ECONOMY & NATION


French cement maker Lafarge has pleaded guilty in the US to supporting the Islamic State (IS) and other terror groups, a media reported.   The Paris-based firm agreed to a $777.8 million in penalty for payments it made to keep a factory running in Syria after war broke out in 2011,...

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The Reserve Bank of India (RBI) has expressed optimism that headline inflation is set to ease from its September high, albeit stubbornly, on the back of easing momentum and favourable base effects.   These observations have been made in the central bank's monthly bulletin for the...

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Moneylife Digital Team 18 October 2022
The Supreme Court, on Tuesday, issued notice to the Union government in a plea filed by the Foundation for Media Professionals (FMP) seeking regulation of the police's power to search or seize electronic devices.   A bench comprising justice KM Joseph and justice Hrishikesh Roy heard...

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NCLT (national company law tribunal) extended Reliance Capital's resolution process completion deadline to 31 January 2023. The earlier deadline was 1 November 2022.   This is the third extension, as the timeline has been extended twice in the past.   As per the Insolvency and...

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The Enforcement Directorate (ED) has attached properties worth Rs 185.1 crore belonging to Surya Pharmaceuticals Ltd and others in connection with a money laundering case.   The attached properties include building, plant and machinery.   The ED initiated investigation under...

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Moneylife Digital Team 17 October 2022
The securities and appellate tribunal (SAT) has set aside the insider trading order passed by Securities and Exchange Board of India (SEBI) against Atul Kirloskar, Rahul Kirloskar and Nihal Kulkarni. While Kirloskar Brothers (KBL) is majority owned by Sanjay Kirloskar, Kirloskar Oil Engines...

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Moneylife Digital Team 17 October 2022
Giving reprieve to a home-buyer, the income-tax appellate tribunal (ITAT), Mumbai, clarified that the market value of a flat mentioned on the allotment letter should be considered and not the value on the date of registration of the sale agreement for the assessment of income. The bench also...

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Moneylife Digital Team 14 October 2022
The Delhi High Court (HC) says a Will has to be looked at from the point of view of the common person, and all its words and clauses will have to be harmoniously construed, given equal importance, benefit and uniformity.    In an order, a division bench of justice Suresh Kumar Kait...

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Tesla CEO Elon Musk is being investigated by federal authorities over his $44 billion takeover deal of Twitter, the micro-blogging platform revealed in a court filing.   The court filing, submitted at the Delaware Chancery Court in the US late on Thursday, however did not reveal which...

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The Madras High Court on Thursday commenced suo motu proceedings against online games to which students are getting increasingly addicted.   A division bench of justices R Mahadevan and J Sathya Narayana Prasad sought a response from the Central government and state government in this...

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Moneylife Digital Team 13 October 2022
The National Highways Authority of India (NHAI) awarded only 777km of road projects in the first half of this fiscal—a three-fiscal low and a 60% drop compared with last year.   Slackened pace of execution and highly inflated prices of key input materials owing to uncertainties...

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Retail inflation rose to 7.41 per cent in September from 7 per cent in August, mainly due to higher food inflation which went up sharply to 8.6 per cent from 7.6 per cent in August.   September's retail inflation of 7.41 per cent was much higher than last September's level of 4.35 per...

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Seven years ago, the Supreme Court struck down Section 66A of the IT Act 2000. Ironically, law enforcement agencies and judicial officers were oblivious to this significant ruling and as a consequence, several hundred cases were registered under the Section even after the apex court declared...

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Only two startups in India, Shiprocket and OneCard, attained the unicorn status (valuation $1 billion and above) in the July-September period, mirroring a global trend in decline in the number of new unicorns, a PwC India report showed on Thursday.   Globally, the third quarter (Q3)...

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Moneylife Digital Team 13 October 2022
The Brihanmumbai Electric Supply and Transport (BEST) has launched a super saver offer this Diwali to promote bus travel. The one-time special offer entitles users to five trips on any route of BEST buses for just Rs 9, and the offer is valid for seven days. The offer can be claimed by...

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IANS 12 October 2022
The Supreme Court (SC) on Wednesday asked the Centre and the Reserve Bank of India (RBI) to file comprehensive affidavits on the 2016 demonetisation decision and also keep the files ready in connection with Centre's letter to RBI, the decision of the RBI board and the demonetisation...

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The International Monetary Fund (IMF) on Tuesday slashed India's economic growth projection in 2022-23 to 6.8%.   Earlier, in July, it had projected a growth of 7.4% for India in the current financial year.   Reasons like contraction in US economy in the first half of 2022, a...

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Hyderabad police on Wednesday said that they had busted a Chinese investment fraud of Rs 903 crore and arrested 10 accused, including a Chinese national and a Taiwanese national.   The cybercrime cell of the city police busted the fraud during the investigation into a complaint by a...

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Moneylife Digital Team 12 October 2022
A combination of factors such as moderate price hikes and steadily rising volumes is expected to lift corporate revenues by about 15% year-on-year (y-o-y) to Rs10.2 lakh crore in the second quarter (Q2) of this fiscal. Profitability, however, is seen declining 300bps (basis points) due to...

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India is facing a mixture of factors that may shake its sovereign credit metrics and amid external turbulence, its foreign exchange reserves are falling, while the current account deficit is rising, said S&P Global Ratings on Wednesday.   Under more severe economic conditions, a few...

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