The culture of these firms is alien to the Indian financial system. Distressed assets funds are known for their ruthless recovery ethics. Slicing and dicing a company and selling it on a piecemeal basis is their usual practice. This is something Indian banks are finding a little uncomfortable.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the UK on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial. India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud. At a media briefing, joint secretary in the Europe West division in the ministry of external affairs (MEA) Sandeep Chakravorty said British Prime Minister Boris Johnson has mentioned that the authorities in the UK will do whatever possible to make sure that the economic offenders are extradited.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the United Kingdom on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial.
As per the plea, the PM CARES trust, with Prime Minister Narendra Modi as its chairperson and ministers from departments of defence, home and finance as its members, was created with the prime objective of dealing with the emergency or distress caused by the coronavirus.
First-time buyers of cars and sport utility vehicles (SUVs) have made a comeback, shows last year's data from top passenger vehicle (PV) makers. If the trend persists, it may move the needle on the overall car penetration ratio. India's car penetration ratio is 32 per 1,000 people - one of the lowest, compared to mature car markets like the US and Europe.
Rajan, as expected, furthered his predecessors' agenda and continued with the same resolution to make India's financial system safer, and direct the economy towards further liberalisation
"The Right to Life as guaranteed by Article 21...gives the right to every human being to live a life of dignity with access to at-least bare necessities of life. To provide food security to impoverished persons is the bounden duty of all States and Governments," the top court observed while issuing a slew of directions on a plea of three activists.
For the PMO this is urgent as the Digital India framework would depend on how the telecom companies perform. It is also linked to the proposed auction of 5G airwaves.
Around 100 Indians have committed suicide in the United Arab Emirates every year since 2011, India's ambassador in Dubai said, calling on the expatriate community to help people in distress, particularly those with financial problems.
'We are trying to trace them.' 'We feel their phone batteries must have died because they are travelling by road.'
A lot of Indian cricketers have been doing their bit, ranging from making financial donations to helping people procure essential medical care.
Finance Minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. The meeting on Emergency Credit Line Guarantee Scheme (ECLGS) was held through video conference, and the minister appreciated the efforts of banks in execution of the scheme.
The ministry has also asked that the cap of such borrowings is to be set at $500 million (Rs 3,450 crore) for a single company and $1 billion (Rs 6,900 crore) for the entire sector.
Arcil acquires non-performing loans from banks and financial institutions along with the underlying securities mortgaged or hypothecated by borrowers to the lenders.
Be it loan waiver or DBT transfer, it only helps in creating a "feel good" factor and postpones the problem for some time if structural problems are not handled.
Asian Development Bank on Wednesday lowered India's economic growth forecast for FY2019 to 5.1 per cent on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch. Growth in FY2020 is likely to recover thanks to this support, low oil prices, and a weakening rupee, but risks to the projections remain tilted to the downside, it said on India.
Labour ministry guidelines say workers returning to cities must get housing, health insurance, facemasks. The Centre has also asked states to issue guidelines to employers to take care of the needs of migrant workers.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
Flurry of economic reform suggests Modi realises his muscular nationalism script is getting jaded. Chances are he'll try for economic recovery but stick to what's worked so far, observes Shekhar Gupta.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Although demonetisation and improper implementation of GST along with falling prices are being blamed for much of the distress in rural India for some time, experts believe those may not be the only reason.
MGNREGA scheme: A significant Rs 17,370.58 crore has been carried forward over to the next financial year as unpaid dues as demand for work continued unabated for the scheme in rural areas.
Starting afresh in a new domain or with a new employer or opting for entrepreneurship can be the brighter side of job loss.
The apex court said that 'satisfactory progress' has been made by the Executive in identifying children who have either become orphans or have lost one of their parents during the COVID-19 pandemic.
Kaushik Khona's second innings at GoAir will be more challenging than the first. Globally, the aviation industry is in deep distress because of the pandemic, reports Aneesh Phadnis.
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.
'His main problem was the lack of work opportunities.'
The new circular provides for a framework for early recognition, reporting and time-bound resolution of bad loans.
Systemically important banks are subjected to higher levels of supervision to prevent disruption to financial services in the event of any failure.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
The bank wanted to run a background check on some Indian promoters.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The Bad Boy Billionaires series has a lot in common: The three billionaires' hefty ambition, dangerous arrogance and untrammeled power, observes Dhruv Munjal.
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
Warren Buffett defended his plan to appoint his son, Howard, who has little investing experience, as non executive chairman, saying the younger man's role would be to ensure that Berkshire had the right CEO in place.
Patna-resident Gaurav Rai has helped save the lives of over 1,100 patients in home isolation in the state capital and other parts of Bihar so far by providing oxygen cylinders free of cost.
India's likely medium-term potential growth will almost certainly be markedly lower than that experienced in pre-pandemic years, warns Shankar Acharya, former chief economic advisor to the Government of India.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
The standard operating procedure is likely to be put in place, that needs to be followed at temples once opened for public.
