Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT

The National Company Law Tribunal (NCLT) on Thursday gave Jaypee Infratech time till August 4 to respond to a petition of insolvency filed by IDBI Bank after the company said it did not receive a notice from the tribunal on beginning the proceedings. IDBI Bank filed a petition for insolvency against Jaypee Infratech in the… Continue reading Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT

Slow to start, banks wrestle with insolvency regime

Financial News Neeraj Singhal, promoter and vice-chairman of Bhushan Steel, was arrested by the Central Bureau of Investigation (CBI) in August 2014. Singhal’s arrest came days after the agency had arrested S K Jain, the then chairman and managing director of Syndicate Bank on bribery charges. Soon after, the Bhushan Steel account was referred to… Continue reading Slow to start, banks wrestle with insolvency regime

IDBI Bank to raise up to Rs 5,000 crore

Mumbai-based public sector lender IDBI Bank is seeking shareholders’ nod to raise equity capital of up to Rs 5,000 crore through various routes, including qualified institutional placement (QIP), to meet capital adequacy norms. In addition, the ailing bank will tap market to raise up to Rs 5,000 crore through infrastructure bonds and basel-III-compliant additional tier-I… Continue reading IDBI Bank to raise up to Rs 5,000 crore

Banks’ code compliance falls in 2016-17

Financial News : Banks in India continue to struggle with the quality of their customer service. The overall average code compliance score on customer service based on parameters such as grievance redressal, transparency and information dissemination fell to 77 in 2017 from 78 in 2015. According to compliance ratings by the Banking Codes and Standards… Continue reading Banks’ code compliance falls in 2016-17