Photo: Abhijit Bhatlekar/MintMumbai: The Securities and Exchange Board of India (Sebi) has formed a new department that will review company filings for debt raising and address issues that listed companies face in bankruptcy court. This follows greater government and regulatory focus on tackling stressed assets, said two people aware of the matter, including the Sebi chairman. Among other things, the department would also facilitate and resolve administrative issues that companies undergoing insolvency typically face,” said the second person. The department will also ease administrative hassles for new filings and routine Sebi compliances for InvITs and REITs. Sebi has also created a separate department for mutual funds, said Tyagi.

December 12, 2017 19:30 UTC

more-inSteps are afoot by the Union Ministry of Culture in association with the Indian Institute of Technology New Delhi and Bharat Electronics Limited (BEL), a Union government undertaking, to give a digital touch in a bid to make Hampi, the erstwhile seat of the Vijayanagar empire, more tourist-friendly. If things go as planned, very soon tourists will be able to know more about Hampi, the monuments, history, art and architecture with the help of digital technology, and they can return happily with an evergreen memory. Shivakumaran, General Manager (HR) BEL, K. Moortheshwari, Superintending Archaeologist, Archaeological Survey of India Mini Circle Hampi, went round Hampi to identify the monuments to be covered in the first phase. “We will prepare a project report and submit it to the Union Ministry of Culture. Once it is approved, IIT will execute the work of adding digital touch to some of the monuments and up-gradation of the museum in a year.

December 12, 2017 19:30 UTC

ACB officials during a raid on the residence of a relative of the accused officer, in Vijayawada on Tuesday. The accused was allegedly running a solar power plant on 32 acres at Ubicherla in Anantapur district, with ₹18 crore investment. Interestingly, the land was registered in the name of three domestic helps, S. Satyavathi, A. Rangamma and A. Lakshmana Rao, said ACB Director-General R.P. Mr. Thakur said Mr. Azad joined as Assistant Commissioner in the year 2000. Six departmental enquires are pending against Mr. Azad on charges of misappropriation of funds and misuse of official position.

December 12, 2017 19:18 UTC

“If the government failed to do so, we have to gear up for another round of agitation from April 1. Advising them not to consider the State government’s announcement as a full meal, he said that there was a long way to go to achieve reservation. “The Kapu reservation should not have any affect on the existing BC reservation set up and the percentage should be increased to 15 from the proposed five. The government should also focus on extending political reservation to the Kapus, without which it is not possible for the caste to achieve overall development,” he said in an emotional tone. “We should give sleepless nights to the Chief Minister until our long-cherished dream is fulfilled,” he said.

December 12, 2017 19:18 UTC

With it, Modi became the first incumbent Indian PM to be flown by foreign pilots onboard an Americanregistered aircraft.The use of the Kodiak 100by PM raises a serious safety issue. The requirement that he takes a twin-engine plane holds even when PM is travelling for nonofficial reasons. It is a moment of pride for us that he chose it for trial run of a seaplane which has a huge potential. It's third flight for the day took off around 10.45 am and had the PM onboard. The one-year old aircraft is registered in the US and information culled from Federal Aviation Administration website, shows its registered owner as "Bank of Utah trustee''.

December 12, 2017 19:18 UTC





"I hope no Kejriwal comes out of my movement again," he told reporters here after addressing a public meeting. Delhi Chief Minister and Aam Aadmi Party (AAP) supremo Arvind Kejriwal had taken part in Hazare's anti-corruption movement in 2011. Subsequently, he had parted ways with the social activist and launched his own political outfit. He accused the erstwhile UPA government at the Centre of failing to act on the Jan Lokpal Bill. Both the Congress and the BJP are guilty (in this regard)," the 80-year-old social activist said.

December 12, 2017 18:58 UTC

more-inThree members who are part of the House committee set up to look into the alleged irregularities in the laptop scheme have submitted a dissent note to Chairman of the Legislative Council D.H. Shankaramurthy. The committee has decided to allow the Department of Higher Education to call for tenders for laptops even though a majority of the members have opposed the move. The tenders were for procurement of laptops for certain sections of students in government colleges for the 2017–18 academic year. Technical advisory panelA source said the three members who submitted a note to Mr. Shankaramurthy demanded that a new technical advisory panel (TAP) be formed to redefine the specifications for calling the tender. Ajay Nagabhushan’s letter to the Chief Secretary after he was transferred from the post of the Commissioner, Department of Collegiate Education.

December 12, 2017 18:56 UTC

more-inThe State capital is among 20 municipalities and cities from 13 States in the country to join the urban solid waste management initiative launched in New Delhi on Tuesday to achieve 100% source segregation of waste by October 2, 2019. “The main agenda is to give participating cities a platform to exchange knowledge on solid waste management (SWM),” says Chandra Bhushan, Deputy Director General, CSE. The initiative comes close on the heels of the Union Ministry of Housing and Urban Affairs’ (MoHUA) countrywide campaign from June 5 to segregate waste at source. But, ensuring segregation at source requires infrastructure for segregating, transporting and processing the waste, and tough compliance systems. Besides Thiruvananthapuram, Alappuzha, three municipal authorities from Delhi-New Delhi Municipal Corporation, East Delhi Municipal Corporation and South Delhi Municipal Corporation and urban bodies of Bengaluru, Patna, Gurugram, Imphal, Gangtok, Greater Hyderabad, Bhopal, Indore and Mysuru figure in the list of local bodies.

December 12, 2017 18:56 UTC

more-inThe State’s performance in palliative care has drawn world attention, said Chief Minister Pinarayi Vijayan while inaugurating the ‘Sneham’ Medical Palliative Care society at the district medical office here on Tuesday. This is the first time in the State that a local self-government institution has started a charitable society for palliative care, district panchayat president V.K. The Chief Minister also inaugurated the ‘Snehasparsham’ scholarship scheme at the function. Mr. Vijayan called for collective participation from all sections of society to ensure better palliative care for both disease-ridden and old-age patients. He appreciated the ‘Sneham madhuram’ programme, which is a relief fund for palliative patients created with contribution from school students.

December 12, 2017 18:56 UTC

Actor Prakash Raj participing in the walk from Farangipet to Mani in Dakshina Kannada on Tuesday. more-inActor Prakash Raj, who participated in the ‘Walk for harmony’ led by Minister in charge of Dakshina Kannada B. Ramanath Rai from Farangipet to Mani on Tuesday, urged people to raise their voices against persons trying to engineer communal trouble. At a rally at Mani after the padayatra that covered 22 km on Mangaluru–Bengaluru highway, Mr. Raj said the electorate should decide wisely and not cast their vote to persons creating communal tension. You all know the persons who are trying to spoil communal harmony. Mr. Raj said the goal of the padayatra was to stand against forces that profess murder for a murder.

December 12, 2017 18:56 UTC

BSE Ltd on Tuesday said it is taking seven companies to National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) for non-payment of annual listing fees. The exchange has identified 130 such companies and in the first round, it has already filed insolvency proceedings against seven. These companies are not able to pay their listing fees, so should an investor remain invested them or not?” said Ashish Chauhan, managing director and CEO of BSE. A query sent to NSE on whether it was also contemplating taking companies to NCLT on non-payment of listing fees, was not answered. An exchange with its listing fees dues would be considered as operational creditor.

December 12, 2017 18:56 UTC

Foreign Secretary S. Jaishankar and Defence Secretary Sanjay Mitra at the inaugural “2+2 dialogue” with Australia in New Delhi on December 12, 2017. Photo: @MEAIndiamore-inContinuing with the strategic bilateral discussion, Australia and India on Tuesday discussed the need to maintain the Asia-Pacific region as a “free” and “open” zone under the “2+2” dialogue model which includes the foreign and defence secretaries of both sides. The discussion was the first meeting of this level since the two sides participated in the quadrilateral discussion for a new strategic partnership targeting the Asia-Pacific region. Freedom of navigationThe “2+2” dialogue of Tuesday was held between Foreign Secretary S. Jaishankar and Defence Secretary Sanjay Mitra and their Australian counterparts Frances Adamson and Greg Moriarty. “All aspects of bilateral relations with a focus on strategic and defence relations between the two countries were reviewed,” the MEA said.

December 12, 2017 18:33 UTC

Mumbai: Angel investments in business to business (B2B) start-ups have seen an uptick, with B2B investments contributing to 40% of total investments in the 15 months to June 2017, according to a report by venture debt provider Innoven Capital. B2B investments contributed to 25% of total angel investments in the previous year, the report said. The Innoven Capital: India Angel Report takes into account investments made by five major angel groups—Indian Angel Network, Mumbai Angels, The Chennai Angels, Hyderabad Angels and Calcutta Angels. However, total angel investments saw a downward trend in the period with angel investors committing Rs101.1 crore across 54 deals. Lack of clarity around taxation issues and a more cautious investment approach by angel investors are some of the reasons for the slowdown in angel investments, said Sharma.

December 12, 2017 18:33 UTC

more-inDemanding that Prime Minister Narendra Modi and Finance Minister Arun Jaitley withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill 2017, Karnataka Pradesh Congress Committee working president Dinesh Gundu Rao on Tuesday said it will affect the common man who has already been hit owing to demonetisation and Goods and Service Tax. “I will call a meeting of Congress MPs from Karnataka and ask them to oppose the FRDI Bill when it comes up for debate in Lok Sabha and Rajya Sabha. I demand that the Prime Minister and Finance Minister withdraw it immediately,” he told presspersons here. Terming the FRDI Bill disastrous for the common man, he said: “The Bill provides for a bail-in, which allows the financial institution to cancel a liability owed by the bank or change the form of an existing liability to another security. “We urge the Joint Committee of Parliament, which is reviewing the Bill, to kindly reconsider allowing such a draconian provision.

December 12, 2017 18:22 UTC

Since Bescom did not have emergency power purchase this year, the quantum of hike proposed is lower than last year. more-inThe Bangalore Electricity Supply Company’s (Bescom) experimental “telescopic tariffs”, under which three additional slabs were created for domestic consumers in urban areas, appears to have paid off. “Last year, we also had emergency power purchase (owing to breakdown of the Sharavathi Hydro Power Station) but there was no such thing this time,” he said. Among Bescom’s reasons for the need to have a separate tariff from the other four electricity supply companies (Escoms) was the difference in the consumer base. They also pointed to the high power purchase costs and the large number of industries that Bescom caters to.

December 12, 2017 18:22 UTC