Assets

Assets worth more than Rs 4,800 crore were seized during searches conducted by the Income Tax department against 2,841 groups in the last four financial years, the government informed Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary said these searches are undertaken to find "suspected or identified large-scale tax evasion". He shared the figures in this regard as part of a written reply furnished in the Lok Sabha. The data pertains to financial years 2019-20, 2020-22, 2021-22 and 2022-23 (provisional figures till January 2023) and Chaudhary said a total of 2,841 groups were searched by the I-T department leading to seizure of assets worth Rs 4,863.12 crore. The highest seizure of assets took place during the last fiscal of 2022-23 (data till January 2023) at Rs 1,533.23 crore with searches being conducted against a total of 602 groups, the data stated. Properties worth Rs 1,159.59 crore were seized after searches against 686 groups in 2021-22, assets worth Rs .

Trade credits and loans were primary contributors to the rise in India's foreign liabilities, the data stated

On March 17, the Delhi High Court handed down an order to ensure the payment of an arbitral award due for over five years

In a Q&A, the MD & CEO of the firm dwells on its business model and the focus on retail assets to drive volume, going forward

President Droupadi Murmu on Tuesday said that banks need to strike a balance between protection of public money and use of savings for asset creation in future. The President said banks have two fundamental responsibilities- acting as custodians of public money and using savings of the present for future asset creation. "Balancing both these responsibilities is a challenge for every bank. Sometimes due to vitiation of the balance between these two, worrying economic conditions arise in different parts of the world," she said. The President was speaking at an event organised by UCO Bank here to celebrate the completion of 80 years of the public sector lender. Murmu said all banks are duty-bound to uphold the trust of millions of people who keep their savings in banks. She expressed confidence that the professional staff and vigilant leadership of UCO Bank will discharge these responsibilities effectively. The President said fintech has been transforming the way people access and m

A Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant

Minimum bid amount fixed at Rs 9,500 crore

It is rare for the government to sell assets when prices and sentiment are high

Worth its weight in Gold: Saw portfolio increase of 1-6 percentage points in November-December 2022

As part of the restructuring with secured lenders, debt-laden McLeod Russel India Ltd is in the process of negotiating with "multiple investors" to monetise assets and infuse fresh capital, but these talks are still in the fluid stages and nothing has been finalised, an official with the bulk tea major said. The final third credit rating of the company, which was delayed due to the Covid pandemic, is likely to be submitted by January 10, the official said. The BM Khaitan family, the existing promoters of McLeod Russel, however, still remain hopeful of retaining the management control of the company that produces 73 million kg of tea from a few dozen of gardens mostly in Assam and also in Africa and Vietnam. "We are holding talks with several investors to monetise assets and infusion of fresh capital as part of the ongoing debt restructuring. Nothing has been finalised yet. Once finalised, the plan will be put before the board of directors and then we will be able to discuss the ...

The company is seeking a restructuring of the loan, but it faced steep losses. Around this time, some activist investors bought some of the bonds

ESAF Small Finance Bank has planned to strengthen presence of its Asset Hubs across the country aimed at serving the small and medium enterprises and agriculture segments, a top official said on Tuesday. Asset Hub offered by ESAF Small Finance Bank is a specialised loan processing sanctioning unit and would act as one stop for all the loan needs of customers. "Asset Hub will enable the bank to de-centralise the decision-making process for the loan sanctioning, disbursement and maintenance which will enhance customer service across these locations," the bank's managing director and CEO K Paul Thomas said. "The unit will act as a one-stop for all the loan needs especially for the SMEs and agri segments," he said. ESAF Small Finance Bank plans to open Asset Hubs in Chennai, Bengaluru, Nagpur, Bhopal, Kolkata and New Delhi. The Bank's executive vice president Hemant Kumar Tamta inaugurated an Asset Hub in Coimbatore on Tuesday.

In a Q&A, Sanjiv Chadha, the MD & CEO of the bank, dwells on how the lender fared in Q2 and the strategy it will adopt for its assets and liabilities franchises going forward

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

Digital-asset exchange FTX will provide about $6 million compensation to its account holders impacted by a phishing incident via a third-party website

Chinese smartphone maker Xiaomi Corp on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests

IBBI had invited comments from the stakeholders to suggest if parts of stressed assets could be sold off instead of as a whole

Non-bank lenders' asset growth will jump to a four-year high of 11-12 per cent this fiscal, a ratings agency said on Monday. The non-bank finance companies (NBFCs) segment has witnessed three consecutive years of constrained asset growth due to the COVID-19 pandemic, with the growth coming at 5 per cent in FY22, Crisil Ratings said. However, its deputy chief ratings officer Krishnan Sitaraman said that even as the asset growth jumps to double digits, it will still be lower than the pre-pandemic levels which witnessed a 20 per cent growth during the three years to FY19. "Intense competition from banks and the rising interest rate scenario will limit the competitiveness of NBFCs in certain segments, leading them to focus on higher-yield segments for growth," he said. Vehicle finance, which constitutes nearly half of the assets for NBFCs, will grow at 11-13 per cent in FY23, as against 3-4 per cent in FY22 and FY21, the agency said. Used vehicle financing, with its higher yields, wil

With investors looking at options beyond the traditional investment routes for higher risk-adjusted returns, assets under management of the portfolio management industry rose nearly 17 per cent in the last one year to Rs 25.4 lakh crore at July-end. Going ahead, the trend looks positive for the ongoing fiscal year with Portfolio Management Services (PMSs) getting acceptability by a wider customer segment, including retail, industry experts said. Assets Under Management (AUM) of the portfolio management industry rose to Rs 25.4 lakh crore at the end of July 2022 from Rs 21.77 lakh crore at the end of July last year, translating into a growth of 17 per cent, latest with markets regulator Securities and Exchange Board of India (Sebi) showed. The asset base was Rs 24.8 lakh crore at the end of June this year. Of the total AUM, Rs 18.6 lakh crore are contributed by funds from EPFO or PFs. As of July 2022, there were 1.45 lakh clients in the portfolio management industry, of which 1.36

The railways has earned Rs 844 crore in the last three months, since it brought its commercial earning and non-fare revenue contracts online, with contracts for advertisement on its premises, for parking lots, leasing parcel space and pay-and-use toilets emerging as the top revenue-generating assets. In a boost for small entrepreneurs and start-ups, Railway Minister Ashwini Vaishnaw had launched e-auction for commercial earnings in June, a project enabling a quick finalisation of contracts and a quick re-award in case of failure of any contract. With the bidding process being online, there is no geographical restriction on the bidders and applicants for registration and participation in any e-auction throughout the Indian Railways. Also, the Railway Ministry has relaxed the eligibility criteria. "This e-auction portal has increased the railways' earnings and helped in realisation of the true value of the assets. Since the launch of the e-auction portal for commercial assets, auction