A new regulation concerning the disclosure of family arrangements by listed companies is exacerbating rifts between feuding shareholders. The latest example is Bengaluru-based TD Power Systems (TDPS), currently enmeshed in a legal dispute before the Karnataka high court over ownership of its 16 per cent equity. Vijay Kirloskar, who is asserting a claim over the 16 per cent stake held by Mohib Khericha (chairperson of TDPS) and Nikhil Kumar (managing director of TDPS and nephew of Kirloskar), has sent a letter to the market regulator, Securities and Exchange Board of India (Sebi), and stock exchanges. He accuses TDPS of insufficient disclosure concerning shareholder agreements.
He informed that special units of the armed forces are inside Kherson and other Ukrainian troops were also approaching the city from the outskirts.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
tailwinds of a remarkable year and handsome investor returns, Indian equities are set for an eventful journey in 2024, with a slew of local and global cues -- varying from interest rates to Lok Sabha polls to geopolitical happenings. Analysts are of the view that the bull run in the domestic equity market will continue, and over the next 3-6 months, the benchmark indices -- Sensex and Nifty -- could climb up to 7 per cent. In 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent, and the NSE Nifty climbed 3,626.1 points or 20 per cent.
Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi on Thursday defended the recent reforms announced by the regulator, such as peak margin norms and shortening of the trade settlement cycle, saying they were in the interest of investors. The moves were criticised by the broking community and the foreign portfolio investors (FPIs). Speaking to the media after his inaugural address at the CII Financial Markets Summit, Tyagi said: "The new peak margin norms are in everyone's interest.
Concerned over elevated inflation, Reserve Bank of India on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
The CJI said that absence of timely legal help to poor affects credibility.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
China on Tuesday announced that its Defence Minister General Li Shangfu will visit India this week to attend the meeting of SCO defence ministers from April 27 during which he is expected to hold talks with his Indian counterpart Rajnath Singh on ending the prolonged eastern Ladakh standoff which has severely strained bilateral ties.
As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry.
Billionaire Gautam Adani on Wednesday shared a personal note on the development of Dharavi in Mumbai, days after the Maharashtra government issued a resolution to award the Dharavi redevelopment project to his conglomerate on July 14. In the note shared with the media, Adani said his first tryst with Dharavi in Mumbai was in the late 1970s, and the slum settlement continues to amaze and inspire the billionaire to date. "When this opportunity to renew Dharavi came calling, I seized it with both hands," he said.
A GLOF occurred in parts of Lhonak Lake, leading to a rapid rise in water levels with very high velocities downstream along the Teesta River Basin in the early hours of October 4. This resulted in severe damage in Mangan, Gangtok, Pakyong and Namchi districts.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
Companies don't have to be in the field to nudge people to return money they owe lenders.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
The Supreme Court on Tuesday asked the Centre to clarify its stand on whether it wants to go ahead with its curative petition seeking Rs 7,844 crore as additional funds from successor firms of the US-based Union Carbide Corporation (UCC) for giving compensation to victims of the 1984 Bhopal gas tragedy.
'The cost of financing the fiscal deficit will decrease, as new passive investors join in.'
Located on Badrinath National Highway (NH-58), residents of Selang said they are scared and the Joshimath crisis has only deepened their fears.
Further, the ministry spokesperson, Major General Igor Konashenkov, said that the Russian fighter jets and air defence systems have shot down 10 Ukrainian combat aircraft and helicopters over the past 24 hours.
India has stated that the move would impact Indian IT professionals.
"The video shows a strike on a reconnaissance and sabotage unit of the Ukrainian armed formations, carrying out reconnaissance and search operations on four US-made all-terrain military vehicles. After the strike with precision missile weaponry, the group was destroyed," the defence ministry said.
Daniels has said she had a sexual encounter with Trump at a Lake Tahoe hotel in 2006 - the year after he married his current wife Melania.
In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
Sebi may allow mutual funds to make use of covered calls as part of their equity strategy.
Shelar demanded that Desai's death should not be treated just as a case of accidental death, but must be dealt with from a larger perspective.
Any miscalculation and miscommunication are fraught with the risk of a major catastrophe, warns Rup Narayan Das.
In the document, Russia underlined that it will build on a privileged strategic partnership with India with a view to enhance and expand cooperation in all areas on a mutually beneficial basis.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
There is a congruence of interests between Ukrainian intelligence and its Western mentors to destroy Wagner and eliminate it from the geopolitical chessboard altogether, argues Ambassador M K Bhadrakumar.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
The National Stock Exchange (NSE) on Monday said failure of telecom links as well as that of storage area network system led to the outage last month and that steps are being taken to address the issues. Between primary and NDR (Near Disaster Recovery) sites, NSE said it has multiple telecom links with two service providers to ensure redundancy. In a detailed statement on the outage that happened on February 24, the bourse said various measures have been taken and others are under implementation to address the issues.
External Affairs Minister S Jaishankar will move the Weapons of Mass Destruction Bill in Rajya Sabha, as per the house's list of business.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
