Page 96 - Business Finance

Jammu and Kashmir Bank announces change in Chairman

With effect from 08 June 2019

Macro International appoints CFO

With effect from 08 June 2019

Chartered accountants facing 'most heat today' as norms are strong: Srinivas

Amid instances of frauds at companies, chartered accountants are facing the "most heat today" as strong auditing and accounting standards are in place, according to a senior government official. The remarks of Corporate Affairs Secretary Injeti Srinivas also come at a time when the role of auditors has come under the scanner for alleged violations, including in the IL&FS case. "When all the corporate frauds, crises came one after the other, we ran after chartered accountants. I think they are facing the most heat today... the statutory auditors," he said. "They are facing the most heat. Why? (Because of) very strong auditing standards, accounting standards, institution for the chartered accountants and now NAFRA (National Financial Reporting Authority) has come," he said. He also mentioned that credit rating agencies are not facing as much heat as statutory auditors since there is some subjectivity for the former. "Now, we are talking about revisiting framework for credit rating ..

Kanpur-based Jeeto Detergent reveals plans to ace the detergent sector

The detergent segment has been witnessing a decisive shift in recent years. Many new brands are trying to disrupt the market with their products and a unique brand voice.In addition to this, competitive pricing is also being used to float a brand apart from the competitive big names in the industry. Kanpur-based Jeeto Detergent has also fastened their activities to place their brand amongst the masses in the market.Jeeto Detergent as a brand is working hand in hand with the Mumbai-based globally acclaimed firm 3EA for research and marketing expertise to place themselves as an affordable yet leading brand in the personal care segment, especially powder detergents.The detergent market is sprinkled with healthy competition and in order for Jeeto Detergent to disrupt the current scenario; it is pitted against brands like Rin, Fena, Ghari Detergent and Tide. According to the data procured by 3EA for the brand, the Indian detergent market is predicted to expand at a compound annual growth ..

In a first, Railways offer massage services on board in 39 trains

In a first, the Indian Railways on Saturday announced massage services for passengers on board running trains.The service will be made available in 39 trains deporting from Indore.The Railways will charge Rs 100 each for foot massage or head massage. Three to Five persons of contractor will travel in each train. For them, Railways will issue proper IDs and authorities.The proposal was made from the Ratlam division of Western Railway zone under New, Innovative Non Fare Revenue Ideas Scheme (NINFRIS).This proposal will fetch Rs 20 lakh in a year, whereas the deemed earning will be Rs 90 lakhs (towards ticket) as it will increase approx 20,000 passengers (massage providers).Massage service will not be available during night hours (10 pm to 6 am).The service is likely to commence in the next 15-20 days.Among the 39 trains in which this service will be provided include Malwa Express, Humsafar Express, Mahamana Express and Shipra Express among others.

Balet - An unparalleled business opportunity promising more than 24 per cent ROI

Balet, one of the leading manufacturers and traders of high-quality leather and non-leather products for men and women, today announced a strategic franchise growth initiative with aggressive store expansion plans across India.The brand is targeting investors with a passion for helping others meet and exceed their performance goals.Founded in 1985 with the notion of creating an affordable range of leather and non-leather accessories which offers a wide selection of quality made products. The company's products are proud 'Made-In-India', handcrafted and customisable, with an extensive selection range.At present, Balet is successfully operating 4 stores in Mumbai and 2 stores outside Mumbai.They also have a presence in 150 plus partner stores across India, carrying an extensive range of leather accessories for men and women including wallets, belts, handbags, office bags, travel accessories, travel bags and more.The Company is planning to expand its retail footprints across India with ..

Govt mulls national institute for valuers

The government will look at setting up a national institute for valuers on the lines of chartered accountants' apex body ICAI, a senior official said Saturday. A similar attempt was made way back in 2008. "We now feel that we have enough critical mass to once again make an attempt to have a national institute for the valuers' profession on the lines of ICAI... It will require a lot of hardwork," Corporate Affairs Secretary Injeti Srinivas said. Professional institutes like the Institute of Chartered Accountants of India (ICAI) have been set up under Acts of Parliament. The Companies Act, 2013 provides a comprehensive framework for development and regulation of the profession of valuers. Speaking at a national seminar on valuation here organised by the Insolvency and Bankruptcy Board of India (IBBI), Srinivas stressed on the importance of professional competence, conduct and ethics of valuers. He also said standards for valuation are likely to be finalised in the near future, adding ...

Iconic 'Palais Royale' to be re-auctioned at slashed rate

After one failed bid to auction the iconic 'Palais Royale' building in Worli, Indiabulls Housing Finance Ltd (IHFL) has announced fresh plans to auction it at a substantially slashed price, hoping to recover a whopping Rs 995 crore from the owners, the S. Kumar's fame industrialist Vikas Kasliwal.

In a first, Railways offers massage services on board in 39 trains

In a first, the Indian Railways on Saturday announced massage services for passengers on board running trains.The service will be made available in 39 trains deporting from Indore.The Railways will charge Rs 100 each for foot massage or head massage. Three to Five persons of contractor will travel in each train. For them, Railways will issue proper IDs and authorities.The proposal was made from the Ratlam division of Western Railway zone under New, Innovative Non Fare Revenue Ideas Scheme (NINFRIS).This proposal will fetch Rs 20 lakh in a year, whereas the deemed earning will be Rs 90 lakhs (towards ticket) as it will increase approx 20,000 passengers (massage providers).Massage service will not be available during night hours (10 pm to 6 am).The service is likely to commence in the next 15-20 days.Among the 39 trains in which this service will be provided include Malwa Express, Humsafar Express, Mahamana Express and Shipra Express among others.

Mahindra to observe no production days at plants for up to 13 days this quarter

Homegrown auto major Mahindra & Mahindra (M&M) Saturday said it will shut production across plants for up to 13 days in the ongoing quarter to adjust to market demand. The company would be observing no production days during the first quarter ranging between 5-13 days across its automotive and farm equipment sector plants, M&M said in a regulatory filing. "The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements," it added. Last month, Maruti Suzuki India (MSI) had shut production for a day at its Gurgaon and Manesar plants to manage rising inventory levels. Auto manufacturers have been facing muted sales for quite some time now. The slowdown has forced companies to adjust their production schedules to market demand. Overall passenger vehicle sales in India dropped over 17 per cent in April, the worst monthly fall in nearly eight years, as subdued sentiment and the ...

Vigilance sleuths raid J&K Bank headquarters after chairman Parvez Ahmad's removal

Minutes after the removal of Parvez Ahmad as chairman of the Jammu and Kashmir Bank, state vigilance organisation sleuths Saturday raided the financial institution's corporate headquarters here, officials said. The vigilance organisation was looking for records of nearly 1,200 appointments allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad's tenure, they said. The sleuths raided the bank's corporate headquarters at M A Road here soon after the state government dismissed Ahmad and appointed executive president R K Chibber as the bank's interim chairman, the officials said. Chibber replaces Ahmad, who was appointed in 2016 as the chairman of the Jammu and Kashmir Bank. Parvez Ahmad, chairman-cum-managing director, shall cease to be director on the Board of Directors of the bank and consequently be no longer the chairman-cum-managing director of the board," an order issued by Additional Secretary,Finance, Vishal Sharma said .

Now get head, foot massage on trains from Indore

Some 39 trains originating from Indore will now offer head and foot massage services to passengers on board, Railway officials said on Saturday. The service will which be available for Rs 100 per passenger, has been rolled out with immediate effect.

Sacked J&K Bank Chairman's office, residence raided

Within hours after the Jammu and Kashmir government sacked J&K Bank Chairman Parvez Ahmed, sleuths of state Anti-Corruption Bureau (ACB) raided his office and residence in Srinagar.

China-US talk trade on sidelines of G-20 finance gathering

US Treasury Secretary Steven Mnuchin said Saturday that he plans to speak privately with China's central bank governor about trade on the sidelines of annual Group of 20 finance talks in southern Japan, but has no direct message to give him. Mnuchin and Yi Gang, chairman of the People's Bank of China, are due to hold routine talks on various issues and then break away for their discussion on trade. Yi, he noted, has participated in now-stalled talks between Washington and Beijing over the trade and technology dispute between the two largest economies. "This will be a one-on-one with Gov. Yi to talk alone about the trade issues," Mnuchin told reporters in the Japanese city of Fukuoka. But he added, "I would expect the main progress will be at the G-20 meetings of the presidents." He said there were no plans for trade talks in Washington or Beijing before Presidents Donald Trump and Xi Jinping are due to meet in Osaka for the G-20 summit on June 28-29. The Trump administration began ...

RBI circular a welcome step; provides more freedom to bankers: IBA

The Reserve Bank's new circular for resolution of stressed assets is propelled by provisioning requirements and gives more freedom to bankers in taking decisions, Indian Banks' Association (IBA) Chairman Sunil Mehta said Saturday. Two months after the Supreme Court struck down its February 12 circular, the Reserve Bank of India (RBI) Friday came out with a revised framework for resolving stressed assets wherein lenders have been given a 30-day period on whether to label an account as a non-performing asset. "The RBI circular is a very welcome step. It has given more freedom to bankers to bring their own resolve and instead of directions, it (circular) has been propelled by provisioning requirements which will propel lenders to take timely decisions. "... it has created a lot of clarity for various stakeholders," Mehta said on the sidelines of a seminar here. Corporate Affairs Secretary Injeti Srinivas said in terms of the spirit and rigour, the latest circular is identical to the ...

Chairman of J&K Bank sacked

The Jammu and Kashmir government on Saturday removed Parvez Ahmed from the post of Chairman-cum-Managing Director of the J&K Bank.

J-K Bank Chairman Parvez Ahmad removed; R K Chibber appointed interim chief

The Jammu and Kashmir government Saturday removed J&K Bank Chairman Parvez Ahmad and appointed R K Chibber as interim chairman of the lender. "Parvez Ahmad, Chairman cum Managing Director, shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board," an order issued by Additional Secretary, Finance, Vishal Sharma said here. It added that R K Chibber has been appointed as the interim chairman and director on the board of directors. Chibber will replace Ahmad, who was appointed in 2016 as the chairman of the bank. "R K Chibber is hereby nominated as the Director on the Board and may be further appointed as the interim Chairman cum Managing Director of the Board," it added. Sharma said the directions shall come into effect immediately.

First-ever Global Indian Business Excellence Awards launched in Parliament to foster stronger UK-India relationship

The number of Indian businesses investing in the UK has grown over the years, including a considerable jump of the previous year, despite Brexit uncertainties.To celebrate this growing UK-India partnership globally, WBR Corp UK Limited launched its first ever Global Indian Business Excellence Awards in Britain's House of Commons on Thursday 30 May 2019 with Asian Voice as the co-host. The ceremony was graced was UK parliamentarians like Lord Navnit Dholakia, MP Keith Vaz, MP Virendra Sharma and MP Seema Malhotra, peers, leaders of the community and business fraternity.The primary objective of the awards is a result of a comprehensive market research study. It is to identify and recognise the fastest growing organisations and entrepreneurs across a range of industries. The winners have been chosen on the basis of comprehensive profiling and after extensive background check of nominated organisations or individuals."The main aim for organising Global Indian Business Excellence Awards is

Indian Railways to provide massage service on board running trains

For the first time in the history of Indian Railways, massage services will be made available for passengers on board running trains. This facility will be made available in 39 trains departing from Indore, a railway official said Saturday. This was a proposal from the Ratlam division of Western Railway zone, the official said. "This is the first time in history of railways that we will provide massaging service for passenger comfort on running trains. It will not only increase revenue but also add passengers. Railways to earn an additional revenue of Rs 20 lakh annually and an estimated increase of Rs 90 lakh per year through additional sale of tickets from about 20,000 passenger who will be the service providers. "This is the first time that such a contract has been signed," said Rajesh Bajpai, director, media and communication, railway board. The service will be available for Rs 100 each for foot massage and head massage. This scheme is part of the railways' scheme whereby zones ...

Hope West Bengal CM attends Niti Aayog meet: Rajiv Kumar

Niti Aayog Vice-Chairman Rajiv Kumar Saturday expressed hope that West Bengal Chief Minister Mamata Banerjee will attend its Governing Council meet on June 15. The chief minister has refused to attend the meeting of Niti Aayog to be chaired by Prime Minister Narendra Modi, saying it is "fruitless" as the body has no financial powers to support state plans. "We have invited her with all due respect and I am still hoping that she will accept my personal invitation and attend the meeting on June 15th and give us the idea as to how to improve Niti further,' Kumar told reporters here. Modi is set to chair the fifth meeting of the Niti Aayog's Governing Council to discuss various issues regarding the country's development. Banerjee conveyed her decision not to attend the meeting in a letter written to the prime minister. "Given the fact that the Niti Aayog has no financial powers and the power to support state plans it is fruitless for me to attend the meeting of a body that is bereft of ...