ECONOMY & NATION


Senior officials of 11 public sector banks (PSBs) will appear before the Parliamentary Standing Committee on Finance on Tuesday on the issue of the banks' massive non-performing assets (NPAs), or bad loans, and increasing number of fraud cases, according to official sources...

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Moneylife Digital Team 23 June 2018
A consortium of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co (JMFARC) got debt-ridden Alok Industries Ltd for just about Rs5,000 crore out of which lender would get about Rs4,700 crore. Since Alok Industries owe a whopping Rs29,600 crore to lenders, the bankers have...

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Adani's bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings, appears to have run into rough weather as Yoga guru Ramdev promoted Patanjali Ayurved has written to the Committee of Creditors (CoC) raising concerns about Adani Wilmar's eligibility to bid for...

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 The Enforcement Directorate (ED) on Friday moved a special court to declare the now defunct Kingfisher Airlines' chief Vijay Mallya a "fugitive economic offender" and confiscate all his properties.   The financial probe agency said that it has filed an application before a court in...

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Moneylife Digital Team 22 June 2018
The committee of creditors (CoC) of Alok Industries Ltd has approved a joint resolution plan submitted by Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co Ltd. The resolution plan is valued at about Rs5,000 crore, out of which financial creditors would get around Rs4,000...

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A consortium comprising Tata Projects, Capicite Infraprojects and CITIC Group has been awarded a Rs 11,744 crore project for redevelopment of 90-year-old BDD chawl in Mumbai.   The Maharashtra government and Maharashtra Housing & Area Development Authority (MHADA) awarded the contract...

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Moneylife Digital Team 22 June 2018
Being a well-known real estate developer, Deepak Sakharam Kulkarni alias DSK and his family along with the DSK Group had business relations with many lenders, including banks and non-banking finance companies (NBFCs). Many of them have provided loans to various companies in the DSK Group....

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Moneylife Digital Team 22 June 2018
Being a well-known real estate developer, Deepak Sakharam Kulkarni alias DSK and his family along with the DSK Group had business relations with many lenders, including banks and non-banking finance companies (NBFCs). Many of them have provided loans to various companies in the DSK Group....

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Electrosteel Steels on Thursday said an upfront payment of Rs 5,320 crore has been remitted to lenders of the steel maker as per approved resolution plan of Vedanta.   Anil Agarwal-promoted Vedanta recently acquired the management control of the debt-ridden Electrosteel after a...

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Moneylife Digital Team 21 June 2018
Political and social activists, academics and financial analysts included, a large number of people gathered at the inaugural of Peoples’ Convention on Infrastructure Financing in Mumbai, ahead of the Annual Meeting of Asian Infrastructure Investment Bank (AIIB), decried investments of AIIB...

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Amit Kapoor  and   Chirag Yadav (IANS) 21 June 2018
India's banking sector has been hogging the headlines for all the wrong reasons. It started with the mounting problem of non-performing assets (NPAs) across banks; then came a revelation of systemic fraud in the second-largest state-owned bank; and most recently, topping it all off are...

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The government on Wednesday said that a 76 per cent stake sale process of national carrier Air India has ended, as "no interest" was shown by bidders, but it remains committed to the strategic divestment for which other alternatives will be evaluated.   "We ran a disinvestment...

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Moneylife Digital Team 20 June 2018
Mumbai, the financial capital of India will host this year’s Peoples Convention on Infrastructure Financing, which will bring together groups and affected communities from across the country to discuss their vision of development and how the infrastructure push by dominant financial...

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Taponeel Mukherjee (IANS) 20 June 2018
Perspectives on infrastructure assets vary widely: While investors focus on investment returns, policymakers analyse both financial and socio-economic benefits. It would be worthwhile for policymakers to view things through an investor's investment prism because an understanding of the...

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The Chief Economic Advisor (CEA), Arvind Subramanian's term would not be extended any further as he wants to go back to the US due to family commitments, Finance Minister Arun Jaitley said in a Facebook post on Wednesday.   Subramanian had joined as the CEA on October 16, 2014 for a...

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Srinagar, Jammu and Kashmir was placed under the Governor's Rule on Wednesday following President Ram Nath Kovind's approval.   Governor, N.N. Vohra sought Kovind's approval on Tuesday after the Bharatiya Janata Party's (BJP) decision to pull out of the Peoples Democratic Party...

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While almost all business decision makers in India agree that optimising digital performance is essential for the growth of their businesses, about two-thirds of them face critical digital services and applications failures at least a few times a month, a new global report revealed on...

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Raju Vernekar 19 June 2018
As a sequel to the mess in the process of online assessment of answer sheets and the delay in the announcement of results and other irregularities, the state higher education department has decided to conduct an audit of 778 odd colleges affiliated to Mumbai University (MU), taking into...

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In a move to ensure that credit flow to domestic industry is not hindered by the massive non-performing assets (NPAs), or bad loans, accumulated in the Indian banking system, state-run banks on Tuesday decided to take up the genuine credit needs of companies through a two-stage...

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Abhirup Ghosh  and   Anita Baid 19 June 2018
In the past several industry bodies have represented to the government for treating financial lease transactions at par with loan transactions for the purpose of the indirect taxation purposes, however, the frequently asked questions (FAQs) has thrown water on all hopes of the industries....

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