SBI has classified Reliance Communications’ loan account as fraud, citing diversion of funds and misuse of invoices. Anil Ambani’s legal team expressed shock, claiming procedural lapses and incomplete information. SBI maintains it followed due process, issuing notices and considering the…
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Reliance is restructuring to consolidate its FMCG brands, including Campa and Independence, into a new entity, New Reliance Consumer Products Ltd, a direct RIL subsidiary. This strategic move aims to attract specialized investors and provide focused attention to the rapidly…
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IL&FS has filed a plea seeking to reverse the sale of its iconic BKC building to Brookfield, alleging non-compliance with bid conditions. The insolvent financier claims Brookfield’s unit, Chronos, failed to renew a ₹108-crore performance guarantee, rendering the letter of…
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An internal Reserve Bank of India committee is likely to recommend maintaining the current inflation target of 4%, with a 2%-6% tolerance band, in the upcoming government review. The panel favors retaining the consumer price index as the target, citing…
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On the positive side, India’s manufacturing activity strengthened and petrol consumption increased at a fast clip.
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Voltas has received a show cause notice from Central GST authorities regarding an alleged shortfall of Rs 265.25 crore in tax payments. The notice, pertaining to financial years 2018-19 to 2020-21, concerns Universal Comfort Products Limited, which merged with Voltas…
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