'It's the court, not the government that decides where to put the people who indulge in corruption'
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
"As FM, I granted approval in the normal course of business," he said in a statement.
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.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
Addressing the BRICS investment seminar in Mumbai ahead of the 5-nation Summit in Goa on October 15-16, Jaitley said the government has put FDI on automatic route in almost 90 per cent of the areas that are eligible for foreign direct capital.
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At the close of trade, telecom stocks ended with as much as 4.3 per cent loss.
Justice Suresh Kait issued a notice to the CBI on Chidambaram's bail plea in which he has claimed that it was the case of 'political vendetta'.
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.
'India's manufacturing will take 10-15 years to catch up with China.'
The move came as the country badly needs capital inflows as the rupee comes under pressure
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
The promoters of Lupin, Desh Bandhu Gupta and associates, will sell 50 lakh shares of the company to the United States-based investment firm Newbridge Capital for Rs 252 per share, aggregating Rs 127 crore (Rs 1.27 billion).
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
The Election Commission (EC) has raised certain questions on the government's proposal to allow foreign direct investment (FDI) in the construction and maintenance segments of the railways.
The ICC from the next cycle will award the same prize money to men's and women's champions and runners-up teams at its global events.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
India is one of the largest military equipment importers in the world, at over $8 billion a year.
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
'If you weed out corruption, you will bring glory to Goa.'
The approvals would be handled independently by administrative ministries of different sectors.
The trial court had earlier said that the allegations against Chidambaram were found serious, therefore, he was remanded to police custody.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
To boost Make in India in defence production, Finance Minister Nirmala Sitharaman on Saturday said foreign direct investment limit in defence manufacturing will be hiked to 74 per cent from 49 per cent while some weapons and platforms will be banned for imports.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Jaitley's Budget has the potential to change the face of Modi's Bharat
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In the process, Vodafone India's valuation rose 48.39 per cent since February 2012, when Piramal Enterprises bought 5.5 per cent stake in Vodafone India for Rs 3,007 crore (Rs 30.07 billion).
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
Mukerjea recorded her statement under the Prevention of Money Laundering Act and said she and her husband Peter Mukerjea met Chidambaram at his office in Delhi's North Block.
The Goa Investment Promotion and Facilitation Board, the BJP's brainchild, has been able to create only 1,500 jobs
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
Over two lakh posts are estimated to be created by the Central government in its various departments.
Goa's second airport began operations last week and if all goes according to plans, the state will be the base for a new regional airline, Fly91. Promoted by the ex-executive vice-president of now grounded Kingfisher Airlines, Manoj Chacko, and Fairfax India's former head, Harsha Raghavan, the airline will offer no-frills buy on board product and serve unconnected routes with two ATR 72 aircraft. An application for the initial no-objection clearance was filed with the civil aviation ministry last week.
The sustainable impact of this process is under scrutiny, Tripathi added.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
The state is trying hard to improve ease of doing business by several notches.
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
Regulator believes Jet Airways deal triggers open offer
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