BUSINESS
India's April-November fiscal deficit widens to 58.9% of 2022-23 target
As per Controller General of Accounts (CGA) data, the revenue deficit stood at Rs 5.73 lakh crore, or 57.8 per cent, of the current fiscal's target of Rs 9.91 lakh crore. The government's total expenditure was Rs 24.43 lakh crore, or 61.9 per cent, of the Budget's target of Rs 39.45 lakh crore, as per the data.
SEBI: Many Mumbai IT defaulters operated from dingy 'chawls'!
In a new announcement, the SEBI has published a black-list of 'untraceable defaulters', some who are missing since 2014, and hence it has been unable to serve them the Notices of Demand. A few of the SEBI listers operating from tenements are: Prakash Gaurishankar Joshi, from Dilkhush Chawl No. 3 in Borivali east, untraceable since August 2018; Ashok Bhagat of H-19 Ramji Gupta Chawl in Santacruz west, unavailable since June 2014 and for another demand notice since August 2019. There is also Mahesh Mistry with an address at No. 1 Manraj Driver Chawl in Andheri east, and other addresses at Marine Lines, Fort, Vile Parle and in Thane, out of bounds since July 2014, August 2018 and May 2019 for multiple demand notices that remain unserved.
Madhuri Jain Grover pays Rs 1.15 cr advance tax, still remains 'housewife' on Golden Dubai visa
Madhuri Jain Grover's Golden Dubai visa, issued in September 2021 and seen by IANS, clearly mentions her occupation as "House Wife" in the name "Madhuri Grover Suresh Jain" (Jain is Madhuri's father). At the time of visa issuing, Madhuri Jain was working at BharatPe as Head of Controls. She has been an entrepreneur since 2000 and worked as senior fashion designer for years, before joining BharatPe in 2018. At BharatPe, she managed, HR, finances and other internal operations.The 10-year Golden Dubai visa is a long-term residence visa which enables people to live, work or study in the UAE while enjoying exclusive benefits.
Ashneer targets Sequoia Capital India, raises Zilingo's sacked CEO Ankiti's 'ordeal'
In a series of tweets, Grover posted a short audio interaction between Ankiti and him, where she can be heard discussing a 220-page report on Singapore-based fashion-tech startup Zilingo and the fraud allegations, which was never made public. Sequoia Capital India backed both BharatPe and Zilingo.
Centre receives Rs 903 cr as dividend from Indian Railway Finance Corporation
Department of investment and public asset management (DIPAM) tweeted the information through the Twitter handle of DIPAM secretary Tuhin Kanta Pandey. It further informed that Rs 503 crore and Rs 66 crore have also been received from Hindustan Aeronautics Ltd (HAL) and Rashtriya Chemicals and Fertilizers Ltd (RCFL) respectively as dividend tranches.
Worst months for layoffs arrive as thousands brace for job losses
According to data from the Bureau of Labor Statistics in the US, January is the highest month for layoff and discharges. "Business leaders want to set up finances for success in 2023. It's a good bet that tech companies that haven't yet laid off employees are carefully considering whether or not to do so," according to J.P. Gownder, vice president and principal analyst for advisory firm Forrester Research. "It wouldn't be surprising to see more layoffs in the next few weeks," he told Wall Street Journal. December marks the end of the fiscal year for many companies, making January an ideal month for "organisational realignment and adjustment".
Goldman Sachs unveils plan to cut jobs amid global economy fears
Goldman chief executive, David Solomon, said the partnership was bracing for slower economic growth as central banks raise interest rates. Solomon said: "We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January," The Guardian reported.
CBI books Cox and Kings in Rs 38.46 cr loan fraud case
Indian Bank alleged that the accused company in pursuance of criminal conspiracy hatched with unknown bank officials had approached the erstwhile Allahabad Bank (now merged with Indian bank) on May 27, 2019, with a request for subscription of the commercial paper of the company, which the bank subscribed for a face value amounting to Rs 50 crore.
Despite headwinds, Indian financial system resilient, says RBI report
"The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets," observed the RBI's Financial Stability Report."Buoyant demand for bank credit and early signs of a revival in investment cycle are benefiting from improved asset quality, return to profitability and strong capital and liquidity buffers of scheduled commercial banks (SCBs)," it said.
Current account deficit rose to 4.4% in Q2 from 2.2% in Q1: RBI data
The current account balance recorded a deficit of $36.4 billion (4.4 per cent of GDP) in the second quarter, up from $18.2 billion (2.2 per cent of GDP) in the first. Underlying the current account deficit in the second quarter was the widening of the merchandise trade deficit to $83.5 billion from $63 billion in the first quarter of 2022-23.
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