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Lenders, investors and regulators have reasons to cast doubts on the credibility of credit rating agencies. Top rating agencies such as Icra, CARE and India Ratings now face serious credibility issues after having failed to spot the liquidity crisis brewing in the IL&FS group.

All the agencies were rating bonds and loans of IL&FS and group entities at higher investment grade such as ‘AAA’ until July, but suddenly this month the company’s loans and bonds have been placed in the ‘default’ or D grade.

RBI trims term, Rana Kapoor has to step down this year

The Reserve Bank has curtailed the term of Yes Bank's founding CEO Rana Kapoor (in pic) and asked the private sector lender to look for his replacement by January 2019. Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. However, the sector regulator did not agree to the request and permitted him to continue only till January 2019.

ITC Hotels acquires Park Hyatt Goa Resort

ITC Hotels on Wednesday said it has acquired Park Hyatt Goa Resort and Spa.

The acquisition is a part of an auction held by Industrial Finance Corporation of India (IFCI) for Rs 541 crore in 2015, and upheld by the Supreme Court in its March 19, 2018 judgement, ITC Hotels said in a statement.

The property spread across 45 acres is currently under minor renovation to comply with ITC's sustainability practises, the luxury hospitality chain said.

Cabinet okays ordinance to make triple talaq a penal offence

The Union Cabinet on Wednesday approved an ordinance to ban the practice of instant triple talaq, with Law Minister Ravi Shankar Prasad saying there was a “compelling necessity” to bring the measure as instances of talaq-e-biddat continued unabated despite the Supreme Court striking it down. Under the proposed ordinance, giving instant triple talaq will be illegal and void and will attract a jail term of three years for the husband.

Cabinet defers sugar package

The Union cabinet on We­d­nesday didn’t consider Rs 4,500 crore plan to more than double the production assistance paid to sugarcane farmers and transport subsidy to sugar exporting mills.

The cabinet committee on economic affairs may ta­ke up the food ministry’s pr­o­posal next week, sources said. The ministry has proposed sharp increase in production assistance to farmers to Rs 13.88 per quintal for 2018-19 marketing year (October-September) from Rs 5.5 per quintal at present.

NAA asks Pyramid to refund Rs 8.22 cr to flat buyers

In a big relief to homebuyers, the National Anti-Profiteering Authority (NAA) has ordered real estate developer Pyramid Infratech to refund over Rs 8.22 crore to 2,476 flat owners as it had failed to pass on the benefit of goods and services tax (GST) reduction to them.

The NAA passed the order on a complaint of profiteering filed by 109 homebuyers of two affordable housing projects of the Gurugram-based company.

SMEXASEAN launches platform for India

The MSME sector in India is set to get a boost with the launch of SMEXIndia, a division of SMEXASEAN, an online marketplace owned and operated by SRAM MRAM Group, a UK-based international conglomerate with footprints across 5 continents and 12 countries.

I-T dept inspects Jet books, shares tumble 3.67%

The income-tax department on Wednesday began inspection of the books of crisis-hit Jet Airways for alleged falsification of accounts and suspicious transactions, sources said. Shares of the airline fell 3.67 per cent to close at Rs 244.25 on the BSE after the action.

AI will make jobs interesting, society smarter, life easy

Artificial Intelligence (AI) — the capability of a machine to imitate intelligent human behaviour or creation of intelligent machines to perform human abilities like speech recognition, visual perception, decision-making, translation between languages and many more things — is going to make our society smarter, jobs more interesting and life more convenient, said a recent Salesforce research.