Coming down heavily on the Central government and Patanjali Ayurved, the Supreme Court on Tuesday issued notices to Baba Ramdev and Acharya Balakrishnan and asked why contempt proceedings should not be initiated against them for violating its orders. The SC said that the government was sitting with its eyes closed and asked it to take action against Patanjali. The company...
Business
Sitharaman asks India Inc to align itself with goal of ‘Viksit Bharat’ by 2047
Finance Minister Nirmala Sitharaman on Tuesday exhorted Indian Inc to align itself with the goal of ‘Viksit Bharat’ by 2047, when India will complete 100 years of independence. Addressing a session on ‘Viksit Bharat @ 2047: Viksit Bharat & industry’, organised by Ficci, the minister also assured the industry that reforms will continue in the third term of the Prime...
Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank
One97 Communications, which is the parent company of fintech company Paytm, announced on Monday that founder Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank. “The Company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the...
Reliance, Disney sign pact to merge media business
In a mega deal in the entertainment segment, Reliance Industries Limited (RIL) and Walt Disney Co have signed a binding agreement to merge their media operations in India, according to a Bloomberg report. As per the agreement, the media unit of Reliance and its affiliates are expected to own at least 61 per cent in the merged entity, with Disney...
Sensex jumps by 535 points to close at 73,158; Nifty at 22,217
Equity benchmark indices rebounded on Thursday, with Nifty hitting its fresh all-time high and Sensex surging more than 500 points as investors went on a buying spree in IT, automobile and technology stocks. After starting off on a volatile note, the equity market staged a recovery in the second half of the day, especially after 2.30 pm as the 30-share...
Adani group in advance talks to raise $2.6 billion; may trim stake in airport,
The Adani Group is reportedly in advanced discussions with prominent sovereign funds based in West Asia to secure funding of up to $2.6 billion. This potential move to raise funds is part of the conglomerate’s expansion plans for airport infrastructure and green hydrogen projects, Business Standard reported. While the timeline for the fundraising has yet to be decided, analysts speculate that the...
RBI extends deadline for Paytm Payments Bank restrictions to Mar 15
The Reserve Bank of India (RBI) on Monday extended the deadline for restrictions on deposit and credit transactions of Paytm Payments Bank Limited (PPBL) to March 15, stating that customers and merchants might require “a little more time to make alternative arrangements”. The earlier deadline was February 29. Releasing a list of Frequently Asked Questions (FAQs), the regulator has clarified...
ED Initiates FEMA Charges Against Paytm Payments Bank
The Enforcement Directorate has initiated a money laundering investigation againstPaytm Payments Bank Ltd, Republic TV sources said on Wednesday. This action comes amidst heightened scrutiny over alleged violations of foreign exchange regulations by the fintech. However, Paytm has vehemently denied these accusations, terming them as “factually incorrect”. This probe adds to the challenges faced by Paytm CEO Vijay Shekhar Sharma,...
Jeff Bezos sells $4 bn of Amazon shares, cashes in on Amazon rally
Less than two weeks after disclosing a plan to dispose of as many as 50 million shares of the company he founded, Bezos has offloaded 24 million shares, worth more than $4 billion. The sales, revealed in regulatory filings, took place over just four trading days. The world’s second-richest person previously hadn’t sold stock since 2021. Bezos hasn’t explained why...
Sensex down 523 pts, Nifty around 21,600; PSU Banks worst hit, IT, pharma gain
Indian equity indices ended lower on February 12 with Nifty around 21,600, amid selling across the sectors barring IT and pharma names. At close, the Sensex was down 523 points or 0.73 percent at 71,072.49, and the Nifty was down 166.50 points or 0.76 percent at 21,616.We wrap up today’s edition of the Moneycontrol live market blog, and will be...
RBI Governor says hardly any room to review action taken against Paytm Payments Bank
Reserve Bank of India Governor Shaktikanta Das on Monday said there was “hardly any room” to review the action taken against Paytm Payments Bank. In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Talking to reporters...
RBI says no systemic worries, action on Paytm due to “persisted non-compliance”
Reserve Bank Governor Shaktikanta Das on Thursday said there are no systemic worries and the action on Paytm was driven by a “lack of compliance” at Paytm. Deputy Governor Swaminathan J said the actions against the fintech have been taken due to “persisted non-compliance”. The Governor declined to specify the specific shortcomings resulting in the RBI action, but made it...