Apart from the Adani group, the Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are expected to submit EoIs.
'One cannot avoid speculating whether there was something else at play that led to the uncovering of this saga.'
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
'Why was Top Gun: Maverick made? 'And the only reason I can think of is that the new film was made to emphasise and re-establish Tom Cruise's superstar status,' notes Aseem Chhabra who watched the Top Gun sequel at its premiere in Cannes.
The Delhi high court on Tuesday stayed the proceedings before the trial court in the CBI's INX Media corruption case involving Congress leader P Chidambaram and his son Karti.
'You have to be a total anti-national bozo to shut down the Nokia plant in Sriperumbudur, which was the first large manufacturing plant for mobile phones in India.' 'Why was the unit shut down? Because of somebody's ego.'
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
Air India has asked a New York court to dismiss a petition filed by Britain's Cairn Energy for seizure of its assets to enforce $1.2 billion arbitral awards against the Indian government, saying the litigation was premature as an appeal against the arbitration award was still pending. The petition by the airline, which is separate to Indian government's plea in a Washington court seeking dismissal of Cairn's lawsuit to seek confirmation of the arbitral award, said the New York district court lacks jurisdiction to adjudicate a "mere hypothetical question" or one that depends upon contingent future events that may or may not occur. Cairn first moved a court in the US District Court for the District of Columbia seeking confirmation of the arbitration award and then filed a petition in the New York court to seek declaration of Air India as "alter ego" of the Indian government and so it should be made liable to pay the $1.26 billion arbitral award.
The Kerala high court on Monday dismissed petitions filed by Kerala government and others challenging the Centre's decision to lease Thiruvananthapuram international airport to Adani Enterprises.
Foreign Office spokesman Zahid Hafeez Chaudhri said on Thursday that "there was no pressure on Pakistan at all regarding the release of Wing Commander Abhinandan."
Cooking gas LPG prices may be hiked next week after under-recovery on the fuel widened to over Rs 100 per cylinder, sources said insisting that the rate hike, including the quantum of increase, is dependent on government permission. If allowed, this will be the fifth increase in cooking gas rates across all categories - households using subsidised gas for cooking and heating purposes, non-subsidised fuel and industrial-sized gas. LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
'Most students find it difficult to cope with the way they are expected to learn at the IITs.' 'So, all the students face the same stress.' 'But those students who are mentally weak are more affected.'
Flagging higher fuel prices in many opposition-ruled states, Prime Minister Narendra Modi on Wednesday called it "injustice" to people living there and urged the governments there to reduce VAT in "national interest" to benefit the common man. Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last, and asked them to work in the spirit of cooperative federalism in this time of global crisis. Higher prices in some states were also harmful for neighbouring states, he added.
Fifty years ago today, December 25, 1972, Chakravarti Rajagopalachari, one of the titans of India's freedom struggle, passed into the ages. Kalki Krishnamurthy, who penned the Tamil classic Ponniyin Selvan among numerous other novels, describes his first glimpse of the man who would become an august national leader and his cherished role model.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
This doctor couple put their faith in India. And in return India has put faith in them.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
Public sector lender Punjab National Bank (PNB) has moved the Insolvency appellate tribunal NCLAT against the approval of bids for defunct airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) bench has issued a notice over the PNB's petition along with its interim plea seeking a stay over the execution of the resolution plan. A three-member bench has directed the Resolution Professional of Jet Airways along with other parties including the Committee of Creditors to file a reply within two weeks and rejoinder, if by PNB, within one week.
'With the media and social media pulling them down every second day, there are no heroes left.' 'What we have are actors and we want to see them play characters which are real, human and identifiable.'
She would be the first Indian to be occupying the coveted post at IMF after former RBI governor Raghuram Rajan
'There are some high-frequency indicators where uptick is visible and some where it is not'
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
India summoned the Pakistani charge d'affaires in New Delhi and lodged a firm protest, expressing grave concerns at this reprehensible incident and the continued attacks on the freedom of religion of the minority communities and their places of religious worship in Pakistan.
The Navi Mumbai international airport will boast three interconnected multi-level terminals with a lotus-inspired design, according to the master plan prepared by its outgoing developer. The GVK group, which completed 15 years of airport business, shared the first look of the Navi Mumbai airport. The group in 2018 had commissioned British firm Zaha Hadid Architects to design the main terminal and air traffic control tower. The master plan of the airport was approved by the City and Industrial Development Corporation (CIDCO) in 2019.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
'I told myself, I will be 23 next year. Why can't I be a billionaire too?'
'I am seven months into the job, but it feels like seven years.'
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
Zverev deserved to be thrown out for umpire abuse, says Nadal
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Youtuber, travel enthusiast and bike lover Jasminder Singh picks the top bikes that are crafted for long distance journeys.
IFC will act as a transaction advisor for the projects to be developed in the public-private partnership mode.
As the debate on alleged black money stashed by Indians in Swiss banks continues, Switzerland on Monday said it is looking forward to working together with the new government of India in its fight against tax evasion.
As protectionism grows from the United States to Australia, Sanjay Kumar Singh draws up a comprehensive financial checklist for those shifting to India.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
Sania Mirza lifted with partner Nadiia Kichenok pipped the second seed Chinese team 6-4, 6-4 in one hour 21 minutes.
'From a teenager who struggled with low self-esteem to representing India at Miss Teen Universe, I've really worked hard to become someone I'm proud of.'
