The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
RIS Steady Life Cycle begins with an equity allocation of 35 per cent at age 60, which gradually reduces. Between ages 75 and 85, it remains constant at 10 per cent.
Rising stressed debt and past exposures like Reliance Capital, Yes Bank push EPFO to frame exit rules for its portfolio.
The RBI said the board has been superseded "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively". It has also appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the NBFC.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
The Lookout Circular was issued by the city police's economic offences wing as the couple makes frequent international trips
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
A Singapore court on Thursday granted a four-month moratorium to Indian cryptocurrency exchange WazirX, a period which the embattled firm will use to restructure its business without worrying about legal proceedings. A moratorium offers applicant temporary relief from legal proceedings. WazirX, India's biggest crypto exchange, suffered a major hacking attack in July this year losing close to $230 million.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Postpone the purchase of big-ticket consumer durable items, recreational spending on holidays, and other such expenses unless your financial position is very secure, advises Sarbajeet K Sen.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
In a move to plug gaps in the Insolvency and Bankruptcy Code (IBC), the ministry of corporate affairs (MCA) has proposed robust norms against avoidance transactions, wrongful trading, and inordinate delays via changes to look-back period and fixed timelines for the tribunals to reject or approve plans, among other measures. The MCA has proposed that the IBC should provide the adjudicating authority with 30 days for approving or rejecting a resolution plan under Section 31. If a decision is not made on the resolution plan within that period, the adjudicating authority will record reasons in writing for the same, the ministry has proposed.
Moody's Investors Service on Monday said it has assigned a first-time B3 corporate family rating (CFR) to ANI Technologies, which operates ride hailing service Ola. Moody's CFRs are opinions of a corporate family's ability to honour all of its financial obligations. It has also assigned a B3 rating to the company's proposed senior secured term loan.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
While passing the scrutiny of courts is a tough challenge, with eight proposed amendments to the insolvency law, the government has sought to turn the focus back on at least some of the functions of the bankruptcy law.
Initial share sales are set to dazzle the Dalal Street in 2022 too as companies are expected to garner up to Rs 1.5 lakh crore in the New Year, continuing with the bullish momentum after 2021 turned out to be the best IPO year in two decades for the Indian market. Excessive liquidity and increased retail investor participation ensured a persistent euphoria in the Initial Public Offer (IPO) space wherein companies mopped up more than Rs 1.2 lakh crore this year even as pandemic gloom shadowed the broader economy. In 2022, the higher amount of funds through the primary market will be largely driven by the mega IPO of state-owned Life Insurance Corp (LIC).
Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
With 600-700 new NPA cases getting admitted into NCLT every month, the demand for resolution professionals is on the rise with their number more than doubling in less than a year.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
'Comparing the rates of interest with PSU banks, the three- and five-year time deposit rates of the post office are more favourable.'
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
The first of a two-part series explores how the proceedings under the IBC have taken off and whether the code is helping banks recover their unpaid loans
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The company said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact".
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Lenders say settlements will cross over 100 accounts in the March quarter.
While sale of residential properties increased only marginally despite plethora of steps taken by the government through the year, office space leasing rose 40 per cent to touch an all-time high of 46.5 million sq ft -- a trend that drew investors to lap up India's first Real Estate Investment Trust at an issue size of nearly Rs 5,000 crore.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'It may sound like sacrilege, but does it really matter if the global raters downgrade India for fiscal slippage?' asks Tamal Bandyopadhyay.
'Investors should be careful in getting carried away; although a reversal of IPO frenzy this time is taking longer than in the past.'
'The full effects of the government initiatives will have to work their way through, whether in infrastructure or in the banking sector.'
The government has provided a long-term vision.
Chartered accountant and Sebi registered investment advisor, Harsh Vardhan Roongta, answers your home loan queries
Govt must take few steps to improve business environment.
