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.
The Securities and Exchange Board of India on Tuesday barred Austral Coke and Projects from raising any further capital on finding that the company was involved in a fraud amounting to Rs 1,047 crore.
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
"He is expected to be produced before the court for a second bail application hearing on March 29," a court official in London confirmed on Tuesday.
Penalties for undisclosed foreign income and assets extend up to 300%.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
News of all that's transpired on and off the football field
As many as 68 artworks went under the hammer on Tuesday evening and included works by the greats like Raja Ravi Varma, V S Gaitonde, F N Souza, Jogen Chowdhury, and Akbar Padamsee among others.
A local court in Hyderabad dismissed the bail petitions of S Gopalakrishnan and Talluri Srinivas, former partners of auditing firm Price Waterhouse, who are in judicial remand in the Rs 7,800-crore Satyam fraud case.
Proof of disgraced Satyam founder Ramalinga Raju's political influence--an issue that is being widely discussed following his January 7 confessions of fraud--was strongly in evidence as far back as 2002, when his company was at the height of its success.
"There was an income tax raid at the firm premises sometime back... later, the company did pay up the required tax. But it came to light that certain bogus bills were debited in the account, which inflated expenses. The company had taken advantage of this while filing its income tax," a senior official of the serious frauds investigation office, who didn't wish to be identified, said.
Surjewala alleged that Mehta and his family were allowed to leave India even when there were complaints pending against him with the CBI.
The Swaraj India chief alleged that the raid was conducted at his sisters' hospital-cum-nursing home premises with an intent to "intimidate" and "silence" him as he had launched an agitation for fair crop price for farmers and against liquor shops in that city in Haryana.
As scandals linked to spiritual fraudsters continued to surface in Kerala, the house of a pastor was searched by Income Tax (IT) officials in Kottayam. IT officials searched the home of one pastor Thanku in Kottayam following reports that he had allegedly amassed wealth disproportionate to his known sources of income, police said.
The bills were passed by voice vote.
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
Notification, FAQs likely after FM Jaitley returns from the US
ED has submitted a chart of total $60.54 million received by the firms directly or indirectly owned by Talwar between April 23, 2008 to February 6, 2009.
With prices soaring, the oil and gas business has become ripe for criminal behavior.
Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent. However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.
The 74-year-old real estate mogul-turned politician, who radically changed politics in the corridors of power in Washington, DC over the past four tumultuous years, was impeached for a second time on the charges of 'incitement of insurrection' for the violent storming of the United States Capitol by his supporters just days before the end of his four-year term.
'I was shocked by the kidnapping episode. I could have lost my life.'
Companies' annual reports can hide as much as they reveal. Investors can get early warning signals of wrongdoing by frequently speaking to other stakeholders.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
'A separate 'Investigation Agency (Other Offences)' or IA(OO), can be created under the state governments, with the expertise and resources required for investigating non-violent offences,' recommends Alok Tiwari, a Cabinet Secretariat officer.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
History of electronics indicates that no company, nor any nation for that matter, has been able to cement pole position and maintain it through several cycles. he death of its iconic promoter, Lee Kun-hee, raises questions over how long the chaebol can maintain its gigantic footprint in the global electronics industry, says Devangshu Datta.
'Everyone knows that you including your son won't be able to spend all the wealth that you have earned then why not at least pay the salaries of your employees,' the letter said.
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
The trade-war between the US and China is prompting investors to flee from risky assets, such as equities, to safe-haven bets, such as gold and treasuries
We need to see if some system-level changes have to be brought about to eliminate the incentives that exist for multiple applications
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
A US prosecutor who successfully investigated a precedent-setting work visa fraud case against Infosys, resulting in the Indian IT giant paying a whopping $34 million in fine, has been recognised by Secretary of Homeland Security Jeh Charles Johnson for his work.
Donald Trump, known for his unpredictable leadership style, divisive rhetoric targeting both allies and opponents, and the only US president to be impeached twice, left the White House on Wednesday with a tainted legacy never seen before in American political history.
The very design of the GST will bring in revenue buoyancy.
Friday's hearing is expected to be presided over by Chief Magistrate Emma Arbuthnot, the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December.
Con men use Pakistani cell phone numbers to make calls to people in India.
