Ministry of External Affairs (MEA) has banned the company from participating in future tenders of the ministry and India Mission abroad for two years. The order has been issued on the account of allegations including court cases and complaints of various applicants. The order will not affect the existing contracts, which will continue as per … Read more
HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre (DIFC) branch by the local regulator. In an exchange filing, the Bank said it has received the “decision notice” from DFSA, which points to alleged violations. Details of the violations were not informed by the bank. It can continue to … Read more
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator. The move follows a reference by the Securities and Exchange Board of India (Sebi), said Kaur, who also helms the competition regulator. She was speaking … Read more
As is typical of many new age startups, one more notice for violations. The Enforcement Directorate (ED) has issued a show-cause notice to the parent company and two subsidiary companies of Paytm for allegedly violating provisions of the Foreign Exchange Management Act (FEMA). Notice is to the parent One 97 Communication limited (OCL), it’s managing … Read more
SEBI has issued the warning due to violation of the disclosure norms. On December 2, 2024 morning at 9:58 am, Bhavish Aggarwal, the CMD, had shared details of Ola Electric’s plans for a four-fold expansion on social media platform X. Bhavish Aggarwal wrote, “Taking the Electric revolution to the next level this month. Going from 800 … Read more
The Centre has circulated a draft legislation to ban lending by unregulated entities, including by platforms, with violators facing imprisonment of up to seven years. Lenders, who harass and use unlawful means for recovery, face up to 10 years in jail, with those promoting such lending facing a term of up to five years. The … Read more
The order is dated December 16, 2024 whereby SEBI intimated the appointment of forensic auditor with respect to financial statements of the Company for Financial Years 2020-21 to 2022-23. Reason – SEBI believes that the disclosure of financial information and business transactions of the Company have been dealt with in a manner which may be … Read more
India’s tax department has ordered Zomato to pay 8.04 billion rupees ($94.8 million) in taxes and fines for non-payment of certain taxes from 2019 to 2022, the food delivery platform said on Thursday. The order directs Zomato to pay 4.02 billion rupees in outstanding taxes and an identical amount as penalty, which totals to more … Read more
The U.S. Department of Justice (DoJ) has issued a five-count criminal indictment of Gautam Adani, chairman of the Adani Group, and several of his business associates. The charges include promising more than $250 million in bribes to Indian government officials to secure solar energy contracts, conspiracies to commit securities and wire fraud, and orchestrating “a … Read more