ECONOMY & NATION


Moneylife Digital Team 22 April 2024
Numerous public petitions, including letters from leading activists such Prof Jagdeep Chhokar, founder of the apolitical and non-partisan nonprofit organization, Association for Democratic Reforms (ADR),E A S Sarma, IAS officer and former Secretary to the Government of India, and others have...

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Moneylife Digital Team 22 April 2024
The recent revelation of a scandal involving the misappropriation of land designated for farmers' welfare has ignited a wave of public indignation. Back in the 1960s, the Agriculture Produce Marketing Committee (APMC) of Surat, Gujarat, had been granted land by the state government with the...

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This sector has, in the past years, attracted significant private money, both debt and equity, from structured funds like the alternate investment funds (AIFs). Many business groups and asset management companies (AMCs) like the Piramal, Essel, DHFL, Sundaram, IDFC, Reliance Capital, ASK,...

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Sukriti Vats (IndiaSpend) 22 April 2024
Twenty-seven years after the Supreme Court first directed states to identify and classify unique ecologies as “forests”, the Rajasthan government finally notified its sacred groves, known as Orans, as “deemed forest”, on February 1, 2024.   Orans are a vital part of community life in...

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On 10th April, the Supreme Court of India (SC), in a landmark order in response to a curative petition, overturned a Rs8,000-crore arbitration order in favour of the Anil Ambani group. The arbitral order, after long litigation, had been previously ratified by a two-member bench of the SC in...

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In passing the recent order under Section 132 (4) of the Companies Act, 2013 in respect of Pathak HD & Associates, the audit firm, chartered accountant (CA) Parimal Kumar Jha, the engagement partner (EP) and CA Vishal D Shah, the engagement quality control review (EQCR) partner, the national...

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The doctrine of legitimate expectation is a principle invoked when a public authority recoils from a promised performance. It falls in the lap of the courts to apply this to make the authority perform its obligation.   It may sound paradoxical to speak of this in the context of a decision...

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Moneylife Digital Team 20 April 2024
Holding that Classic Malabar Parota and Whole Wheat Malabar Parota are akin or similar to the products mentioned in chapter heading 19 (of goods and services tax-GST), and the ingredients used in and the process applied in their preparations are somewhat similar to the other products under the...

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Moneylife Digital Team 19 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs60.30 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs43.30 lakh has been imposed on Gujarat-based Rajkot Nagarik Sahakari Bank Ltd.   Other banks penalised...

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Moneylife Digital Team 18 April 2024
Holding Standard Chartered Bank (StanChart) responsible for deficiency in service and messing up the Credit Information Bureau of India Ltd (CIBIL) credit score of the complainant, the national consumer disputes redressal commission (NCDRC) asked StanChart to pay Rs2 lakh as compensation and...

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Moneylife Digital Team 18 April 2024
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached immovable and movable properties worth Rs97.79 crore belonging to Ripu Sudan Kundra, aka Raj Kundra, under the provisions of the Prevention of Money Laundering Act (PMLA). The attached properties include a...

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Moneylife Digital Team 18 April 2024
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached immovable and movable properties worth Rs97.79 crore belonging to Ripu Sudan Kundra, aka Raj Kundra, under the provisions of the Prevention of Money Laundering Act (PMLA). The attached properties include a...

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Moneylife Digital Team 18 April 2024
The Indian government has notified amended rules under the Foreign Exchange Management Act (FEMA) to operationalise its decision to allow up to 100% foreign direct investment (FDI) in the space sector.    As per the notification issued by Union ministry of finance (MoF), 100% FDI has been...

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Moneylife Digital Team 18 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs14 lakh on Hira Automobiles Ltd (HAL) for not submitting quarterly compliance reports in time and the outcome of the delisting process. In two interim orders in 2013, SEBI directed HAL to submit the...

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Moneylife Digital Team 17 April 2024
Granting an interim relief to Bank of Baroda (BoB), the Bombay High Court (HC) restrained the tax authorities from taking any coercive recovery action against the public sector bank (PSB). The case is related to a show-cause notice (SCN) for Rs150 crore goods and services tax (GST) on charges...

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Moneylife Digital Team 17 April 2024
Granting an interim relief to Bank of Baroda (BoB), the Bombay High Court (HC) restrained the tax authorities from taking any coercive recovery action against the public sector bank (PSB). The case is related to a show-cause notice (SCN) for Rs150 crore goods and services tax (GST) on charges...

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Moneylife Digital Team 17 April 2024
Zee Entertainment Enterprises Ltd (ZEEL) has decided to withdraw its merger application filed before the Mumbai bench of the national company law tribunal (NCLT) seeking implementation of its proposed merger with Sony Pictures Networks India Pvt Ltd, now Culver Max Entertainment Pvt...

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Moneylife Digital Team 17 April 2024
The Indian government has deferred approval of One97 Communications Ltd (OCL/Paytm)'s Rs50 crore (about US$6mn-million) investment in its subsidiary Paytm Payment Services Ltd in part due to concerns about a Chinese shareholding in the parent company, according to three government officials and...

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Moneylife Digital Team 17 April 2024
X, erstwhile Twitter, says it has withheld some posts for the remainder of the election period following takedown orders from the election commission of India (ECI). However, it says, "We disagree with these actions and maintain that freedom of expression should extend to these posts and...

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Moneylife Digital Team 17 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3 lakh on Omkar Nagreeya Sahkari Bank Ltd from Kanpur in Uttar Pradesh (UP) for non-compliance with the directions issued by the banking regulator.   The Bank was penalised for non-compliance with the direction issued by RBI under the...

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