The Supreme Court on Friday sought response from former Twitter managing director Manish Maheshwari on an appeal of the Uttar Pradesh government against the Karnataka high court's decision to quash a notice seeking his personal appearance as part of the probe into a communally sensitive video uploaded by a user on the microblogging site.
Franklin Templeton Asset Management (India) on Monday said the Securities Appellate Tribunal (SAT) has stayed Sebi's order, whereby the regulator had barred the asset management firm from launching any new debt scheme for two years. In addition, the regulator had asked Franklin Templeton to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to its six debt schemes which are now shut. "With reference to the order issued by Whole Time Member(WTM) of Sebi on June 7, 2021, Franklin Templeton Asset Management (India) Pvt Ltd filed an appeal and an application for stay before the Hon'ble SAT. "After hearing the parties, the Hon'ble SAT has stayed the operation of the order passed by the WTM," a Franklin Templeton spokesperson said in a statement. The matter has been listed on August 30, 2021 for further directions, he added.
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
The Uttar Pradesh government on Wednesday sought urgent listing of its plea against the Karnataka high court's decision to quash a notice issued to the then Twitter India Managing Director Manish Maheshwari seeking his personal appearance as part of the probe into a communally sensitive video uploaded by a user on the microblogging site.
Top level public sector executives, including directors and chief executives, will not be able to join private firms after retirement or resignation unless they get go-ahead from the government.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
Life insurers in India registered a 22 per cent growth, collecting Rs 9,713 crore (Rs 97.13 billion) in premium income from new business till December, with private players gaining more ground from LIC.
Private telecom operators on Friday raised serious concerns over BSNL's non-compliance with regard to implementation of interconnect user charge saying they (BSNL) were completely violating Trai's regulations.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
The government will transfer about Rs 16,000 crore of unpaid fuel bills and other pending dues that Air India owes to suppliers, to a special purpose vehicle before handing over the loss-making airline to the Tata Group, a senior official said. Air India Assets Holding Ltd (AIAHL), which will hold non-core assets of Air India such as land and building, will also be saddled with 75 per cent of the airline's debt that the Tata Group is not taking over. Besides the debt, the excess liability going to AIAHL comprises unpaid fuel bills to oil companies, airport operators and vendors, said Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management - the department running the privatisation programme of the government.
The government on Monday issued a letter of intent (LoI) confirming the sale of its 100 per cent stake in loss-making Air India to Tata Group for Rs 18,000 crore, a senior official said. Last week, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate, to pay Rs 2,700 crore in cash and takeover Rs 15,300 crore of the airline's debt. Subsequent to that, an LoI has now been issued to Tata confirming the government's willingness to sell its 100 per cent stake in the airline.
Foreign direct investment limit in private banks may be raised to at least 74 per cent and a clear guideline is expected by December end, a senior finance ministry official said in New Delhi on Friday.
The key idea seems to be to move away from the discredited US model of private insurance based healthcare, and focus more on publicly-funded preventive, primary and secondary healthcare.
The reservation of jobs in the private sector will tantamount to putting the clock back on economic reforms and not even political parties are ready for a legislation making employment of SCs and STs binding on India Inc, industry body Ficci said.
Their first target would be bulk buyers.
Kingfisher owes Rs 257.62 crore (Rs 2.57 billion) to the AAI, while Jet Airways Rs 38.49 crore (Rs 384.9 million) and its low cost arm JetLite Rs 13.96 crore (Rs 139.6 million), as on January 31, Civil Aviation Minister and Minister for Overseas Affairs Vayalar Ravi informed the Rajya Sabha on Thursday.
The three Indian companies are Alpha Design Technologies Pvt Ltd, Bharat Forge Ltd and Medha Servo Drives Pvt Ltd, the space organisation said in a statement on Friday.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
Edtech major Byju's on Thursday introduced a new 'two-teacher' feature for its after-school online tutoring programme - Byju's Classes, a move aimed at delivering better learning experiences and outcomes. The two-teacher advantage offering - which will be available as a separate offering at about Rs 2,500 per month - will see students being taught by one expert teacher who uses strong visuals and storytelling to explain topics in-depth to ensure conceptual clarity. The second teacher will solve instant doubts, paying individual attention and making the sessions interactive and engaging.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
"He is a famous journalist and runs a digital media platform. Digital media platforms were allowed to get money from outside... The cap came the following year," Sibal argued.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
Thursday's announcement partially fulfils a provision in the Persons with Disabilities Act, 1995, offering the private sector incentives to reserve 5 per cent of jobs for this category of people. The central scheme approved by the Cabinet Committee on Economic Affairs provides for funds to pay the employers' share of the Employees Provident Fund and Employees State Insurance each year for the first three years.
Private sector banks gained market share over their public sector counterparts during the year up to October 8.
The government on Monday signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of the salt-to-software conglomerate, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. Following that, on October 11 a Letter of Intenet (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.
By packaging rates and stabilising costs, insurers expect to cut expenses.
SpiceJet, IndiGo, Jet Airways, Alliance Air, and Turbo Aviation are among the operators that have bagged the routes in the third round.
Uttar Pradesh has decided to introduce job quotas in private sector industrial units with government assistance and SCs, OBCs, backward religious minorities and poor among upper castes are being included in the new arrangement.
Keeping in abeyance suggestions of the Prime Minister's Economic Advisory Council, government on Friday said it has no intention to allow private sector to set up nuclear power plants independently.
The Delhi high court on Thursday extended till December 17 the interim protection from arrest granted to Newsclick editor-in-chief Prabir Purkayastha in a foreign funding case and asked the Delhi police why it needed his custodial interrogation when the RBI has given a prima facie finding in his favour.
CRRC Pioneer Electric (India) Private Limited, whose bid for the project is a joint venture of the Chinese firm CRRC Corporation Ltd with a Gurugram-based company according to its website, is one of the six contenders for the tender for procuring propulsion systems or electric traction kits for 44 trains to function as the Vande Bharat Express or Train 18.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Anil Dhirubhai Ambani Group's Reliance General Insurance has become the second largest non-life private insurer, toppling Bajaj Allianz, in terms of premium collections of Rs 221 crore (Rs 2.21 billion) in April.
A way to ensure good growth as private banks find organic growth tough.
NH-925 is India's first national highway to be used for emergency landing of IAF aircraft.
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