The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
'I don't think anybody would want to be in my position today where every head of State has to be explained that I am prioritising my country because there is a surge in cases.'
There were as many as 628 names in the HSBC list.
ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.
Dr Reddy's was the top gainer in the Sensex pack, rising over 3 per cent, followed by PowerGrid, TCS, HCL Tech, Infosys and Reliance Industries. On the other hand, L&T, IndusInd Bank, Bajaj Finserv and Bharti Airtel were among the laggards.
SBI's overall gross NPA as on end-December 2013 was close to Rs 68,000 crore ( Rs 680 billion) or 5.73 per cent of its gross advances.
In the longest losing streak of 2017, the BSE Sensex has lost 1,270 points, or 3.91 per cent. It fell to a three-month low of 31,154.03 on Wednesday.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
In the Sensex pack, Hero MotoCorp, IndusInd Bank, Bajaj Auto, Maruti and M&M were the top gainers, spurting up to 2.66 per cent.
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
Tax department has launched 60 prosecutions.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
Rating agency Crisil said corporates, especially those in the auto, aviation, consumer durables and oil sectors, will be "severely impacted" by rupee depreciation due to large overseas debt and limited hedging.
A glance back at some of the important ups and down Indian Inc faced in 2018.
Nifty snaps 10-day winning streak
The searches are in connection with alleged violation of foreign direct investment norms that is linked to an earlier case of revocation of Foreign Contribution (Regulation) Act licence of the NGO by the Union home ministry in 2010, the ED said.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
'It is very clear that Air India cannot be managed by the government.' 'Air India should be run as a separate profit entity.'
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Chinese mobile giant VIVO have pulled out of their sponsorship of this year's Indian Premier League to be staged in UAE, according to reports on Tuesday. VIVO is IPL's title sponsor paying Rs 440 crore annually for the five-year deal.
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
The yields on the US Treasuries that are used as a benchmark for pricing dollar-denominated bonds eased providing relief on overall pricing.
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
Experts point to the bitter experience of countries including Mexico, Thailand, South Korea and Russia and desist from going forward with plans of issuance of such securities. They say rather than going abroad, the country should increase participation of foreign investor in the government securities which does not have any forex risk.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
Natco Pharma, Wockhardt and Marksans have rallied between 50 and 70 per cent in the year till date.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
Schools adopt international curriculum, that requires increased number of non-classroom experiences.
The entire HSBC list features names of 1,668 Indians
'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.'
Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.
The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
The rupee on Thursday hit an all-time low of 59.93 intra-day, before the Reserve Bank stepped in to help the local currency recover some ground.
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
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