Chidambaram was competent to give approval of upto Rs 600 crore but he gave the approval which was worth approximately Rs 3,500 crore
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
The sources said the matter should have been referred to the Cabinet Committee on Economic Affairs as foreign investments above Rs 600 crore (Rs 6 billion) can only be cleared by Cabinet Committee on Economic Affairs headed by the Prime Minister.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
The CBI and the ED said that new material has been recovered which needs to be collated.
In the third acquisition in 10 months, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for about $2.5 billion.
The ED said that Chidambaram has remained evasive and therefore grant of pre-arrest bail at this stage would be highly detrimental to the investigation.
The father-son duo are in the radar of the probe agencies in another case concerning the Aircel-Maxis deal.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
UK-based travel services provider Thomas Cook Group plc will sell for Rs 817.4 crore (Rs 8.17 billion) its entire 77 per cent holding in the Indian arm to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
The stake of Data Access managing director Siddhartha Ray in the company will fall from 74 per cent to 57 per cent, even as the international long distance major is looking at newer markets including Pakistan and Mauritius.
Special CBI Judge O P Saini took cognisance of the CBI's charge sheet filed against eight accused including four companies and summoned them on March 2, 2015.
Hectic fundraising through IPOs will continue next week, with three firms -- One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics -- are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week. Those five firms are - FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
In a filing to the BSE, Maruti Suzuki India said HSBC Global Investments Fund Mauritius Ltd had sold 1,99,198 shares in the open market on June 29.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Mauritius-based Axiata Investments 2 India Ltd, part of Asian telecom giant Axiata Group, to increase its stake in Idea Cellular by acquiring shares from the stock exchange.
Meanwhile, Bird Air Services Pvt Ltd., a wholly-owned subsidiary of Bird Group, signed a comprehensive marketing agreement with Pacific Propeller Intl, a global repair and overhaul services provider to several regional airlines and military aircrafts.
US major Monsanto Company plans to hike its stake in the Indian arm by buying back 328,000 equity shares to 75 per cent at a maximum price of Rs 575 per share.
The Indian jewellery manufacturer and exporter, SB&T International Ltd, and global jewellery retailer, Gerald Ratner, have formed a new company - SB&T International (United Kingdom) Ltd - to distribute the former's products in Britain.
The Enforcement Directorate, on Friday, issued a show-cause notice to actor Shah Rukh Khan, his wife Gauri, actor-friend Juhi Chawla and others for alleged loss of Rs 73.6 crore foreign exchange in a FEMA case related to the Indian Premier League.
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
FIPB had taken up these three proposals in its meeting in August, but the decision on them was kept in abeyance.
Former Telecom Minister Dayanidhi Maran, his brother Kalanidhi Maran and six others, including four companies, were on Friday chargesheeted by the CBI in a special court in the Aircel-Maxis deal case arising out of the investigation in the 2G spectrum allocation scam.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
The actor has been asked to be present before the adjudicating authority of the case here on August 23, they said.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
In a restructuring mould, O P Jindal group company, Jindal Strips Ltd is planning to hive off its subsidiaries Jindal Holdings, Jindal steel and Alloy and Jindal Stainless (Mauritius) as separate companies.
Declining urgent hearing, the top court observed that judges have more cases 'than they can handle'.
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The Securities and Exchange Board of India, on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not 'fit and proper' to own stakes in any exchange.
'Cyrus was always very different. He would think before acting.'
