Congress leader Navjot Singh Sidhu, who has been at loggerheads with Punjab Chief Minister Amarinder Singh and was stripped off key portfolios in the cabinet reshuffle in June, has resigned from the state cabinet. The 55-year-old Sidhu took to Twitter on Sunday, making public his resignation letter, which was sent just four days after his […]

NEW DELHI: One of India’s biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFLNSE -24.38 %), warned on Saturday that its financial situation was so grim that it may not survive. The company said it was “undergoing substantial financial stress” and its ability to raise funds was “substantially impaired and the business has been […]

It is a “misconception” to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told during an interview that the tax department does not need to undertake such […]

The Economic Survey said rightly that no country had ever grown fast without buoyant exports, and called for policies to generate a virtuous cycle of rising exports, GDP, savings and investment. The budget fails comprehensively to do this. Far from taking India to 8 per cent growth, it could take India down to 6 per […]

The Economic Survey said while the sustainable impact of the Insolvency and Bankruptcy Code (IBC) would be known in due course, green shoots had already emerged and some significant benefits of the IBC were visible. “The threat of promoters losing control of the company or protracted legal proceedings is forcing many corporate defaulters to pay […]

Dewan Housing Finance Limited today reported Rs 2,223 crore net loss for the fourth quarter ended March 31, 2019 against profit in the period a year ago as the financials were strained by increased provisioning and slowdown in disbursements. The company is undergoing financial stress since second half of last financial year and has suffered […]

NEW DELHI: After Punjab National Bank (PNB), another state-owned lender Allahabad Bank Saturday reported fraud of over Rs 1,774 crore by Bhushan Power and Steel to the Reserve Bank of India. Allahabad Bank in a regulatory filing said on the basis of forensic audit investigation findings and CBI filing FIR against the company and its […]

By Raghuram Rajan In her Budget speech, finance minister Nirmala Sitharaman said that India would start borrowing in external markets in external currencies. This is a marked change from the past when India issued government bonds in rupees, and borrowed in foreign exchange only from official lenders like the World Bank. Two possible rationales in […]

MUMBAI: Attempts by law enforcement agencies to declare wanted diamantaire Nirav Modi a fugitive economic offender were delayed further after a special Mumbai sessions court hearing the matter postponed the case until it is vested with appropriate powers. In an order on Thursday, special judge UM Mudholkar said courts dealing with such matters must have […]