Lenders to DHFL will meet early July to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and the promoters ceding control.
The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
'Who are these people on the streets?' 'They are youth and students who were hoodwinked, bluffed by Modi for the last seven years, with a promise of 2 crore jobs every year.' 'And Mamata sings the same tune.' 'But the youth can see that as long as there is Mamata or Modi, there is no hope.'
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
Foreign banking major HSBC plans to inject $180 million in India operations to support its growth in the country.
The agency is also investigating the overall financial structure of Kingfisher Airlines.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
In another development, SBI Capital Markets, which had issued the expressions of interest on April 8, extended the deadline for submission of initial bids to April 12.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
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.
'Villages are much better prepared than towns as far as COVID-19 is concerned.'
Though he loves gambling, he cautions against undue risks and says non-professional investors like the salaried class should invest through the mutual funds route and keep aside not more than 10 per cent for self-investing.
In New York, the dollar fell against other major currencies on Monday after a December reading on the US services sector came in below market expectations.
The interim dividend will help Narendra Modi-led government partly bridge the deficit its budget had developed after the announcement of a Rs 75,000 crore a year cash dole scheme for small farmers.
Whistle-blowers allege the brothers violated court orders by selling assets like art and real estate worth crores bought by funds from their companies.
Young borrowers have the opportunity to get bigger loans because age is on their side.
Modi said he was shocked that such voices are being raised for political gains in the land of Shivaji Maharaj.
SBI is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted.
In the previous week, total reserves dropped by $273.8 million to $312.382 billion.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Fresher hiring is expected to more than double compared to last year.
Many developers are facing financial challenges after the IL&FS defaults, after which non-banking finance companies - the major financiers to real estate firms - slowed disbursals.
Despite a 56 per cent fall in residential launches in the first half of the year compared to the second half of 2019, Anarock Property Consultants believes that consolidation in residential real estate is expected to gain ground, and that branded players may garner a market share of 75-80 per cent.
The promoter-brothers, distant cousins to IndiGo's Rahul Bhatia, are eyeing Air India's ground handling subsidiary to augment their aviation services business even as they make a big play in EVs.
Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly. In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.
'EPFO's investments this financial year should be Rs 1 lakh crore'
'The Centre brought down expenses by as much as Rs 12,000 crore (Rs 120 billion).'
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
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.
Vishal Kampani has big shoes to fill as his father is close to the Ambanis, the Wadias and the Ruias, says Dev Chatterjee.
Standard Chartered Bank, the country's second-largest foreign bank, is removing the ceiling on its India exposure to tap into the 9 per cent economic growth and expand operations, especially in infrastructure funding.
FPIs would be classified into two categories instead of three, while the requirements for issuance and subscription of offshore derivative instruments would be rationalised.
