In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
'I had serious doubts that my statement on video may not have been recorded in entirety or may have been altered in an attempt to protect the accused and thus I requested for a copy of the video recording. However members of the oversight committee flatly turned down my request.'
Bank of Baroda Q4 results: Key brokerages have raised their target prices on Bank of Baroda after the state-owned lender posted better-than-expected March quarter (Q4FY23) results. Analysts now see up to 29 per cent upside in the stock from a one-year perspective as they believe BoB is well-placed among the large public banks with nearly all key business metrics moving closer to the top-tier banks. Valuations, too, remain attractive despite steady strong quarterly performances.
About 12 other lenders with combined exposure of Rs 1,200 crore likely to follow
Narendra D Modi and his party campaigned in these elections uncharacteristically without any big ideas. Of course, winning each election at all costs could be a big idea as well, observes Shekhar Gupta.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
An NGO claimed that its documentary cast a slur on the reputation of India, its judiciary and Prime Minister Narendra Modi.
ED probe finds funds were ploughed into group's jewellery, entertainment and hospitality businesses
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Comparing the rates of interest with PSU banks, the three- and five-year time deposit rates of the post office are more favourable.'
The United Western Bank was placed under moratorium to protect the interest of public and depositors due to erosion of its capital base with growing losses.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Polarisation in the performance of Indian banks will persist as many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings, S&P Global Ratings said on Thursday. It said State Bank of India and leading private sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the banking system. In its Global Banking Outlook-2023 report, S&P said economic recovery is driving credit costs to cyclical low levels and stronger balance sheets and higher demand should boost bank loan growth, but deposit growth will lag.
Sawai, a former banker, is a close aide of former Congress president Rahul Gandhi and heads his research team.
The Supreme Court-appointed Justice Gita Mittal committee, set up to oversee relief and rehabilitation of the victims of ethnic violence in Manipur, on Monday submitted three reports highlighting the need for reconstruction of identity documents, upgradation of compensation and appointment of domain experts to facilitate its functioning.
As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
Avoid relying on a bank RM for investment advice. Instead, approach a Sebi-registered investment advisor whose livelihood depends on the fee paid by his customers and not on product commissions.
The Bombay high court on Thursday said the Mumbai-Ahmedabad bullet train project is of 'national importance and in public interest', and dismissed a petition filed by Godrej & Boyce company challenging the acquisition proceedings initiated by the Maharashtra government and the NHSRCL in suburban Vikhroli for the project.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
Over 250 eminent citizens, including former judges and ambassadors, have written to the President and Chief Justice of India calling for strong action against online news portal NewsClick, which is alleged to have received dubious funds from American billionaire Neville Roy Singham to spread Chinese propaganda.
'The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter.'
The jailed gangster had on Thursday moved the court against the web series, saying that the 'use or misuse of the attributes of his personality' without his prior consent amounted to infringement of his 'personality rights' as well as defamation.
The Bombay high court on Thursday termed as "politically induced litigation" a PIL filed by seven citizens seeking action against dissident Shiv Sena leader Eknath Shinde and other rebel MLAs of the party, and said it would hear the plea if the petitioners deposit Rs 1 lakh as security.
The government has already implemented one of its five poll guarantees, "Shakti", by providing free services for women in public transport buses.
The global turmoil in the banking sector has made analysts cautious, who advise that investors stay away from stocks of this sector till the overall sentiment improves. The recent trouble for the banking sector started with the collapse of US-based Silicon Valley Bank (SVB), Silvergate Capital and Signature Bank. On its part, Moody's Investors Service has also cut its outlook for the US banking system to 'negative' from 'stable', citing the run on deposits at these three banks that led to the collapse of these banking majors in less than a week.
Somaiya's wife said Raut had repeatedly made defamatory public statements against her and her husband, particularly about their alleged involvement in a "toilet scam worth Rs 100 crore."
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
One of the Rajus, chairman of non-banking finance company Nagarjuna Finance, K S Raju, was arrested for defaulting on repayments of public deposits worth around Rs 100 crore (Rs 1 billion).
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
He challenged the order before the Bulandshahr sessions court, which on July 14, 1987 affirmed the trial court's order and upheld his conviction and sentence under the Act.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
Most of the NBFCs do not take public deposits but that does not mean they cannot create systemic risks. The banking system has at least Rs 57,000 crore exposure to IL&FS. Haven't the banks invested public money in IL&FS papers, asks Tamal Bandyopadhyay.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The deposition of Indian witnesses in the 26/11 terror attack case began in Mumbai on Tuesday before an eight-member Pakistani Judicial Commission amid tight security arrangements.
In its order passed on Wednesday, the commission said Rs 1.08 lakh in fees deposited by complainant Priyanka Dixit at the time of admission in 2021 must be returned along with 12 per cent annual interest, while Rs 5,000 must be given to her as litigation cost and Rs 50,000 as compensation for financial and mental agony.
Senior citizens and others depending upon income from bank fixed deposit (FD) schemes will be at the receiving end with the retail inflation exceeding the interest rates. The Reserve Bank of India (RBI) in its latest monetary policy review has projected retail inflation at 5.3 per cent for the current financial year. Last week, the RBI said that the Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced.
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