Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the Rs 24,713 crore deal with Reliance, Biyani in an interview with PTI said the US giant's 2019 investment in Future Coupons Pvt Ltd (FCPL) -- Future Retail's parent -- was for coupon and gifting business only and the same could continue post-retail assets going to Reliance. He hoped to complete the deal with Reliance within two months of Sebi approval.
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
Mukesh Ambani's Jio, high debt and some bad decisions drove RCom to its grave.
'Between its natural immunity with Delta, in so many populations, and then getting on top of the vaccination (situation), I do not think India is going to have another bad wave.'
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
'Whatever else may or may not happen, China and its people are likely to pay a very heavy price for the lack of transparency of its Communist regime,' predicts Colonel Anil A Athale (retd).
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
'We need to retell this history from many different perspectives.'
With almost all opposition parties and several trade unions backing the 'Bharat Bandh' and many announcing parallel protests in support of the farmers, the Centre has issued an advisory directing all the states and Union Territories to tighten security and ensure COVID guidelines are followed.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
'In 2016, we had De-Mon and in 2017, we had GST.' 'The combined impact of these two started showing up in 2019 and 2020.' 'COVID-19 only added insult to injury.'
'A pandemic like this will leave behind a trail of political, economic, social and psychological scars.' Coronavirus is going to impact every being on earth even if they do not contract it.' 'Everyone will pay a price,' cautions Ramesh Menon.
'Instead of doing reforms and restructuring, the present government is busy with the perception that everything is fine and the economy is hunky-dory.' 'Such hollow perceptions are very dangerous for the Indian economy in the long run.' 'The real risk to India is the lack of decent employment opportunities for youth in general and educated youth in particular.'
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
'A growing segment wants to fly Vistara but may not be really ready to pay for certain products that come with a full-service carrier. That is a large segment and we can't ignore it,' says CEO Leslie Thng.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
The Chinese President dethroned Russian President Vladimir Putin as the most influential person on the planet.
Cab aggregators caught between showing profitability to investors, increasing their network and dabbling in areas such as food ordering have seen a major blow to their primary business.
Christie's second art auction in Mumbai saw 78 works by Indian artists fetching a total of Rs 75.27 crore.
Kishore Singh on Jean-Michel Basquiat and his worth.
The world seems to have caught severe pneumonia, or worse, as China had flu.
There have been several instances of traders dumping fruits and vegetables outside mandis. Or of farmers dumping produce outside their villages or feeding them to their animals.
There is a near consensus that at least a 25 basis points cut, if not 50, can be expected in the June policy.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
Modi ranks 9th on the Forbes list of 74 of the World's Most Powerful People.
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
'As the interest rates rise, people are going to say why should I be taking big risks when I can get 4 to 5 per cent in a bank account.' 'So, I think you have to change your thinking.' 'You need to look at the balance sheet, look at dividends.' 'These issues that have been ignored.'
Former European champion Kerry Hope was on Monday unveiled as Indian boxing star Vijender Singh's opponent for the eagerly-anticipated WBO Asia title bout to be held on July 16 in New Delhi.
Goa Chief Minister Manohar Parrikar, who is tipped to become the Union defence minister, on Saturday tendered his resignation from the post paving way for the appointment of his successor in the state.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
The fixed line broadband will offer "ultra high-definition entertainment on large screen TVs, multi-party video conferencing from your living room, voice-activated virtual assistants, virtual reality gaming, digital shopping, immersive experiences," Ambani said.
Legendary Sachin Tendulkar along with his one-time opening partner Sourav Ganguly will be once again seen together along with Bollywood A Listers like Ranbir Kapoor, Hrithik Roshan and some of the other prominent actors like John Abraham and Abhishek Bachchan at the opening ceremony of the cash-rich Indian Super League.
Vaibhav Global is one of the world's few profitable accessory retailers.
Can we find fault with RBI for not intervening enough in the market? Actually no, say some experts. A correction in rupee was long overdue.
Dinesh Vazirani on how he built Saffronart into an institution.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
Delhi Dynamos were better but wasteful as they paid the price for their profligacy even as Alessandro del Piero's presence failed to break the deadlock in their barren draw against FC Pune City in the Hero Indian Super League on Tuesday.
We bring you a collection of some of the best photographs taken in the week gone by.
