The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
A day after the promoters of Adani Group prepaid $1.1 billion loans, one of the group's listed entities - Adani Ports and Special Economic Zone (APSEZ) - announced that it would prepay loans of up to Rs 5,000 crore by next month-end so as to improve its financial metrics. The company is targeting an earnings before interest, tax, depreciation and amortisation (Ebitda) of around Rs 15,000 crore this financial year. This was revealed by Karan Adani, chief executive officer (CEO) and whole-time director of APSEZ, while announcing the September-December 2022 results.
The Indian Institute of Plantation Management, Bangalore, invites applications for its Post Graduate Diploma in Agri-Business & Plantation Management.
Adani Ports and Special Economic Zone has repaid Rs 1,500 crore loan and will repay another Rs 1,000 crore in commercial papers due in March. The Adani Group firm paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday, as scheduled.
The money was supposed to be used to develop an electric version of one of its existing models.
More and more banks are sensing big opportunity in the high-margin, small consumer loans business.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
Sanjay Kumar Singh speaks to experts to find out if Tata Housings new loan offer should interest you.
The protests came after Speaker Om Birla announced the end of Question Hour at noon as the designated time for it is 11 am to noon. While asking the first supplementary, Gandhi said he wanted to know the list of 50 top wilful defaulters, including funds given and the amount written off by banks but did not get a proper answer in the written reply.
Microfinance companies have been facing a crisis after a crackdown by the Andhra Pradesh government last year in response to allegations they were charging high rates and using coercive recovery practices.
The Bharatiya Janata Party on Wednesday promised loans to farmers and unemployed youth, creation of 15 lakh jobs and quota for Gujjar and other backward communities if voted to power in Rajasthan in next month's assembly election.
You can always prepay the loan and/or switch to another financier
To unravel Khan's overseas business, one has to rewind to 10 years ago when Londoner Richard James Moore floated a real estate company called Winford Estates in Surrey.
Credit score may not matter much if banks find any of these 6 attributes in your credit history.
'You cannot have only one product or one market or one customer segment.'
Collateralisation of other loans and prior approval for additional leverage are things to watch out for
The biggest private sector lender, are swarming the market with discounts and special offers
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
'I remember that when I was about seven years old, a doctor saw me and told my family that I would only survive for six months and that the disease had no cure. But my mother never gave up. She would always say, 'My son is born to become a renowned wrestler'.'
'Will Imran compromise with the army? We are all human beings. We all compromise.'
PSBs dominate India's banking system, meaning any failure could jeopardise financial stability, as such, we expect government support will remain forthcoming, said Moody's.
The Governor had submitted his report to the Public Accounts Committee and put the blame on 'overall economic downturn'
By registering the fresh case, ED wants to strengthen its probe against the beleagured liquor baron and expedite a slew of actions it has initiated against him
In two months, the lender has disbursed about 25,000 car loans
Buffett had said in a CNBC interviewthat Yahoo's business had deteriorated significantly and that "something has to change there."
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
Gitanjali Gems is foraying into the business of providing gold loans and safe deposits vaults. The company has also acquired Trinity Watch Co and Renaissance Retail Ventures for undisclosed sums. It has also formed a subsidiary, Mohar Jewels. It will soon launch the fashion retail format through its retail subsidiary Gitanjali Lifestyle. The company has tied-up with three fashion designers to introduce fashion apparels and private labels and will also open exclusive stores.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
Byju Raveendran, the founder and chief executive officer of the beleaguered edtech firm Byju's, said the company credited all pending January salaries to employees over the past few days. This was communicated to the employees in another letter sent on February 4. Byju's has about 15,000 employees. "I know you were told that you would get your salaries by Monday.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
What happens if China depreciates its currency. In that case, Chinese products will be cheaper and people will continue to buy their products: Abhijit Banerjee.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
However, financial flows to the economy remained constrained because of decline in the amount of equity finance raised from the capital markets and stress in the NBFC sector, Finance Minister Nirmala Sitharaman pointed out.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
At the moment, the base rate of the bank stands at 10 per cent.
The Reserve Bank of India (RBI) raised the minimum capital requirement for so-called shadow banks and tightened rules on deposits and bad loans to avoid any potential risk to the economy from these rapidly growing finance firms by regulating them like traditional banks.
Two of the highest-profile recent cases of alleged wilful default involve Winsome Diamonds and Jewellery and Deccan Chronicle Holdings
