RBI barred JM Financial Products (a subsidiary of JM Financial) from extending loans against shares, including financing subscriptions to IPOs of shares and debentures, with immediate effect over irregularities and corporate governance issues. An RBI statement said the “action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company … Read more
Reserve Bank of India (RBI) has found various significant lapses in IIFL Finance‘s (IFL) Gold Loan business. It has consequently, directed the Company to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. (The Company can continue to service its existing gold loan … Read more
Problems seem to be getting further compounded at the Zee group. A month back only, it’s long awaited mega merger with the Sony group was called off (after 2 years of negotiations). During this period, there were many actions taken by the regulators; especially related to the corporate governance. These actions in fact are speculated … Read more
Paytm group is not new to RBI’s penal actions. Check Paytm’s track for details. Earlier in March 2022, RBI had stopped Paytm Payments Bank (PPB) from onboarding new customers due to certain material supervisory concerns. The regulator had then directed the bank to appoint a reputed external auditor to conduct a comprehensive audit of it’s … Read more
According to the policy, the state wants all cab aggregators and delivery service providers to transition towards 100% electric vehicles by calendar year 2030. The policy entails 5% EVs in fleet of the likes of Uber and Ola in six months, 50% in three years and 100% in five years. After three years, only EVs … Read more
The app in question is Bob World. “This action is based on certain material supervisory concerns observed in the manner of onboarding their customers onto this mobile application,” the RBI said. “Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening … Read more
SEBI had received complaints dated October 6, 2022 and May 12, 2023 in respect of the preferential allotments made by Brightcom Group (BGL) during FY 20 and FY 21. Such issues totalled Rs 867.78 cr. Complaints were related to – Related party allotments; Siphoning off of the money raised; and Improper disclosures on utilisation of … Read more
India’s power ministry has requested the Central Electricity Regulatory Authority to initiate the process of coupling the country’s three power exchanges; Indian Energy Exchange (IEX), Power Exchange of India (PXIL) and Hindustan Power Exchange (HPX). to ensure a uniformity in price discovery of energy at trading platforms. this is expected to translate into better transparency, … Read more
Like many others, Greaves Cotton has been riding on the EV boom; through it’s subsidiary Greaves Electric Mobility (GEM). Now, Government through Ministry of Heavy Industries (MHI) vide its letter dated 25th May 2023, has alleged that GEM failed to adhere to Phased Manufacturing Programme Guidelines. Consequently – It has proposed to deregister GEM from … Read more