The Ministry of Finance has secured another order from the Special Court, Mumbai, allowing a release of a total amount of Rs 650 crore (Rs 6.5 billion) to the Income Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group of entities, against pending claims.
At a meeting held in Mumbai, Satish Loomba, custodian, handed over Rs 1,995.6 crore (Rs 19.95 billion) and Rs 199.25 crore (Rs 1.99 billion) to senior revenue and bank officials, respectively.
The special court-appointed custodian is to sell 1.62 crore (16.2 million) shares of Associated Cement Companies Ltd and 1.25 million shares of Snowcem Ltd held by Harshad Mehta group entities through a public auction.
Less than half-a-dozen people have evinced interest in buying the eight apartments owned by the late Harshad Mehta and his family, partly due to a last-minute case filed by the stockbroker's mother, Rasila S Mehta.
The government on Thursday said it expected Rs 800-1,000 crore (Rs 80-100 billion) to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.
'Only four or five original companies remain; the rest have been replaced every decade as sectors evolve or leadership shifts.' 'Companies that fail to adapt -- like many textile mills from the 1970s and shipping firms from the 1980s -- disappear.' 'Benchmark indices reward those who reinvent themselves in line with economic demands.'
The story of the Bombay Stock Exchange and the people who shaped its growth: From wars and bomb blasts to speculators, reformers and wealth creators.
The insatiable greed for money and power is too large, too repugnant to thwart. And no one epitomised that better than Harshad Mehta, notes Dhruv Munjal.
'More investors now view the stock market as a valuable opportunity, though many still seek quick gains, leading to a rise in futures and options trading.'
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.
'It is not his doing, but Rahul Gandhi is forced by circumstances.' 'In taking political decisions, everything has to get his clearance.'
Many films and shows go back in time to bring alive so many fading and forgotten memories.
'The markets will correct, and they are bound to correct. The boom will turn into bust.' 'When this bust happens, people would lose like they have lost in the past.' 'Whatever you have made possibly in the last couple of years, you may lose in a couple of weeks. That's very much possible.'
There is, between Rao's tenure as PM and the current Modi regime, a powerful resonance of how transition can be managed. Rao's tenure saw many scams -- one where he was supposedly approached by Harshad Mehta with a bribe for making the securities scam go away. The Opposition insisted on a JPC. Despite knowing a JPC report would undermine him politically, Rao agreed to one, saying he had 'nothing to hide'.
"We have prepared a broad platform where we have assessed the top 50 judges of the country who would be considered for appointment to the Supreme Court of India. We have data on judgments and the quality of judgments. The idea is to make the process of appointment in the Supreme Court more transparent," the CJI said.
The assignment was earlier given to global audit firm EY. But it has now been reassigned owing to 'certain conflict of interest', the Bengaluru-based company said.
''Chadwick Boseman didn't get sympathy votes because he is dead.' 'He would have won even if he were alive.' 'What a contrast to our nation where you are instantly anointed to greatness if you are dead and your abysmally mediocre posthumous film gets designated as a classic,' sighs Subhash K Jha.
OTT has been flooded with a number of film and Web series releases, and many of them are very entertaining.
Radhakishan Damani is the only billionaire to see his wealth grow by around 20% during the lockdown.
In this round, the market has won. But it is still for Gautam Adani to decide whether he has lost or not, argues Shekhar Gupta.
The company was looking to raise around Rs 1,800 crore for a stake sale of 10 per cent.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Today, they can't meet even the piffling capital norm set by Mint Road - Rs 5 crore for partnerships and Rs 10 crore for public and private firms in this line of business. Bulk of the trades are put through e-platform offerings of Reuters, Bloomberg, JPMorgan, Barclays or Deutsche Bank. And they have the web-based FXall, FXconnect, Atriax, Hotspotfx and LavaFX for company.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
That "Rollback Budget" ushered in an era of rollback.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
'There are different ways in which some are lucky through their lives. My great boon has been serendipity,' says Subir Roy.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
He is talking, making sense, and India is listening. Rahul Gandhi needs to listen to him, too, says Shekhar Gupta.
Nifty has a virtual monopoly in the index derivatives segment.
A summary of the day's play in the Vijay Hazare One-day tournament.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
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