Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
The Enforcement Directorate on Wednesday searched the office of Karti Chidambaram, son of former Finance Minister P Chidambaram, in connection with its probe against firms owned by his friends.
Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
The London Commercial court has granted Tata Sons a period of 23 days, starting July 27th 2016, to apply to set aside the exparte order
Vikram Bakshi on Friday offered to sell his 50 per cent stake in Connaught Plaza Restaurants, the joint venture with McDonald's that operates fast-food restaurants in north and east India, for Rs 1,800 crore (Rs 18 billion).
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
The behaviour of the foreign institutional investors is gauged from the numbers put out by the exchanges and regulators.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
This move to make it easier for funds to avail of tax exemptions.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
The agency said it searched a Mumbai-based operator who was running 700 shell companies with 20 dummy directors and had "converted Rs 46.7 crore for Chaggan Bhujbal", the jailed ex-Maharashtra deputy chief minister.
The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
Global management recognised India's potential.
Most e-commerce firms with 'Singapore holding structures' would opt out of the new Sebi platform
'Countries like Israel said openly that they will hunt people down. We have no such policy.' 'We have always been following the legal process of getting them (people wanted by India) through extradition.'
An international tribunal has ruled that the Indian government had acted "unfairly" and "inequitably" in annulling a contract between Devas and ISRO's commercial arm Antrix.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
Enforcement Directorate sources tell Vicky Nanjappa/Rediff.com that the probe into FDI received by Flipkart continues and a show cause notice will be issued to the online retailer.
Former Board of Control for Cricket in India president and eminent lawyer Shashank Manohar was engaged in a proxy war of words with BCCI secretary Sanjay Patel over Tamil Nadu strongman N Srinivasan clinging to the hot seat in the world's richest cricket body.
when the Maharashtra delegation of small and medium businesses arrived in the US on October 9, the Indian consulate decided against holding a standard reception replete with boilerplate speeches. Rather, the consulate put together a programme that would increase the chances of things working out for them. They held an event on Lex Terrae (law of the land).
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
Congress charged the entire BJP and the government with "aiding and abetting" Lalit Modi, a fugitive.
The Budget sets out a comprehensive vision.
CCI investigation into predatory pricing likely
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
No one's quite sure on the retail FDI issue in this regard, after the new Rajasthan and Delhi governments cancelled the approvals given by their predecessors
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
Except for liquidity, which could act in favour or against the market in the short term, most market participants are bullish.
The ex-president returned to Sri Lanka on a Singapore Airlines flight.
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
As soon as the House met, AIADMK MPs trooped into the Well shouting slogans and demanded action from the government.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
'A strong foreign exchange reserve is the best safety net against global spillovers.'
India needs to sustain a GDP growth rate of 8 per cent to become a five trillion dollar economy by 2025, the Economic Survey has stated.
Because of a new notification, any retirement planning done by non-resident Indians through PPF will go for a toss, experts tell Sanjay Kumar Singh.
With the markets scaling new highs, as many as 43 stocks from the Nifty50 index and 27 of the 30 scrips that are part of the S&P BSE Sensex are trading above their respective 200-day moving average (DMA). The 200-DMA is seen as one of the most relevant trend indicators by investors and traders, who believe that stocks and indices trading above this level possess strength and are likely to rally in the short to medium term, while the ones trading below this level are viewed as bearish and expected to see a sell-off. Wipro, UPL, Kotak Mahindra Bank, Hindalco, Infosys, Cipla, and Adani Enterprises are the only stocks from the Nifty50 pack that are still below their respective 200-DMA, the exchange data suggests.
