BUSINESS
EXCLUSIVE: IL&FS used every trick in the book to mislead regulators, round-trip loans: Forensic audit
The report highlights the then management’s admission of the near-bankruptcy situation of ITNL and instead of reporting the same to the regulators, it tried to use its contacts to influence the RBI to adopt a restructuring plan outside IBC and NCLT.
BUSINESS
MCX announces pay cuts for senior employees
The exchange is taking a slew of measures to reduce cost including re-negotiation with vendors and reduction in sitting fees for directors.
BUSINESS
Sachin Bansal’s mutual fund ambitions run into Sebi wall
Flipkart co-founder’s fintech plans appear to face delays because of the strict regulatory framework imposed by the capital markets regulator.
BUSINESS
A new lease of life: SEBI move to ease fundraising norms to help stressed companies avoid insolvency
The measure was recommended by SEBI’s Primary Market Advisory Committee, and the regulator is expected to implement the new guidelines in a month’s time.
BUSINESS
Exclusive | IL&FS unit colluded with Mumbai contractor on infra projects, finds forensic audit
IL&FS Transportation Networks India Limited passed lucrative contracts to GHV India Private Limited through suspicious transactions and rigged bidding, says report by Grant Thornton.
BUSINESS
2nd SEBI employee tests positive for COVID-19, headquarters closed for 5 days
SEBI has shut down its headquarters for five days from May 20-25
BUSINESS
IL&FS case: Govt all set to move Supreme Court to prosecute auditors BSR, Deloitte
The High Court ruling on April 20 was a relief for the two audit firms that moved court against the government’s decision to ban them from auditing activities for five years and initiate criminal proceedings against them.
BUSINESS
Yes Bank case: Rana Kapoor’s daughters claim innocence, say ‘father handles all business’
Roshni Kapoor, the youngest daughter, in her statement to the ED, said she was just ten years old when holding companies were set up.
BUSINESS
Yes Bank case: ED arrests DHFL promoters Kapil and Dheeraj Wadhawan
The Bombay High Court had refused to grant anticipatory bail to the Wadhawans, noting that that their custodial interrogation was necessary to unearth the conspiracy in the multi-crore scam.
BUSINESS
Former CEO Ravneet Gill puts the blame on Rana Kapoor for Yes Bank collapse
Gill, who joined as MD and CEO of Yes Bank on March 1, 2019, stated that he was brought to the bank for reasons such as ‘poor credit culture, poor compliance culture, centralisation of power and lack of institutionalisation’.
BUSINESS
SEBI rule for investment in unlisted NCDs a reason for fund fiasco, says Franklin Templeton global chief
According to the company, heightened redemptions after the lockdown led to increased concentration of unlisted bonds which were needed to be held until maturity.
BUSINESS
ED to file chargesheet against Rana Kapoor, 7 others; provisionally attach Rajiv Gandhi painting: Sources
ED has provisionally attached 168 bank accounts of Rana Kapoor, family members and associates companies worth Rs 52 crores.
BUSINESS
Yes Bank case | Enforcement Directorate to submit first charge sheet today
Sources told Moneycontrol that the ED may serve the charge sheet to his three daughters, wife and their companies, which have allegedly received benefits.
BUSINESS
COVID-19 impact | Indian jewellers warn of a 'Thailand-like crisis', highlight working capital woes
Jewellers in Thailand were grappling for cash as people came in large numbers to sell gold, prompting PM Thailand Prayuth Chan-Ocha to tell them to "not to sell gold in large amounts".
BUSINESS
IndiaNivesh Securities case: Edelweiss approaches HC seeking payment of outstanding dues
The matter is likely to be heard on April 30.
MARKETS
Franklin Templeton India fiasco | SEBI may conduct special inspection for abrupt closure of schemes
Through this special inspection, SEBI aims to check if trustees and management have carried out their duty properly or if there were any lapses.
BUSINESS
Coronavirus impact | I-T Dept officials propose 10 main ways to boost tax revenue
The officials also proposed some short (3-6 months) and medium (9-12 months) term measures to raise additional revenues for the government to help deal with the pandemic.
BUSINESS
MCX April oil futures row | Brokers discourage trade via exchange, seek margin of 200-400%
Moneycontrol has learnt that brokers are only allowing clients to square off their existing positions. In cases where clients are initiating trades, brokers are seeking 200-400 percent margin.
BUSINESS
April crude oil futures row: MCX to resume normal trading hours despite lack of negative pricing mechanism
The exchange is still struggling with the tech problem, as unlike the New York Mercantile Exchange one, its system is not equipped to take negative pricing of commodity.
BUSINESS
MCX April crude oil futures row | Brokers may challenge settlement price in HC
Brokers are upset with the settlement of April crude oil contracts at a negative Rs 2,884 per barrel by MCXCCL
BUSINESS
WTI crude oil prices sink | MCX’s clearing corporation blocks pay out to brokers
This impacts only those brokers whose traders hold long positions. To gauge the extent of the problem, around 11,000 contracts remained open at the end of the day. Market sources pegged the loss for all long positions around Rs 418 crore
BUSINESS
Sebi may restore trading hours in commodity segment
"Earlier, the situation was different. We were not able to reach office and back-end was not properly functioning, which is not the case now," a broker said on condition of anonymity.
BUSINESS
Vijay Mallya extradition: Fugitive baron can seek nod to appeal to UK Supreme Court, but chances seem bleak
For filing a case in the UK Supreme Court, Mallya needs clearance from the High Court, where he lost the case on April 20.
BUSINESS
SEBI analysing data from custodians especially from China, Hong Kong
SEBI is analysing the data of another eleven countries including Mongolia, Pakistan, Bhutan, Nepal, Afghanistan, Bangladesh, Myanmar, Taiwan, North Korea, Yemen and Iran to find out if the Chinese investment used this route and took significant stake in the company
