On October 30, at the meeting of the Financial Stability and Development Council chaired by Jaitley and attended by Urjit Patel among others, the central bank is learnt to have downplayed the issue of liquidity crunch.
RoC records show that Rao’s wife, M Sandhya, borrowed Rs 25 lakh from AMPL in the financial year ending March 2011. They show that between financial years ending 2012 and 2014, Sandhya gave loans amounting to Rs 1.14 crore to AMPL in three tranches.
Sources familiar with the discussions said the Department of Financial Services (DFS) is working closely with top officials in the Finance Ministry to prepare the plan, which is likely to be presented at the level of the PMO.
The biggest contributor to the high credit demand from scheduled commercial banks in August was the services sector which expanded by 26.7 per cent – the highest in at least five years. The growth for the personal loan segment stood at 18.2 per cent.
While ADIA declined to comment on the questions mailed to its spokesperson, a source clarified that Aditya Bhargava is head of India real estate and has no involvement with nor has any visibility on equity investments like these which are subject to Chinese walls.
Five independent directors on the erstwhile board have written to the newly appointed chairman Uday Kotak on October 2 raising several red flags and elaborating on constraints of long-term finance that plague the infrastructure sector.
A top executive at a leading mobile company said that while the industry was studying the Supreme Court verdict, companies are preparing to revert to physical KYC methods using paper forms and photocopies of documents.
While an equity investor may save up to 80-90 basis points in annual charges on their investment corpus, the distributors say that they are clueless about their remuneration from mutual fund advisory or sale.