Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
Last week, Essar had decided to prepay $900 million of this debt to foreign lenders.
Despite the rash of reform steps announced over the weekend, Standard Chartered India on Monday sharply lowered its GDP growth forecast to 5.4 per cent for FY'13 from 6.2 per cent earlier, citing slowing consumer demand, an anaemic industry and a weak services sector.
Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India's (RBI) norms mandated deactivation of cards that have been inactive for a year. The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million. Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.
While the first three parts of the operation, codenamed 'Red Spider', dealt with Indian banks (both private and state-run), the fourth part targeted a couple of foreign banks.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
India's unstable politics and slow pace of reforms add to the downside risks said the bank's note.
This is a significant slowdown - no doubt about that, says Neeraj Swaroop.
As inflation rate is near the upper limit of the comfort zone, experts rule out rate cuts anytime soon
One of the reasons why conviction rates in India are poor is that "adventurism and megalomania overtakes our investigators and professionalism takes a back seat," Jaitley said on Twitter.
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world's largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
The RBI on Friday said it will give banks Rs 1 trillion through targeted long-term repo operations (TLTROs), of up to three-year maturity, to deploy in "investment-grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as of March 27, 2020."
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Participants from Indian sub-continent expect their average wealth to grow to $9.07 million in 2010.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
The CBI also carried out searches at the residence and office of controversial arms dealer Sanjay Bhandari in connection with the deal
From FY18, Ind-AS will be mandatory for all listed entities, barring those listed on the SME platform.
Infrastructure Development Finance Company has bagged Standard Chartered's asset management business in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal. This deal, like the ill-fated UBS' bid last year, however, does not include StanChart's mutual fund distribution business, which the London-based bank will continue to pursue in India.
With interest rates showing signs of going up, long-term floating rate debt mutual funds are catching the fancy of risk-averse investors as it promises better return than even bank fixed deposits, analysts said in New Delhi.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
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As on Monday, the prices of many vegetables had fallen as much as 50% compared with those a month before, due to increased supply, following the arrival of winter crops in the markets.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
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.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
China's GDP grew by 4.9 per cent in the third quarter, down from 7.9 per cent in the second, confirming the slowdown of the world's second-largest economy which was under pressure from the crisis-hit property sector, curbs on energy and tardy recovery from the Covid-19 pandemic.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the EMI scheme and the offer will be available to consumers with credit cards from any of these banks.
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