A chargesheet filed by Andhra Pradesh police alleges former Chief Minister YS Jagan Mohan Reddy chaired a meeting related to a new liquor policy under which outlets would be run by a government entity. The chargesheet details alleged kickbacks and money laundering.
The officers did not arrest Neeraj Singhal despite CBI Director Ranjit Sinha's orders.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
The posts of Chairman and MD in the private sector are held separately.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The judge had on Wednesday dismissed the anticipatory bail plea of Singal.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
IBoard defends MD on nepotism charges, quashes allegations; it also reviewed its internal processes and exposure to the Videocon group
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Rajiv Kochhar, who was asked to appear at the CBI office in Mumbai, was examined about the loan and his links with Venugopal Dhoot, the promoter of the Videocon Group, and Videocon.
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.
IT exporters were the top gainers amid a weak rupee along with select index heavyweights.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
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