India will continue to be the world's fastest growing major economy, clocking a growth rate of 9.5 per cent this fiscal year and 8.5 per cent in the next, according to the International Monetary Fund (IMF) projections released on Tuesday.   The IMF's World Economic Outlook (WEO) kept...

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India's economy is expected to grow by 8.3 per cent this fiscal year, according to the World Bank, making it the second-fastest-growing major economy.   The Bank's Regional Economic Update released on Thursday said that after the "deadly second wave" of Covid-19 in India "the pace of...

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The Pocharam branch of Infosys on the outskirts of Hyderabad was penalised Rs 50,000 and served with a show-cause notice by the Pocharam municipality this week for collecting parking fees from its employees. The IT company’s Pocharam branch was collecting Rs 500 per car and Rs 250 to Rs 300...

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In another unexpected twist in what is turning out to be an Ekta Kapoor-style television drama, the Zee board has adopted a confrontational stance and rejected the demand of Atlanta-based Invesco Developing Markets Fund to convene extraordinary general meeting (EGM). The board has cited...

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The National Company Law Tribunal (NCLT) has ruled that the board of Zee Entertainment Enterprises (ZEE) has to consider the key shareholders’ request and call an extraordinary general meeting (EGM) in accordance with the law.   Invesco Developing Markets Fund, which along with OFI...

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In an interesting twist to the Zee saga, Invesco Developing Markets Fund has approached the National Company Law Tribunal (NCLT) on Wednesday against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM), that it had requisitioned,...

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Household indebtedness, both in rural and urban areas, was higher in southern states than rest of India over 2013-2019. According to data from the All-India Debt and Investment Survey (AIDIS), in 2019, Telangana, with 67.2%, had the highest proportion of its rural households indebted and...

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India's outperformance of other emerging markets is at previous peaks and such periods are usually followed by the country's underperformance, Jefferies has said in a report.   While India is viewed to be a beneficiary of the China turmoil, India's NIFTY has already outperformed...

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In a curious turn of events, Inveso Developing Market Funds, which was welcomed by Zee Entertainment managing director (MD), Punit Goenka (elder son of Zee group founder Subhash Chandra), as a major investor in 2019, has now turned on him.   At Zee Entertainment, two largest...

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India's household debt increased on an average by 1.5 times between 2012 and 2018. The state-wise trend indicates that the rural households' average debt more than doubled in 18 states for the six years ended 2018, while seven states witnessed the same for urban households. Over the next...

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The Kolkata-headquartered SREI group, which includes SREI Infrastructure Finance (SIFL) and SIFL’s wholly-owned subsidiary SREI Equipment Finance (SEFL), has been under stress for about a year now. In December 2020, the Kolkata bench of the National Company Law Tribunal (NCLT) had issued an...

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The Madurai Bench of Madras High Court has issued a notice to the Reserve Bank of India (RBI) and Union finance ministry on a public interest litigation (PIL) petition filed against challenging the mandatory positive pay system in the country.   The litigant K Krishna, an advocate...

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The Central Board of Direct Taxes (CBDT) has extended deadlines for several compliances, including the filing of Income Tax returns for the Assessment Year (AY) 2021-22.   The due date of furnishing of returns of income for the assessment year 2021-22, has been extended to December...

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Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked shareholders of Zee Entertainment, not to re-appoint independent directors, Ashok Kurien and Manish Chokhani, on the company's board.   Raising concerns of corporate governance, IiAS highlighted that Ashok...

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A subscriber of Moneylife forwarded to us an email sent by the office of the banking ombudsman, Delhi with a link to an online survey to evaluate the customer satisfaction level with respect to the complaint resolution process of the ombudsman.    Manish Kapoor (name changed) had...

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The Supreme Court (SC) has dismissed a special leave petition (SLP) filed by the Securities and Exchange Board of India (SEBI) against an order of the Securities Appellate Tribunal (SAT) in the CARE Ratings Ltd matter. In June this year, SAT reduced the penalty imposed by SEBI on CARE Ratings...

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The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs2 lakh on Sarvodaya Co-operative Bank Ltd for contravention directions issued by the banking regulator on know your customer (KYC).    “The Reserve Bank of India has imposed, by an order dated September 06, 2021, a...

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The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs50 lakh on Bombay Mercantile Co-operative Bank for non-compliance concerning certain regulatory directions.   Bombay Mercantile Co-operative Bank has been charged for non-compliance with directions issued by RBI...

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Easing Covid restrictions, along with pent-up demand, accelerated output of India's eight major industries in July on a year-on-year basis.   The Index of Eight Core Industries (ICI) readings for the last month showed an expansion of 9.4 per cent from a decline of 7.6 per cent in...

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In March last year, the National Stock Exchange (NSE) announced the expulsion of the New Delhi-based Goldstreet Securities Ltd under rules 1 and 2 of chapter IV of the rules of the Exchange, through a public notice. NSE told Moneylife, “Since there were certain issues noticed with Goldstreet...

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