The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
'In old India, there was no hatred, anger or lynching. New India is one where humans are enemies of each other'
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
At present, Sebi norms bar wilful defaulters from issuing convertible debt instruments.
The clean-up process begun by the Reserve Bank of India runs the risk of spiralling out of control.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
He attacked the dispensation over issues such as the state of the economy, the situation in Kashmir, the National Register of Citizens in Assam and action by probe agencies against opposition leaders.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
The opposition made it clear during the meeting that it will press for a joint parliamentary committee to probe the Rafale jet deal and raise several issues, including the "misuse" of probe agencies and the autonomy for Reserve Bank of India.
Ajit Doval is now India's all-powerful security boss. This concentration of power disrupts our layered security system. Will it not weaken whatever remains of the power and authority of the home, defence and finance ministers? asks Shekhar Gupta.
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
The five-day extradition trial of fugitive diamond merchant Nirav Modi will begin from May 11 in a part-remote setting, a UK court has ordered. Modi is fighting his extradition to India over the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.
The former Union minister joined the UPA after holding talks with the Congress leadership.
In a Facebook post, Jaleel himself confirmed that he had put in his papers. "I am happy to say that those who had been baying for my blood can be relieved for now. I have submitted my resignation to the chief minister. Since the past two years, I have been facing a media onslaught," Jaleel, second minister in the LDF ministry to resign on nepotism charges, said in the post.
The government has provided no official explanation behind the note ban that is backed by hard data, says Debashis Basu.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
'I have tutored my family and myself to fight hunger,' the former agent for the disgraced Saradha chit fund says, his eyes welling up. 96 of the 107 cases referred to the Serious Fraud Investigation Office are based in Bengal!
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
The office, spread over 52,775 square feet carpet area, in Mumbai's suburban financial centre Bandra Kurla Complex, is on the fourth floor of the building 'Jet Airways Godrej BKC'.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Prime Minister Narendra Modi will hold discussions with public sector banks (PSBs) and financial institutions to draw up an action plan for banking reforms
While Rahul Gandhi led Congress has a pan Indian presence, Naidu described regional leaders, including himself, West Bengal Chief Minister Mamata Banerjee, Stalin and Deve Gowda as strong leaders in their respective states, who are coming together against the BJP.
As many as 68 artworks went under the hammer on Tuesday evening and included works by the greats like Raja Ravi Varma, V S Gaitonde, F N Souza, Jogen Chowdhury, and Akbar Padamsee among others.
RBI's draft guidelines on computation of base rate, if implemented in its current form, will significantly impact the profitability of banks.
Here's a closer look at the showcause notices issued to Lalit Modi
More companies with unconventional business models to get into messy legal hassles in India.
A glance back at some of the important ups and down Indian Inc faced in 2018.
With just 10 detectives under his leadership and in about three weeks' time, Senior Superintendent of Police of Uttar Pradesh's Special Task Force Amit Pathak cracked an online digital racket that swindled 600,000 people and is now worth Rs 3,700 crore and counting.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
USL is already contesting a Karnataka High Court order.
By castigating the reforms themselves because of the remediable and reversible defaults here and there in carrying them out, Yashwant Sinha is throwing out the baby along with the bath water, says B S Raghavan.
Across India, decades of mismanagement and political meddling have left utilities selling electricity below cost and turning a blind eye to rampant theft.
The Election Commission has a fight on its hand as candidates use ingenious methods to smuggle in money to Voters.
'Today, bankers don't want to take risks as the good decisions taken by them were not protected.' 'There is risk involved in all decisions, like businessmen taking risks in their businesses.' 'A banker must have taken a decision when the economic condition was different, and you cannot question him on the basis of the present situation in hindsight.' 'Naturally, this has affected the morale of bankers.'
'Information trickled in that these phone numbers were switched off when there were blasts in Jaipur, Ahmedabad, and at the time of the Delhi blasts.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
'Raghuram Rajan is a wonderful economist, but he is not a wonderful Indian economist.' 'He doesn't understand India in the granular form.' 'India exists only from Delhi to Nariman Point for him.' 'India is much, much bigger and complex.' 'The new RBI governor shouldn't get ready to open his umbrella when it rains in America'
The agency has registered a case against Roy, his wife Radhika and RRPR Holdings for allegedly causing losses of Rs 48 crore to ICICI Bank, CBI sources said.
It's time the regulator did some introspection.
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