A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
Go First's lenders have agreed in principle to support the airline's request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline's resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline's committee of creditors (CoC).
IDBI Bank requires Product Managers, Relationship Managers and Territory/ Area Managers for its AgriComm Business.
SBI is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
M Damodaran took a bow as Sebi chief after many bold initiatives during his 3-year tenure.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
Moody's Investors Service on Thursday downgraded subordinated debt ratings of 11 Indian banks, including SBI, ICICI Bank and HDFC Bank.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
'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.'
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
Days after the Parliament repealed the IDBI Act, Industrial Development Bank of India is believed to have decided to remain a "stand-alone" entity initially and a merger with a big PSU bank may be considered later.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
The stimulus measures include extension of the 90-day moratorium on recognition of impaired loans to 180 days, in addition to several relaxations in bank lending limits, including allowing banks to fund interest on working capital loans.
PNB reported the maximum number of such frauds.
Indian banks are the 2nd-fastest-growing ones.
The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. Meanwhile, a senior executive at the airline expressed hope of resuming ticket sales -- which was paused by DGCA following the grounding of the carrier -- from July 7 or July 8 and subsequent relaunch of the operations from middle of next month.
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
Chairman of Industrial Development Bank of India, V P Shetty, was on Friday arrested for allegedly making casteist remarks against IDBI General Manager B W Ramteke.
