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IBC changes will cut timelines, improve realisations: Report
The recent amendments in the bankruptcy resolution framework will help reduce timelines, enhance transparency and improverealisations, a report said today.
"The amendments will help safeguard the interest of lenders by maintaining the residual value of assets and also spur the pace of resolutions under the Insolvency and Bankruptcy Code (IBC)," domestic rating agencyCrisil'ssenior directorKrishnanSitaramansaid in the report.
The fine-tuning of the contentious Section 29(A) of the IBC will open opportunities for resolution applicants to bid once their eligibility is proven, and exempts financial entities from being disqualified from bidding, he said. (PTI)
Infra needs up to USD 1 trillion investment in 2-3 years: NIIF
The National Investment and Infrastructure Fund (NIIF) today said the country needs an investment of up to USD 1 trillion in the infrastructure sector in the next two to three years.
"In the next two to three years, we need total investment of USD 800 billion to USD 1 trillion in infrastructure," its chief executive Sujay Bose said at a finance ministry-organised seminar here.
He said resources are required both in tangible infrastructure assets as well as de-leveraging by companies saddled with high debt. (PTI)
HC allows listing of MLA's plea against Kejriwal on 'low' attendance in Assembly
Rebel AAP MLA Kapil Mishra has filed a plea in the Delhi Court seeking that Chief Minister Arvind Kejriwal be directed to increase his attendance in the Assembly as he has allegedly skipped most of the sittings.
The PIL by Mishra was mentioned before a vacation bench of Justices Sangita Dhingra Sehgal and C Hari Shankar which allowed it to be listed for hearing. However, the plea did not come up for hearing today and is likely to be listed day after tomorrow on June 13.
In his petition filed through advocates Ashwini Kumar Upadhyay and Ashwani Kumar Dubey, the rebel Aam Aadmi Party (AAP) MLA has contended that in the 27 Assembly sittings held last year, Kejriwal was present only in seven.
AAP will campaign for BJP in Lok Sabha polls if Delhi granted statehood: Arvind Kejriwal
In a rhetorical speech in the Delhi assembly, Chief Minister Arvind Kejriwal today announced that the AAP would campaign for the BJP during the 2019 Lok Sabha election if Delhi was granted full statehood.
He also warned that if the Modi government failed to do so, the party would conduct a "BJP, quit Delhi" campaign.
"I want to say to BJP, give full statehood status to Delhi before Lok Sabha polls, every vote of people will go in favour of BJP and we (AAP) will campaign for them in Lok Sabha election," Kejriwal said in the assembly.
"But, if they (BJP) do not give full statehood to Delhi, people here will say that BJP walon, Delhi chodo (BJP, quit Delhi)," he added. (PTI)
US offers 'unique' security guarantees to North Korea if it accepts complete denuclearisation
The United States on Monday offered "unique" security guarantees to North Korea in return for a "complete, verifiable and irreversible" denuclearisation as the two sides made "progress" in negotiations on the eve of a historic summit between President Donald Trump and Chairman Kim Jong-un here that could reshape the geopolitics of the Asia-Pacific region.
Ahead of the much-anticipated summit at the Capella Hotel on Sentosa Island, Trump hoped that a "nice" outcome could be reached from what he said would be a "very interesting meeting" with Kim which will focus on the nuclear arsenal the North has spent decades developing.
The summit - the first between a sitting US president and the North Korean leader - will mark a turnaround of relations between Trump and Kim after a long-running exchange of furious threats and insults.
Govt should provide foolproof security to PM Modi: P Chidambaram
Senior Congress leader P Chidambaram today questioned the veracity of the letter seized by police on Rajiv Gandhi-like plot to kill Prime Minister Narendra Modi, saying it is "unverified", and noted that it was government's duty to provide foolproof protection and security to the prime minister.
He claimed one of the ministers in the government has said that he knows some of the ‘Elgar Parishad' people who have been arrested and linked to the alleged plot and they have nothing to do with the Congress, according to a PTI report.
"I do not think you should take all these unverified letters as though they are official documents. Such letters will float about," Chidambaram told reporters when asked about the letter found by Pune police which reveals a plot to kill Modi.
RBI Governor Urjit Patel likely to appear before parliamentary panel tomorrow
Reserve Bank of India (RBI) Governor Urjit Patel is likely to face tough questions from a parliamentary panel tomorrow on a range of issues including the amount of cash returned post demonetisation, the PNB fraud and the mounting bad loans of banks.
Patel is scheduled to appear before the Parliament's Standing Committee on Finance headed by Congress leader Veerappa Moily. It has members from various political parties, including former Prime Minister Manmohan Singh.
"It's been long time and the RBI has still to come out with amount of the cash returned into system post demonetisation. And the Governor must share these details with the panel and I hope he will do it tomorrow" said TMC MP and member of the panel Dinesh Trivedi.
Trump celebrates 72nd birthday with big cake in Singapore
Singapore Prime Minister Lee Hsien Loong on Monday surprised Donald Trump with a big birthday cake, ahead of the US President's historic summit with North Korean leader Kim Jong-un here tomorrow, according to a PTI report.
Trump celebrated his 72nd birthday during his lunch with Loong at the presidential palace Istana after their bilateral meeting during which the two leaders discussed everything from the summit preparations to the US' tariff threats.
A picture of Trump smiling at the cake, decorated with fresh fruit, was shared on Twitter by Singapore's Foreign Minister Vivian Balakrishnan with the message saying "Celebrating birthday, a bit early".
Trump was accompanied by Secretary of State Mike Pompeo, National Security Adviser John Bolton, White House Press Secretary Sarah Sanders and White House Chief of Staff John Kelly during the meeting. The meeting was Trump's only scheduled public event today.
Move to open up senior govt posts may increase influence of capitalists: Mayawati
BSP chief Mayawati said today the opening up of senior bureaucratic posts in various departments to people other than those who cleared the UPSC exam was a result of Modi government's "administrative failure" and may increase the influence of capitalists in policy making.
"Opening senior-level bureaucratic posts in 10 departments to private people, who have not cleared UPSC, appears to be the result of administrative failure of Prime Minister Narendra Modi," Mayawati said in a party release, according to a report by PTI.
This is a dangerous trend and chances are it will increase the influence of capitalists and the rich in the policy making of the central government, she added.
Delhi’s Vidhan Sabha has accepts resolution seeking full statehood to Delhi, News18 has reported.
No intent to control sugar sector; just helping mills clear cane arrears via MSP: Government
The Centre does not want to regulate the sugar sector and has fixed the minimum selling price for the sweetener, as also stock limits on mills, only in the interest of farmers, consumers as well as small units, a senior food ministry official said on Monday.
The official also ruled out any increase in the minimum selling price of sugar and wondered as to why consumers will pay more in a glut market, according to a PTI report.
To bailout the cash-starved sugar industry, the government had last week decided to create a buffer stock of three million tonnes and fixed minimum selling price of sugar besides imposing monthly stock limit on mills.
Sugar industry bodies like ISMA and NFCSF have demanded higher minimum selling price of sugar saying that Rs 29/kg is inadequate to cover the production cost which is at around Rs 34-36/kg.
India cannot be run by three people, opposition will unite in six months to a year: Rahul Gandhi
The country has become slave to a handful of BJP-RSS leaders but the entire opposition will unite in six months to a year to make them realise that India will be run by its people and not just three persons, Congress president Rahul Gandhi said on Monday.
Prime Minister Narendra Modi, BJP president Amit Shah and RSS chief Mohan Bhagwat will soon see the strength of India, Gandhi said while addressing an OBC convention, aimed at wooing the community that comprises over half the country's population.
"Today, our nation has become slave to two-three leaders of the BJP and the RSS. The entire opposition is getting together in six months to a year and Narendra Modi, Amit Shah and Mohan Bhagwat will see the strength of India," he said at the event organised by the party's OBC cell at the Talkatora Stadium in Delhi. (PTI)
Tata Power bags 150 MW solar project in Maharashtra
Tata Power said it has bagged the contract for setting up a 150-MW solar project in the state from the Maharashtra State Electricity Distribution Company (MSEDCL). The company's subsidiary Tata Power Renewable Energy (TPREL) has bagged the contract. It will sign a 25-year power purchase agreement (PPA) with MSEDCL, a release said.
HSBC to invest $15-17 billion by 2020 as strategy pivots to growth
HSBC will invest $15-17 billion in the next three years in areas including technology and its core Asian markets of Hong Kong and China as it swings from a strategy of cost-cutting to growth, new Chief Executive John Flint said on Monday. The announcement is Flint's first public indication to shareholders of the strategy he intends to pursue at HSBC, which has struggled to meet its profit goals in recent years after a shrinking of its global empire also cut income.
If need be, will sacrifice some seats for BSP: SP chief Akhilesh Yadav
Samajwadi Party chief Akhilesh Yadav said his party was prepared to walk the extra mile to defeat the BJP and was willing to sacrifice some seats for once bitter arch-rival, the BSP. "If there is a need to sacrifice a few seats for the BSP, we Samajwadis will not hesitate. We have to ensure the BJP is defeated," he said in Mainpuri.
Piyush Goyal denies plans to privatise Indian Railways
There are no plans to privatise the railways, Union Minister for Railways Piyush Goyal has said. Addressing a press conference today on the achievements of his ministry in the past four years, Goyal said that there were no proposals for such a move and it would not happen in the future as well. "Let me make it very clear that there are no plans to privatise railways, either now or ever," he said.
Bharti Airtel to increase mobile sites in Tamil Nadu by 30%
Telecom major Bharti Airtel has chalked out plans to deploy 12,000 new mobile sites in the state taking the total to 52,000 during the current fiscal. Under its network transformation programme 'Project Leap,' Bharti Airtel plans to add 12,000 new mobile sites to enhance network capacity and take high speed data services into rural areas.
RBI to raise $30-35 bn via NRI bonds to support rupee: Report
The Reserve Bank of India is expected to raise USD 30-35 billion through NRI bonds to support the rupee and offset the slowdown in FPI flows amid rising oil prices, reported PTI. The FPI inflows to India will be impacted by Chinese firms listing in global benchmark indicies like MSCI, it said.
Govt may launch Rs500cr credit enhancement fund in July: Finance Ministry
The government is likely to launch a Rs 500-crore credit enhancement fund next month to facilitate infrastructure investments by insurance and pension funds, reported PTI. The fund was first announced in the financial budget for fiscal year 2016-17.
JUST IN |
Atal Bihari Vajpayee's condition is stable and a team of doctors under the supervision of Dr Randeep Guleria, Director AIIMS are conducting tests: All India Institute of Medical Sciences.
JUST IN |
Atal Bihari Vajpayee's condition is stable and a team of doctors under the supervision of Dr Randeep Guleria, Director AIIMS are conducting tests: All India Institute of Medical Sciences.
Nayara Energy begins cutting Iran oil imports: Report
Indian refiner Nayara Energy, one of the country's biggest buyers of Iranian oil, began cutting imports this month after the United States scrapped a nuclear deal with Tehran and said it would re-impose tough sanctions, reported Reuters. Previously named Essar Oil, Nayara was bought by Russian state oil-giant Rosneft and partners in a $12.9 billion deal last year. It typically buys around 5.5-6 million barrels a month from Iran, according to data made available to Reuters from industry and shipping sources.
For 70 years the Congress party has stood by theOBCcommunity, and Congress party will continue to strive for the rights ofOBCs:RahulGandhi said.
BJP's strategy is clear. 15-20 rich capitalists will give thousands of crores to PM Modi and all benefits will go to just those 15-20 rich people: Congress chief Rahul Gandhi.
Everyone including MPs is afraid to speak. Most them are not allowed to speak. And those of us who do speak, the BJP does not listen to. Only RSS is given a hearing: Congress chief Rahul Gandhi said.
Vedanta acquires management control of Electrosteel Steels
Metal and mining giant Vedanta has acquired the management control of debt-laden Electrosteel Steels. In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.
Coal India's output increased by 105 MT in 4 years to 567 MT in FY18: Piyush Goyal
State-owned Coal India's output increased by 105 million tonnes (MT) in the last four years to reach 567 MT in 2017-18, Union Minister Piyush Goyal said today. The remarks come at a time when the country is facing coal shortages.
Over 1,300 new FPIs register with SEBI in FY18
More than 1,300 fresh foreign portfolio investors (FPIs) were registered with SEBI in 2017-18 on continued interest in the Indian capital markets, as per the regulator's data. In comparison, close to 3,500 new FPIs were registered with Securities and Exchange Board of India (Sebi) in the preceding financial year.
Coal mine production in 2015-16 was 11.8 million tonnes, in 2016-17 it was 15.32 million tonnes, in 2017-18 it was 16.20 million tonnes. As land is being acquired and all the necessary mining plan approvals have been done this will rapidly grow in the years to come: Piyush Goyal said.
JUST IN |
HDFC Bank hikes the base rate by 10 basis points to 8.95 percent with effect from today.
JUST IN |
Former Prime Minister Atal Bihari Vajpayeehas been admitted to All India Institutes of Medical Sciences (AIIMS) for routine check-up and investigations. He will be under the supervision of DrRandeep Guleria, Director, AIIMS.
We are trying to encourage coal plants which are based on imported coal to redesign their capacities so that they can use more domestic coal: Piyush Goyal said.
Railways, IT ministry ink pact to allow bookings via 2.9 lakh CSCs
Ministry of Railways and IT Ministry today signed an agreement to allow ticket bookings through 2.9 lakh common service centres (CSCs) in the country in next 8-9 months. At present, around 40,000 CSCs are connected.
Trump accuses India of charging 100% tariff on some imports
President Donald Trump has taken a swipe at India along with the world's other top economies and accused New Delhi of charging 100 percent tariff on some of the US' goods, as he threatened to cut trade ties with countries who are robbing America. Trump made the remarks in Canada's Quebec City where he was attending the G7 summit that ended in farce after he abruptly rejected the text of a consensus statement and bitterly insulted the host.
Coal production which was 462 million tonnes in 2013-14, has increased to 567 million tonnes in 2017-18, and in the current year it is growing at 15%. What used to happen in sevenor eightyears has happened in fouryears: Piyush Goyal said.
Railways has also correspondingly ramped up its ability to transport coal, and all of this has helped us to reduce the dependency on foreign currency utilised for coal import, which has reduced the cost of power significantly: Piyush Goyal said.
Coal and Railways Ministries are working together to ensure that at no point of time anybody loses the ability to generate power for lack of availability of coal: Piyush Goyal said.
Passenger vehicle sales rise 20% in May: SIAM
Domestic passenger vehicle sales rose 19.65 percent to 3,01,238 units in May from 2,51,764 units in the corresponding month of 2017, according to SIAM data. Domestic car sales were up 19.64 per cent to 1,99,479 units as against 1,66,732 units in May 2017, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.
India's 675 railway stations have free WiFi services. Now, our target is to spread it across 6,000 station so that alongwith passengers, farmers and students too draw benefits from this: Piyush Goyal said.
"Government is fully committed to strengthen operations at the public sector banks," says Piyush Goyal.
Interim Finance Minister Piyush Goyal says the ministry will form a committee for management or reconstruction of stressed assets.
Foxconn says investigating labor conditions at China factory used for Amazon
Contract manufacturer Foxconn said on Sunday it is investigating a plant in China that makes devices for Amazon.com Inc, after a U.S. watchdog group criticized what it described as harsh working conditions at the factory.
Mexico minister calls for "flexibility" in reworking NAFTA
Mexican Economy Minister Ildefonso Guajardo said on Monday the only way countries re-negotiating the North American Free Trade Agreement (NAFTA) will find a solution is through "sufficient flexibility" to narrow differences.
Aye Finance gets $21.5 million funding from CapitalG, SAIF Partners, LGT
Aye Finance said it has raised $21.5 million in its Series C round led by CapitalG, reported Mint. The fund will be used to invest in Aye Finance’s business operations and technology.
