It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
For Mahindra & Mahindra (M&M), which has just started executing a comeback strategy for wresting back ground it lost to rivals, this could not have come at a worse time. The maker of the Bolero Neo and the Thar models on Thursday said it would have to halt production at its automotive plant for a week due to the worsening supply situation of semiconductors.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Once a stock market darling, the jewellery chain heads for liquidation.
The death toll in Palestine due to Israeli airstrikes has reached 188 as the conflict entered its seventh day on Sunday.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
The government is also planning to replace the current ageing Air India One or Boeing 747 with Boeing 777s. Arup Roychoudhury and Archis Mohan report.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
RIL and Shell ceased production from the fields in 2016, and ONGC has already been using Tapti infrastructure for its other fields for better optimisation.
After an apparent truce between AAP and the BJP following the Delhi polls, sparks are flying once again. Radhika Ramaseshan reports.
Together with the firm's partly-paid shares that were issued in the recent rights issue and are traded separately, the company had a combined m-cap of Rs 13.5 lakh crore or over $181 billion.
Indian Railway Catering and Tourism Corporation (IRCTC), the Indian Railways' wholly-owned listed subsidiary, is eyeing partnerships to offset recurring costs incurred in train operations, which is part of its two-year-old diversification from core catering and ticketing businesses. To this end, it is courting public sector undertakings such as Bharat Heavy Electricals (BHEL) and others to create a special purpose vehicle for the routes for which IRCTC has bid. The Railway ministry opened bids for public private partnerships in passenger train operations in July 2021 and received bids to operate 29 pairs of trains with around 40 modern rakes that would entail an investment of Rs 7,200 crore.
On February 19, India's largest private low-fare airline IndiGo announced the resignation of one of the two founders, Rakesh Gangwal, from the airline's board and his intentions of offloading his stake in the airline over the next five years. The announcement came on a Friday, giving the stock markets the weekend to absorb the news but the markets registered a tepid response on Monday's opening. In contrast, in July 2019, when the fight between the two founders and erstwhile friends first became public, the markets reacted savagely. The IndiGo scrip at the time fell 19 per cent, wiping out millions of rupees of shareholder wealth before bouncing back. For readers who may be hazy on the details of the dispute, here is the context.
Corporate ministry documents show that the Siva's firm kept taking loans from public sector banks like State Bank of India, Punjab National Bank which gradually turned to bad loans.
Sebi found a typical pattern in trading of shares of these companies.
The ED opposed the bail plea of the accused, saying they indulged in a "very serious" economic offence.
Barcelona forward Lionel Messi and his father Jorge have paid five million euros (4.2 million pounds) to the Spanish authorities after they were accused in June of filing false tax returns, a court statement said on Wednesday.
Airbus' $99 million payout puts a new light on Eurofighter's 'unsolicited bid' to the Modi government, reducing the cost of the Typhoon fighter by 20 per cent, making it in retrospect significantly cheaper than the Rafale.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Billionaire industrialist Mukesh Ambani has turned a venture capitalist and is backing a new television channel Epic TV due to go on air next month.
Meghalaya Chief Minister Conrad Sangma on Thursday said Union Home Minister Amit Shah has given firm assurances at a meeting held in Delhi of acting on his request for a Central Bureau of Investigation (CBI) probe into the 'firing by Assam Police' along the states' border.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
An AK-47 rifle wielding man allegedly tried to abduct Aurobindo Pharma's Director K Nityananda Reddy from his car near a park and opened fire when Reddy and his brother resisted in the posh Banjara Hills on Wednesday morning.
'I have been managing people since I was very young. I really enjoy it.' 'For me, age is only a proxy for experience.'
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Somaiya had on Sunday claimed he was barred from entering Kolhapur with the district authorities citing law and order as well as security concerns following his allegations of corruption against Maharashtra Rural Development Minister Hasan Mushrif.
Amid China's economic slowdown, the country's economic challenges may increase manifold and its economy may be hit harder in the wake of the Ukraine-Russia crisis.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
Telecom regulator Trai on Monday recommended about 39 per cent reduction in the reserve or floor price for the sale of spectrum for mobile services, including the latest 5G offering, as it looked to match revenue expectations with the industry's paying capacity. With large swathes of spectrum remaining unsold in the last two auctions, the Telecom Regulatory Authority of India (Trai) recommended to the government for selling airwaves in all existing bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz and new slots of 600 MHz, 3300-3670 MHz and 24.25-28.5 GHz. It has suggested a lower reserve price for all bands, compared to the prices proposed in the previous recommendations in 2018.
Zomato said late on Friday that it was pushing the implementation of the new food quality policy to May 3 from April 18.
The government will have to make substantial payments, as well as forego revenues in FY'23, if it wants to work on the survival of Vodafone Idea because it will have to extend the same incentives to the entire telecom sector. According to estimates, the industry has to spend around Rs 21,000-Rs 25,000 crore for spectrum which it bought on a deferred payment basis. Vodafone Idea has asked for a moratorium for another year (FY23). If granted, the government will have foregone the instalment payout for a third year in a row as it has already provided a moratorium for two years, giving telcos Rs 42,000 crore worth of relief.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
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