The RBI view comes within a fortnight of the sectoral regulator FMC in a report stating that the promoter Shah and promoter company Financial Technologies are not eligible to run the crippled exchange, an order challenged by the group in the Bombay High Court.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
Investing in special situations can help you tap opportunities that arise during adverse conditions, advises Joydeep Sen.
A total of 254 millionaires from India have used the so-called "golden visa" to settle down in the UK through a large investment into the country since the route opened in 2008, according to a new report released by a UK-based anti-corruption charity on Monday. Spotlight on Corruption said that Indians ranked as the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, adding up to 254 between 2008 and 2020. China topped the list at 4,106, followed by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) ahead of India.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
'With just 2.4 per cent of global landmass, India houses six to eight per cent of planetary biodiversity and hence is a prime target of wildlife criminals.'
Schemes among the six wound up by the fund house had given a loan of Rs 518 crore against non-convertible debentures to the firm in March 2019, according to ED's chargesheet.
Accusing the Union government of using the central agencies to target leaders like former finance minister P Chidambaram and others, Kamal Nath expressed hope that the court will take a right decision in the case.
A UK court hearing an urgent application on Monday refused to sanction the release of substantial sums held with the Court Funds Office (CFO) as part of bankruptcy proceedings being pursued against liquor tycoon Vijay Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
He has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly $2 billion Punjab National Bank fraud and money laundering case.
Fraud is a big concern among many board members.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
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According to the report, there are 42 million cyber crime victims every year on a pan-India basis. During the last year, 52 per cent of such victims had suffered attacks such as malware, viruses, hacking, scams, fraud and theft.
PNB has rich experience in the integration of commercial banks.
The multi-crore fraud at the Gurgaon branch of Citibank has prompted the banking regulator to review existing norms for the portfolio management services (PMS) of banks.
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.
Interception of electronic communication should also be covered in the powers being sought, the report said.
Consumer loans or personal continue to record the highest fraud incidence.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Maradona's inheritance process is likely to be a messy affair between his large family, with eight children from six different partners
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
Mahesh Bhupathi was on Friday accused of non-payment of dues by the production company that was involved in the broadcast of his star-studded league International Premier Tennis League (IPTL) but the Indian tennis ace said he is not responsible for the situation.
'We have struggled to pay the rent, we have struggled to pay the electricity bill, we have struggled to send them to school, to buy books and uniforms but there was food on the table every day!'
Park is charged with one count of conspiracy to commit computer fraud and abuse and one count of conspiracy to commit wire fraud.
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.
The company's Chief Executive Officer G S C Rao, Chief Financial Officer Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors have also been booked by the agency. Gurpal Singh is the son-in-law of Punjab Chief Minister Amrinder Singh.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
Police have so far registered two FIRs and received around 40 complaints from high net-worth clients.
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 major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
Here is the first part of a 3-part series on exotic financial derivatives, how they wreaked havoc globally, and why global financial institutions seem to resemble rigged casions.
Cheque payments will be safer; the limit for contactless card transactions hiked.
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