ArcelorMittal, Anglo Australian major Rio Tinto, Hyderabad-based GVK Power & Infrastructure, Essar Mineral Resources and JSW Steel are among 10 prominent corporations in a shortlist to develop 18 abandoned coal mines owned by state-owned Coal India Ltd and its eight subsidiaries.
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?
Prayas Jain has been arrested for allegedly buying secret documents.
An empowered group of ministers on April 9 decided to give any unutilised KG-D6 gas to steel plants who are currently not being supplied their full share of administered price fuel, official sources said. After gas-based steel plants, allocations would also be made to existing gas-fired power plants and to other power plants, including captive power plants depending upon the availability of the unutilised gas.
The calculation excludes cross-holding of listed group cos in each other.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
An alleged unauthorised communication equipment has been seized from the office of prominent NGO Greenpeace at a village in Singrauli district of Madhya Pradesh and two persons have been arrested for trying to disrupt the police probe, a senior police official said on Wednesday.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
'National assets, created over the years through tax-payers's money, should not be handed over to business houses at throwaway prices.'
Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
'By not only decriminalising routine business failures, but by ensuring that institutional lending and corporate rescue frameworks are strengthened via the IBC, the prime minister has ensured there is no room anymore for the proverbial 'reckless, prodigal debtor',' notes Sanju Verma.
The court said a 'scam was created when there was none'.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
On the second day of global investment summit in Ahmedabad, industrial groups have announced plans to make investments of Rs 12,000 crore (Rs 120 billion) in Gujarat, P K Laheri, the state's chief secretary, said on Monday.
Analysts said even though the Indian economy is expected to slow down to 7.2 per cent in fiscal 2020, it is still the best bet for investment for foreign investors.
Cairn India is 25th on the list with 22.2 per cent CGR.
Former Coal Secretary P C Parakh, who was named by the Central Bureau of Investigation in a first information report on a coal block allocated to Hindalco, had joined three private firms after retirement, raising questions over his role in one of the companies that's now under the scanner after getting a block.
Cut-throat competition, high spectrum costs, and frequent flip-flops in government policies have made it difficult for Vodafone to make money in the country.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
A casual worker employed at the Defence Ministry was arrested on Tuesday for allegedly providing forged identity card to a key accused in petroleum ministry leaks case while police maintained that no sensitive documents were leaked or stolen from the defence ministry.
The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan.
As the WEF summit draws to a close on Saturday, a few big names from India including Mukesh Ambani and Anand Mahindra were missing in action while Pakistan Prime Minister Nawaz Sharif and Jordan's King Abdullah II were among global leaders who cancelled their trips at the last moment.
In a grand ceremony with overtones of a United States presidential inauguration, heads of state and government, India Inc honchos, opposition leaders, Bharatiya Janata Party members and showbiz stars rubbed shoulders as they watched President Ram Nath Kovind administer the oath of office to India's 58 new ministers.
Executives would analyse information and pass it to seniors.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
A total of 4,452 cases have been disposed at pre-admission stage and 66 have been resolved after adjudication. 260 cases have been ordered for liquidation.
Those for power sector to see tussle between prior owners & new challengers
Companies write off investments, shed assets as initial projections go haywire
Delhi Police Crime Branch raided the office of a petrochemical co.
The recent amendments to the IBC practically barred promoters from re-acquiring their own assets, leaving only a small window to convert their non- performing assets into standard assets by paying the overdues.
Investors must be prepared to believe that things will get better eventually, no matter how bad the current situation may look. If you don't possess this optimism, you will not possess the courage to invest and if you don't invest, you don't give yourself any chance to get wealthy, says Devangshu Datta.
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