Even as regulatory focus has zeroed in on foreign e-commerce giant Amazon, a domestic retail giant has been created almost below the radar in Reliance Retail (RR), one of the most crucial businesses for the group's future. From doorstep delivery of groceries, apparels to branded jewellery, medicines, toys, furniture to high street retailing, RR's presence in the world's fourth largest consumer market is just one part of the story.
Kotak Bank was the top laggard in the Sensex pack, shedding over 2 per cent, followed by ITC, PowerGrid, M&M, HDFC, Asian Paints and NTPC. On the other hand, Maruti rallied over 4 per cent. Bharti Airtel, Axis Bank, IndusInd Bank and Bajaj Finance were also among the gainers.
Troubled Vodafone Idea Ltd (VIL) has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues. In the petition, filed earlier this week, VIL has said it is "a travesty of justice" that the company is restrained from questioning the arithmetical errors/ omission which are going to cost it about Rs 25,000 crore (Rs 5,932 crore of principal plus interest, penalty and interest on penalty). VIL has said its contentions have been rejected by the order under review and added that this denial could result in the company going under and its about 27.3 crore subscribers being left "high and dry".
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
'Tinkering will not do. Merely staggering spectrum dues comes nowhere near solving the problem,' cautions Rahul Khullar.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
In a new twist to the double murder case of artist Hema Upadhyay and her lawyer Harish Bhambhani, the role of a sixth suspect is being probed even as fresh leads suggest that the prime accused Vidyadhar Rajbhar, who is on run, is preparing himself to surrender before police, a senior officer said.
The interrogation of suspects in the double murder of noted artist Hema Upadhyaya and her lawyer has given fresh leads to investigators on whereabouts of main accused Vidya Rajbhar following which Mumbai Police teams have been dispatched to various locations.
The Pakistan Cricket Board has decided to take its compensation claim case against the Board of Control for Cricket in India to the disputes resolution committee of the International Cricket Council.
'Indian markets may initially react and follow the pattern of US and other global markets post US elections.'
"Our position has been clear and consistent on Kashmir... It is a bilateral issue between India and Pakistan," the MEA said. The US President had repeated his offer to 'help' resolve the issue on Tuesday.
Justice Bhushan, who was elevated as an apex court judge on May 13, 2016, was part of several landmark judgements including the November 2019 verdict by a five-judge Constitution bench which cleared the way for construction of Ram Temple at the disputed site at Ayodhya and directed the Centre to allot a five-acre plot to Sunni Waqf Board for building a mosque.
Maran had sought attachment of SpiceJet promoter Ajay Singh's shares by an administrator unless the payment was made.
Police on Wednesday brought former Star India CEO Peter Mukerjea face to face with his wife Indrani and the two other accused in the Sheena Bora murder case and questioned them extensively.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
In recent years, China has refrained from taking a public stance on the India-Pakistan ties, expressing hope for resolution of the disputes through dialogue.
'We keep saying that we have a very close historical, cultural, linguistic and religious affinity with Nepal. Then why be so insensitive that we cannot find time to talk to them for more than 5-6 months'
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
So far, almost every positive development in terms of the bilateral ties has been overtaken by innate hostility that is often driven by popular sentiments.
'This is a structural measure with no time limit which will strengthen the commitment of the professional clubs and La Liga with Spanish sport.'
Chinese Foreign Minister Wang Yi and his Russian counterpart Sergei Lavrov will be the other two participants at the conference. Uncertainty had loomed over the meeting following the cross border clash between Indian and Chinese troops in Galwan Valley on Monday evening.
The league said last week that the deal, called 'Boost La Liga', would strengthen its clubs and give them funds to spend on new infrastructure and modernisation projects as well as increasing how much they could spend on players' salaries.
The Supreme Court appointed its former judge, Justice D K Jain, as the first court-appointed ombudsman for the Board of Control for Cricket in India.
Since 2014, many of Mohan Bhagwat's speeches have acted as cues for government policy.
In the late 1990s, the construction cost of the Ram temple, according to unofficial estimates, was pegged at Rs 120 crore. Adjusting for inflation to the current financial year, the edifice would entail an investment of nearly Rs 450 crore, excluding the land cost.
Unless the impasse ends next week, the upcoming Australia 'A' tour of South Africa, a two-Test series in Bangladesh and a limited-overs tour of India are under threat from the dispute, with the Ashes also looming at the end of the year.
The Madras high court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the high court to take over its assets, in a plea filed by a Swiss company over unpaid dues. The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which prayed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet's assets, properties, stock in trade and books of accounts. The "respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co v Madhu Woollen Industries (P) Ltd, and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956," Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.
The raging controversy over the fake COVID-19 vaccination camps in parts of Kolkata snowballed into a political storm ensnaring into it several TMC leaders, prompting the opposition BJP to demand a CBI probe into a 'larger conspiracy' in the case.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
He has served in the military and rose to the rank of Lieutenant Colonel, before becoming the founder and director of the country's Information Network and Security Agency, which is responsible for cyber-security in a country where the government has always exercised tight control over the internet.
There is no reason for keeping an entire ministry with a total staff strength of 2,300, just for the oversight of a few aviation sector laws and regulatory bodies, notes A K Bhattacharya.
A healthy CIBIL Report and a high CIBIL TransUnion Score indicates that you are managing your loans and credit relationships well and are financially savvy
It is hard to escape the feeling that solving the problems of 2020 and 2021 will require something special which at the moment is not on view, observes Aakar Patel.
When FM was that the third-quarter GDP data was not in line with his ministry's optimism, he had said he relied on the advice of his advisors.
Finance Minister Nirmala Sitharaman on Thursday reiterated that an international arbitration ruling on India's sovereign right to taxation sets the wrong precedent, but said the government is looking at how best it can sort out the issue arising out of New Delhi being ordered to return $1.2 billion plus interest and cost to UK's Cairn Energy Plc. The government, which participated in an international arbitration brought by the Scottish firm against being taxed retrospectively, has appealed against The Hague based tribunal's ruling asking the government to return the value of shares expropriated and liquidated, tax refunds withheld and dividend seized to recover a wrongly levied retroactive tax demand.
'Any future course of action towards active participation in the alliance when formed would need a lot of deliberation, long term vision and should be in our best national interests,' notes Commodore Vengalil Venugopal (retd).
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
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