A month after getting the Securities and Exchange Board of India's nod to launch an asset management company, Dutch financial services major Aegon and Religare Enterprises have decided to part ways.
It did come as a surprise when, last week, Religare Enterprises (promoted by the former promoters of Ranbaxy) decided to acquire a majority stake in the ailing Lotus India Asset Management Company. This is the first deal in India since the financial crisis caused the market to crash 23 per cent in October, and Lotus' assets under management from Rs 7,000 crore (Rs 70 billion) to about Rs 5,000 crore (Rs 50 billion).
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
Pennsylvania-based Customers will buy shares worth $22 million from the founders.
Financial services provider Religare Enterprises on Wednesday surged 182 per cent over the issue price on its debut trade on the bourses and settled for the day at Rs 521.75 on the Bombay Stock Exchange.
PNB has rich experience in the integration of commercial banks.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
Whistle-blowers allege the brothers violated court orders by selling assets like art and real estate worth crores bought by funds from their companies.
Daiichi alleged that Singh brothers had concealed and misrepresented critical information concerning US Food and Drug Administration and Department of Justice investigations into Ranbaxy
The report contains names of entities eligible for bank licences. It was not immediately known how many applicants have been shortlisted by the high-level advisory panel.
Fortis Healthcare Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation.
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
The country's franchise industry is estimated at $24 billion with a year-on-year growth of 30 per cent.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
Overseas investors witnessed net inflow of Rs 24,563 cr in Feb
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
Godhwani's exit comes at a time when the company's fund raising plans and proposed related party transactions are under scrutiny, says N Sundaresha Subramanian.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
To ensure transparency, the Third Eye Cinema Fund has roped in various agencies as auditors and advisors.
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The RBI has accepted the application withdrawal request, according to the statement.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
Licence winners are expected to be announced by the first quarter of 2014.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
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Since April 1, promoters of Jaiprakash Associates have released more than 225 million Jaiprakash Power Ventures shares (valued at Rs 425 crore) pledged with lenders.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
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