MONEY & BANKING


As one goes deeper and deeper into the concentric circle of rot left behind by the Kochhars, the revelations are confounding. La Familia was never of this magnitude and its bedrock couldn't have been open and naked cronyism to this degree. Paper trails always have a missing link. The missing...

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What happens when you bring the fox to guard the henhouse? By structuring a convoluted and intricate matrix of entities - three of them actually - to obfuscate and throw the scent off for future investigators, the Kochhar brothers forgot one simple thing: that paper trails cannot be hidden...

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Sunil Mahajan 13 May 2019
It has been over a decade since the world experienced the worst ever financial crisis leading to a global recession. The crisis led to untold misery, with people losing their jobs and livelihood, besides experiencing significant decline in wealth.   Governments responded in ways best...

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Moneylife Digital Team 13 May 2019
The Banking Ombudsman (BO) scheme, which was launched in 2006 as part of the Reserve Bank of India’s Consumer Education and Protection Department, has released a report that details some exemplary cases of grievance redressal by the Ombudsman in favour of the bank customers.     The...

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The Enforcement Directorate (ED) on Monday questioned former ICICI Bank CEO (chief executive officer) Chanda Kochhar and her husband Deepak Kochhar in an ongoing probe into the alleged irregularities and corrupt practices in the sanctioning of a Rs 1,875 crore loan by the bank to the Videocon...

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At the very core of the Chanda Kochhar family enterprise or La Familia remain two similar named companies which beg numerous questions. While the construct of NuPower Renewables came into being much later, IANS has now pieced together the etymology of the Kochhar-Advani enterprise. For them,...

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When you cut a corner to get to the front of the line, question is what do you do when you get there? What is the event horizon and are you availing pecuniary benefit from it? The Chanda Kochhar-Advani family (Chanda Kochhar before marriage to Deepak Kochhar was 'Advani') enterprise in...

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Moneylife Digital Team 10 May 2019
Even as Jet Airways received three bids including a last minute one by Etihad Airways, the ministry of corporate affairs (MCA) has ordered a probe by its serious fraud investigation office (SFIO) into the beleaguered airline and its subsidiaries over possible siphoning of funds by its...

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Moneylife Digital Team 10 May 2019
The National Company Law Tribunal (NCLT) has admitted Reliance Communications Ltd (RCom) for bankruptcy proceedings on Thursday and has posted the case for hearing on 30th May. The Anil Dhirubhai Ambani (ADA) group company owes Rs50,000 crore to 31 lenders led by State Bank of India (SBI)...

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An industrialist, who has keen interest in the resolution of bad loans, told me that banks are no longer keen on the shining new bankruptcy law—Insolvency and Bankruptcy Code (IBC)—to recover bad loans. He says that banks prefer to find other solutions because of long delays and endless...

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A British court on Wednesday extended, till May 30, the judicial custody of fugitive diamantaire Nirav Modi, while rejecting his fourth bail plea as it suspected that he could flee the country and "interfere" with witnesses.   The Westminster Magistrates' Court ordered the...

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The Reserve Bank of India (RBI), on Wednesday, withdrew its earlier circular which mandated banks and financial institutions to disclose their outstanding to Infrastructure Leasing and Financial Services (IL&FS) and its group companies including provisioning required as per income recognition...

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Moneylife Digital Team 08 May 2019
The office of the Banking Ombudsman (BO) has disposed of more than 60% of the complaints through mutual settlement or agreement and has issued awards in only 0.2% or 148 cases out of the 83,532 maintainable cases, reveals a report from the Reserve Bank of India (RBI).   As per the...

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Moneylife Digital Team 08 May 2019
Just last month, the Supreme Court gave a stern warning and final opportunity to the Reserve Bank of India (RBI) on the central bank’s position on the disclosure of annual inspection reports of banks, list of wilful defaulters and other details sought by activists under the Right to...

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The pilots' union of grounded Jet Airways on Tuesday approached the Supreme Court to direct the consortium of lenders for release of funds to restart operations.   In its petition, the National Aviators' Guild (NAG) asked the Supreme Court to direct the airlines' lenders to release...

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Moneylife Digital Team 07 May 2019
As elaborated in our three parts series, the Reserve Bank of India (RBI) indeed seems to have helped the promoter of a defaulting company to get a licence to start a non-banking finance company (NBFC) through the takeover route. The defaults of RattanIndia Power Ltd worth Rs12,000 crore were...

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The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has...

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British entrepreneur Jason Unsworth, who has evinced interest in investing in the now grounded Jet Airways, has claimed that the lenders' consortium leader State Bank of India (SBI) has asked him to formally submit a bid for the airline.   Unsworth is the Chief Executive Officer (CEO)...

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Public sector Air India's New York office transferred $300,000 to a bank account in Nigeria instead of remitting the sum to a US-based firm Pratt & Whitney for supplying spare parts.   The incident is learnt to have taken place in June, 2017 but the airline has failed to get the...

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In a major relief for state-run construction major NBCC, the Allahabad bench of the National Company Law Tribunal (NCLT) on Monday asked the Committee of Creditors (CoC) of Jaypee Infratech (JIL) to consider NBCC's revised bid to acquire the insolvent realty company.   The bench...

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