Office rentals in Mumbai are going over the top indeed. Even suburban localities like Goregaon have seen rentals going up by more than 100 per cent, from Rs 75 a sq ft last year to Rs 175 this year.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
'What more can I ask for?' 'Salman and Ranbir Kapoor know how to respect their seniors.'
Capital markets regulator Sebi on Tuesday decided to gradually phase out buyback of shares by companies through the stock exchange route to address the drawbacks associated with the existing mechanism. Sebi chairperson Madhabi Puri Buch said the regulator has chosen the tender offer route for share buyback as the present mode is vulnerable to favouritism. "This is a glide path and will lead to the phasing out of the present buyback mode (through stock exchange route)," she told reporters after its board meeting in Mumbai.
Vinod Rai, former Comptroller and Auditor General of India, former India women's captain Diana Edulji and banker Vikram Limaye were present at the meeting held at the IDFC Bank's premises in suburban Bandra-Kurla Complex.
RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers in Mumbai.
India's top banker Chanda Kochhar shares valuable life lessons in a letter to her daughter.
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Bankers remained ambivalent on the impact of Tuesday's policy announcement by Reserve Bank on the cost of funds and refrained from giving a guidance on the direction in which lending rates are headed.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
A Pakistani anti-terrorism court conducting the trial of seven Mumbai terror attack accused, including mastermind Zaki-ur-Rehman Lakhvi, on Wednesday adjourned the hearing till next week as two witnesses summoned did not turn up.
Mesmerised by the cinematic kitsch of Mumbai's underbelly, Americans are seeking palliatives to the horror stories tumbling out of the Byzantine world of investment banking.
Developers remain cautious on property deals as customers expect further price cuts.
The Supreme Court on Tuesday dismissed journalist Rana Ayyub's plea challenging summons by the Ghaziabad special court in a money laundering case, leaving it open for her to raise the issues before the trial court.
The NCR and the MMR together account for 77 per cent of 10 big housing projects stuck because of developers' bankruptcy or litigation.
The National Company Law Tribunal (NCLT) on Thursday gave crisis-hit Future Retail Ltd (FRL) time till May 12 to submit its reply to the insolvency petition filed against the company by Bank of India. Last week, Bank of India had moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. The NCLT hearing on Thursday also came against the backdrop of Reliance calling off its proposed Rs 24,713 crore-deal with Future Group after secured creditors voted against it.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Noted banker Deepak Parekh on Thursday pitched for simpler corporate governance norms that focus more on trust than just compliance, saying economics and ethics are not trade-offs but complementary. Behind each financial crisis there is a governance failure but it is the entire system that gets impacted, because an eruption of a corporate or financial crisis almost always means a tightening of rules and regulations and increased compliance for all, he said. The HDFC chairman, who was addressing a seminar on corporate governance organised by former Sebi chairman M Damodaran's advocacy Excellence Enablers in Mumbai, stressed that the ultimate objective should be that corporate governance systems must become simpler and not more complicated.
The wedding, which is billed as the India Inc's most expensive yet, was held at Antilla.
Mergers and amalgamations will grow and deal sizes increase as the Indian economy expands, Venkat Anantharaman, managing director responsible for mergers and amalgamations, leveraged finance and equity corporate finance at Standard Chartered Bank in Mumbai, tells Sumit Sharma in an interview.
Five Indian Navy men have been arrested for allegedly molesting a young female banker before attacking her husband in a pub in suburban Khar in Mumbai, the police said on Monday.
This is how Imarticus Learning plans to train freshers become job-ready as investment bankers
One of the alleged lashkar-e-Tayiba trainers involved in the 2008 Mumbai terror attacks used to frequently get money transfers into his account, two Pakistani bank executives told an anti-terrorism court on Wednesday.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
'I would rather focus on the good rather than what didn't happen.'
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
Come with full data, put in more equity, get other creditors on board and begin homework for RBI okay: SBI chief.
With many getting payment reminders, confusion prevails among borrowers, term-plan investors and credit cardholders over the implementation of the three-month moratorium on all loan repayments amid disruptions caused by the coronavirus outbreak. As part of measures to alleviate hardships faced by people, the Reserve Bank of India, on March 27, announced a slew of steps, including a three-month moratorium on loan repayments.
The first such interaction would be in Mumbai on Monday.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
The lenders have not ruled out selling the property to recover part of their loans to the company.
'No politics for me.' 'I can't handle that at all.'
I am not sure if Modi can ever act as a chowkidar, even if he wants to. But he can surely act as a thanedar, by ensuring a fast resolution of corruption cases once they come to light. Exemplary action is easier and will burnish his anti-corruption image, argues Debashis Basu.
'At the risk of upsetting Mumbaikars, I would have to say that New Delhi is leaps ahead of other Indian cities in its sense of fashion and style,' says Kishore Singh.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
It was not a one-way ride up though for the man who now could potentially become the BJP's national president over time.
