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”.
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.
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.
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: 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.
Highest among city business districts
Sebi whole-time member, S Raman, talks about his experience as a commercial banker and how it has helped in his transition to regulation
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.
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.
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.
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.
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.
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.
“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.
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”.
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.
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.
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.
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.
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 residents thought inflation in June was 8.5%, but actual retail inflation was 1.54%; only Guwahati had a higher perception, says survey
The sources said the modus operandi adopted by the exporters was to forge CDFs bearing genuine serial numbers.
“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.
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 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.
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.
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.
More than 200 I-T officials have been sent to different locations in the country to conduct searches, sources said.
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.
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.
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.
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.
The Sensex and Nifty, India’s benchmark indices, have risen by 20% since the beginning of the year — among the highest in the world.
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.
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.
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.