News updated on 16th October,2016

Sebi orders forensic audit of two more companies

Markets regulator Sebi has ordered forensic audit of two companies, Jalan Cement Works and Ritman Infra, after finding prima facie evidence of misrepresentation of financials by them. While calling for the forensic audit, the Securities and Exchange Board of India (Sebi) has lifted the trading restrictions imposed on the companies, which figure among 331 ‘suspected shell companies’ under the regulator’s scanner.

Source: The Hindu Business Line

Specialists to conduct forensic audit of shell companies, says BSE chief

The Bombay Stock Exchange will conduct forensic audits on shell companies identified by market regulator SEBI, Ashishkumar Chauhan, MD & CEO of BSE, said. The market regulator has so far identified eight companies for such audits, out of the 331 companies who were declared as shell companies a couple of weeks ago following a reference from the government.

Source: The Hindu Business Line

BFIL merger with IndusInd: A testimony to rural banking’s potential

IndusInd Bank’s takeover of Bharat Financial Inclusion Ltd (BFIL) is indicative of the potential in rural banking and of microfinance, which now appears to have become a viable model for financial inclusion. The merged entity will have over 3,600 branches and outlets and a customer base of 16.3 million. IndusInd Bank will have an increased outreach of 1,400 MFI outlets and 6.8 million borrowers, as per available data. The net worth of the merged entity will be ₹23,921 crore while total assets will stand at ₹2 lakh crore. IndusInd Bank (IBL) has a comfortable Capital to Risk Weighted Assets Ratio (CRAR) of 16.18 per cent, and the corresponding figure for BIFL is 31.8 per cent.

Source: The Hindu Business Line

PNB to hire insolvency resolution professionals

Public sector Punjab National Bank (PNB) seeks to hire insolvency resolution professionals for 2017-18, according to a notification by the bank. The bank has invited applications for empanelment of insolvency resolution professionals (IRP) for 2017-18, the notification said.

Source: The Hindu Business Line

Prez remembers India’s missile man APJ Abdul Kalam

President Ram Nath Kovind today remembered the ‘Missile Man’ of India, A P J Abdul Kalam, on his birth anniversary, describing him as one of the greatest visionaries who ignited young minds. He was speaking with a group of children who arrived at the Rashtrapati Bhavan from Rameswaram by the bus ‘Dr Kalam Sandesh Vahini Vision 2020’ These children had called on the president.

Source: Indian Express

Draft proposal for new National Mineral Policy soon

The draft for the new National Mineral Policy is likely to be ready in the coming days, officials close to the development said. The new policy will be an update on the National Mineral Policy of 2008 and is in line with the Supreme Court’s directive to devise a fresh version by 2017-end. An official present in Friday’s meeting of the KR Rao Committee told BusinessLine: “There has been consensus in the committee regarding the new National Mineral Policy, 2017. The policy will be put up for comments shortly and will focus on the direction that mineral exploration is expected to take in the country.”

Source: The Hindu Business Line