Defaulters

Defaulters News

Fugitive diamantaire Nirav Modi's properties attached for tax recovery; BMC writes letter to ED asking to pay dues
Business

Fugitive diamantaire Nirav Modi's properties attached for tax recovery; BMC writes letter to ED asking to pay dues

A commercial property of Nirav Modi is located at the Peninsula Business Park in Lower Parel area of Mumbai and two commercial ones are at Kohinoor City in suburban Kurla.

SC directs RBI to disclose information on bank inspection report under RTI, says any further violation to be seen seriously
Business

SC directs RBI to disclose information on bank inspection report under RTI, says any further violation to be seen seriously

The bench said it would have taken a serious view to the refusal of the RBI to part with information under RTI.

Sebi seeks powers to grant immunity, impose lesser penalty in select cases of assistance in probe
Business

Sebi seeks powers to grant immunity, impose lesser penalty in select cases of assistance in probe

On the proposal regarding power to grant immunity, Sebi is of the view that such powers currently lies only with the central government

IL&FS board begins legal action against defaulters of subsidiary IFIN after detecting irregularities, fraud
Business

IL&FS board begins legal action against defaulters of subsidiary IFIN after detecting irregularities, fraud

Earlier this month, state-owned gas utility GAIL India terminated a Rs 270-crore pipe laying contract it had awarded to financially-troubled IL&FS and replaced it with another contractor.

Bad loans under Pradhan Mantri Mudra Yojana stands at Rs 7,277 cr till March 2018
Business

Bad loans under Pradhan Mantri Mudra Yojana stands at Rs 7,277 cr till March 2018

Loans extended under PMMY from inception of the scheme up to March 2018 by all member lending institutions (MLIs) were Rs 5.71 lakh crore,

Bankers race to resolve Rs 3.8 trillion bad loans for around 70 accounts as 6-month RBI deadline ends today
Business

Bankers race to resolve Rs 3.8 trillion bad loans for around 70 accounts as 6-month RBI deadline ends today

Banks are trying to come up with a resolution plan for these accounts as going to NCLT will mean large haircuts.

Chasing all defaulters may chill economic activity, cautions Nitin Gadkari
Business

Chasing all defaulters may chill economic activity, cautions Nitin Gadkari

Gadkari said in a democracy it is also essential to listen to the Opposition and take everybody's views on board for the better benefit of all the people,

Fraud at listed firms: Stock market regulator Sebi to rein in erring auditors, valuers
Business

Fraud at listed firms: Stock market regulator Sebi to rein in erring auditors, valuers

The proposed move assumes significance as the role of auditors and valuers has come under scanner in a number of high-profile cases such as the Satyam and Kingfisher frauds, as also the PNB scam, WhatsApp leak and the Fortis matter in the recent past

Soon 'payee' in a cheque bounce case will get incentive as govt plans to amend law, fast track trials
Business

Soon 'payee' in a cheque bounce case will get incentive as govt plans to amend law, fast track trials

Narendra Modi govt plans to amend Negotiable Instrument Act, 1881 to strictly deal with cheque bounce cases

Arun Jaitley says govt has not waived off loans of big NPA defaulters, faults UPA for banking mess
Business

Arun Jaitley says govt has not waived off loans of big NPA defaulters, faults UPA for banking mess

Under the new Insolvency and Bankruptcy Code, cases have been instituted in the National Company Law Tribunal (NCLT) for time-bound recovery from 12 largest defaulters.

Vijay Mallya episode: Law Ministry okays draft bill on fugitive economic offenders
Business

Vijay Mallya episode: Law Ministry okays draft bill on fugitive economic offenders

Fugitive Economic Offenders Bill 2017 will give powers to the government to confiscate property of economic offenders and defaulters who flee India, albeit with a new provision

Bank NPAs: RBI has identified second list of large defaulters, says Deputy Governor Viral Acharya
Business

Bank NPAs: RBI has identified second list of large defaulters, says Deputy Governor Viral Acharya

Going forward, the RBI hopes that banks utilise the IBC extensively and file for insolvency proceedings on "their own without waiting for regulatory directions

Milind Deora column: Low lending rates don't mean much; we stigmatise debt while 'king of debt' is US President
Business

Milind Deora column: Low lending rates don't mean much; we stigmatise debt while 'king of debt' is US President

Lower interest rates incentivise investments in public equities, leading to lowered dependence on short-term money from foreign institutional investors

Govt will bring down their stake in PSBs to 52% after their health improves: Arun Jaitley
Business

Govt will bring down their stake in PSBs to 52% after their health improves: Arun Jaitley

This fiscal, the government has budgeted Rs 10,000 crore of capital infusion in public sector banks

PSU banks to go on strike today; normal banking operations likely to be hit
Business

PSU banks to go on strike today; normal banking operations likely to be hit

Most of the banks, including SBI, PNB and BoB, have already informed their customers that functioning of branches and offices will be impacted if the strike takes off

Black money haul: Why such schemes should not be repeated
Business

Black money haul: Why such schemes should not be repeated

Let us stop all pretense and refrain from combining normal enforcement schemes with supposedly catchy schemes like IDS.

Curious case of Jignesh Shah: Who gave orders to ED to arrest him?
Business

Curious case of Jignesh Shah: Who gave orders to ED to arrest him?

Senior advocate Satish Manshinde said he was surprised at Shah’s arrest for money laundering because the case has been going on for more than two years.

Myth buster: Indian private sector is doing good never mind what many others say
Business

Myth buster: Indian private sector is doing good never mind what many others say

It can be assumed that much of the growth and profitability took place not because of large companies, but because of the MSME

Crackdown on defaulters: SC and RBI should move on from the 'naming' debate and work on the recovery of public money
Business

Crackdown on defaulters: SC and RBI should move on from the 'naming' debate and work on the recovery of public money

The RBI’s argument on secrecy for bad loan accounts in public deserves merit since if the name of a company, which is in genuine stress, is disclosed, it can hamper the process of recovery process