Budget carrier Go Airlines, which has rebranded itself as 'Go First', has filed preliminary papers for an initial share sale worth Rs 3,600 crore.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
Bank provides for Rs 7,178 crore, or 50 pf of the total amount of the Rs 14,356 crore scam, in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year.
The criticism that the Reserve Bank of India was behind the curve in hiking interest rate to tame rising inflation is unfair, former RBI Governor D Subbarao said on Wednesday and asserted that it is difficult for any central bank to anticipate the future more accurately. Earlier this month, Monetary Policy Committee (MPC), the central bank's rate-setting panel, surprised the markets with a 40 basis points hike in repo rate in an off-cycle policy meeting. It was also the first rate hike after August 2018, amid spiralling inflation.
'Communalism was the biggest enemy of a free society and Bhagat Singh imagined a future without it. Did we succeed in bringing alive such a future?'
He escaped the country in the first week and took the oath of allegiance in Antigua on January 15
Given that the target was to reach 80.34 million families under PMUY - within three months starting April 1 - the government should have distributed at least 241.02 million cylinders by the end of June. It actually ended up distributing only 119.7 million cylinders.
CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
The agency has written to the Interpol to issue a Red Corner Notice which would mean that the member countries of the Lyon-based international police cooperation agency can arrest and extradite Nirav Modi
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
Depression can be classified as a serious illness, especially in the context of the Covid-19 pandemic, the Gujarat high court has observed, while setting aside the cancellation of registration and admission of an engineering student by a government college for not appearing for requisite exams due to depression and suicidal thoughts.
"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
Senior officials in the MF industry say while the finance ministry and regulators communicate regularly, this is one of the very few instances in many years where an issue between the two has come out into the open.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Centre's move to form a 29-member panel on making the minimum support price (MSP) mechanism effective and keeping three positions vacant in it for SKM representatives has triggered strong disapproval from it.
Yogi Adityanath was on Thursday unanimously chosen the leader of the Bharatiya Janata Party legislature party in Uttar Pradesh in the presence of Union Home Minister Amit Shah.
The issuance of NBWs by a court also opens door of seeking Red Corner notices against both of the accused from the Interpol.
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
Former chief minister of Goa and Congress veteran Luizinho Faleiro, resigned as an MLA and a primary member of the party on Monday claiming the state party unit is run by a 'coterie' of leaders even as he praised Trinamool Congress chief Mamata Banerjee saying the country needs a leader like her to take on Prime Minister Narendra Modi.
The legislator from West Bengal claimed that there were several incidents where people across the country had been attacked by "cow vigilantes" over rumours of eating beef and smuggling cattle.
HR Guru Mayank Rautela offers practical advice.
The United Kingdom's home department has cleared the extradition of fugitive diamantaire Nirav Modi, who is wanted in an over Rs 13,000-crore bank fraud case, officials said on Friday.
Unesco on Wednesday accorded heritage status to Kolkata's Durga puja festival, bringing glory to the country, with Prime Minister Narendra Modi and Chief Minister Mamata Banerjee lauding the move.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
The bank has decided to embark on a 'Technology Transformation agenda' to provide its customers smoother, faster, and better banking experience.
'Anglo-Indians have played a significant role at the forefront, meeting every challenge to the security of the motherland.' A fascinating excerpt from Barry O'Brien's The Anglo-Indians: A Portrait of a Community.
IOA Finance Committee chairman Khanna defends decision on Tokyo Games hotel bookings for Tokyo Games, says can't authorise expenditure in absence of approval from President or Secretary General. Indian Weightlifting Federation secretary general Sahdev Yadav resigned as member of the finance committee, saying he was doing so "to maintain self-respect".
The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank, known as 'letters of undertaking'.
Terming whistleblower allegations on loan evergreening as "grossly inaccurate and baseless", Indusind Bank on Saturday admitted to have disbursed 84,000 loans without customer consent in May owing to a "technical glitch". Lending without the consent was reported by the field staff in two days, and the glitch was also rectified expeditiously, the private sector lender said in a clarification. On Friday, there was a media report about anonymous whistleblowers writing to the bank management and the RBI about BFIL, the microlending-focused subsidiary of the bank, allegedly resorting to evergreening of loans, wherein existing borrowers unable to pay dues were given new loans to present the books as clean.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
Replying to a debate on Motion of Thanks to the President's Address, he said the first prime minister of India (Jawaharlal Nehru) wrote to the first chief minister of Assam (Gopinath Bordoloi), saying there was a need to differentiate between Hindu refugees and Muslim migrants.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
They said the global arrest warrant against the Belgian national Nehal, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate.
'I was shocked by the kidnapping episode. I could have lost my life.'
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
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