The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
'... not even a moral one, let alone a legal one.' 'Even if it is assumed that Deepak Kochhar tried to influence his wife into doing something dodgy for his 'social acquaintance', why would she do it?' 'By all accounts she has been granted share options in ICICI Bank of a very substantial amount which easily makes her a multi billion-pati.' 'She did not become CEO against some stiff competition by being stupid and concocting devious cock-and-bull renewable energy stories.' S Murlidharan, former managing director, BNP Paribas, unravels the Deepak Kochhar-Videocon controversy.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
Sensex firm on favourable GDP numbers for FY16.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
In a pre-budget meeting with Finance Minister Arun Jaitley, the experts suggested timely implementation of the BJP's election manifesto promises to fix higher support prices. They also favoured a Kissan TV channel, an efficient procurement policy, priority for farm mechanisation and the linking of rivers.
In less than two months since the announcement in March, the state has mobilised an armada of small and medium enterprises keen on making components for large equipment manufacturers.
From real estate behemoths to infrastructure majors, from mobile device manufacturers to heavy engineering companies, they all made commitments to the tune of billions of dollars. Unfortunately, the reality has fallen far short.
In a first, a public transport facility is beating its own drum.
Traders estimate around 30 per cent of rabi crop damage.
Congress President Sonia Gandhi, and Vice President Rahul Gandhi were on Thursday summoned by a local court as accused in a criminal complaint lodged by BJP leader Subramanian Swamy for alleged cheating and misappropriation of funds in acquiring ownership of now-defunct daily National Herald.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
'India placed the order, primarily due to the IAF's 'critical operational necessity'.' 'The complexity of the IAF's requirements delayed the process for months.' 'It is these requirements which cannot be made public.' 'Can you image Indian politicians publicly discussing the pros and the cons of such military equipment?' 'It would provide India's enemies with indications about the IAF's tactical plans in case of a conflict.' 'It is crucial that they should remain secret to protect India's defence preparedness,' explains Claude Arpi.
Summary of sports events and persons who made news on Friday
India-Israel relations are at a crossroads. Simply chanting old hackneyed mantras on terrorism, secularism, democracy, et al, won't suffice. There is danger of stagnation setting in, says Ambassador M K Bhadrakumar.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
The next edition of attachments will be carried out under sections of the Criminal Procedure Code
In a filing to the Bombay Stock Exchange (BSE), USL said it had made a recommendation to the board of subsidiary United Spirits to consider the sale of the entire share capital of Whyte & Mackay.
There are rumours that Ajay Singh who previously headed SpiceJet may get an investor to bail out the airline of dire consequences.
Rush to offload bad loans indicates a revival in asset-sale market
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
Lockheed Martin's offer involves transferring the world's only F-16 production line from Fort Worth, Texas, to India. Thereafter, every F-16 built, and a large share of the spare parts and sub-systems for every F-16 flying across the globe would come from India.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Farmers with land sizes less than 0.01 hectare have an average annual income of Rs 54732 and annual consumption of Rs 61296, thereby, a debt of Rs 6564 each year. Compare this with the minimum pay for a government employee, says Devanik Saha.
'Two have already sacrificed their lives.' 'How many more shall need to sacrifice before the government listens?' 'Four, five or six? They are ready, waiting.' After Ganga campaigner G D Agrawal's death, a Haridwar ashram's sadhus are on a relay fast unto death.
Vijay Mallya has lost control of his companies.
Rafael Nadal has withdrawn from the Paris Masters ahead of the tournament's start on Monday for "personal reasons", the French Tennis Federation announced on Friday.
'She was either overconfident that nothing will happen to her or she underestimated the gravity of the allegations.'
For debt-laden companies, asset sales is an obvious solution.
News of all that's transpired on and off the football field
'Farmers are like living corpses in India.'
A basic problem is that the cost of spectrum and licences relative to earnings is too high.
A definitive guide to the movers and shakers who sit at the helm of the Asian sports boom.
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