Over the past one-and-half years, the number of stocks trading below their respective face value has increased 29 per cent after a sharp correction in stocks of small-cap companies.
The board will first need to unpack IL&FS - it has 169 group companies with 24 direct subsidiaries, 135 indirect subsidiaries, six joint ventures and four associate companies, says Amit Tondon.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
The sixth metro station on the network became operational in April, completing the Phase I network.
Since last month, the realty (down 23%), auto (down 16%) and finance (down 14%) indices have underperformed the market by falling over 13%, as against 8% decline in the benchmark indices
Growing up in the Mumbai of 1970s, Uday Kotak aspired to be a cricketer and trained under legendary coach Ramakant Aachrekar. However, it was an on-field injury which resulted in a shift to finance. He started off with bill discounting, turned to lending and successfully applied to start a universal bank in the first decade of the millennium, as India was warming up to private play in banking.
The move is aimed at protecting investors from parking their money in dubious schemes.
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
The reason for both the officials being sent on leave is the same - an anonymous complaint received by the market regulator against the agency.
Financial planners advise against putting capital to work by anticipating what might go up or down.
Outperforming peers following a crisis in the debt markets is an act that ICICI Prudential Asset Management Company fund manager Manish Banthia has pulled off more than once.
Finance Minister Arun Jaitley on Monday said state governments should emulate the concept of 'Gujarat International Finance Tec-City'
The challenges authorities face in cleaning Ganga and other holy rivers in Varanasi.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
'One of the ways to do that is to ensure that NBFCs have got liquidity.' 'If we don't do that, this mood of gloom will continue.' NBFCs need to be provided with liquidity if they have to start lending.
Of BSE 500 companies, promoters of 142 companies have pledged their holding.
Most of the NBFCs do not take public deposits but that does not mean they cannot create systemic risks. The banking system has at least Rs 57,000 crore exposure to IL&FS. Haven't the banks invested public money in IL&FS papers, asks Tamal Bandyopadhyay.
From the BSE 30-share blue chip pack, 27 scrips ended with losses led by SBI and Tata Steel.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Ajay Piramal bets highly on infrastructure, realty
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
this move by the government is likely to iron out the current challenges for the NBFCs and in turn help the real estate sector.
As share of cash volumes in trading mix sees decline, it will result in moderation of profitability from core broking operations.
2018 has been a disappointing and highly volatile year for equity investors.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
The ED has summoned Raj in a case pertaining to alleged irregularities related to Infrastructure Leasing and Financial Services loan to Kohinoor CTNL.
While lenders create a hype around the services offered on digital platforms, customers think otherwise, given that frustration due to the quality of service has only increased, over the years.
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
This comes against the backdrop of instances of indicative ratings given by agencies, for which there are no written agreements.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
The RBI governor's assurance should give investors enough confidence to start believing in the NBFC sector again, say bankers.
During the fourth quarter (January-March), banks step up the activity to meet annual targets. This leads to a race to raise funds from markets often by jacking up deposit rates. This time around, the market has not seen such trend yet.
'If businesses are focused on de-leveraging, they can hardly be investing. This is the price extracted by investment mistakes during UPA rule, and should have been foreseen. 'But Modi-I must share the blame, for muted reform of the financial sector, partisan policy in telecom, the harm done to exports by an over-priced rupee, and so on,' says T N Ninan.
