ECONOMY & NATION


The enforcement directorate (ED) has told Delhi High Court (HC) through an affidavit that Vivo India indulged in money laundering to destabilise the financial system and challenge the integrity and sovereignty of the country.   The affidavit was filed before the Delhi High Court last...

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Moneylife Digital Team 25 July 2022
Revenue of the Indian diamond industry is set to be cut 15%-20% to US$19bn-20bn (billion) this fiscal, compared with a decadal high last fiscal, following a double blow from falling demand and rising prices of roughs across the globe, says a research note.    In the report, Subodh...

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The Central GST's Mumbai South Commissionerate has busted a major racket of Rs 185 crore fake GST invoices used to avail bogus GST Input Tax Credit of around Rs 22 crore, and arrested two persons, officials said here on Saturday.   The accused are the proprietor of Aditya Enterprises,...

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Amid increasing cyber attacks against key infrastructure and government websites in India, the Unique Identification Authority of India (UIDAI) has quietly announced a "bug bounty programme" to hire 20 ethical hackers to protect its website and resources from nation-state bad...

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As India toughens its stand on Chinese smartphone brands, Shenzhen-based Honor, formerly under Huawei, has pulled out its team from the country.   According to South China Morning Post, the company's business in India will remain in operation, managed by local partners, but the brand...

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The Supreme Court on Monday issued notice to former Indian cricket team captain Mahendra Singh Dhoni and also stayed the arbitration proceedings initiated by the Delhi High Court against Amrapali group on his plea.   A bench of Justices U.U. Lalit and Bela M. Trivedi noted that the...

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Ranganathan V Ranganathan V 22 July 2022
The audited annual report of ‘The Complete Man’, for the year ended 31 March 2022, is a treat to read and relish… if one is not a shareholder of the wool-spinner—Raymond Ltd.   The stand-alone accounts have been debited an exceptional loss of Rs907 crore pertaining to different...

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Yogesh Sapkale Yogesh Sapkale 22 July 2022
State Bank of India (SBI) has again refused to share the names of borrowers who owe Rs100 crore or more, even with its shareholder. Over the past nine years, from FY13-14 up to FY21-22, SBI has written off bad loans of over Rs145,248 crore of big defaulters, while recovering just over 13%...

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Delhi's Rouse Avenue Court on Friday sent former National Stock Exchanges (NSE) CEO and MD, Chitra Ramkrishna to fourteen days judicial custody in connection with a Prevention of Money Laundering case pertaining to phone tapping of NSE employees between 2009 and 2017.   She was...

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The total number of vehicles recalled in the country due to defects recorded a massive jump in 2021-22 at 864,000 two-wheelers (2W) and 467,000 four-wheelers (4W) against 1,286 2W and 338,000 4W in 2020-21.   Section 110A of the Motor Vehicles Act, 1988 is related to recall of motor...

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V Venkatesan (The Leaflet) 21 July 2022
On Wednesday, counsel articulated two rival contentions before the bench: While the Udhav Thackeray faction described Eknath Shinde faction’s majority in the assembly as ‘contrived’, the Shinde faction claimed that the Tenth Schedule cannot be applied to disputes involving inner-party...

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In the wake of the shocking Uber Files revelations, the UK's App Drivers and Couriers Union (ADCU) staged a 24-hour strike till Wednesday midnight, demanding that the ride-hailing platform be held accountable for breaking laws, secretly lobbying governments and exploiting driver safety to...

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Tesla has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff.   Last year, Tesla made a $1.5 billion investment in Bitcoin and announced...

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The Supreme Court on Wednesday granted interim bail to Alt News co-founder Mohammed Zubair in the six FIRs registered against him by the Uttar Pradesh Police.   A bench headed by Justice D.Y. Chandrachud said: "There is no reason for deprivation of liberty of the petitioner...to be...

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A court here on Wednesday sent former Mumbai Police Commissioner Sanjay Pandey to nine days' ED custody in connection with a money laundering case pertaining to the phone tapping of the employees of National Stock Exchange (NSE) between 2009 and 2017 allegedly on the instructions of NSE's...

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The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to Madhusudan Ghee in Mumbai and other places in Maharashtra in connection with alleged tax evasion, sources said.   According to information, the firm recently invested in the power and...

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Moneylife Digital Team 20 July 2022
The Enforcement Directorate (ED) on Tuesday arrested former Mumbai Police Commissioner Sanjay Pandey in connection with a money laundering case pertaining to the phone tapping of the employees of National Stock Exchange (NSE) between 2009 and 2017 allegedly on the instructions of NSE's former...

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Moneylife Digital Team 19 July 2022
The Indian government holds just a 57.6% stake in the country's largest lender State Bank of India (SBI), and the highest 98.25% stake in Punjab & Sind Bank as of March 2022, the Rajya Sabha was informed. Ten years ago, the government's stake in SBI was 61.58%, which has come down to 57.59%...

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Following the uproar in Parliament over goods and services tax (GST) on food items, Union finance minister (FM) Nirmala Sitharaman on Tuesday defended the imposition of 5% GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a...

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The occurrence of technical snags in Indian civil aircraft refuse to cease. In two separate cases on Tuesday, GoAir flights, also known as Go First, were diverted to Delhi and Srinagar due to technical glitches in the engines.   GoAir A320 aircraft VT-WGA flight G8-386 from Mumbai to...

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