Loan moratorium case LIVE: Supreme Court defers hearing to Wednesday

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8:34 PM

LVB logo, website tweaked post DBS merger; customers asked to use existing accounts

Customers of erstwhile Lakshmi Vilas Bank (LVB), now owned by DBS Bank India Ltd, have been asked to continue using their existing accounts and other facilities, while the lender's website and logo now bear the DBS name alongside. In a notification on LVB's website, customers have been informed that they can continue to use their existing bank accounts, debit cards and cheque books seamlessly for transactions pan-India as earlier. Besides, the LVB IFSC and MICR codes remain unchanged till further notice, as per the Reserve Bank's directives.

 

The physical branches of LVB can also be seen with the tweaked logo and the tagline - 'Now part of DBS Bank India Limited'.

 

The 'Shareholder Info' section of the LVB website too has been removed, with a message saying: "It seems that the page you were trying to reach doesn't exist anymore, or maybe it has just moved."

The future course of action regarding LVB's name change and logo is not yet decided. Earlier last month, the RBI placed crisis-ridden LVB under a moratorium and announced its merger with DBIL. The scheme of amalgamation came into effect from November 27, 2020, wherein the Indian arm of Singapore-based DBS Bank acquired the bank for Rs 2,500 crore.

8:19 PM

Blanket interest waiver on all loans to be Rs 6 trillion: Centre to SC

The Centre informed the Supreme Court on Tuesday that if it were to consider waiving interest on all the loans and advances to all categories of borrowers for the six-month moratorium period announced by RBI in view of COVID-19 pandemic, then the amount foregone would be more than Rs 6 trillion. If the banks were to bear this burden, then it would necessarily wipe out a substantial and a major part of their net worth, rendering most of the lenders unviable and raising a very serious question mark over their very survival, it said.

 

A bench of Justices Ashok Bhushan, R S Reddy and M R Shah was informed by Solicitor General Tushar Mehta, appearing for the Centre, that this was one of the main reasons why waiver of interest was not even contemplated and only payment of instalments was deferred.

 

The top court is hearing a batch of pleas of various bodies including from real estate and power seeking sector wise relief in view of the COVID-19 pandemic.

 

Reading from the written submission filed in the top court, Mehta said that if the interest is waived on all the loans and advances for the moratorium period, with regard to all classes and categories of borrowers, the amount to be foregone would be more than Rs 6 trillion.

7:58 PM

CBI files supplementary chargesheets in Vyapam cases

The Central Bureau of Investigation (CBI) on Tuesday said that it has filed two supplementary chargesheets in separate cases related to Pre Medical Test (PMT) 2009 and transport constable recruitment test (TCRT) 2012 examinations conducted by Vyapam in Madhya Pradesh. A CBI official here said that in the first case, a supplementary chargesheet has been filed in the CBI court in Gwalior against 126 accused including candidates, impersonators, parents or guardians and middlemen related to PMT-2009 examination conducted by Vyapam.

 

The agency had registered the case on August 21, 2015 on the orders of the Supreme Court.

 

"During CBI investigation, it was found that 36 candidates had allegedly arranged impersonators to appear in the written examination of MPPMT-2009 on their behalf with the help of middlemen, parents and accordingly they illegally passed the examination and got admission in a private medical college in Gwalior," the official said.

7:30 PM

Air quality in Ghaziabad, Noida remains 'severe' for fifth day in a row, stays 'very poor' in Faridabad, Gurgaon

7:11 PM

Only 4 states have appointed judicial, non-judicial members of Lokayukta: Report

Only four states -- Bihar, Manipur, Odisha and Tamil Nadu -- have appointed judicial and non-judicial members of anti-corruption ombudsman Lokayukta, according to a Transparency International India report. The report issued on the eve of International Anti-Corruption Day analyses the working of Lokayukta (state-level ombudsman) in the country, seven years after the Lokpal and Lokayukta Act 2013 came into being after a massive push from the India Against Corruption movement of 2011.

 

"It has been around 50 years since Maharashtra appointed Lokayukta in 1971; 10 year of the famous Anna movement and seven years of the Lokpal and Lokayuktas Act, 2013. But in actuality, there is little progress in anti-corruption landscape of country," a statement from Transparency International India, a civil society organisation, said.

 

The Act mandates appointment of Lokpal at the Central level to inquire into allegations of corruption against important public functionaries, while Lokayukta is the state-level ombudsman.

6:41 PM

Mistry stake valued at Rs 80,000 crore at most, says Tata group in SC

The Tata group has estimated the valuation of Mistry’s family’s 18.4 per cent stake in Tata Sons ranges between Rs 70,000 crore and Rs 80,000 crore as compared to Rs 1.78 trillion sought by the family.

 

During the hearing today at the Supreme Court today, Tata Sons counsel Harish Salve mentioend that the Mistry family shares are worth Rs 70,000-80,000 crore and a member of Tata Sons can't make allegations about other group firms.

 

Arguing on behalf of Tata Sons, Salve said Tata group was run amazingly by its former chairman Ratan Tata and during his tenure between 1991 and 2012, the market cap of Tata went up 500 times. “When there is a growth story of 500 per cent, there will be some winner projects and some losers," Salve informed the court. "Just because some businesses make losses does not imply that there is mismanagement in Tata Sons,” Salve argued. READ ON...

6:15 PM

Loan moratorium case LIVE: Supreme Court defers hearing to Wednesday

5:30 PM

Australia beat India by 12 runs in third and final T20 International in Sydney

Australia beat India by 12 runs in third and final T20 International in Sydney. Series ends 2-1 in favour of Virat Kohli-led visitors

5:25 PM

3rd T20I: Australia beat India by 12 runs in Sydney

5:07 PM

Govt invites fresh bids for strategic sale of Pawan Hans

After two unsuccessful attempts, the government on Tuesday invited fresh bids for strategic sale of helicopter services provider Pawan Hans along with transfer of management control. The government owns 51 per cent stake in Pawan Hans, while Oil and Natural Gas Corp (ONGC) holds 49 per cent stake. ONGC had earlier decided to offer its entire stake in the company for sale along with government stake.

 

The Department of Investment and Public Asset Management (DIPAM) has floated the Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) from potential buyers by January 19, 2021.

 

The government had earlier decided to disinvest its entire equity shareholding in Pawan Hans by way of strategic disinvestment along with transfer of management control. The PIM said that heliport at Rohini, built on land allotted to Civil Aviation Ministry under perpetual lease granted by the Delhi Development Authority, shall not form part of the proposed transaction, and will be demerged from Pawan Hans Ltd (PHL).

4:40 PM

Delhi Deputy Chief Minister Manish Sisodia hold sit-in protest outside CM's residence

4:39 PM

PM Modi speaks to Qatar Emir; task force to be set up to boost Qatari investments into India

Prime Minister Narendra Modi and Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani on Tuesday vowed to boost bilateral cooperation in the fields of investment flows and energy security, and decided to create a special task-force to further facilitate investments by the Gulf country into India. In a telephonic conversation, Modi conveyed his felicitations to the Qatar Emir for the forthcoming National Day of Qatar, the Prime Minister's Office said in a statement.

 

While thanking Prime Minister Modi for the greetings, the Emir appreciated the enthusiasm with which the Indian community in Qatar participates in the National Day celebrations. He also conveyed warm greetings to Modi for the recent Diwali festival.

 

The two leaders discussed the robust cooperation between both countries in the fields of investment flows and energy security, and reviewed recent positive developments in this regard, the PMO said.

4:18 PM

Indian Army Chief General Naravane leaves for UAE, Saudi Arabia

Army Chief Gen MM Naravane on Tuesday left on a six-day tour of the United Arab Emirates and Saudi Arabia, in a rare visit reflecting India's growing strategic ties with the two influential Gulf nations. The visit comes in the midst of fast-paced developments in the Gulf region including normalisation of Israel's relations with several Arab countries as well as situation arising out of the assassination of Iran's top nuclear weapons scientist Mohsen Fakhrizadeh.

 

It is for the first time that an Indian Army chief is visiting the two Gulf nations. The Army chief's first destination will be the United Arab Emirates where he will meet senior military officials and discuss avenues for enhancing bilateral defence cooperation.

 

"General MM Naravane, the Chief of Army Staff has proceeded on a visit to the United Arab Emirates and the Kingdom of Saudi Arabia from December 9 to 14," the Army said in a statement.

 

According to the official schedule, the Army Chief will visit Saudi Arabia from December 13 to 14.

4:17 PM

Sensex rises 181.54 pts to end at all-time high of 45,608.51; Nifty up 37.20 pts to record 13,392.95

3:56 PM

Rupee soars 30 paise to close at 73.60 (provisional) against US dollar

3:52 PM

I-T raids on Odisha group leads to Rs 170 crore black income

The raids conducted by the Income Tax department against an Odisha-based group involved in manufacturing and trading of steel products has led to the detection of about Rs 170 crore black income and presence of bogus directors who are actually gullible daily wage earners, the CBDT said on Tuesday. The group which has premises in and around Rourkela was searched on December 3 by the department.

 

"The group entities were booking bogus purchases of around Rs 170 crore for two financial years in the name of 17 bogus entities," the Central Board of Direct Taxes (CBDT) said in a statement.

 

The administrative authority for the I-T department did not identify the entity raided, but said all the 17 entities have "confessed" in the statements recorded during the course of search that they were unaware of any such business concerns in their name.

 

"It is also observed that the total amount was withdrawn in cash from the bank accounts of these bogus entities. All the proprietors or directors of the bogus entities are daily wage labourers or from economically weaker sections," it said.

3:02 PM

LIVE: Amit Shah calls protesting farmers for talks at 7 pm, say TV reports

2:31 PM

Need urgent policy reforms for accelerated 5G rollout, says Mukesh Ambani

Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Tuesday said that the group's telecom arm Jio is ready to pioneer the 5G revolution in the second half of 2021 and called upon the government to take urgent policy steps for accelerated rollout and affordable prices.
 

Ambani, who had in July announced the development of an in-house 5G solution and readiness for trials, made these remarks during the inauguration of the Indian Mobile Congress.
 

"Jio will pioneer the 5G revolution in India in the second half of 2021. It will be powered by indegeniously developed network, hardware and technology components," Ambani said.

 

The government, however, is yet to take a decision on the 5G spectrum. Spectrum for trials too, has not been given. Development of 5G enabled handsets also remains an issue. READ ON...

1:56 PM

India's GSPC seeks LNG cargo for January delivery

India's Gujarat State Petroleum Corp (GSPC) is seeking a liquefied natural gas (LNG) cargo for delivery in January, two industry sources said on Tuesday.

 

It is seeking the cargo on a delivered basis for Jan. 4 to 15 delivery into Dahej, Hazira, Dabhol or Mundra ports in India, in a tender that closes on Dec. 8, with same-day validity, one of them said. GSPC is seeking the cargo on a fixed price basis, the source added.

 

1:36 PM

Loan moratorium case LIVE: The question is whether compound interest should be charged or not, says Justice Bhushan

The moment a default is made for interest payments, it immediately affects the depositors, says SG

 

You were charging interests but the only thing is whether compound interest should be charged or not, says Justice Bhushan

 

Contract between bank and borrower in that case, says SG

1:06 PM

Loan moratorium case LIVE: All conceivable sectors affected by Covid-19 have been taken into consideration, SG says

12:45 PM

If we give waiver of compound interest (to borrowers over 2 crore) we will be suffering losses for over Rs 5,000 crore (at rate of waiver of Rs 1 crore)

If we give waiver of compound interest (to borrowers over 2 crore) we will be suffering losses for over Rs 5,000 crore (at rate of waiver of Rs 1 crore) this is why we stopped the threshold for small borrowers (loans up to 2 crore), says SG

 

12:35 PM

Loan moratorium case LIVE: Interest waiver a burden on economy, says SG

12:17 PM

Loan moratorium case in SC: The losses granting the waiver can attract is over 6 trillion, no economy can withstand this, at least Indian Economy cannot, SG says

The losses granting the waiver can attract is over 6 trillion, no economy can withstand this, at least Indian Economy cannot, SG says while elaborating on the steps taken to uplift the economy during Covid

12:14 PM

Loan moratorium case in SC: 50 per cent of the borrowers did not avail moratorium, SG says

Moratoriums can never mean waiver, this can have disastrous effects in economy, 50 per cent not availed it, SG says

 

SC Bench: You say 50 per cent not availed?

Senior Adv VV Giri for RBI says there are figures to substantiate that 70 per cent not availed moratorium.

12:12 PM

Loan moratorium case in SC: There are many defaulters who were defaulters much before we even heard the name Covid, SG says

11:51 AM

Loan moratorium case in SC: Credit Guarantee schemes already rolled out, over a crore rolled out for getting MSME’s back on their feet etc, SG says

11:50 AM

Loan moratorium case in SC: SG reads out measures taken under till now

SG reads out measures taken under till now. He says that middle and lower middle class wanted waiver of interests. Many bigger Corporates had issues prior to COVID and covid might hav aggravated them, says SG

11:48 AM

Loan moratorium case: There is a huge magnitude of relief granted and the impact of it. If surplus interest waiver is granted, a loss of 6 trillion will be there, SG says

11:16 AM

Reliance Jio to launch 5G network in second half of 2021, say Mukesh Ambani

Reliance Jio will pioneer the 5G revolution in India in the second half of 2021, said Mukesh Ambani on Tuesday in the inaugural speech at the India Mobile Congress 2020. Sharing his ideas to make India the world’s preeminent digital society with ease of living for all, Reliance Jio chairman said the country is among the best digitally connected nations in the world, and in order to maintain the lead, policy steps are needed to accelerate an early rollout of 5G, and to make it affordable and available everywhere. Read on...