A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
The famous Arya Vaidya Sala Kottakkal (AVS), started essentially as a village clinic a century ago at Kottakkal in Malappuram district, flourished under him as a multi-unit, multi-disciplinary, multi-functional and multi-crore organisation.
The airline had raised Rs 700 crore from the debt market through a non-convertible debenture issue and the same was up for interest payment or redemption on Thursday.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
Arghyam Foundation on Monday said Rohini Nilekani has decided to retire from the foundation as Chairperson and member of the board on September 30, 2021. She will be succeeded by Sunita Nadhamuni, currently a member of the board at Arghyam and Head of Digital LifeCare, Dell Giving and Social Innovation at Dell Technologies. Rohini Nilekani, the wife of Infosys co-founder and chairman Nandan Nilekani, had set up the foundation in 2001 as a vehicle for her personal philanthropy.
Akhtar Imam had recently revealed that he was facing a serious threat to his life as he had gifted his property to his elephants
Mithya fumbles to make headway towards truth or dare, observes Sukanya Verma.
The fund house had offered two options to affected investors -- either monetisation of assets by trustees or hiring a third party to conduct the process.
The trust has around 35 kg of gold and will deposit the gold which is not in day-to-day use of the temple.
After Islamic evangelist and preacher Zakir Naik showed the inability to go to the Indian embassy in Malaysia for authentication of his credentials for vakalatnama, the UAPA tribunal said, "He is bound to file a vakalatnama in proper format with proper authentication or he may remain physically present on the next date of hearing."
Once approved by the finance ministry, the rate hike will benefit six crore EPFO subscribers.
A gated community in Sholinganallur in Chennai has emerged as the second major Covid-19 cluster, seen as different from the first one at Kilpauk which was a religious gathering.
Religious scholar Hazrat Moin Miyan said though the option of filing a review petition is open, they are accepting the verdict for the betterment of the society.
"Tendulkar's attorney said the cricket player's investment is legitimate and has been declared to tax authorities. Shakira's attorney said the singer declared her companies, which the attorney said do not provide tax advantages. Schiffer's representatives said the supermodel correctly pays her taxes in the UK, where she lives," it notes.
After a sneak peek at the Movie Mela, Bollywood stars took the glamour a notch higher at the grand opening night of the 21st Jio MAMI Mumbai Film festival. The red carpet was rolled out at the Balgandharva Rang Mandir on Octobner 17.
On September 28, the high court had stayed the arrest of the three trustees of the Ryan group.
'We are also running Ram rasoi (kitchen) free of cost for Ram devotees in Ayodhya'
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
Franklin Templeton Asset Management (India) on Monday said the Securities Appellate Tribunal (SAT) has stayed Sebi's order, whereby the regulator had barred the asset management firm from launching any new debt scheme for two years. In addition, the regulator had asked Franklin Templeton to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to its six debt schemes which are now shut. "With reference to the order issued by Whole Time Member(WTM) of Sebi on June 7, 2021, Franklin Templeton Asset Management (India) Pvt Ltd filed an appeal and an application for stay before the Hon'ble SAT. "After hearing the parties, the Hon'ble SAT has stayed the operation of the order passed by the WTM," a Franklin Templeton spokesperson said in a statement. The matter has been listed on August 30, 2021 for further directions, he added.
In a significant move, markets watchdog Sebi on Tuesday decided to implement the requirement to separate the positions of chairperson and managing director at listed companies on a voluntary basis and not make it mandatory for now. The development also comes against the backdrop of Finance Minister Nirmala Sitharaman recently saying the regulator should hear if Indian companies have a view on the matter even as she made it clear that she was not "giving a diktat". The top-500 listed entities were required to split the roles of chairperson and managing director/chief executive officer before the April 2022 deadline.
The party's CM choice came as a surprise for many as the low-profile, first-time legislator was not seen to be among the top contenders for the post.
'As I was getting out of my car at Haji Ali some activists charged towards me with lathis and knives.'
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), on Wednesday said it had tried to facilitate a possible deal between Reliance and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL chief Punit Goenka told the company's board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group (Strategic Group) with inflated valuation "by at least Rs 10,000 crore". In a statement on Wednesday, Invesco mentioned that Reliance was the large Indian group.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
British Prime Minister Boris Johnson, who landed in Ahmedabad on Thursday morning on a two-day India visit, was accorded a grand welcome at the airport in Ahmedabad. Soon after, he visited Sabarmati Ashram in the company of Gujarat Chief Minister Bhupesh Patel.
Reliance Capital Ltd (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids have come in for Reliance Capital's assets, taking the total number of bids to 70, the sources said.
Prime Minister Narendra Modi and US President Joe Biden on Friday remembered Mahatma Gandhi, a week ahead of his birth anniversary on October 2, recalling the values advocated by the apostle of peace of non-violence, tolerance, respect and human trusteeship.
Franklin Templeton Mutual Fund on Thursday said its six shut schemes have received Rs 11,907 crore from maturities, pre-payments and coupon payments since closing down in April. Franklin Templeton MF had shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market. The schemes -- Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund -- together had an estimated Rs 25,000 crore as assets under management.
Shamshad said according to Muslims, there is a graveyard known as 'Ganj Shahidan' around the demolished Babri Masjid where 75 Muslims who lost their lives in the 1885 riots in Ayodhya were buried.
Besides the talisman and Gandhi's autobiography, the Sabarmati Ashram Preservation and Memorial Trust gifted Trump and Melania three handspun khesh (a form of fabric) made up of khadi that is inspired by a sari of Gandhi's wife Kasturba Gandhi, a booklet containing 150 quotes of the Mahatma, printed on khadi paper, an official of the trust said.
A high-level meeting, attended by Prime Minister Narendra Modi, on Saturday discussed ways to make the Somnath temple complex in Gujarat more attractive for tourists and create the related infrastructure for the purpose.
The Bharatiya Janata Party on Saturday accused Ahmed Patel of having "deep relations" with a Gujarat hospital where an alleged Islamic State operative worked before his arrest, even as the Congress defended its senior leader, dubbing the demand for his resignation from the Rajya Sabha as "outrageous".
The banned Chinese apps, which include TikTok, Shareit and UC Browser, earn revenue mainly from online advertisements, subscriptions, and commissions for selling products. India is the biggest driver of these Chinese apps due to the population. The ban on the 59 Chinese apps will negatively affect the valuations of the companies, especially those going for IPO.
The Delhi high court on Friday advanced to December 10 the hearing on pleas to declare the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund a 'State' under the Constitution and a 'public authority' under the Right to Information Act to ensure transparency in its functioning.
Allaying investors' fears, Franklin Templeton AMC has said Sebi's order prohibiting the company from launching new debt funds will have no bearing on existing schemes managed by it. Sebi on Monday barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances