With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
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June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Argentine footballer Lionel Messi, star player for Spanish soccer club Barcelona, and his father Jorge have been charged with tax fraud by a Spanish judge, media reports said on Thursday.
Releasing a report titled 'Profiting from Pain' in Davos, the rights group further said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Home Minister Rajnath Singh, Information and Broadcasting Minister Smriti Irani, Uttar Pradesh Chief Minister Yogi Adityanath and Uttarakhand Chief Minister Trivendra Singh Rawat reached the poll-bound state besides Union ministers J P Nadda and Thawar Chand Gehlot, and Bihar minister Mangal Pandey, who are already camping here.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
The broader Nifty ended on top of 9,800 again.
The Indian IT services sector is scrambling to retain talent since digitisation-led transformation has increased the demand for a digitally skilled workforce. As a result, the pull for jobs for tech professionals is also coming from non-IT sectors, leading to higher attrition among IT companies. The average number of tech jobs from non-IT sectors has seen a 41 per cent uptick in March-May'21 versus March-May'19, according to data from Naukri.com.
The move may result in a short-term cost impact for IT Indian companies, according to experts, despite the firms ramping up their local hiring and offshoring projects elsewhere to overcome visa-related issues.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
However, the bench said Chidambaram is at a liberty to seek remedy in accordance with the law.
Attending a function where former Bharatiya Janata Party president Nitin Gadkari rolled out business plan of his Purti Group, NCP president and Union Agriculture Minister Sharad Pawar said "there are no untouchables in politics".
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
HNI investors need an optimal mix of oversubscription and listing-day gain to make money on leveraged bets, notes Sanjay Kumar Singh.
Standing firmly behind Vasundhara Raje the Bharatiya Janata Party on Wednesday reiterated that she will stay as the Rajasthan chief minister.
Zee is estimated to have paid around Rs 225 crore for the complete rights of Radhe. The total revenue that it may earn could be around Rs 135 crore, implying a shortfall of Rs 90 crore.
The AG said that due to Aadhaar, government has saved over Rs 50,000 crore on the schemes to benefit the poor as well as the pension schemes.
The ED was probing the allegation that Hussain and his linked persons laundered about Rs 1.10 crore by using purported shell or dummy companies to fuel protests against the Citizenship Amendment Act (CAA) and the riots.
The US president is facing off against a series of accusations put together by a team of investigators.
An earlier tax fraud case against Messi is to be heard in a Barcelona court between May 31 and June 3 after the World Player of the Year and his father Jorge were accused by the tax office in 2013 of defrauding the Spanish state of 4.2 million euros ($4.5 million) from 2007-09.
'Instead of doing reforms and restructuring, the present government is busy with the perception that everything is fine and the economy is hunky-dory.' 'Such hollow perceptions are very dangerous for the Indian economy in the long run.' 'The real risk to India is the lack of decent employment opportunities for youth in general and educated youth in particular.'
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
It accounted for over a third of foreign direct investment flows into India between 2000 and 2015
Barcelona soccer star Lionel Messi has been sentenced to 21 months in prison after a court in Barcelona found him guilty of three counts of tax fraud, a statement from the court said on Wednesday.
The fund used to fight the coronavirus pandemic will be spent from CSR funds.
Mauritius wanted extension of the benefits limitation clause in India's treaty with Singapore, which we were quite willing to extend, for our price
This is the first time in the last three years that the funds linked to Pakistan in Swiss banks have exceeded that of Indians.
Make sure that the waiting period on pre-existing diseases does not exceed two years. Avoid policies that come with room rent and ICU capping, suggests Sanjay Kumar Singh.
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
The Delhi policewoman was standing in front of the dais at Vigyan Bhawan during the first National CSR Awards function. She fell and sat on the carpet when the national anthem was being played, according to a PTI photographer who was present.
Allotment could be low, and expected listing-day gains can quickly morph into losses if sentiment takes a turn for the worse
The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law.
The new iPhone siblings will be available in India about a week before Diwali, the country's biggest festival.
Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the BJP government had brought down inflation from 10% to 2.5%.
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