MUMBAI: The government has set up a screening committee to track the status of bankruptcy cases in which promoters are suspected to have siphoned off funds as it looks to crack down on such diversions, four people aware of the matter told ET. The committee will check if there is fraud by communicating directly with […]

The cabinet approved key changes in the Insolvency and Bankruptcy Code (IBC) aimed at restricting the resolution process to 330 days, including time for litigation, and ensuring the primacy of financial creditors over operational ones in case of recoveries. This clarifies ambiguities that had arisen following a recent ruling by the National Company Law Appellate […]

NEW DELHI: YES Bank NSE -10.92 % on Wednesday said its profit plunged 91 per cent on a yearly basis to Rs 113.80 crore in the June quarter, dented by one-off impact from mark to market provisions of Rs 1,109 crore. Analysts in an ET NOW poll were projecting a profit of Rs 164 crore. […]

State-owned Punjab & Sind Bank Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently. “On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion […]

NEW DELHI: Finance minister Nirmala Sitharaman on Monday said the offset contract of Rafale fighter jet deal will help to train and skill the youth in India, and no money was given to any “bhai”. Speaking at an event to mark ‘World Youth Skill Day’ and also the fourth anniversary of government’s ‘Skill India Mission’, […]

MUMBAI: A threat by Indian Oil CorpNSE 1.65 % (IOC) to stop jet fuel supplies to Air India at some airports was resolved after a late Monday evening intervention from the ministry. The state-run refiner threatened to stop supplies at six airports, including Pune, Vizag and Chandigarh, due to payment defaults by the airline, said […]

KOLKATA & MUMBAI: Vodafone IdeaNSE 0.43 % is said to have repaid a sizeable chunk of the almost Rs 4,300 crore of loans due to be cleared in this financial year using a portion of its Rs 25,000 crore rights issue proceeds, people familiar with the matter said. The repayments will help the telecom market […]

NEW DELHI: Loan accounts of 738 borrowers having exposure of Rs 100 crore or more with state-run lenders were classified as bad loans in 2018-19, minister of sate for financeNSE 0.52 % Anurag Thakur said in reply to a question in Lok Sabha on Monday. There were 792 unique borrowers in the previous fiscal. The […]

The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBINSE 1.24 % for non-compliance with norms related to NPA identification and fraud risk management, among others. The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) […]