NEW DELHI: Two Tata Steel subsidiaries were sued for $1.6 billion by an NGO in the Netherlands for alleged adverse health and environmental impacts from its steel plant in the Dutch village of Velsen-Noord.In a regulatory filing, Tata Steel said that Stichting Frisse Wind.nu (SFW) filed a case before a court in North Holland against…
NEW DELHI: Four years after RBI ordered insolvency action against Srei Infrastructure Finance and Srei Equipment Finance, Punjab National Bank on Friday reported a loan fraud of Rs 2,434 crore committed by the erstwhile promoters of the two non-bank finance companies to the regulator.It reported a fraud of Rs 1,241 crore in the case of…
NEW DELHI: The committee of creditors (CoC) cannot modify or alter a resolution plan for reallocation of funds of dissenting creditors, after it is approved, insolvency appellate tribunal NCLAT has said. Dismissing an appeal by Bank of Baroda in the Reliance Communications Infrastructure (RCIL) matter, NCLAT said the assenting members of the CoC cannot alter…
MUMBAI: Sensex dropped 367 points on Friday, marking its third consecutive day of losses, amid foreign fund outflows and a lack of major domestic triggers. In a low-volume trade, the 30-share index dropped 0.4% to settle at 85,041. The 50-share Nifty declined by 100 points to 26,042, registering its second day of decline. “Overall, Indian…
MUMBAI: The Irdai on Friday, fined Reliance General Insurance Rs 1 crore in Hyderabad for routing unauthorised payouts through marketing and awareness expenses that amounted to disguised commissions. The penalty follows Irdai’s examination of transactions across FY19, FY20 and FY21. According to the regulator, the insurer channeled payments to brokers, agents, corporate agents and unlicensed…
MUMBAI: Insurers are expected to adopt more disciplined underwriting and pricing strategies as the Irdai transitions to Risk-Based Capital (RBC) norms, moving away from a ‘one-size-fits-all’ solvency model to align capital requirements with actual risk profiles. Simultaneously, the regulator has cleared the implementation of IFRS 17 (Ind AS 117), which fundamentally redefines the ‘topline’ by…
MUMBAI: With a gain of over Rs 32,000/kg in just four sessions, the unabated rally in silver continued on Friday and the white metal traded at over Rs 2.35 lakh/kg mark in the domestic market, a new all-time high level. The rally in gold also continued, though at a slower pace, with the price moving…
BENGALURU: Mid-cap IT firm Coforge has announced its plan to acquire AI firm Encora – whose estimated revenue is $600 million for 2026 – giving it a better presence in the hi-tech and healthcare verticals, besides deepening its footprint in North America. Coforge will acquire the business from Advent, Warburg Pincus and other minority shareholders…
MUMBAI: Insurance regulations to prevent mis-selling are set to tighten with the Insurance Regulatory and Development Authority of India (Irdai) set to frame stricter norms on commission disclosure and conflicts of interest, enabled by amendments cleared in the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025.The amendments give the regulator explicit powers to…
Silver prices climbed to fresh lifetime highs in both domestic and international markets on Friday, driven by strong global cues and thin year-end trading, according to the All India Sarafa Association.In the national capital, silver soared by Rs 9,350 to close at a record Rs 2,36,350 per kilogram on Friday, up from Rs 2,27,000 per…
