New Delhi

Impossible to return to India, Choksi tells CBI

Gitanjali Gems promoter Mehul Choksi (in pic), who is under the scanner of investigating agencies following a complaint by the Punjab National Bank, has said it was impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health.

In a detailed e-mail reply to the CBI’s notice seeking his appearance, Choksi said he was not in a position to travel as his passport has been suspended by the authorities and he was undergoing medical treatment.

Parliament nod sought for Rs 85K cr extra spending

The government has sought Parliament’s approval for additional cash spending of Rs 85,315 crore in the current fiscal ending March. The additional expenditure is being incurred to match the revised estimates provided in the budget and it will not impact the revised 3.5 per cent fiscal deficit target.

Minister of state for parliamentary affairs Arjun Ram Meghwal moved the fourth round of supplementary demands for grants for 2017-18 in the Lok Sabha.

Whistle blower Kamboj tripped 20:80 scheme by writing to FM

In many ways, bullion trader and King Bullion owner Mohit Kamboj (in pic) is the whistle blower in the 20:80 gold scheme case. A relentless crusader, he did not give up despite repeated brush-offs from the UPA top brass. The Reserve Bank of India (RBI) and the finance ministry refused to acknowledge his missives on this issue, but he sallied forth and once the new government was in place, opened a fresh front by writing to the new finance minister Arun Jaitley and followed this up by writing to then commerce secretary Rajeev Kher.

Tata Steel says in discussion for Bhushan resolution

Tata Steel on Wednesday said it has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel, which was undergoing insolvency proceedings.

In a statement, the company said that "it has received a formal communication from the resolution professional (RP) of Bhushan Steel that it (Tata Steel) has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSE on March 6.”

Sebi reconstitutes panel on corporate bond market

Markets regulator Sebi has reconstituted its committee that suggests the road map for developing the corporate bond market in the country.

The 27-member committee would now be chaired by Harun R Khan, former deputy governor at the Reserve Bank of India (RBI), as per the latest update with the Securities and Exchange Board of India (Sebi).

Bharat Dynamics IPO from March 13

Missile manufacturer Bharat Dynamics announced a Rs 960-crore initial public offering to offload 12 per cent stake in the state-owned company to the public. The IPO, in the price band of Rs 413 to Rs 428 per share of Rs 10 face value, opens on Mar 13 and closes on Mar 15. The proceeds of the offer will go to government of India and the company will not receive any proceeds from the offer.

Swamy missile hits Adani stocks

Shares of Adani Group companies plunged by up to eight per cent on Wednesday, wiping out more than Rs 9,000 crore in market value, after BJP MP Subramanian Swamy called Gautam Adani the "biggest NPA trapeze artiste in PSUs".

Shares of Adani Transmission fell 7.72 per cent to close at Rs 179.85 on the BSE. Besides, Adani Enterprises plunged 7.24 per cent to settle at Rs 172.40.

The Adani Ports & SEZ stock tanked by 6.53 per cent to end the day at Rs 377.45, while Adani Power declined 6.6 per cent to close at Rs 27.60.

Cabinet okays 2% DA for govt staff

The Union Cabinet on Wednesday approved release of an additional instalment of dearness allowance (DA) to central government employees and dearness relief (DR) to pensioners from January 1, 2018 taking a hit of over Rs 15,000 crore over the next 14 months.

Cabinet okays telcos’ spectrum cap revision

The Union Cabinet on Wednesday approved a relief package for the debt-ridden telecom sector giving operators more time to pay for the spectrum bought in auctions.

It has also relaxed the spectrum holding limit for the telecom operators.

The two key steps are expected to help attract investments and facilitate consolidation in the sector while enhancing ease of doing business.

Vandalism wars: PM warns of stern action

Even as a political firestorm raged over desecration of statues of political icons and social reformers over the last couple of days, a bust of Jana Sangh founder Shyama Prasad Mookerjee was vandalised in Kolkata on Wednesday, allegedly by Left supporters, an obvious act of retribution following the razing of statues of Soviet icon Vladimir Illyich Lenin in Tripura. As an unseemly fallout of the BJP’s historic triumph in the Left bastion of Tripura, suspected right-wing activists had pulled down two statues of Lenin at different places in the north-eastern state.