The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Superseding the boards of two non-banking financial companies (NBFCs) in the Srei group will neither create liquidity challenges for sound entities, nor build systemic crises because the markets have factored in the problems with the Kolkata-based firms. Such regulatory steps will help in making the NBFC space more robust, bankers and market experts said. The action should have begun earlier because the Reserve Bank of India (RBI) had done a special audit last financial year and asked the group to make provisions for assets considered stressed, analysts said.
'I try to solve the problem that is there in front of me. I know it's a cliched answer...but I was trying to focus on what is the best option over here on a wicket like this.'
'There is one way to defeat the intention behind this directive: To patronise Muslim establishments that have been forced to identify themselves.' 'This is one opportunity for the Congress to show that the 'mohabbat ki dukaan' its leader talks about does exist.' 'Can Akhilesh Yadav, who has asked the court to take note of this directive, order his party members to do this?' asks Jyoti Punwani.
Shares of Zee Entertainment Enterprises Ltd (ZEEL) tumbled 12 per cent in the mid-session trade on Wednesday amid reports of capital market regulator Sebi has unearthed a financial discrepancy exceeding USD 241 million (nearly Rs 2,000 crore) in the accounts of the company. The stock of the company nosedived 11.58 per cent to Rs 170.65 apiece on the BSE. ZEEL shares plunged 11.39 per cent to Rs 170.70 per piece on the NSE.
Up to three billion people are expected to tune in for the opening ceremony in Paris.
Once implemented, Rishad Premji will be one of the youngest business leaders to don the role of non-executive chairman at a large cap Indian company.
Unwilling to jeopardise its cordial relationship with the all-powerful BCCI, the England and Wales Cricket Board (ECB) has rejected a lucrative 10-year buy-out offer of their franchise-based property 'The Hundred' from former IPL commissioner Lalit Modi, the Daily Telegraph reported.
'T20 is a hard format. We are excited for what is to come.'
A delegation from International Hockey Federation (FIH) is in New Delhi to discuss the way forward and avert a possible suspension of Hockey India (HI), currently placed under a Committee of Administrators.
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air. Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore. A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.
'API prices are dragging down margins and impacting our competitive ability.'
IOC urges IOA to appoint CEO quickly, asks it to settle wrestling issue by following UWW rules and directives
Isha Ambani means business. Not only when she is doing business - she leads Reliance Retail - but also when she is not. The latter was unmistakable on Wednesday, during her eight-minute 49-second video address on the occasion of "Girls in Information and Communications Technology (ICT) Day India 2024".
Max Life Insurance plans to hire 30,000 agents and open 50 to 100 new offices in the financial year 2024-25 (FY25) to drive premium growth, said Prashant Tripathy, managing director and chief executive officer of the company. The private insurer's total agent count will rise to 1,30,000 in FY25. It added 47,957 agents in FY24, 54 per cent more than the year before.
'The reports circulating in certain media sections are completely incorrect.'
Real estate investment trusts (Reits) are in talks with regulatory bodies - the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) - to seek changes in regulations that will allow easier access to capital. The Indian Reits Association (IRA) said it has approached the market regulator seeking to get classified as an 'equity' asset, which will open the path for their inclusion in equity indices and also make investment by mutual funds (MFs) easier. The association is also in active discussions with the RBI to allow banks to lend to a Reit.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
The small finance bank model may still be testing the water some 10 years since its launch. According to banking experts, the regulator has taken a cautious approach in granting approvals. Unity Small Finance Bank was the last one to get a licence in the category in November 2021.
The International Hockey Federation (FIH) has approved Tirkey and his team's appointments.
CA said in a statement it would ensure elite men's and women's teams were "appropriately and prudently resourced" but chairman Earl Eddings declined to clarify whether the nation's high-performance staff and programmes would be unaffected.
The Securities and Exchange Board of India (Sebi) has asked fund houses operating smallcap funds with a large corpus to share data on their holdings in the total free float of smallcap stocks, according to sources. This is part of the stress tests that the regulator wants fund houses to undertake amid a surge in inflows into smallcap schemes and growing concerns about valuations. Free float refers to the quantum of freely available shares for trading on the stock market.
The Federation of International Cricketers' Associations (FICA) urged Test playing nations on Wednesday to reject the controversial proposals that would effectively place Australia, England and India in charge of the world game.
Rashtriya Swayamsevak Sangh (RSS) general secretary Dattatreya Hosabale on Tuesday said the organisation believes that there is no need to turn India into a 'Hindu Rashtra' or Hindu nation because the country has always been one.
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
Ashwin has urged bowlers to start working on their batting skills in order to meet the demands of the game.
The six-nation Asia Cup, which will be played in a 50-over format in the first part of September this year, has grouped India and Pakistan together with a qualifier. Sri Lanka, Bangladesh and Afghanistan are part of the other group.
UCO Bank, Bank of Maharashtra, Bank of India, Indian Overseas Bank, Indian Bank, and Central Bank of India don't have a non-executive chairman.
Maharashtra Chief Minister Eknath Shinde and Home Minister Devendra Fadnavis have directed stringent action in the case of a car accident involving a 17-year-old boy, in which two persons were killed, the Pune police chief said on Tuesday.
Explore, engage, participate and excel in as many co-curricular activities and hackathons as possible to improve your self-confidence, communication skills and overall personality, advises rediffGURU Chocko Valliappa.
Nine people were on the helicopter that crashed in northwest Iran on Sunday, including three officials, an imam, and flight and security team members, as reported by Tasnim news.
Former Australia captain Michael Clarke said Rohit Sharma needs to take a break to freshen up ahead of the T20 World Cup next month.
If Hockey India does not adopt a Sports Code-compliant Constitution at the earliest, the country runs the risk of losing the hosting rights of the Hockey World Cup, scheduled to be held from January 13 to 29.
The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's chairman and managing director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.
A team of prison officials performed the dummy execution on Sunday. The officials recorded the weights of the convicts and the prepared the dummies accordingly with sacks filled with debris and stones, a senior jail official said. The execution will take place on in Jail No 3, he said, adding that the UP Prison authority has confirmed that Pawan Jallad from Meerut will be sent to hang the four convicts.
Chatterjee said the compNY is not aware of any major client concerns at this point.
With this rejig, Mindtree's board will now have 12 board members from eight.
The CEOs have been discussing a collaboration for some time, according to two people with knowledge of the situation.
Smallcap mutual funds recorded net outflows for the first time in 30 months in March as investors pulled out money after the markets regulator, the Securities and Exchange Board of India (Sebi), warned against "froth" in the mid and smallcap space. Active equity mutual fund (MF) schemes raked in Rs 22,600 crore in March. The March inflow is 16 per cent lower than the two-year high inflow of Rs 26,860 crore in February, shows data from the Association of MFs in India (Amfi).
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