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Indian Technomac assets to be auctioned: Himachal HC

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Shimla, Sep 17 The Himachal Pradesh High Court on Tuesday refused to stay the auction of assets worth Rs 288.91 crore of Indian Technomac Company Ltd and its promoters in a case relating to a bank fraud.

The order was passed by the Principal Division Bench comprising Chief Justice V. Ramasubramanian and Justice Anoop Chitkara on the petition of the state.

Posting the matter for next hearing on September 23, the bench observed the order of the Company Court directing the sale of the properties has also not been challenged by anyone.

“Therefore, interdiction of the sale, in any manner, may tantamount to annulling the orders of the Company Court, without the same being challenged in any forum. This deadlock has to be resolved only by this court,” they said.

“It appears that extensive advertisements for the sale of movable and immovable properties of the company in question have been issued by the state and the auction is scheduled to be held on September 19, that is day after tomorrow.

“Therefore, without prejudice to the rights of both the parties we allow the auction to proceed, but it shall not be confirmed till further orders,” the judges said.

The Excise and Taxation Commissioner of Shimla and the Deputy Commissioner of State Taxes and Excise at Nahan has filed the writ petition against the Enforcement Directorate.

While it is true that the application of the Enforcement Directorate for stay of sale was rejected by the Company Court, it is also nevertheless true that the Company Court could not have and it did not in fact prevent the Enforcement Directorate from invoking the provisions of the Prevention of Money Laundering Act of 2002, said the bench.

Therefore, it cannot be contended that the Enforcement Directorate had lost its right under the Act by virtue of the orders of Company Court, it added.

Officials told IANS the attached assets include land, building, plant and machinery of the company located at Paonta Sahib in Himachal Pradesh.

Agricultural land owned by the firm’s promoter Rakesh Kumar Sharma located at Mehrauli village near Delhi and another agricultural land, in the name of Director Vinay Kumar Sharma, located in Himachal Pradesh were also attached by the Enforcement Directorate, which initiated investigation on the basis of FIRs registered by Himachal Pradesh Police.

The investigation revealed that Indian Technomac Company Ltd was sanctioned facilities comprising term loan of Rs 289.66 crore and working capital limits of Rs 1,335 crore by a consortium of banks led by the Bank of India.

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Proposal to allow corporate houses to set up banks a ‘bombshell’: Rajan, Acharya

They also said that the proposal is “best left on the shelf”.

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Ragharam Rajan Viral Acharya

The RBI working group’s proposal to allow corporate houses to set up banks is a “bombshell” and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya.

They also said that the proposal is “best left on the shelf”.

“The history of… connected lending is invariably disastrous — how can the bank make good loans when it is owned by the borrower? Even an independent committed regulator, with all the information in the world, finds it difficult to be in every nook and corner of the financial system to stop poor lending,” the article said.

Last week, an Internal Working Group (IWG) set up by the Reserve Bank of India (RBI) made various recommendations, including that a large corporate may be permitted to promote banks only after necessary amendments to the Banking Regulations Act.

The IWG was set up to review extant ownership guidelines and corporate structure for Indian private sector banks.

Referring to the group’s proposal to allow Indian corporate houses into banking, the article said, “its most important recommendation, couched amidst a number of largely technical regulatory rationalisations, is a bombshell”.

“… it proposes to allow Indian corporate houses into banking. While the proposal is tempered with many caveats, it raises an important question: Why now?,” the article said.

The article — posted on Rajan’s LinkedIn profile on Monday — noted that the IWG has suggested significant amendments to the Banking Regulation Act of 1949, aimed at increasing the RBI’s powers, before allowing corporates houses into banking.

“Yet if sound regulation and supervision were only a matter of legislation, India would not have an NPA problem. It is hard not to see these proposed amendments as a subtle way for the IWG to undercut a recommendation it may have had little power over.

“In sum, many of the technical rationalisations proposed by the IWG are worth adopting, while its main recommendation — to allow Indian corporate houses into banking — is best left on the shelf,” they opined.

Also Read | S&P sceptical of allowing corporates into Indian banking sector
“Have we learnt something that allows us to override all the prior cautions on allowing industrial houses into banking? We would argue no. Indeed, to the contrary, it is even more important today to stick to the tried and tested limits on corporate involvement in banking,” the article said.

Further, Rajan and Acharya said that as in many parts of the world, banks in India are rarely allowed to fail — the recent rescue of Yes Bank and of Lakshmi Vilas Bank are examples. For this reason, depositors in scheduled banks know their money is safe, which then makes it easy for banks to access a large volume of depositor funds.

They noted that the rationales for not allowing industrial houses into banking are then primarily two. First, industrial houses need financing, and they can get it easily, with no questions asked, if they have an in-house bank.

According to Rajan and Acharya, the second reason to prohibit corporate entry into banking is that it will further exacerbate the concentration of economic (and political) power in certain business houses.

“Even if banking licenses are allotted fairly, it will give undue advantage to large business houses that already have the initial capital that has to be put up. Moreover, highly indebted and politically connected business houses will have the greatest incentive and ability to push for licenses,” they said.

The approach of the RBI regarding ownership of banks by large corporate/ industrial houses has, by and large, been a cautious one in view of serious risks, governance concerns and conflicts of interest that could arise when banks are owned and controlled by large corporate and industry houses.

For the first time in 2013, the RBI, in its Guidelines for Licensing of New Banks in the Private Sector, had prescribed several structural requirements of promoting a bank under an Non-Operative Financial Holding Company (NOFHC).

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Amazon Quiz Answers Today, November 23, 2020: Answer and Win Rs.10,000 Amazon Pay Balance

Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance.

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Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs.10,000 Amazon Pay Balance
Amazon Quiz Date: November 23, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 23, 2020

Question 1. The 2020 Women’s T20 Challenge played in Sharjah was branded as the ____ Women’s T20 Challenge. Fill in the blanks

Answer:- Jio

Question 2. Who is the Chairperson of the GST Council in India?

Answer:- Union Finance Minister

Question 3. One of the songs from the movie Laxmii starring Akshay Kumar is named after which famous building?

Answer:- Burj Khalifa

Question 4. To visit this place, which country do you have to travel to?

Answer:- Peru

Question 5. These guards protect what?

Answer:- Vatican City

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 23: Yellow metal price rises today, check here

The price alter is mainly due to various factors such as political and economical issues happening in the world.

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Gold Wealth Price

Gold prices in India on Monday, November 23 have gone up following the global rates. On MCX, the gold rates have increased to ₹50,241. Today, silver price in India has gone up to ₹62,221 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

CITY24 KARAT22 KARAT
CHENNAI₹52,052₹47,662
MUMBAI₹50,886₹49,896
BANGALORE₹51,475₹47,145
DELHI₹53,895₹49,425
KERALA₹49,674₹45,914
HYDERABAD₹51,472₹41,752
KOLKATA₹52,505₹50,105
PUNE₹50,809₹48,399
GOLD PRICE IN INDIA (*MCX)₹50,241₹46,054

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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