'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
While smart boys like the Ruias of Essar, Ajay Piramal, Max India promoter Analjit Singh laughed all the way to the bank, the Tatas, Anil Ambani, Malaysian tycoon T Ananda Krishna of Maxis (which invested in Aircel), Sistema, and Norway's Telenor burnt their fingers, notes Surajeet Das Gupta.
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
Looking beyond the lesser penalty regime, in its 10th year of existence, the CCI needs more branches, according to experts
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
With this, India joins 60 other countries that collect PNR details of international passengers.
Blind spots of the company were two-fold - managing cash flow and investments to upgrade technology and continue research and development.
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
The agenda for the year 2020 is well laid out -- launch of UDAY 2.0, installation of smart pre-paid metres, prompt payment by discoms, making coal available for short term and reviving gas based plants. But, it has to ensure effective implementation of various policy tweaks done so far.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
State Bank of India (SBI) chairman Rajnish Kumar, in conversation with Abhijit Lele, also says that the overhang of corporate debt stress will begin to recede in the next two-three quarters.
The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks. A bench comprising Justices R F Nariman and Vineet Saran said if the 'contemnors' failed to make the payments within the specified period, they will undergo a jail term of three months.
The government will come out with proposed modalities and terms of references for setting up grievance appellate committees to address social media users' complaints in the next 10-12 days, and expects the panel to be in place by November 30, Union Minister Rajeev Chandrasekhar said on Tuesday.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
The cut-off date the RBI chose was March 1, 2018. This meant that by the end of August if these accounts were not resolved, then they would have to proceed through insolvency.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
On the eve of the Modi government's two years in office, the RSS-linked Bharatiya Mazdoor Sabha leadership met Finance Minister Arun Jaitley. After the meeting, the BMS claimed the FM told its delegation 'the government has realised that labour reforms are not essential for industrial growth in the country.'
'Crony capitalism will gain due to these Acts.'
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.
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.
The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
Says licensing of new banks should be a continuous process instead of the current stop-go system
Jio's disruptive strategy, including free voice services and data at throwaway rates, apart from offering all services free for six months, triggered a consolidation in the telecom sector.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
'The government has to stop trying to fix things for lenders, projects, homeowners and developers and think instead about how to fix the market for houses,' says Mihir S Sharma.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The Tamil Nadu government had, on May 28, ordered the state pollution control board to seal and "permanently" close the mining group's copper plant following violent protests over pollution concerns.
Mukesh Ambani's Jio, high debt and some bad decisions drove RCom to its grave.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
'When there is unlocking, there is demand revival.' 'This is going to be the main growth engine in this kind of an economic scenario.'
'The 5.7% growth in the April-June period is an aberration because of GST.' 'Business activity in the last 15 days of the quarter was minimal or zero.'
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
