The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
The organisation established its electoral presence post-Independence in states such as Tamil Nadu, Andhra Pradesh, Kerala and Assam, with West Bengal being its main stronghold, but eight decades down the line, the party, now limited to just some pockets of the country, has no MP or MLA in its kitty.
The RBI had on August 7 announced a five-member expert panel under former ICICI Bank chairman Kamath to make recommendations on the required financial parameters for recasting corporate loans.
"I expect that the economy will grow at a minimum of eight per cent in FY 10 and then may get on to the targeted growth of 9 and 10 per cent (in the coming years)," ICICI Bank chairman K V Kamath said at a meeting in Mumbai. Domestic consumption and investment would continue to drive the Indian economy, Kamath said, adding that the country would be on a high-growth trajectory in the next 15-20 years.
Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat.
Stressing a revolution in customer activities, the ICICI Bank chief said only 10 per cent of people go to branch of ICICI Bank these days and 90 per cent prefer transaction through other means such as ATMs, call centres and Internet. Kamath noted that the consumer is helping drive the growth.
The valuation of the Reliance empire by ICICI Bank chairman and an Ambani family friend, K V Kamath is complete, setting the stage for a possible settlement of ownership issues between the warring brothers, Mukesh and Anil.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
'It was more than ego.' 'It carried with it a sincere belief that he was the quintessence of the country, that the country's destiny was irrevocably intertwined with his destiny.' An excerpt from T J S George's The Dismantling of India: In 35 Portraits.
Veteran banker K V Kamath on Friday said it is "time to be brave" for the government, and it should stretch the fiscal deficit target set in the budget if need be, to push growth. He said benign interest rates of under 8 per cent and abundant liquidity are also necessary to seize what he called as a 25-year growth runway opportunity awaiting the country. The government has targeted to get the fiscal deficit at 6.8 per cent for FY22 in the Budget presented early this year.
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
Asked if there was a timeline to see a turnaround at Infosys, Kamath said the country's second largest software services firm was a profitable company.
The ICICI Chairman said that a decisive mandate that has emerged from the general election results is a very positive development.
This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
In an interview with Business Standard, Kamath says he is surprised by the sharp correction in the stock markets and the rupee in an economy growing at seven per cent.
The current executive co-chairman S Gopalakrishnan will be re-designated executive vice-chairman while S D Shibulal, who was one of the seven engineers to launch the company in 1981 by pooling together $250, will continue as Chief Executive Officer (CEO).
In a major top management re-shuffle, Infosys on Saturday said it has re-appointed N R Narayana Murthy as executive chairman and additional director with immediate effect.
Kamath projected an average annual growth of 7.5-8 per cent for the country in the next five years for the economy, saying it was only investments in infrastructure and troubles with project implementation that had to be dealt with right now.
Amid a growing number of industry leaders expressing anguish over policy paralysis, top banker Chanda Kochhar has said that people are talking more about challenges while taking the positives for granted.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
The government on Thursday said it has extended the Emergency Credit Line Guarantee Scheme (ECLGS) to the health sector and 26 other sectors identified by the Kamath Committee. The National Credit Guarantee Trustee Company Limited (NCGTC) has issued the operational guidelines for implementation of ECLGS 2.0 scheme, the finance ministry said in a statement. The scheme was announced by the government earlier this month as part of the Rs 2.65 lakh crore Atmanirbhar Bharat 3.0 package.
India's premier software services company, Infosys Limited, has reached out to its banker, the non-executive chairman of ICICI Bank, K V Kamath, to step into the shoes of its founder N R Narayana Murthy.
Kamath, who succeeded N R Narayana Murthy at the Bengaluru-headquartered, Nasdaq-listed firm, nearly a month ago, said Infosys is a well-established company with processes which are clearly defined, and his role would be what is expected of an independent non executive board chairman, namely governance oversight.
Things have changed dramatically for India Inc post liberalisation in 1991. Business Standard catches up with three industry veterans on what reforms meant in the early days and what lies ahead . . .
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
ICICI Bank Chairman K V Kamath on Thursday disagreed with the suggestion of SBI chief Pratip Chaudhuri that RBI should scrap CRR, saying it is part of the monetary policy and no issue can be made of it.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
ICICI Securities will be the first subsidiary to be listed, followed by two insurance subsidiaries and the home finance business, he added.
K V Kamath says he can never step into Narayana Murthy's rather large shoes, but would do his best to ensure Infosys continues to adhere to the highest standards of corporate governance.
This is the first major change of guard at India's second largest information technology services company, in the wake of the retirement of co-founder and chairman, N R Narayana Murthy, last week.
Having nurtured Infosys for the last three decades, Narayana Murthy would be succeeded by eminent banker K V Kamath as Infosys' Chairman with effect from August 21.
Analysts say large firms in these segments don't need loan recast due to the efficient manner in which many of them operate.
Murthy will hand over his role to K V Kamath, who has been an independent director on the Infosys board since May, 2009.
The focus of the meeting will be on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation.
Asian Paints Managing Director & CEO P M Murty is the Business Standard CEO of the Year for 2009-10.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
ICICI Bank chairman K V Kamath says the best part of India's growth momentum is that around 65 per cent of the economy does not need external funding.
India's current economic growth would continue for at least 15-20 years and Rural India would be the new engine for a double digit growth, Chairman of the ICICI Bank Limited, K V Kamath said.
"The government has always believed in stable policies. I am sure that this will continue in the coming budget," ICICI Bank's non-executive chairman, K V Kamath, told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India in Mumbai.
CII president K V Kamath, Federation of Indian Chambers of Commerce and Industry president Rajeev handrasekhar and Assocham President Sajjan Jindal held discussions with Chidambaram immediately after Prime Minister Manmohan Singh had interacted with a larger industry group. The government as also the Reserve Bank of India have taken a number of steps since beginning of October to ward off the Indian banking system from the global financial contagion.
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