The United Kingdom government on Tuesday imposed tough sanctions against five Russian banks and three super-rich oligarchs from the country over President Vladimir Putin's aggressive action on the Ukraine border.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health insurance related queries.
The defence ministry will review all cases of blacklisted firms as it prepares a new list of such entities following the new policy unveiled by it which is a mixture of heavy fines and graded banning.
Apart from shell companies, 'vanishing' companies are also on the ministry's radar. As many as 400 companies are not traceable, despite being listed on the bourses.
United Nations proscribed terrorist Lakhvi, 61, who was on bail since 2015 in the Mumbai attack case, was arrested by the Counter-Terrorism Department of Punjab province on Saturday.
Legal hurdle cited in I-T action against 32,000 entities.
RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent "hard earned public money being stolen" as companies' promoters stash away money on the side and get "80-90% haircut" from bankers during the insolvency resolution process. In an apparent reference to recent cases of insolvency proceedings of some firms wherein creditors have taken huge haircuts on their dues, Goenka said it is the "new game in town". Insolvency resolution plans require approval of the National Company Law Tribunal (NCLT).
When, recently, Bharti Airtel announced a Rs 21,000 crore rights issue, analysts pointed out that its structure was similar to that of Reliance's issue in June 2020. One similarity is that shareholders in both companies have to pay only 25 per cent of the money on application. The rest is to be paid in two tranches. In Bharti Airtel's case, it is within 36 months; in Reliance Jio's, it is within 17 months.
Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax, while COVID drugs and oxygen concentrators attract a 12 per cent levy.
'All they need is proper leadership.'
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
The sanctions list subjected him to a travel ban, assets freeze and an arms embargo.
The handsome 25 per cent rise in corporate profits in the September quarter amid a sharp contraction in GDP was on the back of wage squeezes, leading to rise in inequalities in India, economist Nouriel Roubini said on Thursday. This rising inequality is "dangerous" politically and socially because only a few people in the economy are benefitting, the economics professor at New York's Stern School of Business said. Roubini said earnings of listed entities have risen 25 per cent in the September quarter, which means that wages and income are getting "squeezed, if not collapsed".
Kumar Mangalam Birla will be the non-executive chairman and Balesh Sharma the new CEO of the merged entity, which will remain listed.
A US Congress-constituted quasi-judicial body on Wednesday asked the Joe Biden Administration to designate four nations, including India, as "countries of particular concern", alleging that religious freedom conditions there in 2020 continued their negative trajectory.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
Chinese foreign policy will acquire a more ideological and less pragmatic character. It will be conducted with more nationalist overtones, predicts former foreign secretary Shyam Saran.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
Amazon has moved the Supreme Court challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries. Amazon, in the petition, sought a stay on the March 22 order of the division bench, terming it "illegal", "random", "inequitable and unfair". On March 22, a division bench of the Delhi high court had granted Future a reprieve from a March 18 single-judge order that restrained it from taking any steps to sell assets to Reliance.
That's because India does not have a serious venture capital industry with an appetite for risk, observes T N Ninan.
Seeking to wriggle out of the FATF's grey list, Pakistan has imposed tough financial sanctions on 88 banned terror groups and their leaders, including Hafiz Saeed, Masood Azhar and Dawood Ibrahim, by ordering the seizure of all of their properties and freezing of bank accounts, a media report said.
India said perhaps the Permanent Representative of Pakistan is "not aware that Osama bin Laden was hiding in their own country in plain sight, and it is the US forces which got him inside Pakistan. Nor have they heard their Prime Minister refer to Osama bin Laden as a martyr."
In the second phase of action against shell companies, the MCA is also trying to trace the directors of 'vanishing' companies
SAT observed that complaints were filed six years ago against 16 listed entities, including the registered intermediaries, but were disposed of by the regulator without settling the case.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
Sebi had directed some of these companies to wind up their unregistered schemes and repay investors.
In a show of solidarity, the CEOs of some 40 top American companies have come together to create a global task force to mobilise resources to help India fight the battle against Covid-19.
Though Kishore Biyani is selling stakes in group companies to pay off debt, a significant share price crash since January this year is making his task difficult.
Citing national security, the Centre had refused to file a detailed affidavit in the matter.
Pakistan has improved its full compliance on only two of the 40 FATF recommendations, the APG report noted.
The US State Department, in its Congressional mandated annual Country Reports on Terrorism for the year 2018, on Friday said even though the Pakistani government voiced support for political reconciliation between the Afghan government and the Taliban, it did not restrict the terror group and the Haqqani Network from operating in Pakistan-based safe havens and threatening the US and Afghan forces in Afghanistan.
The policy will need to spell out the financial parameters.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
Batting for greater transparency, a Sebi panel said sound corporate governance helped companies generate "significantly greater returns".
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
In the past few days, many companies, including fashion e-tailer Nykaa, food delivery platform Zomato, logistics and delivery firm Delhivery, insurance discovery platform PolicyBazaar, eyewear retail chain Lenskart, and edtech and online tutoring firm Byju's, have openly spoken about their IPO plans.
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