Lenders and shareholders of Reliance Industries Ltd (RIL) will meet on May 2 to demerge the firm's financial services business. This is expected to create a big player in segments including the NBFC (non-banking financial company) space with net worth of Rs 25,851 crore as of March 2022. According to the plan, RIL shareholders will get a share in the demerged entity for each one held in the company.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
The move will have cascading effects for lot of related sectors
'Those who feared that I would have run one hell of a campaign targeting the most powerful people in India snatched away my democratic right from me.' 'I will expose these democracy-killers.'
Chief Minister Sukhvinder Singh Sukhu said efforts are on to rescue the 300 stranded people, and they could be airlifted as the weather clears. Power and water supply has been snapped in several areas.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
We understand the electoral compulsions, the desperate need for the BJP to have at least 50 per cent of the Hindus vote for them in Uttar Pradesh in a few months. For that, you need polarisation, put your own Muslim compatriots on the 'other' side. This is how your domestic politics runs contrary to your national, strategic interest, warns Shekhar Gupta.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
For that to happen, Moitra's much followed speeches should be heard outside Parliament so that the PR spins of the ruling dispensation are countered with informed debate, argues Shyam G Menon.
Only double-income households can buy flats in India's top 8 cities, except Mumbai
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
Biden, in his call with Netanyahu, updated him on US military support and reiterated his warning against anyone seeking to expand the conflict, according to a readout of the call.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
Union Home Minister Amit Shah on Monday assured the country that the beginning of building a "new and developed Kashmir" that will be free from terrorism has been made under Prime Minister Narendra Modi and said that full statehood would be restored to Jammu and Kashmir at an appropriate time.
A letter containing the demands had been given to the authorities including Indian Banks Association on March 26, but no decision was taken, United Forum of Bank Unions convenor A C Joseph told media on Tuesday.
Before the issuance of the proclamation orders, the court had issued open-ended non-bailable warrants against all five, he added.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
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 imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
'If Israel had stuck to the peace accords, Hamas would have had no one to fight.'
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
2014 sees slowest start to festival season in at least 7 years
'When my father travelled 5,000 miles to build a new home in Ireland, I doubt he ever dreamed that his son would one day grow up to become its leader.' Vaihayasi Pande Daniel/Rediff.com profiles Dr Leo Varadkar who will step down as Ireland's taoiseach (prime minister) next week.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
The Bill allows stopping of transmission and intercepting messages in case of public emergency, in the interest of the public, to prevent incitement for committing offence.
Tata Housing to take up around 13 projects for constructing homes for the old.
British lawmakers led by prominent Indian-origin entrepreneur Karan Bilimoria performed yoga in the United Kingdom parliament, celebrating the first International Yoga Day.
CREDAI Chairman Lalit Jain said a long term status quo on interest rates would not help prospective home buyers.
Tabled by Minister of State for Home Affairs Nityanand Rai, the legislation will reverse the effect of the Supreme Court verdict in May that gave the Delhi government power over administrative services.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
Goldman Sachs Investment Bank in a paper in 2003 argued with facts, figures and importantly optimism that the economic potential of BRIC nations is such that they may become among the four most dominant economies by the year 2050. The foreign ministers of BRIC nations will meet in Moscow in Spring 2008 to discuss issues of mutual interest in the international arena. The BRIC countries account for about 40% of the world population & each country has its own unique advantages.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
In his memoir Four Stars of Destiny, Naravane recounts Singh's direction as well as a flurry of phone calls between the defence minister, external affairs minister, the national security advisor and the chief of defence staff that night on the sensitive situation.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
The All India Bank Employees Association had called for a strike on June 24,
