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.
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.
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.
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.
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
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.
United States President Joe Biden on Wednesday said that based on what he saw, it appears that the deadly explosion at the Gaza hospital was done by 'the other team' and not the Israeli military, accepting the Israeli version of the story pinning the blame for the blast on the Palestinian militant group Islamic Jihad.
'Hamas terrorists are hiding in Gaza city inside tunnels, underneath houses and inside buildings populated with innocent Gaza civilians. Civilians of Gaza city evacuate south for your own safety and the safety of your families and distance yourself from Hamas terrorists who are using you as human shields'
Women politicians bring to politics and policy a sensitivity that most of their male counterparts, at least until a generation back, lacked.
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
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.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
Riding the wave of the equity market, the mutual fund (MF) industry experienced double-digit growth in Samvat 2079, concluding the Hindu calendar year close to the Rs 50 trillion assets under management milestone. After a subdued 6 per cent growth in Samvat 2078, the industry's assets surged over 18 per cent last year to Rs 46.7 trillion. Industry players anticipate that Samvat 2080 will also be a fruitful year for the asset management industry, given the strong inflows from retail investors, particularly through the systematic investment plan route.
2014 sees slowest start to festival season in at least 7 years
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
Parliamentary Affairs Minister Prahlad Joshi has said that 31 bills will be taken up in the monsoon session. Among these include the Digital Personal Data Protection Bill, 2023.
British lawmakers led by prominent Indian-origin entrepreneur Karan Bilimoria performed yoga in the United Kingdom parliament, celebrating the first International Yoga Day.
Tata Housing to take up around 13 projects for constructing homes for the old.
CREDAI Chairman Lalit Jain said a long term status quo on interest rates would not help prospective home buyers.
The 15-nation Council met on Friday to vote on the resolution tabled by the United Arab Emirates and backed by over 90 member states. The resolution got the backing of 13 Council members who voted in its favour while the United Kingdom abstained.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
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.
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.
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 RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
The government, on its part, is seeking to counter the opposition's offensive by bringing the Fugitive Economic Offenders Bill.
'India is respected by both Israel and Palestine.' 'India can push the international community for the peace process.'
Indian equity markets had a good run in the first half of calendar year 2023 (CY23), with the S&P BSE Sensex and the National Stock Exchange Nifty50 hitting fresh 52-week highs. While the Sensex scaled up to a peak 64,718, the Nifty50 hit Mt 19,189. As the markets now prepare to enter the second half (H2) of CY23, all eyes are on global central banks, especially the US Federal Reserve, as to when they will pause and pivot as regards their interest-rate cycle.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
The patience, discipline, and resolve displayed by 125 crore Indians, will play a critical role in shaping the future of the nation for years to come, the PM said.
The All India Bank Employees Association had called for a strike on June 24,
Mansukh, around 45 years old, had gone missing on Thursday night. The body was found on the banks of the creek along the Mumbra Reti Bunder road, a senior official of Thane Police said.
'Whenever she joined any of our family functions, she was so good, so simple.'
Speaker Sumitra Mahajan said the session has been "more productive and satisfactory" than the previous Budget Session and last year's monsoon session.
Both the Lok Sabha and Rajya Sabha were adjourned till 2 pm after opposition members held protest in Parliament seeking a discussion on the issue.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
Israel needs to come terms with the new reality that they are no longer invincible or the dominant power in the West Asian region, observes Ambassador M K Bhadrakumar.
