Quoting Jacob Rees-Mogg, the lead manager with Somerset capital management, a fund that specialises in emerging markets, NYT said, "[T]he fraud will make people even more nervous about investing in India and other developing markets". Meanwhile, the Wall Street Journal said, "[T]he chairman of one of India's largest technology companies said he concocted key financial results, . . . sending shock waves across India".
The Enforcement Directorate on Sunday conducted searches in various Uttar Pradesh cities after it registered a money laundering case to probe the alleged Rs 3,700 ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by a Noida based firm.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Mexican Formula One driver Sergio Perez described his Force India team's financial situation as 'critical' on Thursday, and recognised that his own future remained uncertain.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The world was told the U.S. was a low-risk, high-return investment. But like the Wall Street trader's victims, we are learning the truth.
The entities are classified as 'vanishing companies' if they cease to file their balance sheets and other documents after raising capital and the whereabouts of their offices or directors become untraceable.
Satyam Computer moved a step closer towards finalising bids for selling a majority stake in the trouble-torn IT company with the board meeting investment bankers on Thursday.
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
The minister also said that we should not paint the entire private sector companies as villains because of one bad firm. He said that the government will take steps to restore investor confidence, but did not elaborate on the issue.
The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market. Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.
The new provisions include greater emphasis on digital signatures, new security practices and procedures for e-governance and other technology applications.
L&T is trying to aggressively diversify again into a field where it does not have much experience.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
According to the consumer affairs department, these chit funds are operating at a small level.
Washington might occasionally make some noises about alleged human rights violations and related issues but commonality of interests will only see the Indo-US ties grow stronger, observes Virendra Kapoor.
'If you talk about any kind of equality, you are under attack.'
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
Divorce is the end of marital obligation, but not the end of parenting for the kids, says Nidhi Mathur, Lawyer at United We Care. Both parties should understand their rights and liabilities will not severed by severance of their relationship.
India on Thursday said the case against its diplomat Devyani Khobragade, arrested in New York on charges of visa fraud, should not be pursued and withdrawn by the US authorities.
More than 80 executives participated in the survey that was done from April to June this year.
The Messi Experience Park, which is being launched by the five times world player of the year in collaboration with Chinese broadcaster Phoenix Group and Spanish media company Mediapro, is set to open in 2019 in the Chinese capital.
On the 10th anniversary of the global financial crisis, a multi-part series analyses the lessons learnt and those not learnt.
Rajesh Agarwal, the chartered accountant, was allegedly instrumental in providing accommodation entries to many high-profile people to help launder their funds.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
While such buying could indicate confidence in the business, investors should do a comprehensive evaluation before getting into the stock.
Choksi, who was allegedly the partner-in-crime of his nephew Nirav Modi in the banking fraud, refused to say anything further on the issue, on the advice of his lawyers.
Shah had pleaded guilty in 2012 to securities fraud in a parallel civil insider trading case case.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Ask your HR department for details about the fund, trustees and returns
Amid hints that the government might be exploring capping royalty payments by India-based subsidiaries to US companies, experts warn Subhayan Chakraborty why such a move will only hurt the Indian economy.
Reddy, who appeared at the Central Crime Branch office in Bengaluru on Saturday, was arrested after the questioning ended on Sunday morning
'You need to devalue the currency, ignite inflation, which then begins to oil the wheels of the economy.' 'Without that this severe recession is not going to reverse.'
Here's a pick of what Warrenn Buffett had to say over the weekend, and his annual 'Woodstock for Capitalists'.
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