With no relief from Sebi, LIC to make open offer to IDBI Bank shareholders
Insurance behemoth Life Insurance Corporation (LIC) of India will not be given any relaxation from the Securities and Exchange Board of India’s (Sebi’s) takeover code and will have to make an open offer to the stakeholders of state-owned IDBI Bank. This will be in line with the norms set by Sebi, under which an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer. IDBI Bank’s stocks went up 9.05 per cent to close on the BSE at Rs 53.20 on Tuesday.
CBI books three Mumbai companies for banking fraud as SBI loses Rs 1.36 bn
The CBI has registered three separate cases of banking fraud against three Mumbai-based companies for an alleged banking fraud that caused a cumulative loss of over Rs 1.36 billion to State Bank of India, officials said here today. One of the cases is against Top Worth Pipes and Tubes Pvt. Ltd, its Directors Abhay Narendra Lodha, Shishir Shivaji Hiray, Harshraj Shantilal Bagmar, the then SBI officials AGM ThyagarajuInamanamelluri, Deputy Manager Vilas Narhar Ahirrao, Deputy Manager, Madhura Mangesh Sawant for allegedly causing a loss of Rs 568.1 million to the bank, the officials said.
GST law amendment: Some writ pleas may be recalled
New amendments proposed to the goods and services tax framework may help resolve a number of issues that companies and industry associations have raised, and result in the withdrawal of several writ petitions they have filed in various high courts. The amendments are targeted at the problems raised by industry; said experts who closely track the tax system introduced a year ago. In fact, a group of research and development centers, comprising mainly pharmaceutical, biotech and manufacturing companies, has already withdrawn its petition, taking note of the amendments that the government is bringing.
Banks to ask Sebi, RBI to ease norms for AIFs
Banks will seek relaxation in regulatory norms for alternative investment funds (AIF) to be set up under the proposed loan resolution framework – Project Sashakt. Banks plan to ask the Securities and Exchange Board of India to allow AIFs to own more than 51 per cent in listed securities. They will also ask the Reserve Bank of India to treat the risk weight of their investments in AIFs as determined by credit rating agencies, said a bank executive aware of the developments. If the norms are eased, banks will save about Rs 5,000 crore, speed up the loan resolution process and get more capital for lending, the executive said.
Criminal Law (Amendment) Bill to be introduced in monsoon session of Parliament
The Criminal Law (Amendment) Bill, 2018, which provides for stringent punishment including death penalty for those convicted of raping girls below the age of 12 years, will be introduced in the monsoon session of Parliament beginning July 18, officials said today. The amendment bill, once approved by Parliament, will replace the Criminal Law (Amendment) Ordinance promulgated on April 21, following an outcry over the rape and murder of a minor girl in Kathua in Jammu and Kashmir and the rape of another woman in Unnao in Uttar Pradesh.
Maharashtra orders probe into bitcoin frauds
The Maharashtra government on Tuesday ordered a special investigation team (SIT) under the additional director general of the economic offences wing (EOW) to investigate all cases of bitcoin fraud reported from across the state. The government had issued lookout notices against companies that have been found to be involved in cheating, minister of state for home Deepak Kesarkar said in the legislative council during the current monsoon session of the state legislature here. Kesarkar said the government would seek help from the Enforcement Directorate if the need arose.
MCX, NSE in talks to team up for bigger exchange play
The National Stock Exchange (NSE) and Multi Commodity Exchange of India (MCX) have held exploratory talks to combine their operations and provide a one stop shop for trading in all kinds of products. Two people close to the development said that the two exchanges have appointed global investment banks to help in the discussions. NSE has appointed Morgan Stanley while JPMorgan is advising MCX, these people said. The merger, if and when it happens, will help create a bigger exchange with 60 per cent market share spanning everything from equity derivatives to commodity futures.
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