In its petition, a copy of which ET has seen, Axis Finance said it had lent ₹100 crore to Cyquator Media Services, a promoter group firm of Zee Entertainment Enterprises (ZEE), in May 2018. From September 2019, Cyquator was in default of the interest payment, it said.
"No transactions involving entities, banks, ports or vessels appearing" on a U.S., European Union or United Nations sanctions list shall be processed irrespective of the currency of the transaction, said a letter sent by State Bank of India (SBI) to certain clients.
The Gujarat National Company Law Tribunal also disqualified Citi Securities and Financial Services from being part of the committee of creditors (CoC) according to an order dated February 22.
The government hasn't given any official instructions on blocking the banks, said a person familiar with the matter. It will be business as usual till the government orders otherwise. The official added that the sanctions imposed by the US and its allies will not impact trade flows between India and Russia.The government hasn't given any official instructions on blocking the banks, said a person familiar with the matter. It will be business as usual till the government orders otherwise. The official added that the sanctions imposed by the US and its allies will not impact trade flows between India and Russia.
The insurance cover of more than ₹43,200 crore is sought for the under-construction units 3 and 4 of the Kudankulam Nuclear Power Plant. The annual premium is more than ₹150 crore.
The TPG-IndusInd combination is competing with three other such groups that have got formed ahead of the mid-March binding bid deadline. It is after a long time that each of the shortlisted contenders - home-grown banks and global asset management firms - in the fray has tied up with a private equity firm.The TPG-IndusInd combination is competing with three other such groups that have got formed ahead of the mid-March binding bid deadline. It is after a long time that each of the shortlisted contenders - home-grown banks and global asset management firms - in the fray has tied up with a private equity firm.
The homegrown NPCI is an umbrella organisation for facilitating retail payments and settlement in India through the RuPay gateway. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) to create a robust payment and settlement system.
In December, the RP of a Faridabad-based firm that owns a shopping mall and has a debt of over Rs 300 crore, raised interim finance to run the day-to-day operations even as the company was going through the corporate insolvency resolution process (CIRP).
The Indian union cabinet has approved a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said. This move is aimed at easing the much anticipated listing of the state-run insurer.In December, the RP of a Faridabad-based firm that owns a shopping mall and has a debt of over Rs 300 crore, raised interim finance to run the day-to-day operations even as the company was going through the corporate insolvency resolution process (CIRP).The Indian union cabinet has approved a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said. This move is aimed at easing the much anticipated listing of the state-run insurer.
Russia invaded Ukraine by land, air and sea on Thursday in the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes.
Last December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ₹3,900 crore deal to sell the special purpose vehicle to I Squared Capital's Cube Highways did not fructify, the people said. IL&FS wanted Cube to improve the offer after signing the agreement, they said.Last December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ₹3,900 crore deal to sell the special purpose vehicle to I Squared Capital's Cube Highways did not fructify, the people said. IL&FS wanted Cube to improve the offer after signing the agreement, they said.
People sometimes act like there’s no limit to the company’s success and no price is too high. Historically that’s been dangerous in most cases.
The Commercial Indo Bank, a joint venture between public-sector State Bank of India (SBI) and Canara Bank, is the only Indian bank with a presence in Russia with a small balance sheet of $100 million. Trade between India and Russia is also miniscule at just above $8 billion. All these factors are helping bankers relax even as the crisis in Ukraine has turned worse.The Commercial Indo Bank, a joint venture between public-sector State Bank of India (SBI) and Canara Bank, is the only Indian bank with a presence in Russia with a small balance sheet of $100 million. Trade between India and Russia is also miniscule at just above $8 billion. All these factors are helping bankers relax even as the crisis in Ukraine has turned worse.
The transaction will involve the takeover of the microfinance portfolio of S.M.I.L.E., along with its extensive network of nearly 150 branches catering to over two hundred thousand customers. Around 850 employees of S.M.I.L.E. will move to the rolls of the Northern Arc group.The transaction will involve the takeover of the microfinance portfolio of S.M.I.L.E., along with its extensive network of nearly 150 branches catering to over two hundred thousand customers. Around 850 employees of S.M.I.L.E. will move to the rolls of the Northern Arc group.
This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka, the company said in statement.This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka, the company said in statement.
As per the affidavit submitted in the NCLAT by IL&FS, from October 1, 2018 to November 30, 2021, IFIN has been able to recover funds from over 30 borrowers amounting to ₹2,343 crore. The GNPA of the non-bank lender stands at 99% of its total loan exposure.
The company said this credit card is 'highly secure', offers various advanced money management features, and relieves overseas travellers from paying mark-up on forex conversions.
This comes even as some banks had reached out to the government seeking clarity given that the Reserve Bank of India has asked them to account for these bonds at fair value.
The agency was carrying out searches in connection with a 2021 money laundering case registered by the agency in connection with a plot in Palghar on the outskirts of Mumbai. While the restraining order from the Delhi High Court was in connection with a different case, the officials insisted that no coercive action be taken until the Bombay High Court hears its matter.The agency was carrying out searches in connection with a 2021 money laundering case registered by the agency in connection with a plot in Palghar on the outskirts of Mumbai. While the restraining order from the Delhi High Court was in connection with a different case, the officials insisted that no coercive action be taken until the Bombay High Court hears its matter.
Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said.Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said.
Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 percent.Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 percent.
During the CIRP period, to keep the bankrupt company a 'going-concern', the RP has to make payments such as professional fees, payments to workmen and towards the maintenance of the plant and machinery, among others. In most cases, such expenses are taken care of by the lenders.
The regulatory direction comes after an assessment showed that valuing these instruments at face value could create a misleading picture of the banks’ financial strength and set a precedent that could be exploited in future by others and weaken the banking system.The regulatory direction comes after an assessment showed that valuing these instruments at face value could create a misleading picture of the banks’ financial strength and set a precedent that could be exploited in future by others and weaken the banking system.
Artivatic.AI is valued at $10 million while acquisition is done by a combination of cash payment and share-swap deals. Promoters of the AI-based start-up have received shares of RenewBuy, according to the chief executives of both the firms. The deal was closed in the first week of February.Artivatic.AI is valued at $10 million while acquisition is done by a combination of cash payment and share-swap deals. Promoters of the AI-based start-up have received shares of RenewBuy, according to the chief executives of both the firms. The deal was closed in the first week of February.
The funding comprises a direct ADB loan of $58 million and another $10 million concessional loan from the Canadian Climate Fund. The Canadian fund will also be routed through ADB.
