Indostar informs about credit process lapses and hence need for additional provisions. Fixing of accountability awaited.

In a surprise development, Indostar Capital Finance Limited (ICFL) informed the following – On March 31, 2022, the management had informed Audit Committee of certain control deficiencies observed during the interim statutory audit Observations specifically related to the CV loan portfolio They were in respect of sanctioning of loans to existing customers, loan documentation and … Read more

ED raids JSPL offices over suspected violation of FEMA regulations

As per newspaper reports, Enforcement Directorate conducted searches at JSPL’s New Delhi and Gurugram offices. On exchanges’ seeking confirmation about the newspaper reports from the Company, JSPL did confirm that ED had visited the two offices and all the requisite information has been provided. The Company further informed, that it has an exemplary track record … Read more

CCI orders to investigate Zomato, Swiggy over neutrality

The order comes months after the National Restaurant Association of India (NRAI) asked the Competition Commission of India (CCI) to investigate the companies for breaching platform neutrality by providing priority to the exclusive contractors. Key points to note – NRAI represents more than 5,00,000 restaurants across India. Other than complaints about platform neutrality, complaint by … Read more

RBI stops Paytm Payments Bank from onboarding new customers

Paytm Payments Bank (PPB) is a joint venture between Paytm founder Vijay Shekhar Sharma and the listed holding company One97 Communications, the parent of Paytm. Sharma owns 51% in the bank in his personal capacity. It had started operations in 2017 and claims to have 60 million bank accounts with 4 lakh users added every … Read more

After RBI relaxation, Hindujas look to increase stake in IndusInd Bank

Hindujas, the promoters of Indusind Bank are planning to increase their stake in IndusInd bank after the recent change in RBI regulations, whereby it allowed promotes to own 26% in the bank (as against 15% earlier). Key points to note – Hindujas currently own 16.54% of IndusInd. At current valuations, Hindujas would need about Rs … Read more

Aurobindo Pharma’s Covid Vaccine plans get a setback

The Company is one of the most active news providers amongst the Indian pharma players. It has now informed that its COVID-19 vaccine UB-612 programme hasn’t progressed, as its partner Vaxxinity failed to secure the emergency use authorization (EUA) in Taiwan. Key points to note – Approval in Taiwan was denied in August as the … Read more