The embattled Adani Group on Monday attempted to calm the market as a rout in its shares continued, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders. Market value of the group's seven listed companies has halved since a January 24 report by US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The Group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".
Unlike the earlier experience post the global financial crisis, where nearly 90 per cent of the restructuring happened in the corporate loans, the non-corporate segment, which includes small businesses, agricultural loans and retail lending, will account for a higher share this time.
He also said the Forward Contracts (Regulation) Act would be amended to strengthen the regulatory framework of the commodity derivatives market.
"Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration," Modi said while addressing the second session of the Summit at the Bharat Mandapam in New Delhi.
'What has happened at Byju's is no surprise to anyone.'
The Reserve Bank of India (RBI) has approved a three-member committee of directors to run the day-to-day functioning of cash-strapped Lakshmi Vilas Bank.
The Indian middle class remains optimistic about their future and the prospects of the country's economy, despite the global financial meltdown, says a report.
All the ministers who participated in this meeting were of the opinion that as soon as there is an agreement to form an all-party government, they will hand over the responsibilities to that government, it said.
