Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Ponzi or MLM schemes are fraudulent investment operations.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Summing up the year gone by, Sebi Chairman U K Sinha told PTI that the regulator was also able to provide clarity and a direction to the market in areas like corporate governance and investor protection during 2013.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
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.
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.
'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.'
'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, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
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.
'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.'
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.
'If Indians are to be truly protected, Parliament must review and address these dangerous provisions before they become law.'
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.
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