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About a week ago, the government accepted the Supreme Court's (SC’s) suggestion to set up a committee led by a retired judge to study the crash in Adani group shares as well as to recommend improvements in statutory and regulatory regimes governing the securities market. As last reported, the...

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Nearly 17 months after the Cabinet committee on economic affairs granted an in-principle approval, the government has finally invited potential bidders to submit expressions of interest, by end of December, to acquire a majority stake in IDBI Bank. We have already paid too high a price to...

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A few months ago, an 80-year-old diabetic person suffered the trauma of being inadvertently locked up in a bank when he had gone to access his locker. When the issue was escalated to the top brass at the Reserve Bank of India (RBI), it was felt that he ought to be given a token compensation....

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IANS 12 September 2023
The Bombay High Court has upheld a senior citizens maintenance tribunal's (SCMT's) order revoking two gift deeds executed by a senior woman in her son’s name, for failing to care for her, and directed him and his wife to vacate the property.   Justice Sandeep V Marne also said that...

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Akshay Naik 28 February 2023
“A plumber requires a licence, and so does an electrician. But a builder only requires a sweet tongue and a smiling face. They do not require a licence to operate. With MOFA (Maharashtra Ownership Flats Act) in place, education is there for estate agents, but I believe that more education is...

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Whenever anyone questions bad loans of scheduled commercial banks, the Union government and banking regulator often claims that written off does not mean that there would not be a recovery of dues. However, data available in the public domain from TransUnion CIBIL Ltd (CIBIL) shows that as of...

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Moneylife Digital Team 25 April 2023
Coming down heavily on Bajaj Allianz Life Insurance Co Ltd for failing to conduct necessary tests and investigations before issuing a policy for a substantial amount and then repudiating the claim on the grounds of pre-existing diseases, the national consumer disputes redressal commission...

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Is a social media influencer’s opinion genuine or paid for? This question has become increasingly difficult to answer, resulting in widespread suspicion about genuine posts as well. On the one hand, there are people who blindly trust influencers and celebrities, only to be misled by fake or...

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Akshay Naik 14 January 2023
The Supreme Court on Monday directed the Securities and Exchange Board of India (SEBI) and Sahara India Real Estate Corp Ltd, to file responses to three intervention applications (71960, 71965 and 71987 of 2021) filed by Moneylife Foundation, as well as other interim applications, in the...

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Many in India believe in the concept of ‘Saade-Sati’– a feared 7.5 year-long phase of the God Shani—when a person faces many challenges. The world of company secretaries (CS) seems to be facing a different, and more draconian, version of this when it comes to dealing with the MCA21 online...

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Now that the Gujarat International Finance Tec-City (GIFT City) is out of the shadows of the beleaguered Infrastructure Leasing and Financial Services (IL&FS), it is finally on its way to achieve a part of the promise showcased at Vibrant Gujarat in 2007, just before the global financial...

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The shameful collusion between creditors and resolution professionals (RPs) to legally hijack valuable corporate assets via the bankruptcy law reaches new lows every day. The most recent case pertains to Hirakud Industrial Works Ltd (Hirakud) which has been thwarted due to the efforts of...

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Winsome Diamonds was a massive corporate default that burst on the business world sometime in 2013—in the same manner as Gitanjali Gems and Niraav Modi. The three are similar because their companies were huge advertisers and this got them loads of high-profile publicity, until they suddenly...

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Following the footsteps of State Bank of India (SBI) and Bank of Maharashtra, another public sector lender, Indian Overseas Bank (IOB), has decided to keep hidden this year the names of big defaulters who have borrowed Rs100 crore and more, which were written off from its books. As reported...

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Moneylife Digital Team 21 May 2022
When Ola Cabs began to offer outstation services, most people thought it was a safe and smooth way to book vehicles, especially for family, children and senior citizens to travel out of town. But the absolute lawlessness and thuggery allowed to recovery agents of banks and finance companies,...

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Last week, I was chatting with a director of a kitchen appliances company and he mentioned that "pots and pans are not selling well." This is borne out by the poor sales growth of all kitchen appliance companies. On the other hand, India's largest luxury and premium watch retailer, Ethos,...

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A company, which is on the verge of scoring a century, possessing a brand that is a household name that became noted for removing its former chairman, who also acted as its brand ambassador, due to a family dispute a la a coup in the Mughal or the Mauryan court, has often taunted its...

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As I mentioned in my previous article, every fraud originates from one of the two factors: either fear or greed. And this applies to everyone, whether young or old. The difference, however, is that for senior citizens, the digital age of communication is proving to be the cure being worse...

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Moneylife Digital Team 16 July 2022
The central bureau of direct taxes (CBDT) has accused Micro Labs Ltd, the makers of the famous Dolo-650 medicine tablet, of indulging in 'unethical practices' and distributing freebies of about Rs1,000 crore to doctors and medical professionals in exchange for promoting its products. Dolo650,...

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Scheduled commercial banks (SCBs) have written off non-performing assets (NPAs) worth over Rs9.92 lakh crore during the past five financial years (FYs), the Rajya Sabha was informed. While public sector banks (PSBs) have refused to share with citizens the names of big defaulters under the...

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