May 25, 2013, 10:15 AM
On Fight Back this week, we find that Mumbai-based property developer HDIL is the latest victim of a major fraudulent loan syndicate. The Mumbai Economic Offences Wing (EOW) probe reveals that FIC Finance India allegedly forged bank guarantees, issued fake documents and pocketed over Rs.400 crore from over 100 entities. more
Commemorating SEBI’s 25 years, Prime Minister Manmohan Singh said the market regulator had successfully modernised capital markets and had every reason to be proud of its achievements. more
At an event to mark SEBI’s silver jubilee, Finance Minister P. Chidambaram said he was happy to have witnessed SEBI’s journey through 25 years. “The number of financial institutions has grown exponentially and market capitalisation has multiplied by 11 from 2001-02 to 2011-12,” he said. more
In the latest twist to the 3G ICR case, sources said that days after Idea Cellular submitted an affidavit to the Delhi High Court, the government has filed a contempt of court plea against the company’s Chairman Kumar Mangalam Birla. more
While celebrating 25 years of its existence, SEBI Chairman U.K. Sinha said SEBI'S journey has been challenging. “SEBI had to establish itself amidst market participants and make India a competitive market while making sure everything was done in a non-disruptive manner,” he said. more
Finance ministry sources have informed Bloomberg TV India that the parliamentary panel has suggested a Coordination Committee be set up to monitor chit funds and other such schemes. more
In an extraordinary general meeting today, Jet Airways’ shareholders approved the issue of preferential equity to Abu Dhabi’s Etihad Airways. However, the allotment of preferential equity to Etihad will only happen after regulatory clearance. Jet Airways will conduct an OFS by May 29-30. more
A difference of opinion over valuations has put a spanner in divestment plans of Metals and Minerals Trading Corporation of India (MMTC) while the National Fertilizers Limited (NFL) stake sale is still awaiting approval, finance ministry sources said. more
The Japanese markets gave up much of the day’s gains after Bank of Japan Governor Haruhiko Kuroda said the central bank had announced sufficient policy easing. However, the yen gained on the report, reversing its downward trend. more
Volatile markets ended the day in green. Nifty rose 0.28% to close at 5,983.55 while S&P BSE Sensex gained 0.29% to end at 19,704.33. more
Talking about Standard & Poor’s recent report on India’s outlook, PMEAC Chairman C. Rangarajan said, “While assessing India's economy, rating agencies and other analysts should take note of its high growth in the present world situation.” more
When the US Food and Drug Administration imposed an ‘import alert’ on a plant operated by generic drugmaker Wockhardt, its shares lost 20%, falling to a seven-month low. Chairman and Managing Director Habil Khorakiwala said the company could see a loss of about $70 million because of the FDA action. more
In the midst of a global meltdown yesterday, the rupee weakened past 56 per dollar for the first time since September 6. The currency continues to slip, falling for the seventh straight day. PMEAC Chairman C. Rangarajan said, “The rupee is expected to trade at current levels in the short term.” more
Just weeks after the landmark rulings on Tata Power and Adani Power's UMPP projects, the Central Electricity Regulatory Commission (CERC) has made a pitch to the power ministry for a longer-term solution to fuel cost pass-through in UMPP tariffs. CERC has also sought greater regulatory powers to deal with the issue. more
