ECONOMY & NATION


Moneylife Digital Team 22 February 2018
All India Bank Employees Association (AIBEA), one of the oldest and largest bank employee union has asked Finance Minister Arun Jaitley to also take action against higher level of supervisory authorities and top executives of Punjab National Bank (PNB).    CH Venkatachalam, General...

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Moneylife Digital Team 22 February 2018
The Delhi High Court on Wednesday dismissed a writ petition filed by New Delhi Television Ltd (NDTV), terming it as 'unwarranted'. Accepting the stand taken by the Income Tax Department that NDTV had an alternate remedy available in the form of an appeal instead of filing a writ petition, the...

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Moneylife digital Team 22 February 2018
Commenting on India's new framework aimed at speeding up non-performing loan (NPL) resolution, issued by the Reserve Bank of India (RBI) recently (https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11218&Mode=0), Fitch Ratings says the framework is likely to push up banks' credit costs...

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IANS 22 February 2018
Seventy years after Independence, a 7.5-km long undersea cable has finally brought electricity to the world-famous Gharapuri Isle, which houses the UNESCO World Heritage site Elephanta Caves, about 10-km from Mumbai, a top official said here on Thursday.   The project to electrify the...

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IANS 22 February 2018
State-run Allahabad Bank on Wednesday said it has an exposure of Rs 516.79 crore to debt-laden Rotomac group as on January end and the lender has the required provision for the same as per RBI norms.   According to a regulatory filing, the bank said it has an outstanding of Rs 43.09...

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IANS 22 February 2018
The Enforcement Directorate on Thursday said it has seized nine high-end luxury cars belonging to Nirav Modi besides crores of assets in connection with its ongoing probe into the Rs 11,300 crore Punjab National Bank fraud case.   Coming down on the diamond czar, the ED seized one...

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Rajnish Singh (IANS) 22 February 2018
The practice of illegally issuing Letters of Understanding (LoUs) and Foreign Letter of Credits (FLCs) and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year, according to CBI...

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Bad banking has now become major concern of the body democratic. The Rs11,300 crore fraud at Punjab National Bank (PNB) proved a saga of utter disregard to responsible banking. Ethics took hard beating and governance in utter disarray in the backdrop of unlearnt lessons of the similar past...

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Moneylife Digital Team 21 February 2018
UPDATE: Updated on 22 February 2018 at 11am to include comment from Fortis Healthcare   Past actions at Fortis Healthcare Ltd about frequent restructurings and frequent resignations from directors has eroded investors' trust as well as wealth. Recently the company admitted having...

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IANS 21 February 2018
A group of at least 15 commuters pinned down and assaulted a television journalist who boarded a crowded suburban train in Thane, Maharastra, here on Wednesday, an official said.   The incident took place at around 7.15 a.m. when the journalist with India TV news channel, Sudhir...

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IANS 21 February 2018
The Centre on Wednesday opposed a public interest litigation (PIL) seeking probe into the role of PNB's top management in the Rs 11,300 crore scam and extradition of diamond trader Nirav Modi who is alleged to be involved in it.   Opposing the PIL, Attorney General K.K. Venugopal told...

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IANS 21 February 2018
The CBI on Wednesday said that it has arrested a General Manager rank officer of the Punjab National Bank in connection with the Rs 11,300 crore fraud case.   "Rajesh Jindal, who was holding the charge of Brady House Branch Head between August 2009 and May 2011 was arrested on Tuesday...

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IANS 21 February 2018
The Enforcement Directorate (ED) is probing 120 shell companies allegedly linked to dimond trader Nirav Modi and Gitanjali Group chief Mehul Choksi even as Income Tax officials claimed to have found two companies linked to Nirav that received Rs 555 crore from foreign companies between 2013...

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IANS 21 February 2018
Mukesh Ambani-led Reliance Industries Ltd (RIL) and Eros International PLC (Eros) on Tuesday announced that RIL, through a subsidiary, has agreed to subscribe to a 5 per cent equity stake in Eros at a price of $15 per share.   Furthermore, RIL and Eros International Media Ltd (Eros...

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IANS 21 February 2018
he Central Bureau of Investigation (CBI) on Tuesday said it has arrested five functionaries of the companies of diamond trader Nirav Modi and his uncle Mehul Choksi who are allegedly behind the Rs 11, 300 crore PNB scam after their questioning.   "The CBI made the following arrest...

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IANS 21 February 2018
The CBI on Tuesday arrested five employees of diamond merchants Nirav Modi and his uncle Mehul Choksi in the Rs 11,300 crore Punjab National Bank (PNB) fraud, an official said.   Those arrested include three employees of the Nirav Modi group of companies and two of the Choksi-owned...

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IANS 20 February 2018
The Banking Codes and Standards Board of India (BCSBI) on Tuesday released a new "Code of Bank's Commitment to Customers" to ensure protection of consumers' rights in the dynamic banking environment.   A BCSBI statement said the new codes will be adopted and implemented, without...

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Moneylife Digital Team 20 February 2018
Several minority shareholders of Ricoh India Ltd are seeking a probe by market regulator Securities and Exchange Board of India (SEBI) in rejection of delisting offer price by the company's parent Ricoh Japan. Last month, Ricoh India had initiated insolvency proceedings by filing an...

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Moneylife Digital Team 20 February 2018
Gradual acceptance of structural reforms has infused optimism in fourth quarter (Q4) of 2017 scores after hitting rock bottom in the previous quarter suggesting that the real estate sector is slowly coming out of the doldrums, says a report. The report is prepared jointly by the Federation of...

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IANS 20 February 2018
In the most significant move involving the Indian coal sector since its nationalisation in 1973, the Union Cabinet on Tuesday decided to end the monopoly status of state-miner Coal India Ltd (CIL) by opening commercial mining for the private sector.   Railway and Coal Minister Piyush...

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