'Success isn't about a single brilliant idea; it's about the relentless execution, the ability to withstand the storms, and the unwavering belief in your mission, even when no one else sees it,' Madhu Lunawat, founder, The Wealth Company.
The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
Edelweiss ARC, in a statement, denied that any undue pressure was brought to bear on Desai for loan recovery.
The petitioners had sought interim order of protection from any coercive action and for the probe to be stayed in the case pending the hearing of their pleas.
ECL Finance Company MD and three officials were on Tuesday quizzed for nearly eight hours by the Raigad police in Maharashtra probing the alleged suicide of film art director Nitin Desai, an official said.
Shelar demanded that Desai's death should not be treated just as a case of accidental death, but must be dealt with from a larger perspective.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
Bankers say there is palpable fear among erring promoters that the banking system just cannot be taken for granted, and any delay in loan repayment could mean promoters losing business
The amount of loans that carry a high risk of slippage into the NPA category over the next few quarters is about Rs 2.8 trillion.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
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