RBI lifts restriction on foreign investment in IDFC

The Reserve Bank of India (RBI) has removed the restriction on foreign investment in IDFC Ltd after the shareholding of overseas investors fell below the prescribed level. “The foreign shareholding by foreign institutional investors/foreign portfolio investors in IDFC have gone below the prescribed FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares… Continue reading RBI lifts restriction on foreign investment in IDFC

Govt loosens norms for auditor rotation at unlisted companies

The government has relaxed conditions for unlisted companies that do not have loans, from banks, financial institutions or deposits from the public, of more than Rs50 crore on rotation of auditors. Currently, these companies can’t appoint individual auditors for five consecutive years and auditor firms for two straight terms of five years, if their paid… Continue reading Govt loosens norms for auditor rotation at unlisted companies

Sonam Kapoor’s fashion label wins PETA award

Actress Sonam Kapoor and her producer-sister Rhea Kapoor’s fashion label — Rheson has bagged the Compassionate Business Award from the People for the Ethical Treatment of Animals (PETA) India for a line of bags made exclusively of vegan materials. “Shoppers’ demand for cruelty-free fashion is on the rise — and thanks to compassionate companies like… Continue reading Sonam Kapoor’s fashion label wins PETA award

Govt wants banks to deposit banned Rs 500, Rs 1000 notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31,… Continue reading Govt wants banks to deposit banned Rs 500, Rs 1000 notes at RBI by July 20

Axis Bank plans to raise Rs 35,000 cr to fund expansion

Private sector Axis Bank has planned a capital raise of up to Rs 35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations. In its annual report for 2016-17, Axis Bank said it may need to raise additional funds in one or more tranches from… Continue reading Axis Bank plans to raise Rs 35,000 cr to fund expansion

MPC meeting minutes: Dholakia argued for at least 50-bp rate cut

Ravindra H Dholakia’s proposition, that plunging inflation called for a drastic rate cut of 50 basis points (bps) or more, clearly did not find other buyers in the six-member Monetary Policy Committee (MPC) that met on June 6 and 7. As the statements of the minutes show, they favoured a wait-and-watch. The MPC voted five… Continue reading MPC meeting minutes: Dholakia argued for at least 50-bp rate cut

Prabhas is really cool, down to earth: Varun Dhawan

Actor Varun Dhawan has praised Southern star Prabhas and has labelled him as a “cool and down to earth” individual. Varun on Tuesday shared a photograph of himself along with the “Baahubali: The Conclusion” star. In the image it can be seen that the “Main Tera Hero” actor is seen doing the iconic pose, where… Continue reading Prabhas is really cool, down to earth: Varun Dhawan