CAG has not red flagged any fund diversion at SAIL: Minister | WeForNews | Latest News, Blogs CAG has not red flagged any fund diversion at SAIL: Minister – WeForNews | Latest News, Blogs
Connect with us

Business

CAG has not red flagged any fund diversion at SAIL: Minister

According to Pradhan, the last investment was made by SAIL in March 2015, which matured in March 2016. Thereafter, no investment was made as surplus funds were not available with SAIL for investment.

Published

on

Centre proposes Disinvestment

New Delhi, Feb 10 : Public sector major Steel Authority of India Ltd (SAIL) has not conducted an internal inquiry against any of its officials for alleged diversion of funds to different banks for quid pro quo, as neither the Comptroller and Auditor General (CAG) nor its statutory auditors have raised a red flag, Parliament was informed on Monday.

In a written reply to the Lok Sabha, Steel Minister Dharmendra Pradhan said: “SAIL has further informed that there have been no adverse comments raised by audit (CAG/Statutory Auditors), therefore, no internal inquiry conducted against any officials for diverting the funds to different banks for quid pro quo.”

He also said that SAIL had dealings with the scheduled commercial banks listed in the second schedule of the Reserve Bank of India Act for conducting financial transactions.

“SAIL had received all its funds and made all the payments through State Bank of India (SBI). Therefore, wherever the funds were transferred for investment, the same were transferred from SBI,” the reply said.

According to Pradhan, the last investment was made by SAIL in March 2015, which matured in March 2016. Thereafter, no investment was made as surplus funds were not available with SAIL for investment.

The latest data provided by the Minister to Parliament showed that in 2014-15, the company deposited its surplus cash of Rs 2,000 crore with the public sector IDBI Bank, and no surplus amount was deposited in private sector banks.

Similarly, both in 2012-13 and 2013-14, the company had deposited its surplus cash only with public sector banks.

Business

Kotak Mahindra Bank, CEO commit Rs 50 cr to PM-CARES Fund

The bank has also separately committed Rs 10 crore for the cause to the Chief Minister of Maharashtra.

Published

on

By

Kotak Mahindra Bank CEO

New Delhi, March 29 : Kotak Mahindra Bank and its CEO Uday Kotak have together committed a total of 50 crore to the PM-CARES Fund for the fight against the coronavirus pandemic.

In a tweet on Sunday, the bank said: “Kotak Mahindra Bank & Mr. Uday Kotak personally, commit immediate support of Rs 50cr to PM-CARES (Rs 25cr each).”

The ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM- CARES Fund)’ is a public charitable trust with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected.

The bank has also separately committed Rs 10 crore for the cause to the Chief Minister of Maharashtra.

“Kotak Mahindra Bank commits immediate support of Rs 10cr to Chief Minister of Maharashtra towards COVID relief and rehabilitation efforts. @CMOMaharashtra,” said another tweet by the bank.

Several corporate entities have made announcements and come up with steps help combat the deadly virus.

The total tally of coronavirus cases in India climbed up to 1,024 on Sunday, said the Health Ministry. Of this 901 are active COVID 19 cases, 95 people have recovered from the disease and 27 have died. One coronavirus patient migrated abroad.

Continue Reading

Business

Lockdown period to be excluded from timeline for resolution process

Published

on

bankrupty insolvency bill

New Delhi, March 29 : In a major relief for companies going through insolvency under the Insolvency and Bankruptcy Code (IBC), the IBBI on Sunday said that the period of lockdown will not be counted within the timeline for resolution process.

In a notification, the IBBI announced the insertion of regulation ’40C’, a special provision related to timeline of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The notification said that as per the regulation, “The period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.”

It said that the regulation would immediately come into effect.

This is another major relief for the corporate world amid the coronavirus crisis. Among other recent changes under the IBC, Finance Minister Nirmala Sitharaman last week said that the threshold for default under the IBC has been raised to Rs 1 crore from the current Rs 1 lakh.

She also assured that the government will keep a watch on the situation and if the situation remains the same beyond April 30, the government may consider suspending Sections 7, 9, and 10 of the Insolvency and Bankruptcy Code (IBC) for six months. This will prevent companies from being forced into insolvency proceedings in such force majeure causes of default.

Continue Reading

Business

SpiceJet pilot tests positive for coronavirus

All the aircraft of SpiceJet are being disinfected thoroughly since the end of January and the disinfectants used are as per the WHO standards, said the spokesperson.

Published

on

By

Spicejet

New Delhi, March 29 : SpiceJet on Sunday said that one of its pilots has tested positive for novel coronavirus infection.

A spokesperson with the airline said that the ‘First Officer’ did not operate any international flight in March and the last domestic flight he operated was on March 21 from Chennai to Delhi. Since then, he had quarantined himself at home

“One of our colleagues, a First Officer with SpiceJet, has tested positive for COVID-19. The test report came on March 28,” said the spokesperson.

All crew and staff who had been in direct contact with the pilot have been asked to self-quarantine by staying at home for the next 14 days.

The spokesperson said that all measures are being taken to provide appropriate medical care to him.

“Safety of our passengers and employees is our topmost priority. We have been diligently following the guidelines issued by the WHOand the Government of India.”

All the aircraft of SpiceJet are being disinfected thoroughly since the end of January and the disinfectants used are as per the WHO standards, said the spokesperson.

According to government data, the total number of positive coronavirus people in India so far, reached up to 979 on Sunday. Of this, at least 867 are active coronavirus cases, 86 people have cured and discharged from hospitals while 25 people succumbed from the highly infectious COVID-19 disease.

Continue Reading
Advertisement

Most Popular