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India's financial system is absorbing the West Asia conflict in ways that are not immediately visible on balance sheets, but are silently building under the surface. | Image: Bloomberg As the US-Iran-Israel war continues into its second month with no clear end in sight, the economic fallout for India is no longer just about oil spikes or headline volatility. India's financial system is absorbing the West Asia conflict in ways that are not immediately visible on balance sheets, but are silently ...Read More >
Vedanta had approached the court seeking a stay on Adani Enterprises' Rs 14,500-crore resolution plan. In a setback to Vedanta Group, the Supreme Court on Monday declined to stay the implementation of Adani Enterprises' resolution plan for debt-ridden Jaiprakash Associates Ltd. A bench, led by Chief Justice (CJI) Surya Kant, noted that the insolvency proceedings are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10, and therefore found no r ...Read More >
New Delhi, Apr 1 (UNI) The PHD Chamber of Commerce and Industry (PHDCCI) has proposed a series of risk-based regulatory reforms aimed at easing compliance burdens in India's heavy industries sector, highlighting multiple structural bottlenecks that impact efficiency and growth. In its recommendations to the competent authority, the chamber pointed out that companies currently face duplication in corporate filings, with multiple annual forms such as MGT-7 and AOC-4 requiring overlapping disclosu ...Read More >
New Delhi, Apr 1 (PTI) The Opposition in the Rajya Sabha criticised the government on Wednesday for frequent amendments to the Insolvency & Bankruptcy Code, significant haircuts, alleged favouritism towards large corporate defaulters, and ongoing infrastructure issues at the NCLT, alongside increasing backlogs before the tribunal. The Rajya Sabha was debating the Insolvency and Bankruptcy Code (Amendment) Bill, 2026. The bill has proposed 12 amendments to the Insolvency & Bankruptcy Code (IBC), ...Read More >
Indore (Madhya Pradesh): Taxpayers must prepare to transition to the new income tax regime under the Income Tax Act, 2025, which aims to be simpler for compliant taxpayers while strengthening action against evasion. The provisions of the new Act will come into effect from April 1. The Free Press explains key provisions of the Act with inputs from senior chartered accountant SN Goyal. Here are 16 key changes that taxpayers and professionals should note: Replaces 1961 Act The new Act replaces t ...Read More >
New Delhi, March 31 (UNI) India will roll out the Income-tax Act, 2025, from April 1, Wednesday, replacing the six-decade-old Income-tax Act, 1961, in a major reform aimed at simplifying the country's tax framework while retaining the existing tax structure. The government has clarified that the new law does not introduce any new taxes or increase the tax burden, but focuses on making the system clearer, more transparent and easier to comply with. The reform is being positioned as a complete s ...Read More >
New Delhi, Mar 30 (PTI) Mining giant Vedanta Ltd has moved the Supreme Court seeking a stay on the NCLT's order approving Adani Group's Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL). According to the information available on the top court's website, Vedanta filed its appeal on March 25, a day after the National Company Law Appellate Tribunal (NCLAT) refused to stay implementation of the plan. Adani Enterprises Ltd., meanwhile, has also filed a caveat in the Supreme Court, requ ...Read More >
New Delhi [India], March 30 (ANI): A recent report by Fitch Ratings has flagged heightened risks in India's gold-loan segment following a decline in gold prices, underscoring the need for robust risk controls among non-bank financial institutions (NBFIs). In its latest assessment, Fitch said that falling gold prices could erode the value of collateral backing gold loans, potentially weakening lenders' recovery prospects in the event of borrower defaults. "A decline in gold prices puts pressure ...Read More >
New Delhi [India], March 30 (ANI): A recent report by Fitch Ratings has flagged heightened risks in India's gold-loan segment following a decline in gold prices, underscoring the need for robust risk controls among non-bank financial institutions (NBFIs). In its latest assessment, Fitch said that falling gold prices could erode the value of collateral backing gold loans, potentially weakening lenders' recovery prospects in the event of borrower defaults. "A decline in gold prices puts pressure ...Read More >
New Delhi: Enhancing foreign direct investment limit to 100% will enable global insurance companies to inject substantial capital directly without waiting for domestic partners, Union finance minister Nirmala Sitharaman told the Lok Sabha on Tuesday as the House passed the insurance bill seeking to remove FDI cap along with over a dozen key sectoral reforms. "If there's a need for growing protection through insurance in this country, we need to have insurance more accessible," she said while re ...Read More >
MUMBAI: Home loan rates are set to drop to levels last seen before the global financial crisis in 2008, with the RBI's monetary policy committee reducing the repo rate by 25 basis points to 5.25%.Several banks -- Union Bank, Bank of India, Bank of Maharashtra and Indian Overseas Bank -- currently offer home loans at 7.35%. Borrowers at this rate will see their interest rate decline to 7.1%, which is also the deposit rate offered by some private banks. On a Rs 1 crore home loan for 15 years, a 0. ...Read More >
The Maharashtra government has issued detailed clarification denying the claims of Rohit Arya who was shot dead by Mumbai police after he took 17 children hostage. In his last video, Arya said he was committing the act over payment of "dues" from the state government. "I am not a terrorist and do not have any monetary demands, and my demands are not immoral at all," he said. In an official release as quoted by News18, the government said that Arya's corporate social responsibility (CSR) projec ...Read More >
The National Company Law Tribunal has admitted an insolvency case against Blu-Smart Mobility Tech. This follows a plea from Lepton Software Export and Research over unpaid dues. The tribunal has appointed an interim resolution professional and suspended the company's board. Blu-Smart Mobility is now under moratorium protection. The company's operations and subsidiaries are intertwined. The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, the ...Read More >
Mumbai: Credit rating agency Fitch Ratings has revised the outlook on IIFL Finance's (IIFL) long-term rating to positive from stable, and affirmed the rating on IIFL's senior secured debt at 'B+'. The rating agency expects the company's credit profile to improve over the next two years, particularly its business and risk profiles, asset quality and funding diversity. "The revision also reflects Fitch's expectation of a gradual decline in legacy problem assets over the next two years along with ...Read More >
Mumbai: The Enforcement Directorate (ED) on Tuesday conducted searches at six premises of the Anil Ambani-linked Reliance Infrastructure Ltd (RInfra) in Indore (Madhya Pradesh) and Mumbai (Maharashtra) as part of its probe into alleged illegal remittances abroad, violating the Foreign Exchange Management Act (FEMA), official sources said. ED Probing Transactions With Yes Bank According to the sources, the current FEMA-related searches are linked to the Jaipur-Ringus Toll Road, operated by JR T ...Read More >
Chennai: Enforcement Directorate (ED) has restituted 27 properties worth 163.85 crore of Nathella Sampath Jewellery Private Limited (NSJPL) and others located in the city to the State Bank of India (SBI), in connection with the 380 crore bank fraud case filed against the firm.ED had initiated a probe under the PMLA based on a 2018 CBI FIR, in which SBI, on behalf of the consortium of three banks, alleged that NSJPL diverted the loan of 380 crore for unintended purposes and defaulted on repayment ...Read More >
Chennai, Sep 15 (SocialNews.XYZ) The Chennai Zonal Office of the Enforcement Directorate (ED) has restituted 27 immovable properties worth Rs 163.85 crore to the State Bank of India (SBI) in connection with the Rs 380 crore bank fraud involving Nathella Sampath Jewellery Private Limited (NSJPL). The restitution followed orders issued by the Special Court in Chennai under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002. The case dates back to March 2018, when the Central Bur ...Read More >
Gurugram, Sep 12 (SocialNews.XYZ) In a Rs 346 crore bank fraud, the ED seized digital devices and incriminating documents during searches at 11 residential and commercial premises of Hythro Power Corporation Ltd (HPCL) and its officials in Delhi NCR, Bengaluru and Chennai, an official said on Friday. The Gurugram Zonal Office of the ED conducted the search and survey operations on Wednesday under the provisions of the PMLA, 2002. During search proceedings, several bank accounts belonging to th ...Read More >
Vedanta Group has emerged as the winning bidder for the debt-ridden Jaiprakash Associates (JAL), surpassing Gautam Adani's Group in a competitive acquisition process. The mining conglomerate's bid of Rs 17,000 crore translated to a net present value of Rs 12,505 crore. JAL, facing insolvency proceedings due to loan defaults, attracted multiple bidders, with Vedanta ultimately securing the deal. Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisi ...Read More >
Mumbai, Aug 14 (PTI) Mumbai Police have registered a case against actor Shilpa Shetty and her husband Raj Kundra for allegedly duping a businessman of Rs 60.4 crore in a loan-cum-investment deal in their now defunct company Best Deal TV Private Limited, officials said on Thursday. However, a lawyer representing Shetty and businessman Kundra denied the allegations, saying this was a "baseless and malicious case" aimed at maligning his clients, and appropriate action was being initiated against t ...Read More >
Nirmala Sitharaman presented a bill in Lok Sabha to amend the Insolvency and Bankruptcy Code. The bill is now with a parliamentary committee for review. The changes aim to speed up bankruptcy resolutions and improve creditor recoveries. The creditor-led resolution framework will reduce the workload of the National Company Law Tribunal. Finance and corporate affairs minister Nirmala Sitharaman on Tuesday introduced a bill in the Lok Sabha for amendments to the Insolvency and Bankruptcy Code (IBC ...Read More >
NEW DELHI: Volvo, the Swedish luxury carmaker on Friday said it plans to bring the new Volvo EX30 SUV, the entry level luxury electric car, during the forthcoming festive season, to boost electric penetration in the world's third largest car market. "In the last six months the electric car market in India has grown about 4.5 per cent in the mass car market while the luxury car market rose to 9 per cent. We want to accelerate this growth by bringing our new Volvo EX30 electric car during the fes ...Read More >
Lucknow: As many as 21 out of 23 cooperative sugar mills managed to make 100% cane price payment, underlining the state govt's aggressive push for timely payments to farmers.Data show that the 23 cooperative sugar mills had to make a total cane due payment of Rs 2,730 crore, of which Rs 2,669 crore - around 97.78% of the total - has been paid.The apparent high level of compliance among cooperative mills is significant, considering that this segment has historically struggled with liquidity issue ...Read More >
Mumbai: The Enforcement Directorate (ED) has issued a Look Out Circular (LoC) against Anil Ambani, chairman of the Anil Dhirubhai Ambani Group (ADAG), in connection with its ongoing probe into an alleged Rs 17,000-crore bank loan fraud case. The LoC was issued on Friday at the request of the federal financial probe agency to prevent Ambani from leaving the country without prior clearance, senior officials confirmed. Ambani Summoned in ₹17,000 Crore Bank Fraud Investigation The ED has summoned ...Read More >
Mumbai, July 9 (PTI) The Maharashtra Assembly passed a bill amending the Slum Area (Improvement, Clearance and Redevelopment) Act, 1971, on Wednesday, which allows the Slum Rehabilitation Authority (SRA) to recover pending transit rent dues from builders or developers. The amendment bill seeks to treat unpaid rent to slum dwellers as arrears of land revenue, thereby empowering the SRA to initiate recovery proceedings under the Maharashtra Land Revenue Code (MLRC). As per the proposed amendment ...Read More >
Mumbai: The Maharashtra government on Tuesday tabled a bill in the state assembly that proposes to amend the law concerning slum redevelopment, allowing the Slum Rehabilitation Authority (SRA) to recover pending transit rent dues from builders or developers. The bill seeks to amend the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act, 1971. It also seeks to treat unpaid rent to slum dwellers as arrears of land revenue, thereby empowering the SRA to initiate recovery proceedi ...Read More >
Nagpur: The Nagpur Metropolitan Region Development Authority (NMRDA) has almost completed the Rs 132.49 crore phase 1 of the Tajbagh renovation and beautification project and is now awaiting Rs 95.87 crore to start phase 2 of the project. Under the first phase, NMRDA strengthened and beautified the main dargah, constructed a shopping complex, a choti dargah, shops, and other structures, including marble flooring. According to NMRDA sources, Phase 1 of the project received Rs 132.49 crore adminis ...Read More >
MUMBAI: The market is warming to large private credit deals in India, where local borrowers are typically less levered than their peers in the rest of Asia, according to Indranil Ghosh, managing director and head of pan-Asia special situations at Cerberus Capital Management. Cerberus, which has US$65bil under management globally, was among the anchor investors in Shapoorji Pallonji Group's US$3.4bil financing, the country's largest private credit deal to date. While deals of that scale are sti ...Read More >
New Delhi, Jul 2 (PTI) State Bank of India (SBI) has decided to classify the loan account of beleaguered telecom firm Reliance Communications as "fraud" and report the name of its erstwhile director Anil Ambani to the Reserve Bank of India (RBI). The move is expected to be followed by other lenders who have given loans to Reliance Communications Ltd (RCom). Reliance Communications, in a regulatory filing, said it has received a letter dated June 23, 2025, from State Bank of India (SBI) to this ...Read More >
Thane, Jul 2 (PTI) The Anti-Corruption Bureau (ACB) has arrested a revenue department employee and a private person for allegedly accepting a bribe of Rs 20,000 from a man foe releasing certain land-related documents, officials said on Wednesday. The accused were trapped at the additional tehsildar's office in Mira-Bhayandar locality of Thane district. The accused duo, revenue assistant Shyam Bedekar and private person Vinod Indulkar, were booked and arrested under relevant sections of the Pre ...Read More >
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