ECONOMY & NATION


Moneylife Digital Team 27 September 2021
The Income Tax (I-T) department last week carried out a search and seizure operation on a group of four major steel rolling mills based at Jalna in Maharashtra. Evidence detected so far indicates that unaccounted income is likely to exceed Rs300 crore and these four companies have already...

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IANS 27 September 2021
The National Company Law Appellate Tribunal (NCLAT) will hear pleas by fixed deposit and NCD holders of Dewan Housing Finance Corp Ltd (DHFL) and it's former promoter Kapil Wadhawan against the approval of Piramal Capital and Housing's resolution plan for the bankrupt NBFC.   In June,...

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IANS 27 September 2021
IL&FS Financial Services (IFIN) has put its non performing asset (NPA) portfolio of approx Rs 4,300 crore up for sale as part of plan to bring down overall group level debt.   The sale of NPA would be done under Swiss Challenge with the new board already having received a binding...

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IANS 27 September 2021
In what may pose challenge to companies having wider spread of employees and branches all across the country, an authority for advance ruling (AAR) had said that managerial and leadership services by a corporate office to its group companies and other construction sites registered in...

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Moneylife Digital Team 25 September 2021
The National Financial Reporting Authority (NFRA), the audit regulator, has pulled SRBC & Co LLP for failing to flag financial mismanagement in IL&FS Transportation Networks Ltd (ITNL) for FY2017-18.   In its audit quality review report (AQRR), the regulator says, "...it appears that...

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Moneylife Digital Team/ IANS 25 September 2021
In further action against Karvy Stock Broking Ltd (KSBL), the Enforcement Directorate (ED) has issued an order for freezing shares of the group held directly and indirectly by KSBL chairman and managing director (CMD) Comandur (C) Parthasarathy, his sons, Rajat and Adhiraj, and their...

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The Leaflet 25 September 2021
The Supreme Court of India had the advertisement banner of the Union government carrying an image of Prime Minister Narendra Modi removed from the footer of its official emails.   The Supreme Court registry was informed that the official emails of the apex court had an image as their...

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Sucheta Dalal Sucheta Dalal 25 September 2021
On 22nd September, there was a new twist to the Zee Entertainment Enterprises (ZEEL) drama when its board of directors granted in-principle approval to a merger with Sony Pictures Networks India (SPNI). More importantly, Punit Goenka, who the largest shareholder, Invesco Developing Market...

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IANS 24 September 2021
The Competition Commission of India has passed a final order against three beer companies—United Breweries Ltd (UBL), SABMiller India Ltd (now renamed Anheuser Busch InBev India Ltd) and Carlsberg India Private Ltd (CIPL) for indulging in cartelisation in the sale and supply of...

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IANS 24 September 2021
In a significant development, Maharashtra Chief Minister Uddhav Thackeray on Friday gave the green signal to reopen schools in the state, with restrictions, from October 4 onwards.   Physical classes will resume from October 4 for Classes 5-12 in rural areas but only for Classes 8-12...

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Walter Vieira Walter Vieira 24 September 2021
Over these many decades in India, corruption has set in, and firmly, in most activities in the country. The progress has been gradual—first hardly noticed; then reluctantly accepted; and still later, fully accepted, and just short of being legitimised!   Many years ago, I started a small...

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IANS 24 September 2021
After a series of cases where poor villagers have received crores of rupees in their bank accounts, a daily wager learnt that he was having Rs 9.99 crore in the Union Bank of India, Supaul branch. Interestingly, the labourer named Vipin Chauhan claims that he never opened an account in any...

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Moneylife Digital Team 23 September 2021
The twists and turns for Thrissur-based Dhanlaxmi Bank do not seem to end. Three people, including former directors, have filed a petition in Kerala High Court (HC) seeking a seat on the bank's board.   Dhanlaxmi Bank’s shareholder KN Madhusoodan, and P Mohanan and Prakash DL have...

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Moneylife Digital Team 23 September 2021
Updated on 24 September 2021 at 4pm to include clarification from DICGC   The Union government has announced that the Deposit Insurance & Credit Guarantee Corporation (DICGC) would be paying a maximum of Rs5 lakh to depositors of 21 banks, including Punjab and Maharashtra Cooperative...

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Sanjeev Sharma (IANS) 23 September 2021
India's outperformance of other emerging markets is at previous peaks and such periods are usually followed by the country's underperformance, Jefferies has said in a report.   While India is viewed to be a beneficiary of the China turmoil, India's NIFTY has already outperformed...

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IANS 22 September 2021
After the Supreme Court order, the Centre, in an affidavit, has recommended Rs 50,000 ex-gratia compensation to the families whose member die due to Covid-19, and the amount has to be distributed by states from the State Disaster Response Fund.   The National Disaster Management...

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IANS 22 September 2021
The government has again extended the term of Uday Kotak as non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) to maintain continuity in the resolution plan being operatives for the indebted group.                                         As per a...

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Moneylife Digital Team 22 September 2021
Depositors of 21 banks, including Punjab and Maharashtra Cooperative (PMC) Bank, will receive up to Rs5 lakh from the deposit insurance & credit guarantee corporation (DICGC) within 90 days or by 29 December 2021 under the all-inclusive directions (AID).    The DICGC (Amendment) Act,...

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IANS 21 September 2021
The Enforcement Directorate (ED) has registered a money laundering case in a drug trafficking case where 2,988.22 kg of heroin was seized at Mundra port in Gujarat.   In the case two people were arrested and the role of some Afghanistan nationals are being investigated.   A...

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Moneylife Digital Team 21 September 2021
In the aftermath of the pandemic, the Reserve Bank of India (RBI) has been at the forefront of stabilising the financial system to keep liquidity in surplus mode. The average net durable liquidity injected into the banking system since April 2021 is at Rs9.3 lakh crore. However, the excess...

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