The Maharashtra police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar's judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.
'We do not know when we will get to the business-as-usual mode.' 'Many borrowers may not be able to pay up.' 'The incidence of cheque bouncing has doubled or even trebled, some lenders say,' says Tamal Bandyopadhyay.
LIC is also working on a new model to scan loan applications.
ONGC was the top performer while private banking major ICICI Bank extended gains
Housing Development Finance Corporation has posted a 22.08 per cent rise in its second quarter net profit at Rs 248.13 crore (Rs 2.48 billion) as against Rs 203.24 crore (Rs 2.03 billion) in July-September 2003.
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
Though Housing and Urban Development Corporation (Hudco) would begin issuing tax-free bonds on the same date as Indian Railways Finance Corporation (IRFC), it would offer a higher coupon rate. Both the infrastructure finance companies are slated to issue bonds from January 27.
The coupon rates are higher than those offered by IRFC.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
Banks get bonds boost to raise funds for core sector; up to Rs 50 lakh of home loans in metros and Rs 40 lakh in other cities not to have CRR, SLR requirements
Bandhan Bank has declared disappointing results for the first quarter of the 2023-24 financial year (Q1FY24). While the market has been braced for known issues around microfinance exposures in West Bengal and Assam, there is higher stress in the portfolio. This means higher credit costs and poorer asset quality, leading to target downgrades by analysts.
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
At a time Life Insurance Corporation (LIC) is under the scanner due to the alleged bribe-for-loan scam at its housing finance arm, the mutual fund company of the corporation has been continuously losing business. Its assets have dipped substantially this year. As the mutual fund industry faces redemption pressure, LIC Mutual Fund, a state-owned fund house, has performed worse than the industry so far in the current financial year.
NBFCs are mainly dependent on funding their operation from their own cash flows.
HDFC, the pioneer, ICICI, the game-changer, and SBI, the original teaser, turned the market on its head.
An analysis of buy and sell transactions by mutual funds during May shows that the fund houses purchased stocks from sectors like power, software, housing finance and sugar, while offloading shares from banking, refineries and airlines. According to brokerage firm Sharekhan, state-run NTPC, ONGC, TCS, Essar Oil and Reliance Petroleum figure among the favourite picks by the equity funds in the month of May.
PE firm True North's investment model is to take 51% stake in mid-sized companies and make them large, says Niraj Bhatt.
Within a week of the CBI arresting senior bankers in the housing finance racket, the competition watchdog CCI on Monday said 11 real estate companies are already under its scanner.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
ndependent of the political fallout, which Stalin has sought to arrest through the withdrawal of the measures as fast as they were introduced, there are concerns about the way those decisions came to be taken, without adequate application of mind, not in official terms but in political and electoral contexts, points out N Sathiya Moorthy.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
Is a short tenure (3 to 5 years) floating rate car loan a feasible option?
The government on Monday said it was willing to discuss every issue under rules during the Budget session of Parliament and sought the support of the Opposition in running the proceedings smoothly.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
Many developers are facing financial challenges after the IL&FS defaults, after which non-banking finance companies - the major financiers to real estate firms - slowed disbursals.
Seek advice from Sebi-registered investment advisors whose names are available on Sebi's Web site.
The ban has been in force since last Friday.
Housing Development and Finance Corp Ltd (HDFC), the largest mortgage finance company in the country, on Monday launched a fixed-cum-floating rate scheme which would offer home loans at a fixed rate for the initial three or five years and at a floating rate thereafter.
'The fact that housing units worth a whopping Rs 4.5 lakh crore in top seven cities are stuck under various stages of non-completion indicates that there is a dire need to create stress-asset fund which will help bail out lakhs of distressed homebuyers,' says Anuj Puri, Chairman, Anarock Property Consultants, a real estate services company.
Standard Life has raised its stake in an Indian life insurance joint venture to 26 per cent ahead of a proposed flotation of the business on the Indian stock exchange in 2009.
Most of the index heavyweights are yet to declare their results.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
'The solution is to enable a graceful transfer of the deposit and funding 'franchise' from capital-deficient firms to capital-surplus firms.' 'This will expand credit intermediation, bring down its costs, and put the financial sector on a definite path of recovery,' argues former RBI deputy governor Viral Acharya.
Maharashtra deputy Chief Minister Devendra Fadnavis, who also holds the energy portfolio, held a meeting with trade union representatives and later said the government had no intention to privatise state-run power utilities.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
The RBI holds its next policy meeting in early June.
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
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