking down of the use of Aadhaar by private companies implicitly calls for the deletion or erasure of all personal data vested in the servers of the private service providers.'
If the new Companies Bill becomes law, 10 of the 30 Sensex companies will have to look for new auditors.
The government will "notify such countries or territories outside India to which a data fiduciary may transfer personal data", according to the draft unveiled on Friday for public feedback.
The Street shrugged off a muted first quarter of financial year 2023-24 (Q1FY24) and a cautious near-term outlook by India's largest information technology (IT) services company, Tata Consultancy Services (TCS). The stock was the top Nifty50 and Sensex gainer on Thursday, rising 2.5 per cent, as investors took comfort from a robust order book and an encouraging pipeline. Like its larger peer, HCL Technologies' (HCL Tech), too fell short of the Street's expectations on the revenue and margin fronts given cuts in discretionary expenditure.
Union Minister of Road Transport and Highways Nitin Gadkari on Tuesday unveiled the prototype of the world's first Bharat Stage (BS)-VI-compliant electrified flex-fuel car, developed by Toyota Kirloskar Motor. The car, which runs on 100 per cent ethanol (E100), is based on the Toyota Innova HyCross. It can cover 40 per cent of its distance on ethanol and the remaining 60 per cent on electric, with the petrol engine shut off.
In Dubai, A Ganesh Nadar encountered high speeds on smooth-as-silk-roads, no bureaucracy, gold, Mr Toad's. And snow!
Info Edge (India) reported a good fourth quarter for the 2022-23 financial year (Q4FY23) given depressed conditions in the Key IT segment. The billing growth of 13.7 per cent year-on-year (YoY) in recruitment was well ahead of market expectations. There was solid growth in realisations (up 5.5 per cent) as well as unique customers (up 7.7 per cent).
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
Avenue Supermarts, the operator of DMart retail chain, reported good results for the July-September quarter (Q2FY24) with strong earnings before interest before interest, taxes and depreciation (Ebitda) and profit before tax (PBT) growth, but lower PAT due to higher tax incidence. The operating margin improved, and like-to-like store sales growth was strong. Average bill value also increased though this may be a seasonal effect to some extent. Analysts are assuming this means the slowdown in retail may have bottomed out.
According to analysts, IT firms like Infosys, TCS and HCL Technologies are likely to benefit the most on account of larger US exposures and dollar billing.
In the Companies Bill, the Ministry stipulates that no company can appoint or re-appoint an individual or a firm as auditor for more than five consecutive years.
The stock of LTIMindtree finished at Rs 5,001 a piece on Monday, which means it is down about 5 per cent from its all-time high as its June quarter results for the 2023-24 financial year (Q1FY24) missed estimates. A cautious note by the management, coupled with the fact that it will miss its double digit revenue growth target for FY24 weighed on the stock price. The company delivered revenues of just over a billion dollars in the quarter with constant currency growth of 0.1 per cent.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
In a major move that will benefit hundreds and thousands of Indian IT professionals in America, the Biden administration has introduced an ambitious immigration bill in Congress which among other things proposes to eliminate the per-country cap for employment-based green cards.
India Inc has started lobbying with the government to compensate them by giving tax incentives on the funds spent on CSR.
For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an "anytime anywhere" bill payment system.
Industry experts feel strengthening the regulatory regime through the proposed laws is the first step towards a modern corporate law.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
The probe agency, while seeking Patkar's custody, also told the court that an offence of such magnitude was not possible without the "explicit complicity of senior functionaries" of the Brihanmumbai Municipal Corporation.
Sibal said the party will certainly move the court if amendments in the Aadhaar Act to be brought after this verdict are not brought in Rajya Sabha for discussion.
Tamil Nadu Bharatiya Janata Party state president K Annamalai on Friday released 'DMK Files' alleging top ministers from the party and Chief Minister MK Stalin's family members had accumulated unaccounted assets.
Suggesting the bill is in line with the apex court judgment, Prasad said people of India have accepted Aadhaar. The bill proposes to allow voluntary use of Aadhaar number for authentication and identity proof in opening of bank accounts and procuring of mobile phone connections. The Bill also seeks to give a child an option to exit from the biometric ID programme on attaining 18 years of age, while stipulating stiff penalties for violation of norms set for use of Aadhaar and violation of privacy.
Probe has been completed against 83.
Prime Minister Narendra Modi on Thursday thanked Qatari Emir Sheikh Tamim bin Hamad Al-Thani for the release of eight Indian nationals, who were sentenced to death after being arrested in Doha in August 2022.
Currently, the ministry has not set any limit for the tenure of independent directors.
The government will investigate a claim that WhatsApp accessed the microphone of smartphone users while the phone was not in use, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Wednesday.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
Though there have been no cancellations of contracts by invoking the force majeure clause, a number of clients - especially in the worst-affected sectors like travel and hospitality, oil and gas, as well as manufacturing - have started asking for reducing level of IT support.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
The Cabinet approved amendments to the companies law which doesn't require mandatory declaration.
'Every telecom user wishes to know who is calling. This will help in preventing cyber frauds using telecom services.'
The move is aimed at making it easier to do business in India.
He congratulated the company's management on its science and innovation platform.
Bill Gates specifically complimented India's Aadhaar identity system and the country's performance in the financial services and pharma sectors.
The biggest fear many of the e-commerce firms have is the possible requirement to change business models overnight, which would drastically increase costs as well as disrupt businesses.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances