Purushottam Mandhana, promoter of Mandhana Industries, used business loans for personal benefit and caused a loss of Rs 975 crore to a Bank of Baroda-led consortium of lenders, the Enforcement Directorate has said in its charge sheet. Observing that there was a prima facie case against Mandhana and others, a special court for Prevention of…
MUMBAI: Corporate India’s profits shrunk by 3.1% in the first quarter of FY25 compared to a 31% growth in the corresponding quarter last year. In terms of earnings growth, this is the worst first-quarter performance after the pandemic (since Q1FY21).In Q1FY25, net sales of 2,539 companies totalled Rs 22.9 lakh crore, a 5.2% increase from…
Mumbai: PC Jeweller has reached a one-time settlement (OTS) with a consortium of lenders led by State Bank of India (SBI) to settle its debt by offering banks a mix of cash and equity in the Delhi-based company. The ₹2,250-crore offer represents about a 20% haircut to lenders’ principal amount, estimated at ₹2,900 crore, and…
Banks offer special FD rates to attract deposits: In an effort to attract retail deposits, banks have launched special schemes offering savers an additional 25-30 basis points for term deposits above current commitments for similar tenures. This move suggests that policy interest rates are likely to remain high in the near future.According to an ET…
MUMBAI: Observing that a case before it was an example of how innocent persons are becoming victims of cyber fraud, Bombay HC on Thursday relied on a July 2017 RBI circular and directed Bank of Baroda to return to a company Rs 76 lakh it had lost to an online fraud. The division bench of…
MUMBAI: Observing that a case before it was an example of how innocent persons are becoming victims of cyber fraud, Bombay HC on Thursday relied on a July 2017 RBI circular and directed Bank of Baroda to return to a company Rs 76 lakh it had lost to an online fraud. The division bench of…
The Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda‘s Bob World app with immediate effect, the bank said in the exchange filing.The bank said, “We wish to inform that the RBI conveyed to the Bank its decision to lift the restrictions on Bob World with immediate effect, as such…
The Finance Ministry is reportedly proposing stricter measures to protect citizens from cyber fraud. This comes after a surge in incidents, including the recent Bank of Baroda World app scam. These measures are said to be part of a broader national effort to combat cybercrime. The sources mentioned a recent inter-ministerial meeting focused on bolstering…
Mumbai: Lenders to the debt-laden textile company Sumeet Industries are in negotiations with the Gujarat-based Gajera Group to improve its offer after its initial bid to take over the company was bettered by Geelon Industries, three people familiar with the matter said. Banks are seeking more than ₹250 crore for the company in an all-cash…
