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Total 30 results found. Search for [ MK Sharma ]

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BusinessToday.In
June 29, 2018
Chaturvedi, a former IAS officer, was appointed as Additional (Independent) Director for a period of 3 years.


BusinessToday.In
New Delhi, June 18, 2018
In its regulatory filing, ICICI Bank has also established that Kochhar will continue to hold the position of chief executive in the organisation.


BusinessToday.In
June 18, 2018
ICICI Bank recently roped in former Supreme Court Judge B N Srikrishna to probe the allegations of quid pro quo and conflict of interest levelled against Chanda Kochhar by whistleblower Arvind Gupta.


BusinessToday.In
June 15, 2018
On May 30, the ICICI Bank had said that it would initiate an enquiry into the allegations of 'conflict of interest' against its CEO.


BusinessToday.In
New Delhi, June 5, 2018
For RBI, it's a choice between a rate hike now and AugustThe Reserve Bank of India (RBI) is getting poised to raise interest rates for the first time since January 2014, analysts say - the question is whether this will happen on Wednesday or in August. The anticipated increase could put a dent in growth, which has recovered after blows from the November 2016 demonetisation and the bumpy July 2017 launch of a national goods and services tax. India reported stellar 7.7 annual per cent growth for the quarter ended March 31. But the key concern of the central bank, which has long kept the repo rate at 6 per cent, is the inflation rate, which is widely expected to climb further. Here's what the top banks in the country have to offer on fixed depositsAxis bank, India's third largest private sector bank, has recently introduced a new fixed deposit tenure of 12 months 5 days to under 12 months 11 days, which will earn interest at the rate of 7.40 per cent for deposits under Rs 1 crore. Deposits of Rs 1 crore to less than Rs 5 crore will earn an even more attractive 7.60 per cent. This is currently the highest interest rate that Axis Bank is offering across all available tenures. This development comes on the heels of more broad-based interest rate hikes rolled out by HDFC Bank and the State Bank of India. Vegetable prices rise as farmers go on strike Farmers began their 10-day protest on Friday to press demands such as farm loan waivers and higher prices for produce such as cereals, oilseeds and milk. Outbreaks of rural discontent poses a challenge to Prime Minister Narendra Modi, who promised when he came to power in 2014 to double farm incomes in five years. Farmers in eight states, mostly ruled by Modi's Bhartiya Janata Party, have restricted supplies of vegetable and milk to the cities' markets. Two-thirds of India's 1.3 billion population depends directly or indirectly on farming for their livelihood, but farm incomes only account for 14 percent of gross domestic product. This reveals a growing divide between rural and urban India. IDBI Bank's M K Jain appointed as RBI Deputy GovernorThe government has appointed MK Jain as the deputy governor of the Reserve Bank of India. He has filled a position which has been vacant since August 2017. Jain has been the managing director and chief executive officer of IDBI Bank Ltd. since April 2017. Jain has previously served as the CEO of Indian Bank. Since his move to IDBI Bank, Jain has been focused on cleaning up the bank's balance sheet and has moved to divest several non-core assets to help release capital. Jain has also been involved in risk management efforts at an industry level and has been a member of the Indian Banks' Association committee on risk management. ICICI Bank begins search for new chairmanPrivate sector ICICI Bank has initiated the process of appointment of non-executive chairman as the term of incumbent MK Sharma is coming to an end on June 30. The process has started and the board has to take a call if the appointment has to be made from the existing pool of independent directors or by inviting an outsider to take up the position, sources said. As the term of the current chairman is coming to an end so a new chairman has to be appointed, sources added. Among various independent directors, seasoned banker and former Bank of Baroda chairman and managing director MD Mallya is set to be the frontrunner to succeed Sharma. Mallya was recently appointed to the ICICI Bank board as an independent director on May 29.


BusinessToday.In
June 4, 2018
The decision to begin the hunt for new chairman was reportedly taken after MK Sharma expressed his unwillingness to continue. His term expires this month.


BusinessToday.In
New Delhi, June 1, 2018
ICICI Bank slammed reports claiming that the bank's board has asked its chief executive Chanda Kochhar to go on an indefinite leave until the independent probe against her is complete.


BusinessToday.In
New Delhi, May 30, 2018
The scope of the enquiry would be comprehensive and would include all relevant matters and, where ever warranted, the use of forensic or email reviews and recording of statements of relevant personnel, says ICICI Bank.


BusinessToday.In
New Delhi, May 25, 2018
The bank said an \"appropriate response\" would be submitted to Sebi. The country's second-largest private lender has been embroiled in controversies ever since investor and whistleblower Arvind Gupta alleged a 'quid pro quo' in ICICI Bank's Rs 3,250 crore plus Rs 660 crore loans to Venugopal Dhoot-owned Videocon Industries.


PTI
May 9, 2018



BusinessToday.In
New Delhi, April 23, 2018
The big question is whether such non-declaration violates the provisions of Section 184 of the Companies Act, 2013. The latter stipulates that every director of a company (both public and private) shall disclose their interest in third parties. That is what the probe agencies want to look into.


BusinessToday.In
April 23, 2018
The enquiry was ordered after whistle-blower Arvind Gupta had accused Chanda Kochhar of extending loans to the Videocon Group both in India and abroad through companies established in tax heavens like the Cayman Islands and Mauritius.


BusinessToday.In
New Delhi, April 23, 2018
Amazon to focus on fresh produce in IndiaAmazon.com Inc expects groceries and household products to account for over half of its business in India in the next five years. It's trying to foray into areas such as fresh produce. Amit Agarwal, the India head of Amazon, has said that groceries and goods such as creams, soaps and cleaning products, were already the largest product category on Amazon in terms of number of units sold in India. AmazonFresh, which launched more than a decade ago in the U.S. market, is the company's flagship fresh grocery delivery service. In India, Amazon currently offers some groceries via a service named Pantry. It has also tied up with local vendors in four cities for Amazon Now, which promises two-hour deliveries.President promulgates Fugitive Economic Offenders OrdinancePresident Ram Nath Kovind last night promulgated Fugitive Economic Offenders Ordinance that will allow the government to confiscate properties and assets of loan defaulters who flee the country. The president promulgated the Ordinance within hours of it being cleared by the Union Cabinet headed by Prime Minister Narendra Modi. The ordinance seeks to confiscate properties of economic offenders like diamond merchant Nirav Modi, who have left the country to avoid facing criminal prosecution. India's pace of growth to accelerate in 2018-19, says RBI governor Urjit PatelAsserting that the Indian economy turned in a resilient performance in 2017-18, Reserve Bank of India (RBI) Governor Urjit Patel has said the country's growth is expected to accelerate next fiscal. Patel was addressing the International Monetary Finance Committee. Global demand has been improving, which should encourage exports and boost fresh investments, Patel said, adding that on the whole, real GDP growth was expected to expand at 7.4 per cent in 2018-19, with risks evenly balanced. Petrol price surges to 55-month high, diesel at all-time highPetrol price surged to a 55-month high yet again on Sunday to touch Rs 74.40 a litre in the national capital, while diesel price soared to a new all-time high of Rs 65.65, just three days after prices of both the fuels touched record levels. State-owned oil firms said in a notification on Sunday that petrol and diesel rates have been hiked by 19 paise per litre each in Delhi due to rising international oil prices, renewing calls for the government to cut excise tax rates on the fuels. ICICI's internal probe had cleared Chanda Kochhar's name  ICICI Bank chairman MK Sharma conducted a secret, internal inquiry two years ago that found no fault on the part of CEO Chanda Kochhar over loans to the Videocon group after a shareholder complaint, said people with knowledge of the matter, as reported by the Economic Times. The findings were endorsed by leading law firm Cyril Amarchand Mangaldas (CAM). Most board members were unaware of this investigation until the issue resurfaced recently. Sharma conducted the enquiry after whistle-blower Arvind Gupta alleged that Chanda Kochhar, who was on the credit committee, influenced the Rs 3,250-crore loan to Videocon.  TCS first Indian IT company with 100 billion dollar market valueTCS market capitalisation or market value hit $100 billion today, making it the first Indian company to achieve the mark. TCS shares moved nearly 4 per cent higher today, extending their Friday's surge. Shares of TCS had surged by nearly 7 per cent on Friday, making investors richer by over Rs.40,000 crore in a day.


BusinessToday.in
New Delhi, April 9, 2018
In an exclusive interview, BusinessToday.In Editor Rajeev Dubey spoke to Deepak Kochhar, husband of ICICI MD and CEO Chanda Kochhar, on the allegations levelled against him and the ICICI MD for conflict of interest and quid pro quo. Deepak Kochhar has revealed Chanda was not aware of his tie-up with Videocon Group Chairman Venugopal Dhoot. \"Chanda did not know when I set up NuPower. I knew Dhoot through social circles. I told her when Dhoot exited,\" Deepak Kochhar told India Today TV. Watch BusinessToday.In's exclusive video on the recent revelations in the ICICI-Videocon loan controversy.


BusinessToday.In
New Delhi, April 6, 2018
Rajiv Kochhar reportedly taken to CBI's Bandra office where he was grilled for six hours in connection with ICICI Bank's alleged quid pro quo loan of Rs 3,250 crore to Videocon Group in 2012 as well as his links with Venugopal Dhoot, the promoter of the Videocon Group.


Rajeev Dubey
April 6, 2018
Kochhars are under lens since whistleblower Virendra Gupta's disclosures in 2016 regarding the Rs 3,250 crore plus Rs 660 crore loans and alleged quid pro quo in the form of an identical 10 pc foreign funding  (Rs 325 crore and Rs 66 crore) in Kochhar's husband Deepak Kochhar's company NuPower Renewables.


BusinessToday.In
New Delhi, April 5, 2018
The CBI (Central Bureau of Investigation) and the Income Tax Department are probing the Rs 3,250-crore loan to Videocon Group in 2012. Now the Serious Fraud Investigation Office (SFIO) has also sought permission from the ministry of corporate affairs to probe the case.


BusinessToday.In
New Delhi, April 5, 2018
ICICI-Videocon case: Deepak Kochhar denies quid pro quoChanda Kochhar's husband and NuPower Renewables co-founder and CEO Deepak Kochhar has denied any quid-pro-quo in sanctioning of Rs 3,250 crore loan to Videocon by the ICICI Bank in response to a questionnaire sent by Business Today. Also, Venugopal Dhoot has refuted the charge that NuPower Renewables was a joint venture between Videocon and Deepak Kochhar. Meanwhile, questions sent to ICICI Bank CEO Chanda Kochhar were responded to by ICICI Bank Chairman MK Sharma, who told Business Today that Kochhar was travelling abroad. Deepak Kochhar has been in the eye of the storm for allegedly receiving an investment by companies owned by Videocon Group's Venugopal Dhoot soon after the loans to the debt-laden Videocon were sanctioned by the ICICI Bank.Facebook says up to 87 mn users' data may have been breachedPersonal information of about 87 million users, mostly in the US, may have been improperly shared with the UK-based political consulting firm Cambridge Analytica, Facebook has said as it announced a slew of measures to address its users' privacy concerns as reported by PTI. Over half a million of the users whose personal data might have been compromised are from India. This is a much larger figure than the previously believed 50 million users of Facebook whose personal data was improperly shared with Cambridge Analytica.Trump says trade war with China was lost many years agoPresident Donald Trump has said the US is not in a trade war with China as the war was lost many years ago by the previous \"foolish and incompetent\" American leadership. Trump, however, asserted that the current trade situation with China cannot be allowed to continue.Trump's comment came as the world's top two economies edged towards an all-out trade war after China rejected the US' demand to cut down trade deficit by USD 100 billion and announced plans to impose retaliatory tariffs worth USD 50 billion on 106 American products.Web portal for complaints of cyber crimes, online frauds to be launched soonThe Home Ministry will soon launch a web portal on which people can lodge complaints over online abuse, cyber crimes such as financial frauds and circulation of communal and pornographic content, officials said. The portal will allow people to register complaints, post videos and other online content so that the law enforcement agencies can verify and take action against the offenders as per law, a Ministry of Home Affairs (MHA) official said as reported by PTI. The online platform is expected to be operationalised later this month.India ranked third in the list of countries where the highest number of cyber threats were detectedIndia ranked third in the list of countries where the highest number of cyber threats were detected, and second in terms of targeted attacks in 2017, according to security software firm Symantec. \"India is ranked third among list of countries globally where most of the threats were detected and it is second in terms of targeted attacks,\" Tarun Kaura, Director, Enterprise Security Product Management, Asia Pacific and Japan, Symantec said. The United States led the pack, followed by China at the second spot, according to the company's Internet security threat report (ISTR). India was ranked second globally when it comes to spam and phishing (misleading emails, weblink etc). However, complex cyber attacks -- ransomware and network attacks in India increased in terms of global percentage.


Rajeev Dubey
New Delhi, April 4, 2018
Sharma's findings put before the short notice board meeting on March 28 were the same that he conducted in 2016. At that time, Sharma evaluated the bank's credit evaluation process right after whistleblower Virendra Gupta's disclosures in 2016 regarding the Rs 3,250 crore and Rs 660 crore loans and alleged quid pro quo in the form of an identical 10 per cent foreign funding in Kochhar's husband Deepak Kochhar's company NuPower Renewables.


Meetu Jain
New Delhi, April 4, 2018
Chanda Kochhar's husband and NuPower Renewables CEO Deepak Kochhar has denied any quid-pro-quo in sanctioning of Rs 3,250 crore loan to Videocon by the ICICI Bank in response to a questionnaire sent by Business Today.


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