The Enforcement Directorate has registered a money laundering case against a close associate of Union Minister Gen (retd) VK Singh over alleged financial irregularities in the supply of defence items.
The agency recorded his statement under the Prevention of Money Laundering Act with some specific queries on the circumstances and procedures adopted by the now-defunct Foreign Investment Promotion Board while giving approval to the Aircel-Maxis deal during his tenure.
This is the second time the former finance minister has got relief from arrest.
ED had arrested group chairman Gautam Kundu on March 25.
'The much-awaited decision could be a welcome change at a time when the Indian armed forces are crying for self-reliance and the defence industry is looking forward to more indigenisation,' notes Nitin A Gokhale.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
A will is important not only to divide the assets but to close the succession loop.
The Shanghai Cooperation Organisation is very much aligned with the foreign policy priorities of the Modi 2.0 government, says Sana Hashmi.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
The capital markets watchdog has asked the government to empower it to carry out search and seizure operations, to attach properties and to ask for information and records for all relevant entities.
Mallya remains elusive to India as the United Kingdom informed the government that they cannot comply with their request to deport him
Government's move to hire UK arbitrator follows poor track record of India in extraditing offenders from Britain
The amount saved in a PPF account is actually saving for a rainy day.
God forbid, if bad days fall upon someone and debts pile up. A fascinating excerpt from Anil Lamba's Financial Affairs Of The Common Man: Master The Art Of Personal Finance Management.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The NSEL chief said the exchange is also seeking the help of the Delhi government.
'The entire system acted as cheerleaders to Vijay Mallya. The RBI failed, the banks failed, the auditors of the banks and Mallya failed.'
'Credit expansion is probably the quickest way to get the economy going again.' 'Easy credit is like a shot of nitro in a race car: In timely, small, quick, doses it can give a tremendous boost but carried to extreme it can destroy the engine,' points out S Muralidharan, former managing director, BNP Paribas.
India's foreign exchange reserves are at an all-time high.
In an online chat with Get Ahead readers July 8, financial expert Anil Rego answered their queries on education loan. Here is the chat transcript
They believe that long-term story is intact.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Be willing to learn from mistakes.
Investors with shorter horizon of three-five years can also look at balanced funds and also those looking to invest lump sum money.
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
By November-December 2014, investors should also look at debt funds.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
With thousands of people receiving ransom messages from cybercriminals every day, Devangshu Dutta explains how you can defeat the hackers.
'Investors hate uncertainty and the demonetisation move certainly creates that.'
As Tata and DoCoMo look for out-of-court settlement, here's a blow-by-blow account of the long legal tussle
Dinesh Vazirani on how he built Saffronart into an institution.
Many investment options once seen as safe havens are presently out of sync
'One thing is sure: After this Budget, no Ambani-Adani tag will be attached to the government.'
Subrata Roy is in jail since March last year.
The clue to the what lies ahead for Tamil Nadu Chief Minister J Jayalalithaa, following the Karnataka government appealing in the Supreme Court her acquittal in a disproportionate assets case, may lie in a 2001 court case, writes R Ramasubramanian.
Health insurers incorporate conditions like Waiting Period in their offerings to prevent customers from taking undue advantage of a service that is essential.
Here comes the moment of truth. Modi prides himself on offering an "incorruptible" government. Will he dilute the Prevention of Corruption (Amendment) Bill to coax the administration's fealty and compromise his self-image?
Air Marshal Arup Raha, an ace fighter pilot, on Tuesday took over as the Indian Air Force chief succeeding Air Chief Marshal NAK Browne.
The Enforcement Directorate on Friday slapped a money laundering case against former Indian Air Force chief SP Tyagi and 20 others in the Rs 3,600-crore AgustaWestland VVIP chopper deal to probe alleged kickbacks of Rs.360 crore.
Bringing corruption into the heinous crime category, the Union Cabinet on Wednesday approved official amendments to an anti-graft legislation enhancing the penalty under it to a maximum of seven years imprisonment from the present five years.
Though they have more than one legal option to recover dues, till NSEL has funds, little can be done.
