It is too early to say what kind of impact the takeover will have on the financial health of OBC as a detailed valuation of assets and liabilities will be carried out in the coming days, prior to the takeover.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
The Securities and Exchange Board of India has found no insider trading in the shares of erstwhile Global Trust Bank before its merger with Oriental Bank of Commerce.
India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".
With the merger of erstwhile Global Trust Bank starting to yield rich dividends, Oriental Bank of Commerce aims to grow its business to Rs 90,000 crore (Rs 900 billion) this fiscal and trim non-performing assets to 0.5 per cent. \n
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
Debt mutual fund (MF) schemes are set to register the best calendar year (CY) performance in the last four years despite no changes in the interest rate. An analysis of one-year performance of debt funds show that many of the schemes are set to deliver double-digit returns in CY 2024.
'The deal pipeline across products is robust for 2024.'
Securities and Exchange Board of India, on Tuesday, debarred promoters of Global Trust Bank Ramesh Gelli and associates, and Ketan Parekh entities from dealing in GTB scrip in any manner.
The integration process of Global Trust Bank with Oriental Bank of Commerce would be completed by June 2006, its chairman and managing director B D Narang said.
In a move that could provide succour to existing customers of troubled Global Trust Bank, its acquirer Oriental Bank of Commerce said on Monday that lending rates would eventually come down in line with the PSU bank.
OBC, the buyer of GTB, said equity-holders will not get any value for their holdings now and can expect some relief only after 12 years if the troubled bank is left with any surplus value.
'It showed me that this man had courage. He makes his own decisions, but he also trusted me enough in that moment to walk with me into the crowd,' Modi tells Lex Fridman on his podcast.
The CBI filed the charge sheets against Parekh, Darmesh Doshi, Jatin S, Kirti Parekh, Kartik Parekh (all directors of companies held by Ketan) and chairman of Singapore-based Brentfield Holdings T L Chandran.
The 'mediation' by the United States from behind the scene on the diplomatic track appears to be once again working, which calls on both Delhi and Islamabad to show restraint and pull back from a military confrontation, notes Ambassador M K Bhadrakumar.
Tainted stock broker Ketan Parekh and 8 of his associates received a blow, when the Supreme Court dismissed their appeals against a Sebi order banning them from trading for 14 years.
Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.
Oriental Bank of Commerce will retrain the staff of Global Trust Bank to enable them to carry out lending activities at branch level and attain three times more business from the acquired unit.
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
The Nifty closed with a gain of 16 points at 1,618.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
The withdrawal limit from the Global Trust Bank is likely to be enhanced soon, Union Finance Minister P Chidambaram said on Wednesday.
Market regulator Sebi on Monday assured the investors not to panic over the crisis in the Global Trust Bank with its Chairman G N Bajpai saying that there was no problem of settlement and stock market will function "normally".
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
The government on Wednesday rejected in the Lok Sabha the demand for setting up of a joint parliamentary committee into the collapse of Global Trust Bank
A new cyber fraud known as 'pig butchering scam' or 'investment scam' has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry.
