Housing finance companies step in to provide loan to customers turned away by banks.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The attached assets include 15 commercial and residential properties belonging to the 'family members' of Mirchi. They include a hotel called Midwest Hotel Apartment, the ED said. They are valued at Rs 203.27 crore and have been provisionally attached under the Prevention of Money Laundering Act (PMLA), the central probe agency said in a statement.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
The estimated cost breakdown is one of the most important forms in the construction loan package.
India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd. "A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
Budget 2015 has blessed the banking sector.
Since November 3, the day the central bank's special window was opened, bids worth Rs 2,775 crore (Rs 27.75 billion) were placed at the auctions against the total outstanding amount of Rs 60,000 crore (Rs 600 billion) at the fixed rate of 7.5 per cent. "It's a commercial decision of banks to lend money to NBFCs. It implies that banks are still cautious about lending to NBFCs and they might take some more time to start lending normally to us," said an NBFC chief.
'Cyrus was always very different. He would think before acting.'
They were arrested with the 'cooperation of district authorities of Satara on the strength of Non-bailable Warrant of Arrest issued by the Court of Special Judge, CBI Cases, City Sessions Court, Mumbai', CBI spokesperson R K Gaur said in New Delhi.
Six of the seven Bills listed on the agenda of the Rajya Sabha have already been passed by the Lok Sabha.
The chairman of mortgage giant HDFC Ltd in his annual letter to shareholders, also suggested a one-time restructuring of real estate loans, easing of external commercial borrowing rules and immediate changes in regulations to allow end-to-end execution of housing loans online.
Select companies in infra, capital goods, private banks, auto, oil & gas, and mining could be considered by investors.
Replying to a query in Rajya Sabha, Finance Minister Nirmala Sitharaman said there was no delay by the Centre in taking action after identification of fraud by the State Bank of India following the forensic report from Ernst & Young.
Tata Capital will offer home loans at lower rates to women borrowers, on the lines of similar offerings being made by state-run institutions like SBI and LICHF.
While Sunak has maintained a dignified silence over the recent crisis, his supporters have not lost any opportunity to point out how the former finance minister had got the economic forecasts right.
Kapoor is already facing an ED criminal case for receiving alleged kickbacks, through companies purportedly controlled by his family, for going slow on bad loans extended by his bank to some big corporate.
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
Demonitisation will facilitate transparency in the real estate industry, which has had a notorious reputation as a safe locker for black money, says Saket Mohta.
Elon Musk, the owner of Twitter, said he has "killed" the new 'official' label for certain verified Twitter accounts just hours after the feature was visible on multiple handles of governments, politicians, officials and media houses. Just hours after the feature went live, he hinted that it simply didn't work. "I just killed it," he said in a tweet replying to a web video producer Marques Brownlee's tweet of the 'official' label vanishing after a brief appearance.
Looking for a way out, property developers deal in banned notes.
Following are certain important things that lenders consider while processing loans to self-employed...
Sensex, Nifty put up a good show in closing trade.
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Most infra projects have hit a road block due to high cost of funds.
Falling interest rates and availability of cheaper housing finance have proven to be the proverbial "dream come true" for those planning to take home loans.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
'If credit is not available, people will postpone buying. That's what has happened.'
Officials of the international radio taxi service Uber will be questioned by the police for the second consecutive day on Tuesday in connection with the alleged rape of a 27-year-old finance company executive by its driver.
The cumulative m-cap of the companies listed on the BSE soared to a new peak of Rs 82,02,907 crore at 1200 hours.
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
Sri Lankans were on the edge on Tuesday as they waited whether embattled Gotabaya Rajapaksa will honour his offer to resign as president, amid signs that key members of the erstwhile powerful ruling family were attempting to flee in the face of massive public anger against them for mishandling the economy that has bankrupt the country.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
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