Edition:
United States

Abhirup Roy

Indian court jails former MD of PMC Bank as fraud probe deepens

Oct 17 2019

MUMBAI An Indian court on Thursday sent the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, to jail as a probe into an alleged 43.55 billion rupees ($610 million) fraud intensifies.

India's tax unions irked by Modi's switch to faceless assessment: letter

Oct 15 2019

MUMBAI Indian tax officials are pushing back against Prime Minister Narendra Modi's new faceless tax assessment program, complaining about a lack of consultation and inadequate resources to implement the changes, a letter reviewed by Reuters shows.

Shadow lender DHFL's resolution plan hits roadblock

Sep 17 2019

MUMBAI A plan to rescue India's debt-laden Dewan Housing Finance Corporation Ltd (DHFL) has hit a major roadblock as only a small segment of bondholders has agreed to be on board the proposed resolution, according to a custodian of DHFL bonds.

Indian shadow lender DHFL's resolution plan hits roadblock

Sep 17 2019

MUMBAI, Sept 17 A plan to rescue India's debt-laden Dewan Housing Finance Corporation Ltd (DHFL) has hit a major roadblock as only a small segment of bondholders has agreed to be on board the proposed resolution, according to a custodian of DHFL bonds.

India loses contact with spacecraft on mission to the moon

Sep 07 2019

BENGALURU/MUMBAI India lost contact with a spacecraft it was trying to land on the moon on Saturday, its space agency said, in a setback for the nation's ambitious plans to become the first country to probe the unexplored lunar south pole. | Video

UPDATE 1-India Inc grows impatient as economy dips and Modi is distracted

Aug 23 2019

MUMBAI, Aug 23 When Prime Minister Narendra Modi was re-elected in May with a sweeping majority, Indian stock markets jumped to all-time highs as investors anticipated big bang pro-business reforms to revive a flagging economy.

India Inc grows impatient as economy dips and Modi is distracted

Aug 23 2019

MUMBAI, Aug 23 When Prime Minister Narendra Modi was re-elected in May with a sweeping majority, Indian stock markets jumped to all-time highs as investors anticipated big bang pro-business reforms to revive a flagging economy.

IL&FS may not have disclosed bad loans for years: RBI report

Aug 14 2019

MUMBAI Indian shadow bank Infrastructure Leasing & Financial Services (IL&FS), which collapsed late last year, may not have disclosed bad loans on its books for years despite a big part of its loan book having soured, a report from the Reserve Bank of India (RBI) said.

IL&FS may not have disclosed bad loans for years- central bank report

Aug 14 2019

* Gaps in IL&FS's reported, assessed financial position -report

Indian tribunal rejects Deloitte, KPMG arm's no-jurisdiction plea

Aug 09 2019

MUMBAI An Indian tribunal on Friday rejected an appeal by the auditors of debt-laden Infrastructure Leasing & Financial Services (IL&FS), challenging the court's jurisdiction to ban them for alleged abetment of financial fraud.

World News

Brexit day of reckoning: PM Johnson battles further delay

Prime Minister Boris Johnson appealed to lawmakers to back his last-minute Brexit deal in an extraordinary sitting of the British parliament on Saturday after his plans were plunged into chaos by his opponents' moves to derail the legislation.