SC gets tough with Sahara, attaches Aamby Valley to expedite recovery of money
India > Sahara > Feb 07
The Supreme Court on Monday attached Sahara's Aamby Valley—valued at approximately Rs 39,000 crore – in order to expedite the recovery of Rs 14,779 crore the company owes its duped investors. At the insistence of market regulator Securities and Exchange Board of India (Sebi), the SC also ordered Sahara to submit a list of properties "free from any encumbrance" that would be put up for auction to help recover the money.
Aircel-Maxis Case: Special Court discharges accused ex-telecom minister Maran, all others
India > Aircel-Maxis > Feb 07
A Special court discharged all accused in Aircel Maxis deal cases which were lodged by CBI and Enforcement Directorate (ED) involving ex-telecom minister Dayanidhi Maran and others. All accusations against Maran brothers and other accused in Aircel Maxis case discharged.
Qatar Airways launches world's longest flight
World > longest flight > Feb 05
Qatar Airways launched the world's longest scheduled commercial service with its inaugural flight from Doha to Auckland taking off eight minutes early on Sunday, a company spokeswoman said.
Indian IT firm CEOs to meet Trump officials on visa reform concerns
Corporate > H-1B visa reform > Feb 03
Indian IT sector leaders will meet both US lawmakers and officials from US President Donald Trump’s administration later this month to lobby against any major changes to visa regulations that could hurt the country’s $150 billion industry. R Chandrashekhar, head of Indian IT industry body Nasscom, said details of the visit were still being finalised, but chief executives from some of India’s big IT companies would be part of a delegation visiting Washington in the week of February 20. India’s software services industry is concerned about a bill introduced in the US Congress seeking to double the salary paid to H-1B visa holders which would dramatically increase the costs for the Indian companies employing them.
RBI steps in prevent loss making banks from defaulting on interest payment on bonds
Banks > RBI > Feb 03
The Reserve Bank of India has stepped in to prevent loss making banks from defaulting on bonds that were raised to boost their capital adequacy ratio- the minimum capital that banks keep as a cushion against defaults on loans.
Budget 2017: Banks can encash SR issued by ARC and raise capital
Banks > Budget 2017 > Feb 03
Banks will get an option to exit the unsold portion of the bad loans that are held as security receipts (SR) on their books. This follows an announcement by Arun Jaitley in the Union Budget today that allows listing of SR at the stock exchanges.