Khushboo Narayan

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Vijay Mallya assets: Rs 100-crore shares transferred to central govt
Mon, Sep 18, 2017

According to the ED complaint, Kingfisher Airlines allegedly “participated in criminal activities”, which led to the “generation and acquisition” of Rs 900 crore, and was “involved with the concealment, possession, acquisition and use of the proceeds of (the) crime”.

Maharashtra tops in bank loans, shows RBI data
Sat, Sep 16, 2017

The central bank releases quarter-end state-level data on bank credit with a nine-month lag. The latest set of data was released on September 12.

‘Over-invoicing by power companies’: PIL in Delhi HC seeks SIT probe against firms
Thu, Sep 14, 2017

The Directorate of Revenue Intelligence (DRI) is currently investigating over a dozen firms, including firms of the Adani Group, Essar Group and Reliance ADAG Group, among others for alleged over valuation of Indonesian coal imports and power equipment imports between 2011 and 2015.

Overvaluation of Indonesian coal, power equipment: Delhi HC to hear Prashant Bhusan’s plea today
Wed, Sep 13, 2017

DRI is currently investigating over a dozen firms including a few firms of the Adani Group, Essar Group and Reliance ADAG Group among others for alleged over valuation of Indonesian coal imports and power equipment imports between 2011 and 2015.

Aamby Valley sale: Income-Tax stakes claim on Rs 24,843 crore
Mon, Sep 11, 2017

Aamby Valley sale: The claim was submitted to the official liquidator on April 26, after the Supreme Court ordered the auction of Aamby Valley in February for non-submission of over Rs 5,092 crore by the Sahara Group.

Office rentals in Navi Mumbai rise by 8 per cent
Sat, Sep 09, 2017

Highest among city business districts

Scope of evergreening loans less under new Sebi norms: S Raman
Tue, Sep 05, 2017

Sebi whole-time member, S Raman, talks about his experience as a commercial banker and how it has helped in his transition to regulation

ITR numbers up 25% this year, but bulk of it is small tax payers
Sun, Sep 03, 2017

In August, the Central Board of Direct Taxes (CBDT) had said that there was a 25 per cent increase in the number of ITRs filed between April 1 and August 5.

Maharashtra tops list of states with most ITRs filed online
Sat, Sep 02, 2017

According to tax data, around 49.64 lakh individuals and entities in Maharashtra have filed tax returns between April 1 and August 5. It is 17.5 per cent of the total e-filings of 2.82 crore received by the department between April and August for the 2016-17 assessment year.

Operation Clean Money: 18 lakh spotted whose cash dealings not in line with tax profiles
Thu, Aug 31, 2017

According to the income tax department, the agency has received more than 9.27 lakh responses from such persons giving information on 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.

Your officer helped smuggle antiques: DRI to Punjab
Thu, Aug 31, 2017

Nanda was arrested by the DRI on February 6 for alleged smuggling of at least 13 antiques and artefacts from India to US, UK and Hong Kong. The DRI has seized about 80 antiques and artefacts from Nanda and his associates across the country.

Adani firm moves Singapore court in attempt to block information to DRI
Sat, Aug 26, 2017

The website of the Singapore court shows that a case filed by Adani Global against the Attorney General and others was listed for hearing on August 21. Emails and phone calls to the Adani Group for comments did not elicit any response.

DRI authority cancels proceedings against Adani Group companies
Fri, Aug 25, 2017

The Adani Group firms were accused of allegedly inflating the total declared value of goods imported under power and infrastructure heads, which attracts zero or less than 5 per cent duty to the extent of Rs 3974.12 crore.

DRI authority strikes down proceedings against Adani Group firms
Fri, Aug 25, 2017

“I do not agree with the case of the department that the noticees APML (Adani Power Maharashtra Ltd) and APRL (Adani Power Rajasthan Ltd ) along with their related entity i.e. EIF (Electrogen Infra Holdings Pvt Ltd) had connived to over-value the value of the impugned goods,” said Singh in his 280-page adjudication order passed on August 22.

Shareholders should now monitor board appointments, succession plan: Proxy cos
Sat, Aug 19, 2017

Sikka in his resignation letter said that his decision to leave stems from continuous “false, baseless, malicious and increasingly personal attacks” that have created “an untenable atmosphere”.

MMTC among two state firms inflating coal imports: DRI
Fri, Aug 18, 2017

According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices “through one or more related /associated intermediary firms based abroad” after artificially inflating its value.

Economic survey: Maharashtra among top five states in availing farm loans
Sat, Aug 12, 2017

Maharashtra, UP and Kerala put together account for almost one-third of the formal sector farm loans of Rs 3.25 lakh crore. However, for India as a whole, the total farm loans amount to about Rs 5.5 lakh crore, according to the survey.

PMLA case against Hasan Ali Khan: ED carries out searches in Mumbai
Fri, Aug 11, 2017

The CBI’s fresh FIR has charged Khan for “cognisable offence(s)” under Sections 120 B and 420 of the IPC, Sections 13 (2), 13(1) (d) of Prevention of Corruption Act 1988 and Section 41(1) (b) of the CrPC.

Hasan Ali money laundering case: ED conducts searches in Mumbai
Fri, Aug 11, 2017

In July, CBI had issued a notice to Khan directing him to appear before the agency on July 4 and 5 for interrogation in a fresh case filed by it against him for alleged criminal conspiracy and corruption. The case is based on a complaint filed by the ED.

Inside the shell: What Sebi’s rap to non-trading firms indicates
Thu, Aug 10, 2017

What is a shell company? This is probably the first time that the regulator has issued a circular naming as many as 331 listed firms as suspected shell companies. Why are they being investigated?

Mumbai’s inflation perception high
Sat, Aug 05, 2017

Mumbai residents thought inflation in June was 8.5%, but actual retail inflation was 1.54%; only Guwahati had a higher perception, says survey

DRI unearths money laundering scam; 3 textile exporters held
Mon, Jul 31, 2017

The sources said the modus operandi adopted by the exporters was to forge CDFs bearing genuine serial numbers.

Jawaharlal Nehru Port: Container cargo clearance zooms by 491 per cent
Sun, Jul 30, 2017

“The DPD clearance system, first introduced in 2008 but never properly implemented, is now being used by firms after JN Port customs pushed companies such as Reliance Industries and the Tata Group to adopt the new system last year,” said a customs official.

SC tells MCIA to appoint arbitrator in global dispute
Sun, Jul 30, 2017

This is the first time in India when a court in the country has invoked section 11 of the Arbitration and Conciliation Act, 2015, asking an independent body to appoint an arbitrator in a matter.

Maharashtra expected to see surplus power availability of 13 per cent of demand in 2017-18, says report
Sat, Jul 29, 2017

Maharashtra is going to have an availability of 1,63,053 units. In comparison, the requirement is only 1,44,266 units, the report said. That translates to an excess of 13 per cent.

Disproportionate Assets: CBI registers case against I-T official, wife
Sat, Jul 29, 2017

On Friday, the CBI conducted searches in Delhi, Mumbai. Goa, Thane, Silvassa and Karnal in connection with the case and recovered several incriminating documents, sources said.

FMCG, Realty, banking stocks lead rally: Nifty briefly breaches 10K mark on liquidity surge
Wed, Jul 26, 2017

The Nifty, which has been steadily gaining ground over the last one year amid high liquidity, rose 44.90 points to reach an all-time high of 10,011.30 points crossing its previous intra-day high of 9,982.05 yesterday. However, it fell quickly after valuation concerns.

I-T probes offshore deals of Pune realtor, ‘searches’ ex-minister’s son
Tue, Jul 25, 2017

More than 200 I-T officials have been sent to different locations in the country to conduct searches, sources said.

Office space absorption rose in April-June quarter compared to Jan-March, says report
Sat, Jul 22, 2017

Mumbai: In the April to June quarter, there was net absorption of office space to the tune of 0.8 million square feet (msf). This was a 47 per cent surge from the 0.5 msf absorption that was seen in the first quarter of 2017.

Assets of defaulter Winsome Diamonds to be auctioned
Fri, Jul 21, 2017

Most of the properties to be e-auctioned are commercial offices in Mumbai, Kolkata, Valsad and Goa, according to a bank official. The auctions will be conducted through www.bankeauctions.com between noon and 1 pm on August 29.

Vijay Mallya case: Enforcement Directorate team in London to brief the Crown Prosecution Service
Thu, Jul 20, 2017

ED complaint was submitted in a Mumbai court on June 14 for an alleged loan default of Rs 900 crore by Kingfisher. The complaint accused the airline and Mallya of having routed overseas Rs 417 crore of Rs 900 crore it secured as loan from IDBI Bank.

Interview with Shardul Shroff: Next 90 days will see some form of action, there will be some revival plans or insolvency
Mon, Jul 17, 2017

Shroff, who represents lenders in the litigation, said buyers for the assets are waiting in the wings and banks will get to know the realisation — of course with haircuts and after long-drawn proceedings.

Sensex on fire: why are the bulls charging?
Mon, Jul 17, 2017

The Sensex and Nifty, India’s benchmark indices, have risen by 20% since the beginning of the year — among the highest in the world.

Mumbai has highest demand for co-working spaces
Sat, Jul 15, 2017

Co-working refers to shared office spaces. In top cities like Delhi National Capital Region (NCR), Mumbai, Bengaluru and Pune, a co-working space is likely to lead to cost savings in the range of 20-25 per cent when compared with leasing a traditional office space, the study says.

Recovery of dues under new law: Two major defaulters fight it out in court
Thu, Jul 13, 2017

According to the filings before the Chandigarh bench of National Company Law Tribunal (NCLT) Bhushan Power & Steel, an operational creditor of Amtek Auto filed a petition under IBC in early May, seeking to recover over Rs 60 lakh from the Delhi-based auto ancillary firm.

In a first, Income Tax department to charge govt official under new benami law
Tue, Jul 11, 2017

This is the first time that tax authorities are taking recourse to laws under the Benami Transactions (Prohibition) Amendment Act, 2016, to charge a serving government official and seize properties. The two SRA properties, sources said, were allegedly acquired by Rasal in 2013.