Only 22 per cent of the minority shareholders of IDBI Bank exercised their option of exiting the company in the open offer floated by Life Insurance Corporation (LIC), which is taking majority stake in the debt ridden state-owned bank, sources said.
Amid a row over the ouster of CBI director Alok Verma, Congress on Sunday sought "immediate removal" of the chief vigilance commissioner, alleging the government had made him act like a "puppet" to "escape a probe" into the Rafale deal. There was no immediate reaction from the Central Vigilance Commission or the government on the charge.
The government may extend the Remission of State Levies (RoSL) to sectors including chemicals and engineering as part of the proposed incentive package for exporters to boost the country's outbound shipments, an official said.
Currently, RoSL, which is to offset indirect taxes levied by states such as stamp duty, petroleum tax, electricity duty and mandi tax that were embedded in exports, is provided to textiles exporters.
The Congress party will simplify the goods and services tax (GST) and take “rational economic decisions” to attract foreign investment if voted back to power in a general election due by May, its leader Rahul Gandhi said on Saturday.
The National Company Law Tribunal (NCLT) has given its approval to start the insolvency proceedings against realty firm Parsvnath Developers’ subsidiary that is developing a housing project in the national capital.
IIM-Ahmedabad has recommended a set of tough, sweeping changes in the working of BSNL and a helping hand from the government to revive the loss-ridden telecom PSU. In an interim report presented to the telecom ministry, the premier management institute has also suggested measures like immediate allocation of 4G spectrum to BSNL, selling real estates after duly transferring them to the PSU from the telecom department, operationalisation of the tower arm and introduction of a voluntary retirement scheme (VRS).
The Narendra Modi-led NDA government’s election doles may continue well into this year’s interim budget. Plans are being lined up in the North Block to lure the salaried and pensioners with additional tax sops.
Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE.
The regulator conducted a probe between April 2014 and September 2015 into the trading activities of certain entities in illiquid stock options on the BSE after observing large-scale reversal of trades.
During the investigation, Sebi found that over 81 per cent of all the trades executed in the BSE's stock options segment were non-genuine trades.
The Supreme Court Friday lifted its stay on certain stalled projects under the government's ambitious Chardham development plan, which proposes to provide all-weather connectivity to the four holy towns of Uttarakhand.
The court said the stay will however continue on those projects which are yet to begin under the plan till the environment clearance is taken by the authorities.
The four towns of the hilly state to be connected by all-weather roads are Yamnotri, Gangotri, Kedarnath and Badrinath.
Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in manufacturing sector, particularly consumer and capital goods.