FM says PSBs had 'worst phase' under Manmohan , Rajan
Finance Minister Nirmala Sitharaman has said the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan. Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs on Tuesday, Sitharaman said giving all the public sector banks a lifeline is today her primary duty.
Here are the other important stories of the day
SC concludes hearing in Ayodhya case
The Supreme Court Wednesday concluded hearing in the politically sensitive case of Ram Janmbhoomi-Babri Masjid land dispute in Ayodhya and reserved its judgement. The bench, after hearing the case for 40 days, concluded the arguments in the matter. A 5-judge Constitution bench, headed by Chief Justice Ranjan Gogoi, granted three days to contesting parties to file written notes on 'moulding of relief' or narrowing down the issues on which the court is required to adjudicate.
ED arrests Chidambaram
The Enforcement Directorate arrested former finance minister P Chidambaram in connection with INX-Media money laundering case following interrogation in the Tihar Jail on Wednesday morning. The senior Congress leader spent 55 days in CBI and judicial custody in the corruption charges in the same case.
India cannot sacrifice economic strength to comply with US sanctions: FM
India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman has said in an interview. The United States in January imposed the toughest sanctions yet on Venezuela's oil industry. The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft. The company is set to resume direct oil loadings in the South American nation after a four-month pause.
Bajaj Chetak makes a comeback in electric avatar
Two-wheeler major Bajaj has announced the comeback of its iconic scooter brand Chetak in an electric avatar. The company plans to start selling electric scooters (e-scooter) under the Chetak brand January onwards from Pune and then move to Bengaluru; and after gauging the response, expand operations to other locations.Whistleblower alleges siphoning of funds from MIAL
The GVK Group, which is locked in a legal battle with the Adani Group on stake sale in its flagship Mumbai International Airport (MIAL), on Tuesday said it has received a notice from the corporate affairs ministry (MCA), seeking some details about the airport operator. The group is resisting the Adanis' bid to buy out the 13.5 per cent stake being held by its South African JV partner Bidvest in MIAL. The issue is with the Bombay High Court.
Saudi Aramco set to pay up to $450 million in fees to IPO advisers
Advisers working on Saudi Aramco’s mammoth share sale may split a fee pool of as much as $450 million, according to people with knowledge of the matter, making it one of the biggest IPO pay outs globally. The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working on its initial public offering, the people said, asking not to be identified because the information is private. The payment would represent a fee of about 1 per cent on the $40 billion Aramco is seeking to raise -- relatively low compared to other markets.
Tata won't sell Jaguar Land Rover, open to adding partners: Chandrasekaran
Tata Sons, the Indian conglomerate that owns Jaguar Land Rover, said it is open to finding partners for the automaker but isn’t planning on selling the embattled unit. “We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons, the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, auto is our largest company.”