City Mumbai Financial News

Jet Airways, Naresh Goyal, in an alleged money laundering case after having questioned him in Mumbai through the day. Goyal will be produced before a special Prevention of Money Laundering Act (PMLA) court on Saturday. In July, the agency had registered a fresh money laundering case against Goyal, his wife Anita and others based on the first information report (FIR) registered by the Central Bureau of Investigation (CBI) for allegedly defrauding the state-owned Canara Bank of ₹538.62 crore. After the enforcement case information report (ECIR), the ED also conducted searches in Mumbai and Delhi including at premises of those linked to the Goyals and the erstwhile auditor of the airline. Earlier in February, the division bench of Justice Revati Mohite-Dere and Prithviraj Chavan of the Bombay High Court had quashed the ED's money laundering case against the couple. The Bench had, however, observed that if any fresh case is registered against the couple by any law enforcement agency, the ED could probe them. According to sources, the fresh money laundering case is based on the recent FIR filed by the CBI against Goyal in which Canara Bank is the complainant.

IBC) during the Corporate Insolvency Resolution Process (CIRP) of the company. Mumbai-based ND’s Art World was promoted by celebrated art director Nitin Desai, who allegedly committed suicide after the company was admitted under the CIRP by the National Company Law Tribunal. Thereafter, an FIR was filed against the senior officials of Edelweiss Asset Reconstruction Company Ltd and Edelweiss Group along with the company’s interim resolution professional. Subsequently, the company’s IRP Jitender Kothari, through his lawyer Nausher Kohli approached the tribunal to seek immunity against any action by the lenders or the disciplinary committee of the Insolvency and Bankruptcy Board of India (IBBI) for any ‘unintentional delay’ in the matter. The tribunal, in its order of August 28 observed that a police case for abetment of suicide under IPC came to be registered in this matter consequent upon suicide by one of the suspended directors of the corporate debtor on the ground that the initiation of CIRP proceedings caused him to commit suicide.

INDIA bloc grouping that met in Mumbai passed three resolutions that involved seat sharing as well as holding joint rallies and forming a joint social media campaign. The bloc set up a 14-member coordination committee, which will be the top decision-making body of the alliance. It will begin work on seat sharing soon.

HDFC Bank, a debtholder of bankrupt Future Retail Ltd (FRL), has objected to a decision by the resolution professional (RP) to put to vote Space Mantra's offer for the asset, saying the "resolution plan suffers from gross illegalities". It said in a letter to verified lenders that there are procedural lapses in the resolution process and the RP had failed in his duty to maximise value for financial creditors. ET has seen the letter. Deloitte-backed RP Vijaykumar Iyer had invited lenders to start voting on Space Mantra's ₹550 crore resolution plan for FRL from August 31, as reported by ET on Thursday. HDFC Bank's August 29 letter said the RP did not provide critical information to the committee of creditors (CoC) to allow them to make an informed commercial decision on the resolution. The RP and HDFC Bank did not respond to ET's queries. FRL, once owned by Kishore Biyani, operated 1,308 retail stores under the Big Bazaar, Easyday and Foodhall names as per the FY21 annual report.

Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of ₹538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here.

₹1 lakh per kilolitre mark. In the national capital, jet fuel was priced at ₹1,12,419.33 per kilolitre, 14.12% higher from ₹98,508.26 in August. Similarly, in Kolkata and Chennai, ATF prices rose 12.74% and 13.85% to ₹1,21,063.83 per kilolitre on Friday.

MUMBAI : The Indian National Developmental Inclusive Alliance (INDIA), a coalition of 28 opposition parties, shifted into election mode on Friday, initiating urgent talks on seat-sharing arrangements, key panels and a public campaign next month. The alliance is attempting to wrest back political momentum from the Bharatiya Janata Party-led government, which sparked furious speculation with the surprise declaration of a special session of Parliament in the third week of September.

MUMBAI : The share of public sector undertakings (PSUs) in the overall market capitalization of the listed universe is at more than a four-year high of 11.34%, a Mint analysis showed, indicating that these companies could be on the path of recovery after reeling under pressure for the past three years. The analysis covered 1,958 BSE-listed stocks, and the data is as of 28 August. As of 31 March, the PSU stocks’ share in the total market capitalization reclaimed the 11% mark, the first time it ended a fiscal year at that level since 31 March 2019.

Lok Sabha polls by convening a special session of the Parliament. The JD(U) leader made the remark here while replying to queries from journalists after returning from Mumbai where the opposition coalition INDIA held the latest round of talks. «You need to understand that this special session is a sign that they are thinking of early polls, the possibility of which I have been seeing and sharing with you all for quite some time,» he told reporters. The Parliament, which was last month adjourned sine die after the monsoon session, will meet from September 18 to 22 for a special session of which the Centre has not made public the agenda. The JD(U) leader, whose party has 16 MPs in the Lok Sabha, did not respond to queries about 'one nation one election', but added «there are issues which will be strongly raised during the upcoming session». «This government is dragging its feet on the issue of caste census.

Louis Vuitton has picked up retail space in Jio World Plaza in Mumbai’s Bandra-Kurla Complex (BKC) from Reliance Industries through a long-term lease to set up its biggest store in India. The new store in the ritzy mall will be the second Mumbai outlet of the company, which is counted amongst the world's most valuable luxury brands. The international label has leased the space for 9.5 years through its Indian entity, Louis Vuitton India Retail. The company currently operates three stores in India, including at Taj Mahal Palace and Tower in south Mumbai’s Apollo Bunder, New Delhi’s DLF Emporio and UB City in Bengaluru.

Indian Hotels Company (IHCL) said on Friday it is launching its flagship Indian-concept restaurant brand, Loya, at the Taj West End, Bengaluru. Loya was launched at The Taj Palace in New Delhi last year. The company said Loya captures the culinary traditions of North India and locations such as the foothills of the Himalayas, the terrains of Punjab and Kashmir. The company will also launch brand Loya at The Taj Mahal in Mumbai following Bengaluru, Taljinder Singh, senior vice president and brand custodian of IHCL told ET.

Nitish Kumar, a key figure in the anti-BJP bloc, on Friday said the 2024 Lok Sabha elections are likely to be advanced and called upon opposition parties to be alert. Speaking at a press conference organised after the two-day conclave of the Indian National Developmental Inclusive Alliance (INDIA) in Mumbai, Kumar expressed confidence the newly formed opposition bloc will defeat the Bharatiya Janata Party (BJP) whenever elections are held. «The BJP wants to change the country's history. Our aim is to strengthen the country and ensure welfare of all sections of society.

BJP on Friday took a jibe at the Opposition parties' INDIA bloc meeting, saying its only takeaway is that they have «formally and politically» accepted their give-and-take principle.

The three- day enthralling event witnessed the participation of the 16 most renowned schools of the country, with each school team representing a G20 country. The team members assumed the roles of Prime Ministers, Finance Ministers, Sherpas, and Foreign Ministers. The Chief Guests at the event were Mr.

The figure is an almost 68% plunge from the $1.4 billion that venture capital firms deployed across 263 rounds in August 2022. Volume-wise, it’s a nearly 70% crash.

IndiGo has announced the launch of a direct flight between Delhi and Itanagar from October 2. The airline will operate four flights a week between New Delhi and the Arunachal capital on Mondays, Tuesdays, Fridays and Saturdays, the airline said in a statement on Friday. Flight 6E 5927 will depart from New Delhi at 9.10am and reach Donyi Polo airport in Itanagar at noon.

Sebi to raise funds through an IPO. The company’s IPO comprises a fresh issue of 430 crore. Arkade Developers is a leading real estate development company with a significant presence in Mumbai. Its operations are concentrated on the development of premium aspirational lifestyle residential premises in the region. As of July 31, they have developed 1.80 million square feet of residential property (including through partnership entities in which Arkade holds the majority stake).

₹430 crore through an Initial Public Offering (IPO). The company proposes to use the net proceeds towards the development of their ongoing projects, upcoming projects and funding acquisition of future real estate projects and general corporate purposes. As per the DRHP, the company's maiden public issue is entirely through a fresh issue of equity shares with no Offer For Sale (OFS) component.

Mumbai-Ahmedabad high-speed rail corridor has commenced in Surat. What makes this project particularly noteworthy is the use of the Japanese Shinkansen-inspired J-slab ballastless track system on Indian soil for the very first time. As per a TOI report, the track system itself consists of a pre-cast track slab upon which fastening devices and rails are securely affixed. This slab is supported by a reinforced concrete (RC) track bed, boasting a substantial thickness of approximately 300mm.

M K Stalin on Friday urged partners of the opposition bloc INDIA to immediately hammer out a Common Minimum Programme and asserted it would be the face of the alliance. Stalin said the countdown for removing the BJP from the corridors of power has begun and he thanked Prime Minister Narendra Modi for becoming what he called the «publication (publicity) officer» for the opposition INDIA alliance. «There are no achievements in the nine years of the BJP regime. Day by day this government is becoming unpopular whereas the INDIA alliance is becoming popular.» Addressing the opposition meet in Mumbai, Stalin said immediately, a coordination committee should be set up and a CMP must be prepared. «That (CMP) will be the face of the INDIA alliance. The BJP regime has ruined the country in several ways. It (CMP) must present a road map to the people spelling out what we intend doing to undo it .» The INDIA alliance should identify itself with policies and ideals required to usher in democracy by trouncing and dislodging an autocratic regime and such ideals must head the opposition bloc.

UBT) president Uddhav Thackeray on Friday asserted the INDIA bloc will fight and defeat «mitra parivarvad», an oblique reference to crony capitalism, in the country as the opposition grouping wrapped up its two-day conclave in Mumbai. Speaking at a press conference organised after the end of the third meeting of the Indian National Developmental Inclusive Alliance (INDIA), Thackeray, who hosted the gathering, said the bloc consisting of more than two dozen political outfits is a coalition of patriotic parties ranged against «mitra parivarvad». «When elections come there is slogan of 'sabka saath sabka vikas (togetherness of all, development for all)...but after elections are over it is sabko laath and mitron ka vikas (development of friends by ignoring others). We will not allow this,» said the former Maharashtra CM. Opposition parties have often accused the Bharatiya Janata Party (BJP) of indulging in crony capitalism, a charge rejected by the ruling outfit which has sought to portray its rivals as corrupt and practising nepotism. Thackeray maintained the two-day meeting took some important decisions and resolved to set up coordination committees.