1. ED Attaches Chanda Kochhar's South Mumbai Apartment, Assets
The Enforcement Directorate (ED) on Friday attached assets and cash belonging to former ICICI Bank managing director and chief executive officer Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.
The assets include her South Mumbai apartment at CCI Chambers, valued at Rs 3.5 crore (book value) along with assets of projects of Deepak Kochhar’s Nupower Renewables and its subsidiaries such as Wind Farms, Echanda Urja Private worth Rs 74 crore (book value). Besides, a cash amount Rs 10.5 lakh, which the ED had seized during the search operation from the premises of Pacific Capital Services, another company of Deepak Kochhar.
(Source: Business Standard)
2. Relief for Tata as SC Stays NCLAT Order Reinstating Mistry
The Supreme Court on Friday said there were “basic errors" in the National Company Law Appellate Tribunal (NCLAT)’s observations and stayed the tribunal’s order reinstating Cyrus Mistry as executive chairman of Tata Sons.
“Our first impression is not good about the order of the tribunal," said a bench headed by Chief Justice S.A. Bobde. “The tribunal granted the prayer which was not prayed for."
3. Factory Output Makes Modest Recovery in November, Driven by Manufacturing
India’s industrial production recovered from three months of contraction to expand by 1.8% in November, signalling an early but weak improvement in the economy.
The recovery, which comes against the backdrop of near-flat output growth seen in the same month a year ago, was driven by a 2.7% expansion in manufacturing output, official data from the Central Statistics Office showed on Friday.
Manufacturing output had been shrinking for the past three months with a 2.1% contraction in October. It had seen a 0.7% contraction last November.
4. Yes Bank Board Approves ₹10,000 Cr Funding, Rejects Braich’s $1.2-Bn Offer
The board of private lender Yes Bank met on Friday and approved raising of funds of up to ₹10,000 crore in one or more tranches through a qualified institutional placement (QIP), or any other private placement of equity or debt, the bank said.
On 30 November, Yes Bank said that a number of investors had shown interest in buying Yes Bank equities worth $2 billion.
The bank had then claimed that it was in discussions with the family office of Erwin Singh Braich/SPGP Holdings and the investors had shown an interest in investing $1.2 billion through a binding offer.
5. ED Summons Edelweiss' Rashesh Shah; Firm Denies Links With Capstone Forex
The Enforcement Directorate (ED) has issued fresh summons to Edelweiss Group founder and Chairman Rashesh Shah in connection with an alleged multi-crore forex violation. He has been asked to appear on 13 January.
Confirming the development, an ED official said Shah was earlier called to join the investigation on Thursday (9 January), under the Foreign Exchange Management Act (FEMA). However, he is learnt to have sought some time seeking personal engagement. The ED now issued fresh summons to him.
(Source: Business Standard)
6. Sachin Bansal Eyes Bigger Role in Global Financial Services Market
Sachin Bansal-led Chaitanya India Fin Credit (CIFCPL) said on Friday the microfinance company had applied to the Reserve Bank of India for a universal banking licence, making it clear that it intends to play a bigger role in the broader financial services space in the country.
The application was made under the RBI’s On-Tap Banking License Guidelines 2016.
7. RBI Tweaks Norms for Penalty on Payment System Operators
The Reserve Bank of India (RBI) on Friday tweaked the norms for imposing penalties on payment system operators for not complying with regulatory requirements, with a view to ensure safety and security to various stakeholders, including customers.
The payment system landscape has witnessed rapid developments since then with increased adoption of technology, availability of payment products, entry of more nonbank players, dis-intermediation, and significant surge in turnover, among others.
8. Govt Asks Pvt Cos to Invest More in Dairy Sector
The government on Friday called on private companies to invest more in the dairy sector which has potential to give better returns than the manufacturing and services sector.
Currently, the government is pumping funds in the sector because it can play key role in achieving the ambitious target of doubling farmers income by 2022 and making India a USD 5 trillion economy by 2025, he said.
9. Tariff War: WTO Sets Up Dispute Panel Over India's Duty Hike on 28 American Goods
The World Trade Organisation's (WTO) dispute settlement body has set up a panel to examine the US complaint against India which had increased customs duties on 28 American goods last year.
The US in July had dragged India to the WTO by filing a complaint against New Delhi's move to increase customs duties, alleging the decision as inconsistent with the global trade norms.
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