IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
The government is considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol Engineering and its promoters, according to sources familiar with the matter. "It is under consideration at this stage. A final decision will be taken soon," a government official said.
When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake. Now, that figure has shrunk to a "negligible" fraction.
Amid allegations by opposition parties that the government was misusing probe agencies to target its leaders, the Election Commission on Tuesday asserted that while it remains committed to protecting level playing field and campaign entitlement of parties and candidates, it has not found it correct to take any step that could overlap or overrun the legal judicial process.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
The Enforcement Directorate on Monday said it has issued a Rs 611 crore show cause notice to Paytm's parent company and linked entities for "contravention" of the FEMA on various counts.
A fresh US executive order (EO) which seeks to bring down prices of prescription drugs in the country by up to 90 per cent -- on par with other developed nations -- will affect innovator companies, while sparing the Indian generic drug makers in the short term. US President Donald Trump signed the EO on Monday, directing the US Trade Representative and the Secretary of Commerce to act against foreign countries that "purposefully and unfairly undercut market prices", driving price hikes in the US.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
'India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.'
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
Major Indian carmakers are preparing for sluggish domestic PV sales growth of just 1-2 per cent in FY26.
A family in Noida was duped of over Rs 1 crore after they were kept under 'digital arrest' for five days by unknown people posing as government officials. The scammers threatened the family with arrest by making video calls and claiming to be investigating money laundering and other crimes. This is a new type of cyber fraud where the accused pose as law enforcement agency officials and use video calls to intimidate their victims.
The Kerala Assembly passed a bill allowing for the establishment of private universities in the state. This marks a significant policy shift for the CPI(M)-led government, which had previously opposed privatization of education. The bill was passed by voice vote following discussions on Monday and Tuesday. The opposition raised concerns about the potential impact of private universities on public institutions and questioned the practicality of the requirements for starting a private university. However, the government defended the bill, stating it was a necessary step to improve higher education in Kerala and elevate public universities to global standards.
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
'Bharat Small Reactors are essentially similar to the existing 220 MWe Pressurised Heavy Water Reactors. The existing regulations are applicable for BSRs.'
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
The Sebi board on Wednesday approved a series of measures, including stricter regulatory norms for SME IPOs, a comprehensive overhaul of investment banking regulations, and an expanded definition of Unpublished Price Sensitive Information (UPSI). Also, the board approved reforms to boost ease of doing business for Debenture Trustees, ESG rating providers, InvITs, REITs, and SM REITs.
Artificial Intelligence, innovation and next-generation technologies figured prominently during the high-stakes discussion between Prime Minister Narendra Modi and US President Donald Trump at the White House, as the two sides announced transformative measures, including the US-India TRUST initiative, roadmap on accelerating AI infrastructure and INDUS Innovation, to boost tech ties.
'The launch of Nila, our very first satellite was very emotional as well as nerve wracking. We tried to calm ourselves by cracking some poor jokes!'
Despite these rare occurrences, the pharmaceutical company maintains that extensive clinical trial data and real-world evidence consistently support the vaccine's safety and efficacy.
The Indian government has come out with a nice name for its tried and tested 220MW pressurised heavy water reactor -- Bharat Small Reactor.
The agencies have also found some common lines and words used in these fake threats like "bombs", "blood will spread everywhere", "explosive devices", "this is not a joke" and "you will all die" and "bomb rakhwa dia hai" (Hindi for bomb has been placed) among others.
GMR Group-led DIAL, which manages and operates India's largest airport, recently requested the AERA to double the user development fee (UDF) for international business and first-class travellers compared to economy and premium economy over the next four years. It has also sought higher UDF for all domestic passengers flying during peak hours -- 5 am-8:55 am and 5 pm-8:55 pm.
The Enforcement Directorate (ED) on Saturday said it has detected alleged irregularities after it conducted raids in a money laundering case to probe 'black marketing' of tickets for two 'highly anticipated' music concerts by British rock band Coldplay and actor-singer Diljit Dosanjh.
Indian economy is in a sweet spot, with a mix of solid growth and moderating inflation, Moody's Ratings said, forecasting a 7.2 per cent GDP growth in the 2024 calendar year and 6.6 per cent in the next. In its Global Macro Outlook 2025-26, the rating agency said the global economy has shown remarkable resilience in bouncing back from supply chain disruptions during the pandemic, an energy and food crisis after the Russia-Ukraine war began, high inflation and consequent monetary policy tightening.
Tesla owner billionaire Elon Musk and Indian American entrepreneur Vivek Ramaswamy in an op-ed provided an insight into their blueprint for an unprecedented government reform that includes mass federal job cuts and massive expense reduction.
Whenever there is an evaluation scheme, it is human tendency to score as high as possible. None would like to highlight their shortcomings, and everyone likes to highlight their positives. This is what is happening in this context of rankings as well, points out Profesor N Ravichandran.
Security agencies went into a tizzy after three international flights originating from Mumbai received bomb threats on Monday with one of them, a New York-bound Air India aircraft, getting diverted to New Delhi as travel plans of some 500 passengers went for a toss.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The Telecom Regulatory Authority of India (Trai) may extend the deadline to whitelist URLs (Uniform Resource Locators), APKs (Android Package Kit), or OTT (Over The Top) links - through which it intends to curb their misuse -is likely to be extended by 30 days as only over 3,000 registered senders (businesses) have complied, officials indicated. According to Trai officials, over 3,000 registered senders have whitelisted more than 70,000 links, but many more (thousands of others) are yet to comply with the directive as the mandatory norms are set to come into effect from October 1.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Sources close to the development said the company had no further supply commitments to the WHO, and therefore, there was no suspension of any upcoming orders, reports Sohini Das.
After reports claimed that filings in patent offices in India, the US, and Europe did not mention ICMR or its scientists, but only BBIL and its scientists, the Hyderabad-based biotechnology (biotech) company clarified that in the "rush" to develop vaccines and file appropriate patents, BBIL had missed adding ICMR's name in the original filings.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
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