Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
After a group of young hackers beat companies that claim to spend a bomb on cyber security, Karan Choudhury reports on just how easy it is to exploit digital wallets.
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
The reimposition of sanctions on Iran will have major impact on countries like India, with which it has traditional and historic trade relationship.
'Those who should have been affected benefitted from demonetisation.' 'And the vast majority who should not have been affected lost out.' 'That is the ultimate result of demonetisation.'
Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.
The political economy of the IPO market involves regulators empathising with intermediaries, and designing a bridge that systematically takes wealth away from founders, VC and PE funds, and business houses, explains Ajay Shah.
The senior Bharatiya Janata Party leader had made the allegation in a tweet on Sunday wherein he had also launched a veiled attack on a sitting Congress MLA, who had shot off a letter to Chief Minister Nitish Kumar, seeking return of Rs 50 lakh released from his local area development fund.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
Sahara had initiated legal action against the US-based firm.
The Sahara group has accused Mirach of 'cheating and forgery'.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
Probable reasons that led to failure of the sale process include 24 per cent government stake and corresponding rights, high debt, volatile crude oil prices, fluctuations in exchange rate, changes in macro environment, profitability track record of bidders and restriction on bidding by individuals.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
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The incident took place in April last year when the tired bank clerk fell asleep at his computer with his finger pressed on the number two key, the BBC reported.
The new round values the company at $2.5 billion, more than double the over $1 billion valuation Dream 11 enjoyed in April 2019 when it was declared the country's first gaming unicorn.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
The Delhi Police's crime branch had, on March 31, lodged an FIR against seven people, including the cleric, on a complaint by station house officer of Nizamuddin police station for holding a congregation of Tablighi Jamaat followers in alleged violation of the orders against large gatherings to contain the spread of coronavirus.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Sources in the know said the government would initiate talks with businesses, including Tatas, shortly for divesting its stake in the national carrier.
Rajya Sabha failed to transact any business for the seventh consecutive day as Bharatiya Janata Party on Tuesday stepped up attack on Prime Minister Manmohan Singh and demanded Law Minister Ashwani Kumar's sacking in the wake of Supreme Court observations on the coal issue.
Parliament failed to transact any business for the fourth consecutive day on Friday with Opposition creating uproar over coal block scam and other issues, stalling proceedings in both Lok Sabha and Rajya Sabha.
The government on Tuesday asserted in Lok Sabha that it was ready to discuss issues related to farmers both inside and outside Parliament amid vociferous protests by the Opposition which forced repeated adjournments of both the Houses.
Since multilateral trade creates a stable, peaceful world, normalisation of bilateral trade between India and Pakistan will start a series of peace building measures, especially along the bordering areas of both states which is the worst affected from the on-going conflict, say Riya Sinha and Shehzad Poonawalla.
For the second consecutive day, Lok Sabha on Thursday failed to transact any business as the proceedings remained paralysed, with angry members of the Dravida Munnetra Kazhagam and All India Anna Dravida Munnetra Kazhagam disrupting the House, seeking an international inquiry into atrocities against ethnic Tamils in the island nation.
Parliament failed to transact any business on Monday as the Opposition members created uproar over hike in fuel prices and demanded immediate rollback.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Chandrakant Khaire said his party -- the partner of the Bharatiya Janata Party in the National Democratic Alliance - was not consulted on the decision of NDA MPs sacrificing 23 days pay to protest the disruptions in Parliament.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
Air India owns 32 aircraft, and has 37 aircraft on finance lease; Air India Express owns 17 aircraft on finance lease. The aircraft-related debt of Air India is Rs 16,000 crore; it's Rs 1,100 crore for Air India Express.
The first part of the Budget Session of Parliament concluded on Friday with the Rajya Sabha witnessing a low as some All India Anna All India Anna Dravida Munnetra Kazhagam members broke mikes on the chairman's table.
The Parliament was adjourned till 2 pm after Opposition Bharatiya Janata Party, All India Anna Dravida Munnetra Kazhagam and Congress ally Dravida Munnetra Kazhagam triggered uproar over the alleged land deals by kin of a leading politician and plight of ethnic Tamils in Sri Lanka.
The decision comes following the appeal by the Delta Airlines, Inc and the Airline Pilots Association of a lower court decision in July 2012 that determined that the Exim Bank improperly approved financing for purchases of certain Boeing aircraft by Air India.
Any transaction where the value of Indian assets exceeds 50% of the FTC would attract taxes in India.
The Congress surveys, at least until now, have indicated the nationalistic fervour over the Pulwama terror attack is more an effort by mainstream media outlets, like news channels and newspapers, to shape a particular narrative, when the people on the ground are still asking basic questions of livelihood, jobs and better price for farm produce.
While most brokers have upgraded their backend systems to trade, their front-end systems have not been upgraded. They are not compliant with Sebi's interop circular of November 2018 and no one seems to be either aware of this, nor has anything been done about it so far, explains Debashis Basu.
