For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Rajesh Agarwal, the chartered accountant, was allegedly instrumental in providing accommodation entries to many high-profile people to help launder their funds.
There are 7 key rules one can follow to ensure that the chances of such fraud are almost reduced to a negligible level when shopping online, says Anil Rego
The Dominica high court on Wednesday ordered that diamantaire Mehul Choksi be produced before a magistrate there to answer charges of his illegal entry into the Caribbean island country, local media reported. Dominica high court Judge Bernie Stephenson issued the orders after nearly three hours of hearing on a habeas corpus petition filed on behalf of Choksi who had claimed that he was abducted from neighbouring Antigua and Barbuda and forcefully brought to the Caribbean Island nation. She adjourned the habeas corpus matter till Thursday, Dominica News Online reported.
Slamming the Union budget as 'insipid' and lacking in stimulus for growth, the Congress on Saturday said it does not address the main issue of unemployment and describes the mindset of the government.
'Films like Arth don't happen again and again. They come once in a lifetime. I was lucky to make it, and I couldn't have done it without Smita and Shabana.'
The Indian IT companies, which account for a large number of H-1B applications, are likely to face the additional financial burden because of this proposed increase in H-1B filing fees.
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
Do we not understand that risk and return go hand-in-hand, or do we, in our rush to get rich, simply choose to ignore risk, wonders Ramabhadran S Thirumalai.
On the basis of the complaint filed by Leena Mangat, the CB-CID had filed an FIR on Jan 9, 2009.
If you leave too much money lying in your trading account or hand over your securities to brokers, there is always the risk that they could use it to trade in the markets.
The Bad Boy Billionaires series has a lot in common: The three billionaires' hefty ambition, dangerous arrogance and untrammeled power, observes Dhruv Munjal.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
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.
On the 10th anniversary of the global financial crisis, a multi-part series analyses the lessons learnt and those not learnt.
Once a stock market darling, the jewellery chain heads for liquidation.
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.
Here's a pick of what Warrenn Buffett had to say over the weekend, and his annual 'Woodstock for Capitalists'.
'If you talk about any kind of equality, you are under attack.'
'If Indians are to be truly protected, Parliament must review and address these dangerous provisions before they become law.'
India and a large number of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information under auspices of OECD.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
Divorce is the end of marital obligation, but not the end of parenting for the kids, says Nidhi Mathur, Lawyer at United We Care. Both parties should understand their rights and liabilities will not severed by severance of their relationship.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.6% and 1.3%, respectively to touch their fresh lifetime highs.
The need of the hour, as the Supreme Court readies to rule on the constitutionality of Aadhaar, is for the UIDAI to fix the bugs, says Geetanjali Krishna, in the second and final part of her series.
Uncertainty lingers in the minds of retail investors due to scams.
As Jagan's property attachment came on the day the poll dates were announced, the YSR chief and his supporters refuse to buy the Enforcement Directorate's claim that it was a mere coincidence. Vicky Nanjappa reports.
'There is a law that prevents the government from diluting its equity in the PSBs below 50 per cent.' 'That law has to be amended and given the parliamentary arithmetic of the political parties, it is not as simple to do that.'
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
Rajat Gupta's lawyer Rishi Bhandari said suit was filed in order to ensure that there was a designee on the board.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
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