It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Mumbai police, citing his suicide note, said the 1988-batch Indian Police Service officer took the extreme step 'out of frustration' due to his illness.
Somaiya had on Sunday claimed he was barred from entering Kolhapur with the district authorities citing law and order as well as security concerns following his allegations of corruption against Maharashtra Rural Development Minister Hasan Mushrif.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
The Tamil chief minister suffered a heart attack on Sunday evening.
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
The measures needed for implementing this new system would start rolling in few weeks, the minister added.
'The prime minister's advisers might have told him that going along with this AIADMK government will damage his image.'
Ram Sumiran Pal arrested in Delhi; hunt for two others on.
Prime Minister Manmohan Singh lauded the Central Bureau of Investigation as it completed 50 years during an address to senior officers at the at international conference on 'Evolving common strategies to combat corruption and crime.'
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
'There is much scope for ingenuity and inventiveness, and the stakes are very high.'
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
From Kudankulam to the Land Bill, the author takes the Twitter route to capture the infra action of 2013.
Investors and EOW waded through a maze of legal obstacles to get their hands on the 'kingpin'.
Most farmers want to give Modi a second chance. They hope that the BJP loses at least 50 seats, so that it is dependent on its coalition partners who will then keep a check on Modi.
Sharad Pawar claims he is not in a position to name the organisations behind the violence at Bhima Koregaon, 'though active role of right-wing forces behind the violence cannot be ruled out.'
The scam has offered Lalu Prasad an opportunity to point fingers at Nitish Kumar and Sushil Kumar Modi.
'Little about this regime, given its vindictive credo, is a complete surprise. But we were still taken aback by the CBI raid as it was a complete abuse of due process.' 'These are not legal inquiries, but abusive use of State power. They are not legitimate investigations, but a witch-hunt.' 'Ours is a typical, classic case of the State and its organs being used as an outlet for motivated vendetta of the vilest kind.'
Few top honchos of India Inc did very well in 2014.
Sandeep Pandey salutes women who have contributed to social transformation in India after 1980.
'It was only relatively recently that Subhash Kapoor was able to secure the sources in India, Afghanistan and Cambodia, that allowed him to get the really highest level objects, and that helped propel him in recent years up the ranks.'
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