Shiv Sena MP Sanjay Raut routed his unaccounted money through various shell companies opened in the name of his family members and associates, his former aide and prime witness in the money laundering case linked to the redevelopment of Patra 'chawl' project told the Enforcement Directorate (ED).
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
'Why does a State that sees a national security issue at every turn not recognise the seriousness of the data from sensitive databases being breached?'
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
'The most fundamental flaw with the electoral bond scheme is that it is designed to make anonymous donations.' 'It makes it easy for black money holders as well as corrupt corporates to donate money to the ruling party and ask for a quid pro quo without anybody getting any idea about it.'
It should stop what it is deliberately doing to the NGO sector and let it operate as freely as the rest of the private sector, asserts Aakar Patel.
In order to keep the interest of new and small players intact, the coal ministry is offering only small- and medium-sized coal mines in the second round.
The amount of money lying unclaimed with the Life Insurance Corporation of India dwarfs the budgets of many ministries. There was Rs 21,539.5 crore which lay unclaimed with India's largest insurance company, according to details in the initial public offer (IPO) document it filed over the weekend. The regulatory documentation is ahead of LIC selling shares to the public through the stock exchange for the first time this financial year. This will be India's largest ever public listing.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
In the early part of 1800, a 30-acre plot next to Fort Gloster on the banks of river Hooghly in Howrah district of Bengal was the nerve centre of industrial activity; it housed India's first steam-powered cotton mill, Bowreah Mills, which was set up by a British merchant and went on to become a hub of factories - a rum distillery, foundry, cotton yarn factory, an oil mill and a paper mill, et al. Spearheaded by Dwarkanath Tagore, the industrialist grandfather of Rabindranath Tagore, the commercial complex was possibly the first of its kind in the country. Close to 200 years later, after much ebb and flow of history, the hub is set for a resurgence of sorts.
'Amendments in the past have created fear. This will take it further.'
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
'However, this time it looks like that is not working.'
The court also allowed Indian Banks' Association, another respondent, to file a response.
'NSE has thousands of employees. It is their institution. So it's a dear family.' 'One should not hurt the morale of these people.'
Payment aggregators should have a minimum net worth of Rs 100 crore and if they don't manage to arrange that money within one year of putting out final guidelines, they should stop doing their business, says central bank's draft paper.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Chinese tech unicorn ByteDance co-founder billionaire Zhang Yiming on Thursday announced that he will step down as CEO, in a surprise move that signalled a major leadership shake-up at the nine year-old technology firm which created popular global short-video app TikTok. Zhang, 38, who is one of China's wealthiest entrepreneurs, said he is ready to step down after nearly a decade of running the world's largest unicorn, becoming the latest among the country's technology founders to quit in their prime. Zhang will step down from his role as CEO of the Beijing-based ByteDance, giving up his day-to-day responsibilities to "be more impactful on longer-term initiatives," the Hong Kong-based South China Morning Post quoted the company announcement on Thursday.
Two non-government organisations run by social activist Teesta Setalvad and her husband have been served notice by the home ministry for alleged violations of the Foreign Contribution Regulation Act and asked to reply within 15 days.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
India Inc has high hopes from the upcoming Budget.
Nivedita Mookerji explains why a timely rollout of 5G may not be easy in India.
Nearly two weeks after drone and missile attacks on its vital oil facilities, Saudi Arabia has said it is enhancing cooperation with India to combat terrorism, including choking funds to terror networks and exchange of information and intelligence.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
It will be National Housing Mission which will be launched soon
IIM-B, professor R Vaidyanathan talks to Shobha Warrier about black money, Mudra Bank and Jaitley's Budget.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
In all this, the political establishment -- and especially the finance ministry -- appears the weakest link, and worse still, the possible reason for the political backing to Narain and Ramkrishna that emboldened them to defy all the sentinels -- the independent board, the auditors, top management persons like the chief compliance officer, the company secretary, and unbelievably the super-regulator Sebi, observes V Ranganathan.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
RBI wants periodic revision of the pensions for its retired employees.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
'Democracy and dissent are being strangulated. It is not good for the country.'
The country's demographic dividend is dissipating, with seriously adverse consequences for young India, asserts Shankar Acharya, former Chief Economic Adviser to the Government of India.
Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm. However, results of the shareholders' voting will not be disclosed till further directions from the tribunal. The ruling comes hours after PNB Housing Finance informed stock exchanges that it has appealed against Sebi's direction on June 18 wherein it was asked to defer consideration of the proposed capital infusion proposal till a valuation of the company's shares is done by a registered independent valuer.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Adversarial Harmful Networks -- India Case Study, cited in Facebook whistleblower Frances Haugen's SEC complaints, revealed, among other things, that Facebook was a preferred platform for 'fear-mongering anti-Muslim narratives' in India, observes Devangshu Datta.
The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019.
