PNB Scam: CBI grills former RBI deputy governor H R Khan
The Central Bureau of Investigation (CBI) on Friday questioned former Reserve Bank of India (RBI) deputy governor Harun Rashid Khan in connection with the Rs 130-billion Punjab National Bank (PNB) scam, involving Nirav Modi and Mehul Choksi, and the relaxation of gold import rules in 2014 by the erstwhile UPA government allegedly to the benefit of private traders. Khan is the senior-most former official of the RBI to be questioned by the CBI in the case. Sources said the questioning revolved around the policy framework of the time when fraudulent letters of the undertaking were issued by PNB to Nirav and Choksi firms.
NCLAT interim order clears RCom asset sales to Reliance Jio
Reliance Communications Ltd (RCom) on Friday said the National Company Law Appellate Tribunal (NCLAT) had passed an interim order to allow the company to execute its Rs25,000 crore asset sale programme. The development comes a day after the Supreme Court cancelled a Bombay high court order that had stayed the sale of the telecom firm’s assets. “By an interim order… the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI (State Bank of India) in an escrow account.
SEBI to initiate action against 14,720 entities for ‘non-genuine trades’
The Securities and Exchange Board of India (SEBI) revealed that action would be initiated against a total of 14,720 entities for executing non-genuine trades. As per an official order, the SEBI stated that a preliminary examination was conducted in the matter of Illiquid Stock Options for the period April 1, 2014 to March 31, 2015, during which it was noticed that a set of entities was repeatedly incurring significant losses by executing reversal trades in the Stock Options segment of the BSE, and another set of entities was repeatedly making significant profits by becoming their counterparties in orchestrated trades with a common objective of intended execution of non-genuine trades.
E-way bill system ‘working well’ for exporters
The e-way bill system seems to be working well for many exporters, with the Centre giving exemption to all exports moving from an inland container depot (ICD) to a customs port and also to e-sealed consignments. “Exporters had some concerns on the e-way bill but most have been put to rest with the Centre’s decision to extend the exemption given to imports moving from gateway ports to ICDs to exports as well,” said a government official.
Firms with higher levels of outstanding debt report sharp dip in interest coverage ratio: CARE Ratings
Companies with higher levels of outstanding debt (₹2,500 crore and above) have witnessed sharper decline in the interest coverage ratio (ICR) in the first nine months of FY2018 compared to FY17, thereby becoming a cause for concern, according to CARE Ratings. ICR indicates a company’s ability to make interest payments on its debt in a timely manner. It is calculated by dividing earnings before interest and taxes by interest expense. The credit rating agency observed that a combination of declining ICR and ICR less than 1 is a good signal to identify debt service failure.
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