He also said a total of Rs 38.75 crore, deposited by people in the Karavannur Cooperative bank in this district, which is now facing charges, had already been returned.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be "inadequate", according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. "The committee observes that the stimulus package announced by the government for the economic revival from the pandemic hit economy has been found to be inadequate as the measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief," it said.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
People can make purchases for the festivals on Sunday, when the curfew has been relaxed from 8 am to 5 pm, they said.
'The consolidation of the world's fifth-largest economy in the hands of 15-20 corporate giants is a once-in-generation event, which we are focusing on.'
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
The Palaniswami government is expected to utilise the Rangarajan Committee's recommendations before the 2021 assembly election.
In a significant move, markets watchdog Sebi on Tuesday decided to implement the requirement to separate the positions of chairperson and managing director at listed companies on a voluntary basis and not make it mandatory for now. The development also comes against the backdrop of Finance Minister Nirmala Sitharaman recently saying the regulator should hear if Indian companies have a view on the matter even as she made it clear that she was not "giving a diktat". The top-500 listed entities were required to split the roles of chairperson and managing director/chief executive officer before the April 2022 deadline.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
Trade unions' had demanded 8.9 per cent interest rate.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
Seen as a major initiative, the 'strategic partnership model' aims to create a vibrant defence manufacturing ecosystem in the country through involvement of both the major Indian corporates as well as the MSME sector.
These sweeping financial sanctions follow the action earlier this week to cut off Russia's frozen funds in the United States to make debt payments.
The Reserve Bank of India on Thursday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance against the backdrop of an elevated level of inflation.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
The change came amid reports that the presence of Amit Shah, who was made home minister in the second Narendra Modi dispensation after Singh held the charge in the first between 2014-19, in all eight committees had highlighted his position as the second most powerful person in the new government.
Tech Mahindra was the top gainer in the Sensex pack, rising over 3 per cent, followed by Dr Reddy's, PowerGrid, Kotak Bank, Sun Pharma, ICICI Bank and M&M. On the other hand, IndusInd Bank, Asian Paints, Maruti and Bharti Airtel were among the laggards.
It will be headed by Secretary, Department of Financial Services.
Expecting an annual CSR spending of Rs 15,000-20,000 crore (Rs 150-200 billion) by India Inc, Corporate Affairs Minister Sachin Pilot has asked companies to see the new law as an investment opportunity to create a better work environment, rather than a forced expenditure.
The four incumbents -- Ami Bera, Raja Krishnamoorthi, Ro Khanna and Pramila Jayapal -- are likely to be re-elected. All four are from the Democratic party.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Decision to build or buy a platform is a function of price but buyouts are helping large investors create a medium and influence outcomes.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
Should we not be creating roles in India for the talented, asks Ajit Balakrishnan.
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
Rishi Sunak on Wednesday clinched his place for the final leg of the race to succeed Boris Johnson and will go head-to-head with Foreign Secretary Liz Truss as one of two finalists to take charge as Conservative Party leader and British prime minister.
A resolution to this effect was passed at the party's general body meeting in Hyderabad, party sources said.
Seven months down the line, not much progress has been made, except that the scheme is still being fine-tuned.
In power, Mamata Banerjee has tried to bury the ghost of the past, but it might still be work-in-progress. Big-ticket and eye-grabbing (in terms of investment size) projects are still few and far between, reports Ishita Ayan Dutt.
Jalan Kalrock Consortium, the winning bidder for the grounded Jet Airways, will make a total cash infusion of Rs 1,375 crore in the airline and lenders will take a steep haircut on their admitted claims of over Rs 7,800 crore under the approved resolution plan. The National Company Law Tribunal (NCLT) on June 22, approved the consortium's resolution plan for Jet Airways, which has been undergoing insolvency resolution process since June 2019. The carrier shuttered operations in April 2019.
The Congress on Thursday secured a seat in the present Bengal assembly as its candidate Bayron Biswas won the Sagardighi bypoll, defeating the nearest rival of the Trinamool Congress by 22,980 votes.
Prime Minister Narendra Modi will launch the much-awaited 5G services in India on October 1, 2022, an official release said on Friday. According to the release, 5G to be launched by the Prime Minister in select cities, will progressively cover the entire country over the next couple of years. The cumulative economic impact of 5G on India is estimated to reach $450 billion by 2035. Capable of supporting ultra-high-speed internet services, the fifth generation or 5G is expected to unleash new economic opportunities and societal benefits, serving as a transformational force for Indian society.
Established in 1977, The Hindu Temple Society of North America Sri Maha Vallabha Ganapati Devasthanam, popularly known as the Ganesh temple, is regarded as the first and oldest Hindu temple in North America.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
'Devika is a people's person, who simply loves what she does. This reflects in her work; the insights she brings to the table and the way she interacts with people and clients. She has the demeanour of a good captain. Her success is well-deserved.'
