In a freewheeling chat with Moneycontrol, JSW Steel's MD & Group CFO Seshagiri Rao talks about range of issues — impact of GST, his concerns on rising imports, plans to acquire downstream units in overseas markets and the funding challenge. The steel veteran also talks about a surprising paradox — even as the country talks about unemployment, there is shortage of labour. "We are still trying to understand what is happening," he says.Excerpts:It's been a year since GST was launched. How has been the steel industry's experience?Close The mechanism of refund needs to be streamlined, and there are some process-related issues where GST is getting taxed twice. We have brought this to the attention of the government, and they are looking into it. related news Essel Group to sell up to 16.5% stake in Zee Entertainment to financial investors: Report SEBI revamps rights issue process, cuts timeline to 31 days Chhattisgarh govt assures NMDC of … [Read more...] about We are looking to acquire downstream facilities overseas, says JSW Steel’s Seshagiri Rao
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India’s banking sector, currently mired in a number of controversial cases alluding to corrupt practices, once again saw another similar case rear its head as CBI on Saturday registered a complaint against Arun Kaul, former CMD of UCO Bank.Other persons who have been named in the complaint are M/s Era Engineering Infra India Ltd. (M/s EEIL), its CMD Hem Singh Bharana, chartered accountants Pankaj Jain and Vandna Sharda, Pawan Bansal of M/s Altius Finserve Pvt. Ltd, among others.It was alleged that the accused persons in pursuance of criminal conspiracy defrauded UCO Bank to the tune of Rs. 621 crore (approx) by diversion and siphoning of bank loans. It is further alleged that the loans were not utilised for the sanctioned purpose and was secured by producing false end use certificates issued by the chartered accountantsClose Kaul, the CMD during that period, allegedly helped the accused company in securing the loan. related news Return filing system is working fine: … [Read more...] about No end to skullduggery in banking sector! CBI now registers complaint against former UCO Bank CMD Arun Kaul
The CBI on Thursday registered a case against former Aircel promoter C Sivasankaran's companies - British Virgin Islands-based M/s Axcel Sunshine Limited and Finland-based Win Wind Oy - for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank.The search operation included raids in the residences of MS Raghvan (former CMD, IDBI Bank), BK Batra (former DMD of IDBI Bank) and Mervin O Rego (former DMD of IDBI Bank and presently serving as CMD and CEO of Syndicate Bank). As a result, 15 former and serving officers of the bank have been booked.CBI conducted searches at 50 places located across 10 cities, including Delhi, Mumbai, Faridabad, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune.Close Late in the day, IDBI Bank issued a statement saying that they had given a loan to Axcel Sunshine Ltd in February 2014, which became NPA in December 2015. The bank said the loan has been fully provided for and it the recovery actions to recover dues … [Read more...] about CBI books former Aircel promoter C Sivasankaran’s companies in Rs 600 cr loan fraud, top IDBI Bank officials booked
As the CBI intensifies its investigation into the Rs 600-crore loan fraud case at IDBI Bank in which 15 serving and retired officials of the bank have been booked, fresh details have emerged. The case registered on Thursday against independent directors of IDBI Bank also includes S Ravi, the chairman of BSE.Ravi, the chairman of IDBI Bank's Audit Committee, is also on the boards of several companies and organisations. He is an associate member of Association of Certified Fraud Examiners; a member of the takeover panel of Sebi. He is also a member on the boards of SBI-SG Global Securities Services, SMERA Ratings, STCI Finance, Star Union Dai-ichi Life Insurance Company, Tourism Finance Corporation of India and UTI Trustee Company, among others.BSE declined to comment on the report.Close The CBI has also named Aptech non-executive director Ninad Karpe in the case. related news Five state finance ministers lash out at Centre over delay in GST compensation IndiGo, GoAir to … [Read more...] about Bankers named by CBI in IDBI Bank loan case include BSE Chairman S Ravi
Loans become part of one's financial matters when one can’t meet their aspirations with their current income or due to unforeseen emergencies such as hospitalisation. Personal loans help to achieve smaller goals such as financing marriages, vacations and smaller expenses.On the other hand, high home prices makes home loan an essential while buying a property. Many borrowers us end up opting for both: personal as well as a home loan. As income increases over time or when one receives a one-time cash inflow, a borrower wonders which one should be prepaid first. The emotional answer to this question is to ‘secure’ one’s home by paying off the loan. But for a logical, financial answer, one needs to take into considerations several factors:Focus on the cost of loanTo turn debt free, one may choose to pay off the largest loan first or the smallest loan first, depending on one's view. In the financial world, the cost or interest rate … [Read more...] about Home loan or personal loan: Which one you should get rid of first?