ECONOMY & NATION


The output pace of India's eight major industries slowed down sequentially in May with a rise of 3.6%, official data showed on Monday.   According to the Ministry of Commerce & Industry, the Index of Eight Core Industries (ECI) had risen by 4.6% in April and 3.9% in May...

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Much more of the country's agricultural land needs to come under irrigation to counter the effects of climate change on the economy, but India also needs to be wary of the "carbon imperialism" of the West, Chief Economic Advisor (CEA) Arvind Subramanian said on Monday.   Releasing a...

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The Supreme Court on Monday directed the Central government to spell out the steps needed to be taken for the appointment of a Lokpal and the time frame that each step will require to be completed.   A bench of Justice Ranjan Gogoi and Justice R. Banumathi sought the details as...

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Interpol has issued a red corner notice (RCN) against fugitive diamond jeweller Nirav Modi after the CBI requested this in connection with the Rs13,500 crore fraud on Punjab National Bank (PNB), officials said here on Monday.   "Interpol has accepted our request to issue RCN against...

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A Right to Information (RTI) activist and his friend were shot dead on Sunday by unidentified assailants in Bihar's Jamui district, police said.   This is third such crime in the last three months.   Valmiki Yadav and his friend Karu Yadav were attacked by motorcycle-borne...

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Moneylife Digital Team 29 June 2018
The mystery about the status of Common Services Centres (CSC) e-Governance Services India Ltd is deepening day by day. The website of CSC e-Governance uses gov.in domain, emblem and the name of the Ministry of Electronics & Information Technology (MeitY) to denote it as an entity of the...

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The Central government should not shirk its responsibility of providing additional capital to IDBI Bank while burdening LIC with the task of bailing out the loss-making bank, said a top leader of a banking employees' union on Friday.   Referring to the news of the Life Insurance...

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The Board of Directors of ICICI Bank has approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 subejct to regulatory approvals, in the vacancy caused by cessation of term of M.K. Sharma (Independent Director &...

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Should the government accept or not accept Vijay Mallya's latest offer of settlement with the banks. This issue is being hotly debated after Mallya's recent change of heart.    A consortium of 17 banks, led by the State Bank of India (SBI), had sanctioned loans of Rs5,500 crore over a...

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Should the government accept or not accept Vijay Mallya's latest offer of settlement with the banks. This issue is being hotly debated after Mallya's recent change of heart.    A consortium of 17 banks, led by the State Bank of India (SBI), had sanctioned loans of Rs5,500 crore over a...

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The Enforcement Directorate (ED) on Thursday quizzed Odisha's richest MLA Sanatan Mahakud for his alleged involvement in a mining scam, informed sources said.   The Independent MLA, who is associated with transport company Maa Kuanri, however, denied grilling by the ED...

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The Enforcement Directorate (ED) on Thursday said that Gitanjali Group chief Mehul Choksi siphoned off funds received as LOUs from banks to his overseas companies through alleged foreign suppliers.   "Funds of LOUs (Letter of Undertaking) obtained fraudulently were siphoned off...

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Vishav (IANS) 28 June 2018
Touted as the biggest economic reform since Independence, the Goods and Services Tax (GST) was supposed to replace the complex indirect tax system prevalent in the country with a more simplified, uniform regime.   As its roll-out completes one year on June 30, it can be argued that...

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The government’s handling of bad loans and bank frauds is likely to be a powerful campaign tool in the 2019 election and this alone should ensure that it is handled well.    The government has done well in putting in place a strong Insolvency and Bankruptcy Code (IBC) that has already...

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The Indian rupee touched an all-time low and breached the 69 per dollar mark on Thursday due to high crude oil prices and weak macro-economic fundamentals.   At 2.44 p.m., rupee was at 68.92 against the previous closing level of 68.61 per greenback. The rupee's last record low was...

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Public sector Indian Bank on Thursday said the Board of Directors have decided to annul their earlier decision to declare dividend at Rs 6 per equity share as it has not provided fully for the mark-to-market (MTM) loss.   In a regulatory filing in BSE, Indian Bank said the Reserve...

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The Maharashtra Electricity Regulatory Commission (MERC) has approved the proposed 100 per cent stake sale of Reliance Infrastructure (RInfra) Ltd.'s integrated Mumbai power business to Adani Transmission Ltd. (ATL), an official said here on Thursday.   Following the MERC's clearance,...

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Moneylife Digital Team 28 June 2018
Five people are been reportedly killed in a chartered plane crash at Ghatkopar (West)’s Jivdaya lane in Mumbai.   Among those dead were two pilot, two Aircraft Maintenance Engineers on board and one person on the ground, says Directorate General of Civil Aviation (DGCA) Director...

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Moneylife Digital Team 27 June 2018
Lenders to Alok Industries Ltd took a haircut of 84% in approving Reliance Industries Ltd (RIL)-JM Financial Asset Reconstruction Company (ARC)’s resolution plan to take over the bankrupted textile company. However, in a statement, DT Franco, General Secretary of All India Bank Officers'...

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CS Vinita Nair 27 June 2018
The ultimate intent of Section 90 of the Companies Act, 2013 is to identify natural persons who hold beneficial interest in a company or exercise significant influence or control over the company. Beneficial interest, as explained in Section 89 (10), includes direct exercise of rights...

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