PMO dials DoT, seeks details of Vodafone-Idea merger deal
The Prime Minister’s Office has sought details from the telecom department of the process being followed in the proposed Idea Cellular-Vodafone India merger amid delays in deal closure, people aware of the development said. The development comes even as initial approval to the deal looks set to get pushed back further, with the department of telecommunications (DoT) seeking more clarifications from its legal experts on the dues to be claimed from the two telcos. The two companies, and even DoT, had previously said they expect the deal to be cleared by June-end.
Set up central agency to evaluate big loan proposals: ICAI
Cost accountants’ apex body ICAI has suggested constituting a central agency, with cost accountants and experts from other fields, to evaluate applications for large loans before banks give their approval. The suggestion comes at a time when the country’s banking system is grappling with mounting sour loans and authorities are working on multi-pronged strategies to deal with the NPA menace. For appraisal of the big loan proposals that the banks get, the finance ministry should look at constituting a central agency, ICAI President Sanjay Gupta told PTI Bhasha.
Competition Commission of India dismisses complaint against IOCL, BPCL, HPCL
The Competition Commission has dismissed a complaint alleging unfair business practices against oil marketing companies — IOCL, BPCL and HPCL — with regard to terms and conditions in the tenders for transportation of liquified petroleum gas through tank trucks. In an order, the fair trade regulator said “no case of contravention under Section 3 or Section 4 of the (Competition) Act” is made out against Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). While Section 3 pertains to anti-competitive agreements, Section 4 relates to abuse of dominant market position.
CBI looks for banking, tax experts to help probe into multi-crore scams
The Central Bureau of Investigation (CBI), which is probing the over Rs 13,000 crore Punjab National Bank scam as well as other financial frauds, has sought deputation of banking and tax experts from various ministries with an offer of good monetary incentives. According to an official communiqué sent by the CBI to finance and other key ministries, the agency has asked for officers on deputation as advisor (banking), senior advisor (foreign trade or foreign exchange), deputy advisor (foreign trade or foreign exchange) and senior advisor (taxation) on deputation.
Mallya case: ED using fugitive law may hit lenders’ prospects
The Enforcement Directorate (ED) may use the latest weapon in its armory — the Fugitive Economic Offenders Ordinance — to deal with Vijay Mallya, a move that could hurt lenders’ efforts to recover dues from the businessman who fled the country more than two years ago. ED sources said the new fugitive law gives precedence to state dues over any claims under civil cases, including Mallya’s application to the Karnataka High Court seeking permission to repay banks by selling his assets seized by the agency that probes money-laundering cases.
Big worry for Nirav Modi, Mehul Choksi! ED using this to get ‘fugitives’ status for diamond merchants
With an aim to tighten the noose around multi-crore defaulters Nirav Modi and his uncle Mehul Choksi, Enforcement Directorate (ED) will move a special court this week for “immediate confiscation” of attached assets worth Rs 3,500 crore of aforementioned diamond merchants. The law enforcement agency will also approach the court to acquire status of “fugitives” for both Modi and Choksi. The agency is taking the route under recently promulgated Fugitive Economic Offenders Ordinance and will cite its prosecution complaints, charge sheets filed under the Prevention of Money Laundering Act in the court, according to Indian Express report.
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