The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
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.
FTIL prepares to challenge the order in the Bombay high court
'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.'
The coming years could be exciting for Bandhan Bank, IDBI Bank, IDFC First Bank, Federal Bank, and CSB Bank.
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
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 proposals have been made after extensive consultations with top officials from Sebi, finance ministry, RBI, IRDA and large market intermediaries
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
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.
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.
Prabhat K Goyal, CFO, Network Associates, faces criminal charges for an accounting scam that duped investors by inflating the company's sales figures.
Companies' annual reports can hide as much as they reveal. Investors can get early warning signals of wrongdoing by frequently speaking to other stakeholders.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
Increasing migration to cities and urbanisation along with interest from buyers to invest in real estate market, will continue to be the prime demand drivers, according to assurance, tax and advisory firm Grant Thornton.
Former WorldCom chief executive Bernard Ebbers has been sentenced to 25 years in prison for orchestrating a record $11 billion fraud that toppled the telecommunications company he founded.
Participants can provide anonymous feedback on market manipulation.
According to him, there are enough laws but their implementation is important.
Major shareholder Kinnevik, a Swedish investment firm, devalued Quikr by 45%, referring to the exaggerated revenue resulting from fraudulent transactions that rocked the company. Quikr is now valued at about $577 million.
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The CBI has recently filed a chargesheet in a court in Kolkata.
Raju pleaded for leniency citing his philanthropic activities.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
The Supreme Court on Thursday asked the Special Investigation Team (SIT) on black money to submit the fourth report on the progress of its probe by October 7.
Delays in promised service delivery were earlier settled between client and service provider. More organisations now opt for a legal settlement to save cost and protect investor sentiment, say analysts.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
Bitcoin currently trades at a price of $400 a unit, as against lofty highs of $1,200 early this year
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
'It is strange a government that is bold and coercive has meekly chosen to do more of what has repeatedly failed to work in the past.' 'And sadly, rating agencies, the business community, fund managers, and analysts, who know this, have chosen to act as compulsive cheerleaders,' says Debashis Basu.
The Gurgaon-headquartered drug maker, set to be acquired by another leading domestic company, Sun Pharmaceutical Industries, reported a consolidated net loss of Rs 186 crore for the quarter ended June.
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
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Corporate lawyers say the fine on independent directors will make them more cautious and some will be wary of taking assignments from companies with low corporate governance standards.
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.
The Indian businessman, who has a 42.5 percent stake, said there was a possibility of main sponsor BWT getting more involved and changing the team's name.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
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