According to the consumer affairs department, these chit funds are operating at a small level.
The remand of Satyam founder B Ramalinga Raju and seven others was extended by 14 days by a local court in Hyderabad on Wednesday.
Market sentiment suffered a jolt after other Asian markets closed with widespread losses and European markets dropped in early trade
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
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.
Satyam has initiated discussion with a host of banks and institutional investors to get funds to keep its business afloat and has pledged some of its receivables to secure funding, Parekh told reporters in Mumbai on Wednesday. Satyam's new board will meet on Thursday and the day after to discuss issues including appointments of top executives and ways to raise funds, Parekh said.
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
The scrip ended today's trade at Rs 90.55, down by 10.92 per cent from its previous close on the BSE.
British foreign minister David Miliband expressed confidence that Indian authorities will deal with the Satyam case 'very clearly and very appropriately' as he underlined the need for implementation of Indian laws of corporate governance in a 'hard-headed and clear way'.
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.
Midas Touch Investors Associations will move the Supreme Court against the decision of the National Consumer Disputes Redressal Commission, which rejected its plea for compensation of Rs 4,987.5 crore
Midas Touch, a consumer protection organisation, filed a petition before the Consumer Commission seeking compensation for the retail investors of Satyam who had suffered because of the accounting fraud perpetrated by the founder of the Hyderabad-based IT company, B Ramalinga Raju, for years.
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.
While such buying could indicate confidence in the business, investors should do a comprehensive evaluation before getting into the stock.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
Gross domestic savings as a proportion to GDP fell from a high of 36.8 per cent in FY08 to 30.8 per cent in FY13, according to the Reserve Bank.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
Federal prosecutors plan to appeal against the decision of a judge rejecting their plea for revocation of $1 million bail of the accused swindler Bernard Madoff.
On Wednesday, the employees of Satyam lost close to Rs 221 crore (Rs 2.21 billion) after investors dumped the stock. At the end of the September quarter, Satyam employees were holding 5.9 million employee stock options. The unfortunate drubbing of the Satyam stock has raised serious questions about the attractiveness of the stocks held by the employees, which may be affected by any 'uncalled for' action by the company.
'There is much scope for ingenuity and inventiveness, and the stakes are very high.'
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
Existing investors, who have bought at higher levels of Rs 200 and above, should remain invested for at least a quarter until further clarity emerges from the bidding process.
The question of tax concession arises only in the case of short-term capital gains, as a long-term holder of Satyam shares would, in fact, be incurring loss, as the scrip plummeted after the company's disgraced founder Ramalinga Raju confessed to fudging of accounts. Since the gains would be made only in case of those who would have bought the shares recently, the sources said such shareholders would have to be taxed, as they made a killing in the stock market.
Was Kerkar duped by his employees, as he claims, or did a cocktail of greed, poor cost control and bad management bring the travel firm down, wonder Pavan Lall and Aneesh Phadnis.
Bain alleges that it invested around $60 mn based on false financial statements that EY had audited and certified
The US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to safeguard national security, weeks after India banned them, saying they were prejudicial to sovereignty, integrity and security of the country.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Nothing has changed markets more dramatically than the Web.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
The Supreme Court on Friday upheld the validity of e-voting process for the winding up of six mutual fund schemes of Franklin Templeton, and said disbursal of funds to unit holders will continue.
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.
With incidents of data pilferage threatening India's image as an outsourcing destination, the government on Monday approved amendments in the IT Act, 2000 to check information theft and online frauds.\n\n
FTIL prepares to challenge the order in the Bombay high court
Force India F1 team rule out name change this year
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
The proposals have been made after extensive consultations with top officials from Sebi, finance ministry, RBI, IRDA and large market intermediaries
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.
'The amount involved could as high as Rs 3,500 crore as there are a lot of depositors.' 'Yesterday, I met an investor who put in Rs 4 crore. That man doesn't have Rs 2,000 to spend on medicines.'
History of electronics indicates that no company, nor any nation for that matter, has been able to cement pole position and maintain it through several cycles. he death of its iconic promoter, Lee Kun-hee, raises questions over how long the chaebol can maintain its gigantic footprint in the global electronics industry, says Devangshu Datta.
A public interest litigation filed in the Bombay high court has demanded a probe into the way some companies lure investors into subscribing to their IPOs by giving false information about their financial position and prospects.
