Page 1139 - Business Finance
DHFL appoints 'independent' accounting firm to verify charges
Dewan Housing Finance Corp (DHFL) on Thursday appointed an "independent" chartered accountant firm to verify the recent allegations of a Rs 31,000-crore scam involving the company.
DAC clears changes in defence procurement procedure to make it simpler
The Defence Acquisition Council (DAC) chaired by Defence Minister Nirmala Sitharaman on Thursday approved significant changes in the Defence Procurement Procedure (DPP)-2016 to make it "industry friendly and simpler".
WNS names Gautam Barai as COO
BPM major WNS (Holdings) Ltd Thursday said it has elevated its Chief Business Officer Gautam Barai as the chief operating officer (COO). Barai replaces Ronald Gillette, who has decided to resign from his position to pursue other interests, WNS said in a statement. Over the next three months, Gillette will help ensure a seamless transition of the COO role to Barai, it added. Barai brings more than 18 years of experience to the position, including over nine years at WNS, the statement said. Prior to joining WNS, Gautam was SVP - Business Executive Operations at Bank of America, and SVP Head of Operations at Countrywide Financial Corporation. * * * * * MoneyOnClick raises $2.15 mn in seed fund MoneyOnClick, a tech-based lending startup, Thursday said it has raised Rs 15 crore (USD 2.15 million) as part of its seed capital fund from investors like Orios Venture Partners, Kalaari Capital, and 3one4 Capital. Bengaluru-based MoneyOnClick is focussed on providing a lending platform to ...
Leather exports to record 6 pc growth in 2018-19: CLE
The country's leather exports will grow by 6 per cent to Rs 39,200 crore during the current fiscal on account of growing demand in global markets, the Council for Leather Exports (CLE) said Thursday. CLE Chairman Panaruna Aqeel said increase in the exports will help in creating huge number of jobs in the sector. "In the next three years, we will see creation of 3.24 lakh new jobs and formalisation of 2 lakh jobs in footwear, leather and accessories sector through training of youth under central government assistance, with an outlay of Rs 696 crore," he said in a statement. In 2017-18, the exports stood at Rs 37,000 crore. The leather and footwear sector currently employs 4.42 million people, out of which 30 per cent are women. He also said extensive modernisation of the tanning sector in Tamil Nadu will be undertaken in the next two years with the assistance of Rs 414 crore. The council has organised a three day India-International Leather Fair in Chennai to showcase potential in the .
3 banks taken out of RBI's PCA framework of lending curbs for high bad loans
In a major decision on the eve of the Union interim Budget presentation, three state-run banks were on Monday removed from the list of lenders who are mandatorily implementing the Reserve Bank of India's (RBI) Prompt Corrective Action (PCA) framework for banks struggling with huge accumulated non-performing assets (NPAs or bad loans).
General Electric sales top Wall Street estimates, shares rally
(Reuters) - General Electric Co beat estimates for sales and cash flow in the fourth quarter and said it had reached a tentative deal to settle a subprime mortgage case with U.S. regulators, sending its shares sharply higher.
Hershey's earnings miss overshadows strong forecast
(Reuters) - Hershey Co on Thursday reported quarterly profit and sales that narrowly missed Wall Street estimates, hurt by lower prices, overshadowing a profit forecast for the full year that was largely above analysts' estimates.
Illegal CIS: Sebi bans Maitreya Plotters, directors from mkts for 4 yrs
Markets regulator Sebi Thursday banned Maitreya Plotters and Structures and two directors from the markets for at least four years and asked them to refund Rs 1,775 crore to investors in three months. The directors are Madhusudan Satpalkar and Janardan Arvind Parulekar, as per Sebi order. Besides, the regulator noted that several proceedings have been initiated against the company by different entities and Nasik district court has allowed for constitution of a committee for payment of the money to the investors. The Sebi in year 2013 had prime-facie found the schemes for booking or purchase of plot launched by the firm from 2009 to 2013 were deemed to be collective investment scheme (CIS). As per the order, the company has stated to receive advance from the investors to the extent of Rs 1,775 crore. Accordingly, Sebi had barred entities from further collecting money and asked them not to dispose of assets acquired by them through the fund-raise. The interim orders were later confirmed
DHFL appoints CA firm to examine allegations by Cobrapost
Mortgage firm DHFL Thursday appointed a Chartered Accountant firm to examine allegations made by Cobrapost that the NBFC through shell companies has siphoned out Rs 31,000 crore. According to an expose by portal Cobrapost, DHFL allegedly diverted Rs 31,000 crore of loans raised from state-owned banks but the company had termed the report as mischievous with a mala fide intention. The company at its meeting held on Thursday, January 31, 2019, has appointed an independent Chartered Accountant firm to verify the allegations made in the complaint and submit a report in a time bound manner, DHFL said in a regulatory filing. DHFL (Dewan Housing Finance Corporation Ltd) in a statement had said the company is publicly listed housing finance company and is regulated by the National Housing Bank and the Securities and Exchange Board of India, amongst other regulators.
Working on draft logistics policy: Prabhu
The commerce ministry is working on a draft national logistics policy, which is aimed at promoting seamless movement of goods across the country and reducing high transaction cost of traders, Union minister Suresh Prabhu said Thursday. "The draft policy will be placed to seek stakeholders views," he said here while inaugurating LOGIX India 2019. The commerce minister said that workshops will be organised to seek views on the draft. The proposed policy would also focus on increasing the warehousing capacity and identify gaps that could be bridged to bring down the cost of logistics for traders. High logistics cost impacts competitiveness of domestic goods in the international markets. The commerce ministry is working on several steps, including development of a national logistics portal, to boost both domestic and foreign trade. The main departments involved in the process include railways, shipping, road transport, civil aviation and customs. Prabhu also said that improvement in ...
RBI lifts lending curbs on BoI, BoM, OBC
In a significant move, the RBI Thursday lifted lending curbs on three out of 11 weak public sector banks (PSBs) as the central bank under new Governor Shaktikanta Das met one of the key demands of the government for boosting credit growth. Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) are now out of the Prompt Corrective Action (PCA) Framework, a move that will help expand loan growth to prop up economy. "It has been decided that BoI and BoM which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs (non-performing assets) of less than 6 per cent as per third quarter results, are taken out of the PCA framework subject to certain conditions and continuous monitoring," the RBI said in a statement. In case of OBC, the net NPA has come down to less than 6 per cent as the government has infused sufficient capital, it said. Hence, it has been decided to remove the restrictions placed on OBC under PCA framework, subject .
Accenture's former CEO Nanterme dies
(Reuters) - Accenture Plc said Pierre Nanterme, who stepped down earlier this month as the company's chief executive officer due to health reasons, has died.
Exclusive: Three state banks come off RBI watchlist
NEW DELHI (Reuters) - The Reserve Bank of India (RBI) on Thursday removed Bank of India and Bank of Maharashtra from its prompt corrective action plan (PCA) for state-owned banks with high levels of bad debt and inadequate capital, confirming a Reuters newsbreak.
HDFC Bank joins hands with IIM-A to launch regional digital summit
The HDFC Bank on Thursday joined hands with the Indian Institute of Management, Ahmedabad (IIM-A) to launch its first regional DIS Summit, a platform for start-ups to showcase their innovations to power the bank's growth.
Jet Airways CEO asks employees to be patient
Jet Airways CEO Vinay Dube told its employees on Thursday that the situation of the crisis-ridden airline might get tougher and asked them to be patient. In an email to the employees, Dube said, "It might get tougher before it gets better, and our ascendancy will be gradual, but collectively, with your unstinted support and commitment, we will come out of this a stronger airline." On Wednesday, Jet Airways had decided to cancel 15 flights following grounding of six Boeing 737 planes due to non-payment of lease rentals. Dube said that the company's chairman, board of directors and the management team are working hard on a balance sheet transaction that will help in eliminating its "current challenges". "In fact, the airline's key stakeholders are actively engaged towards finalisation of the resolution plan. We are very close, and I ask for your continued patience. Given our ongoing challenges, this is a very tall ask," Dube wrote in his message. Dube added "While flight cancellations, .
Gold hits 9-month peak on Fed rate freeze; eyes monthly gain
(Reuters) - Gold rose on Thursday to its highest in nine months, after the U.S. Federal Reserve pulled the reins on monetary tightening, weakening the dollar and keeping bullion on track for its fourth straight monthly gain.
15th Fin Commission meets trade, industry bodies of Punjab
The 15th Finance Commission headed by N K Singh Thursday met here the representatives of trade and industry bodies of Punjab, according to an official statement. The commission observed that a few big players of the service sector were currently operating in Punjab. Singh is on an official three-day visit to the state. Majority of the service sector taxpayers are covered under the category of the micro, small and medium enterprises (MSMEs), according to an official release issued by PIB. Punjab's gross state value added (GSVA) from secondary and tertiary sector is low in comparison to other select general category states (GCS), indicating a very limited taxing capacity of the state. Punjab ranks 20th position in the ease of doing business ranking, witha score of 54.36 per cent. On the other hand, the neighbouring Haryana stands at the third position with a score of 98.06 per cent. The special industrial incentive package given to Jammu & Kashmir and Himachal Pradesh has affected ..
Altria says Juul sales skyrocket to $1 billion in 2018
(Reuters) - Marlboro maker Altria Group Inc said on Thursday e-cigarette maker Juul Labs Inc posted more than $1 billion in revenue in 2018, up from about $200 million a year earlier, the first official growth figures for the controversial vaping product.
Pakistan launches expatriates' bond to tackle payments crisis
ISLAMABAD (Reuters) - Cash-strapped Pakistan on Thursday launched a bond scheme for its citizens living overseas, aimed at generating funds in foreign currencies to help bridge a balance of payment crisis.
Ola losses narrow to Rs 2,842 cr for FY18; revenue zooms 61%
Ride hailing platform Ola has more than halved its consolidated losses to Rs 2,842.2 crore, while growing revenue by almost 61 per cent during FY2018, as per regulatory documents. Ola, which is locked in a bruising battle for market leadership in the Indian market against American rival Uber, had registered a loss of Rs 4,897.8 crore in FY2016-17. ANI Technologies -- the entity running Ola -- saw its consolidated revenue rising 60.9 per cent to Rs 2,222.6 crore in the fiscal ended March 2018 from Rs 1,380.7 crore in the previous fiscal. Emails sent to Ola did not elicit any response. According to the documents filed with the Corporate Affairs Ministry, Ola narrowed its standalone losses significantly to Rs 2,676.7 crore, while revenues were up 44.6 per cent to Rs 1,860.6 crore in FY2018 compared to the previous financial year. Ola has previously stated that it is on path to profitability. Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in more than 110 cities .