ECONOMY & NATION


Amit Kapoor (IANS) 06 March 2018
The developing wave of economic nationalism across the world has reached disconcerting levels. President Donald Trump's recent move to raise tariffs on import of steel and aluminium into the US signalled the pinnacle of the global shift towards protectionism.   To be fair, the US is...

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The Reserve Bank of India (RBI) has imposed a penalty of Rs3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations, the banking...

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The Supreme Court on Monday asked Unitech to file a list of its unencumbered properties including that of its subsidiaries -- both in India and abroad -- as it again did not say anything on the bail plea by the real estate major's Managing Director Sanjay Chandra.   "... the competent...

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The Central Bureau Investigation (CBI) interrogated a director of the city-based RP Info Systems in connection with a Rs515.15-crore fraud on a consortium of 10 banks, an official said on Monday.   The agency booked the company which was involved in manufacturing and trading of...

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The CBI on Tuesday began questioning the Vice President of Banking Operations of Mehul Choksi's Gitanjali Group in connection with its ongoing probe into the multi-crore PNB fraud case, officials said.   "Vipul Chitalia was picked up for questioning," a Central Bureau of Investigation...

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Moneylife Digital Team 05 March 2018
Hindustan Unilever Ltd (HUL) has offered to pay Rs119 crore to the government for not passing benefits of goods and service tax (GST) to consumers. This, however, has put the government in a fix, as there is no provision for accepting suo moto penalty under the GST. In addition, the question...

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Moneylife Digital Team 05 March 2018
Hindustan Unilever Ltd (HUL) has offered to pay Rs119 crore to the government for not passing benefits of goods and service tax (GST) to consumers. This, however, has put the government in a fix, as there is no provision for accepting suo moto penalty under the GST. In addition, the question...

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The Centre on Monday constituted a committee headed by the Economic Affairs Secretary to consider ways for further development of the financial technology (Fintech) sector in India, according to an official announcement.   Among other things, the Steering Committee would look at the...

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The National Company Law Tribunal (NCLT) has restrained over 60 companies, including those belonging to Rs 12,600-crore PNB fraud accused Nirav Modi and his uncle Mehul Choksi, from selling their assets, according to a government announcement on Sunday.   The ex-parte NCLT order was...

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"Poor underlying demand conditions" pulled the Indian services sector's output lower during February 2018, a key macro-economic data point showed on Monday.   Accordingly, the seasonally adjusted Nikkei India Services PMI Business Activity Index declined to 47.8 in February from to...

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Reliance Infrastructure, along with its subsidiary Reliance Defence Systems Private Limited (RDSPL), has issued an arbitration notice against the promoters of Pipavav Defence and Engineering, claiming Rs 5,440.38 crore for breach of warranties under their purchase agreement, the company said...

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A court here on Thursday gave the CBI custody of former Finance Minister P. Chidambaram's son Karti for questioning till March 6 in the INX Media alleged bribery case.   CBI Judge Sunil Rana gave the order after three hours of heated arguments between Karti's lawyer and the CBI...

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As the country struggles to bring back the main accused of multi-crore fraud committed in Punjab National Bank -- diamond trader Nirav Modi and his uncle Mehul Choksi owner of Gitanjali Gems -- the Cabinet on Thursday approved Fugitive Economic Offenders Bill 2018, which would facilitate...

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The recently announced escalation in the Punjab National Bank (PNB) fraud amount by Rs 1,300 crore is attributable to Nirav Modi's uncle Mehul Choksi-owned Gitanjali Gems, the bank said in a clarification on Thursday.   In another clarification, the bank said it had assigned forensic...

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The Enforcement Directorate (ED) on Thursday said it has registered a case against Simbhaoli Sugars' chairman Gurmit Singh Mann and others in connection with a Rs 109 crore loan default case.   According to the financial probe agency, the case was registered against Mann, CEO G.S.C....

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The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.   An ED official told IANS: "At least 41 properties worth Rs...

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The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis.   "There have been reports in a section of media that Reserve Bank of India has not conducted any audit at...

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Moving out of India can be exciting because it opens up new opportunities. But with opportunities come problems. In the past, one could go abroad without updating one’s financial accounts with the new non-resident Indian (NRI) status. You may have violated laws by not showing Indian income in...

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IANS 28 February 2018
Aircel on Wednesday filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for undertaking Corporate Insolvency Resolution Process (CIRP) for Aircel Cellular Limited, Dishnet Wireless Limited, and Aircel Limited, a company statement said here.   "The Board...

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CS Vinita Nair 28 February 2018
Some changes are being made in the Companies Act through amendments. Section 42 has been substituted by way of section 10 of Companies (Amendment) Act, 2017, which is yet to be enforced. Draft rules amending Rule 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014 have been...

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