Mallya’s meeting with Agarwal took place in the last week of September 2009. The application for Rs950 crore loan was submitted a few days after the meeting, on 1 October. Realising that the detailed appraisal of the main loan application was likely to take time, Kingfisher asked for a Rs150 crore short-term loan to meet its urgent and critical requirements. This request was processed by the bank on priority and approved on 7 October 2009. … [Read more...] about Excerpt: Pandemonium: The Great Indian Banking Tragedy by Tamal Bandyopadhyay
Government bank list
The former Chief Justice of India M.N. Venkatachaliah released the report in the presence of a few Chief Secretaries of States. The survey, written by C.K. Mathew, Athreya Mukunthan and Vivek Divekar of the PAC, was conducted based on the latest data provided by State governments. … [Read more...] about Kerala, TN secure top ranks in governance
In recent times, the role and responsibility of the CFO has undergone complete change due to changes in law and the current crisis. The Companies Act, 2013 Providing Statutory Recognition of CFO Role The new Companies Act 2013 has formally defined the position of CFO which was not there under the earlier Companies Act 1956. All listed companies and public companies having a paid-up capital of Rs. 10 crores or more need to appoint a CFO. The CFO is responsible for overseeing the financial activities of the company and is a signatory to the financial statements. He is considered to be an “officer in default”. As seen in recent corporate failures and frauds, stringent actions have been taken against not only the promoters and directors but also CFOs for seeming failure to discharge the responsibilities properly.Covid-19 Resulting in Enhanced Role Covid-19 and the impact on businesses has increased the responsibilities of CFOs manifold due to heightened risk of corporate … [Read more...] about Changing Role and Responsibility of CFOs – A Checklist
Top finance ministry officials have said another round of stimulus is possible, without elaborating on the size, timing or other details. ET asked economists what they’d look for in such an effort and how it can be funded. Gaurav Noronha & Kirtika Suneja look at the suggestions:The economy is picking up, why is another stimulus neededRecent recovery is bounceback from lockdown combined with festival spendingThe first stimulus round has come to an endBusiness confidence is still shakyRecent moves on LTC, bonus insufficient to create demandDemand may peter out after festival season endsDespite pickup, economy to see deep contractionGDP forecast for FY21, in %What could the next stimulus entail?Extend free ration scheme till MarchSome support for the urban poorIncome tax benefits for spending to ensure durability of demandLower GST on mobile phones, cement, vehicles & partsClear stuck payments to govt contractors, increase capexCapital allocation to infrastructure projects … [Read more...] about Another round of stimulus for the Indian economy: What are the next steps?
Sumit Batra, partner at India Law Alliance, said when the Centre tries to encroach upon the subjects that are under the prerogative of the state, or where the centre tries to evade from any responsibility guaranteed to a state through a constitutional provision/obligation, it poses a threat to federalism. … [Read more...] about Worsening Centre, states relation poses a ‘threat to federalism’