The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
The Kenyan government has dumped the Mumbai-based group in favour of a Libyan company for a 50 per cent stake in a refinery project in Mombasa. Essar officials said they are still negotiating with the Kenyan government so that they can invest in the project.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
A day after Vodafone announced its $11.1 billion acquisition of Hutchison's equity holding in Hutch-Essar, India's fourth largest mobile service provider, it received an unsolicited advice from the Egyptian CEO of Orascom, Naguib Sawiris.
The Ruias of Essar have rejected an offer by the Aditya Birla group's Idea Cellular to acquire BPL Mobile's Mumbai circle, which lost heavily on its valuations due to the corporate battle between its shareholders.
Mittal, Ruia and former Telecom Secretary Shyamal Ghosh appeared before Special CBI Judge O P Saini and the court adjourned the matter in pursuance of the order passed by the Supreme Court on April 18.
Vodafone recently bought the 67 per cent stake held by Hutchison. The remaining equity is held by the Ruias.
Sources close to the development said a significant amount of around Rs 7,000 crore had been put into the SBI account with a proposal on escrow of the deposited funds.
Serum Institute of India chief Adar Poonawalla will pay 138 million (about Rs 1,444 crore) for a Mayfair mansion in London in one of the city's most expensive home sales of the year
Seeking exemption from personal appearance for Ruias, Rohatgi said he was appearing despite the fact that his clients, at present in UAE, have not been 'properly' served with the court summonses.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
Union Transport Minister Nitin Gadkari was on Friday at the centre of a controversy over reports that he and his family spent two nights on a luxury yacht owned by Essar group.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
Power Grid Corp of India Ltd is set to form joint ventures with five more companies, including Oil and Natural Gas Corporation and Essar, for setting up transmission lines in the country entailing a total investment of Rs 5,000 crore (Rs 50 billion).
Singapore based telecom firm SingTel, which holds over 30 per cent stake in Bharti Airtel, on Wednesday said it has full faith in the company's corporate governance standards under the leadership of company's chairman Sunil Bharti Mittal.
Mittal and Ruia did not appear in the Special CBI Court on Monday while one of the accused, Canada-based NRI Asim Ghosh, who was the then Managing Director of accused firm Hutchison Max Telecom Pvt Ltd, is yet to be served with the summons issued against him in the case.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
Loop Telecom has been looking for a strategic investor for some time now and people close to the development said the telecom operator was willing to sell up to 45 per cent stake in the firm.
This follows the expiry of its brand-use agreement with the BPL Group. The company, which faces an ownership battle between the Ruias of the Essar Group and the UK-based Vodafone, does not expect 'any issues' to arise from the change. "Loop is an extension of an ongoing campaign, Get in the Loop, and it will be easy for our subscribers to identify with this new brand name," said BPL Mobile Director and CEO Sanjeev Chachondia.
Trade and commerce issues, bilateral and global, are expected to come up for debate.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
A key prosecution witness in a case arising out of the 2G scam probe on Tuesday claimed that he was threatened by the Central Bureau of Investigation that he would lose his job if investigating officer writes to his employer.
It is not clear, however, whether the two players are considering a majority stake or would be content as investors with 26 per cent.
Justice Dinesh Kumar Sharma said the parties shall file brief written submissions not exceeding five pages.
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
The Central Bureau of Investigation (CBI) began making submissions on Monday on its appeal before the Delhi high court challenging the acquittal of accused persons, including former telecom minister A Raja, and firms in the 2G spectrum allocation scam case in December 2017.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
The CBI contended before the Delhi high court on Tuesday that there were glaring illegalities in the trial court judgment that acquitted former telecom minister A Raja and others in the 2G spectrum allocation scam case.
The ED, in its chargesheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd promoters to DMK-run Kalaignar TV.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The calculation excludes cross-holding of listed group cos in each other.
The matter was mentioned before a bench of Delhi high court's acting chief justice Gita Mittal and kustice C Hari Shankar by Additional Solicitor General Tushar Mehta. The court allowed it to be listed for hearing on Wednesday.
Essar group, Bhushan Steel and JSW group likely to be impacted by changes
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