The complaint alleged that CAM was legal adviser to the former board of IL&FS, which is facing criminal and legal action by government agencies, and continues to perform that role for the new board, too.
Since January 2017, National Company Law Tribunal, the adjudicating authority for bankruptcy and corporate cases, has admitted 1,858 cases
and managed closure in little over a half. No surprise then that ‘judicial members’ usually have one advice: settle
Sitharaman said startups and their investors who file requisite declaration and provide information in their returns will not be subjected to any kind of income tax scrutiny in respect of valuations of share premiums.
The DRI is probing at least 40 companies, including two companies of the Adani Group, two Essar Group firms and a few public sector power firms, for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore.
The banking regulator’s response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI’s assistance in obtaining information from two state-owned banks on the alleged Rs 29,000-crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group among others.
A LR is a formal request from one country to another under the Mutual Legal Assistance Treaty (MLAT) seeking judicial assistance in accessing information on an offshore entity in connection with an ongoing probe.
Incidentally, the tribunal set aside the crucial order of the revenue department even though the two main accused in the case -- ABG Shipyard and its promoter -- have not appealed against the DRI order in the tribunal.
Officials of these four agencies — Care Ratings Ltd, ICRA Ltd, India Ratings and Research Pvt Ltd and Brickwork Ratings India Pvt Ltd — have been summoned and questioned by the SFIO in the last one month on their role in rating the debt papers of IFIN between 2014 and 2018.
This official requested his colleagues to delete that mail after reading but an executive director of ICICI Bank, who was one of the recipients, forwarded it to Chanda Kochhar suggesting that such analysis and mails can “freeze” the organisation.