Central Bureau of Investigation is probing 10 companies, which have defrauded the erstwhile Global Trust Bank, which became sick due to mounting bad debts of over Rs 1,400 crore (Rs 14 billion) and was taken over by Oriental Bank of Commerce in 2004.
Nestle is confident of getting back Maggi on India shelves.
Securities and Exchange Board of India has launched a full-fledged probe into the trading in Global Trust Bank stock, including alleged insider-trading prior to it being placed under moratorium and announcement of merger.\n\n\n\n
The government may not be able to put in place the Digital India Act, which aims to replace over 23 years old IT Act 2000, before the next general election, as there is not much time left for extensive consultation, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday. While speaking at the Global Technology Summit 2023, the minister, however, said the rules for the Digital Personal Data Protection Act will be out later this month for consultation and are expected to be notified by the end of December or early January. Chandrasekhar said the existing IT Act doesn't even have the word internet, and there is a consensus that it can be safely superseded and replaced.
India is investing in developing indigenous capabilities in 5G and 6G telecom technologies besides focusing on manufacturing semi-conductors, Prime Minister Narendra Modi said on Thursday. In a virtual address at the Sydney Dialogue, the prime minister said the "greatest product" of technology today is data and that India has created a robust framework of data protection, privacy and security. "And, at the same time, we use data as a source of empowerment of people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights," he said.
One of the key concerns for non-users of voice assistants is trust.
GTB's main problem was its exposure to the capital markets. Consequent to over-exposure to the capital markets in 2001, non-performing assets was one of the factors that worked against us.
The crisis-ridden Global Trust Bank would be merged with Oriental Bank of Commerce, RBI said on Monday.
Be wary of co-operative banks which have historically been most vulnerable.
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
Sending a clear directive to Global Trust Bank employees to triple their business, its acquirer Oriental Bank of Commerce has set a growth target of 30 per cent for the combined entity at about Rs 80,000 crore (Rs 800 billion) this fiscal.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
If Cyrus's protestations of having no knowledge of his imminent dismissal are to be taken at face value, he was extraordinarily naive and insulated from the ground reality. There were enough straws in the wind to suggest that his relations with Ratan were fast deteriorating to a point of no return.
Citing details of the contract from the American Federal Procurement Data System, the BBC report claimed that Pakistan signed two contracts with American companies named "Global Military" and "Northrop Grumman" for the sale of 155mm shells.
Kataria, 49, an IIT-XLRI alumnus, was quick to implement a number of initiatives during the Covid-19 crisis including launching D2C initiatives such as mobile stores, WhatsApp messaging, video calling and home deliveries. Kataria was also swift to recognise that stay-at-home consumers were keen to buy informal rather than formal footwear, launching new collections quickly to take advantage of this trend, says Viveat Susan Pinto.
The Indian entrepreneurship success story will soon see one more company debuting on the public markets. Ola Electric, the electric vehicle (EV) company, has become the first such firm that has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO). This is a fresh issue of equity shares of up to Rs 5,500 crore and an offer for sale (OFS) of more than 95 million equity shares at a face value of Rs 10.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
According to insiders, their lack of enthusiasm is showing on the ground. There is nothing to suggest that their enthusiasm will return in the final four phases of polling, observes N Sathiya Moorthy.
'Its people are either victims of corruption or witnesses to it.'
Set to tune by celebrated music composer A R Rahman, Jai Ho received an Academy Award for Best Original Song at the 81st Academy Awards in 2009, and also won in the category of 'Best Song Written for a Motion Picture' at the 52nd Grammy Awards in 2010.
Bhutan firmly abides by the one-China principle meaning Taiwan and Tibet are part of China and stands ready to work with China for an early settlement of the boundary issue and advance the political process of establishing diplomatic relations, it said.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
'Until the situation changes, I expect Washington to continue to behave the same way.'
Reliance Industries Ltd on Monday announced an agreement to invest alongside Brookfield Infrastructure and Digital Realty in special purpose vehicles developing data centres in India. Reliance will hold a 33.33 per cent stake in each of the five Indian special purpose vehicles and become an equal partner, the company said in a statement. Digital Realty Trust, Inc is the largest provider of cloud and carrier-neutral data centre, colocation and interconnection solutions globally with 300+ data centres across 27 countries.
While managing their finances, individuals can make it a rule to seek advice from an expert or feedback from a trusted colleague or friend.
Media rights for the Indian cricket team is always a prized scalp and it was Viacom18 who bagged the deal on Thursday to broadcast India's home matches for the 2023-28 cycle.
Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In a press release, UFBU's convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the Centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 486,800 crore and it was resolved at Rs 161,820 crore resulting in a loss of Rs 284,980 crore.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
Recent defaults have made a section of traders contemplate moving towards promissory notes.
Trust today means more than the belief that a brands' products will work as advertised; consumers want to believe that the company truly cares for its customers.
