Creditors have recovered ₹3.36 trillion owed by defaulting corporations under the Insolvency and Bankruptcy Code since 2016 when the bankruptcy reform was introduced, finance and corporate affairs minister Nirmala Sitharaman said on Thursday. The minister said in a social media post that the recovery, a significant improvement over the previous regime—the Board for Industrial and … Read more
The two subsidiaries are – ECL Finance Limited (EFL) – it is being directed to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business. Edelweiss Asset Reconstruction Company Limited (EARCL) – it is … Read more
Westbridge sold off 4.96% stake reducing it’s stake to 29.5% in the Company JIH II LLC sold it’s entire 2.03% stake Shares were sold at around Rs 294/ share Total promoters’ stake now stand reduced to 54.1% from 61.1% earlier Buyers included SBI MF and Luxembourg-based Eastbridge Group amongst others. Whether it’s a cause of … Read more
Piramal Enterprises (PEL ) has approved it’s merger with wholly owned subsidiary Piramal Capital & Housing Finance (PCHFL). Post merger the the resultant entity will be renamed as Piramal Finance (PFL). Current businesses of PEL and PCHFL PEL is a non-deposit taking Non-Banking Finance Company – Investment and Credit Company (NBFC- ICC), engaged in the … Read more
The Reserve Bank of India on Tuesday updated its “guidance note” on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks. The Reserve Bank of India (RBI) said an operational disruption can threaten … Read more
ICICI Bank has blocked credit cards of 17,000 new customers after their data was reportedly exposed and reached “wrong users”. The bank said that it is issuing new cards to the customers. An ICICI Bank spokesperson told news agency IANS about 17,000 credit cards that were issued in the past few days “were erroneously mapped … Read more
Reserve Bank of India (RBI), has directed Kotak Mahindra Bank (KMB) to cease and desist, with immediate effect from onboarding new customers through the Bank’s online and mobile banking channels; and issuing fresh credit cards. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the … Read more
Observing that right to a speedy trial is a fundamental right of an undertrial prisoner, and no one should be detained without trial for an indefinite period, in a 70-page detailed order granting bail to Yes Bank founder Rana Kapoor (66) in the last of eight cases against him, the special judge said further incarceration … Read more