Merit Financial News

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The disqualification proceedings were brought on 7 March. A spokesperson from the service said they will be «in respect of his conduct» as a director of both companies. No further details on the case were made available by the service, given «this matter is now a live case before the court it is not appropriate to comment further». Fidelity International cuts 1,000 jobs on 'challenging economic environment' Speaking to the FT, a spokesperson for Greensill said: «Mr Greensill rejects this action as wholly without merit and will robustly address it». Greensill filled a lawsuit on ...

—Name withheld on request

Vedanta Group's Sterlite Power Transmission. The appeal sought to declare corporate guarantees to subsidiaries non-taxable under the current tax regime. It also contested the valuation criteria set by the finance ministry for the purpose of taxing such guarantees when there is no financial consideration involved.

A federal judge is delaying the implementation of a voter-approved law in Maine that aimed to close an election law loophole to stop foreign government spending on referendums

Supreme Court has said that Article 21 is the soul of the Constitution as the liberty of a citizen is of paramount importance and the high court not expeditiously adjudicating matters related to it would deprive a person of this precious right. A bench of Justice B R Gavai and Justice Sandeep Mehta made the observation after noting that the Bombay High Court has granted bail to one Amol Vithal Vahile, a prime accused in the murder of a corporator in Maharashtra, after a nudge from the apex court on January 29. The bench, in its recent order, said it is thus clear that before the order was passed by this court on January 29, 2024, the high court instead of deciding the application for bail on merits shunted it on one or the other ground. «Needless to state that Article 21 of the Constitution of India is the soul of the Constitution as the liberty of a citizen is of paramount importance. Not deciding the matter pertaining to liberty of a citizen expeditiously and shunting away the matter on one or the other ground would deprive the party of their precious right guaranteed under Article 21 of the Constitution of India,» it said.

Supreme Court on Friday sought a response from GMR Kamalanga Energy on an appeal by Chinese construction contractor Sepco Electric Power Construction Corp against quashing of a ₹1,100-crore foreign arbitral award that it won against the former. While the arbitral tribunal had asked GMR Kamalanga Energy in 2020 to pay ₹1,100 crore to Sepco Electric, the Orissa High Court in September last year set aside the arbitration award on the grounds that the tribunal had created a new contract for the parties «by not only re-writing large portions of the same but also disregarding certain explicit embargoes therein, which goes against the basic notions of justice». According to the Chinese company, the international commercial arbitration was governed by the 2015 amendment to the Arbitration Act which insulates arbitral awards from any challenge on merits under the «fundamental policy of Indian law» or the «patent illegality» grounds.

According to its annual results published today (29 February), the firm ended the year with a record $167.5bn AUM, up 17% from the same period in 2022, thanks to a net $3bn inflows and positive performance gains of $9.7bn during the period. «On a relative basis, total net inflows were 4.9% ahead of the industry, reflecting the merits of our client-centric distribution model and the quality of our longstanding relationships with allocators around the world,» said CEO Robyn Grew. After more than a year in positive territory, flows turned negative in the final quarter, as investors pulle...

Delhi High Court on Thursday dismissed a petition by ArcelorMittal India seeking grant of mining lease in Jharkhand's Saranda forest division. A bench of Acting Chief Justice Manmohan and Justice Mini Pushkarna found no merit in ArcelorMittal's petition, saying the approval granted by the Centre to the company in 2007 and 2008 was conditional and no mining lease could be executed in its favour in the absence of the pre-conditions being met. «It is to be noted that till date, the petitioner does not have approval of the Central government under Section 2(ii) of the Forest Conservation Act, 1980. The petitioner also does not have environment clearance under the Environment (Protection) Act, 1986,» the court said.

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MUMBAI : Think & Learn Pvt. Ltd, the parent of edtech firm Byju’s, said it has secured an order from the Karnataka High Court stating that any resolutions proposed in an emergency meeting called by some of its key investors would be invalid until a final hearing by the court.

Enforcement Directorate has issued fresh summons to TMC leader and expelled Lok Sabha MP Mahua Moitra for questioning in a FEMA contravention case after she did not depose on Monday, sources said. The 49-year-old politician has been given a week's time to appear after she sent a communication to the agency expressing her inability to depose, they said. A response from the Trinamool Congress (TMC) politician was not available immediately. The ED wants to question Moitra and record her statement under the provisions of the Foreign Exchange Management Act (FEMA) once she deposes.

In a stock exchange notice today (19 February), the trust said it now intends to bring a part 20 claim in the High Court against its investment adviser HSM, in which it will seek a full indemnity.  «The company is concerned, having been assured by Mr Mercuriadis and the investment adviser that these claims are without merit and that they intend to vigorously defend them, that the request for an indemnity was refused,» it said.  Hipgnosis Songs Fund seeks indemnity against potential liabilities from ongoing lawsuit SONG, which is not insured to cover the costs of the claim, said ear...

Arvind Kejriwal on Sunday said Congress and Aam Aadmi Party had "mutually agreed" to contest the upcoming Lok Sabha elections in Punjab separately and there is no bitterness between the two parties over the issue. “In Punjab, the Congress and AAP have mutually agreed to contest the polls separately. There is no hostility over this," NDTV quoted the Delhi Chief Minister as saying.

Navigating the decision between investing in mutual funds and prepaying a home loan requires careful consideration of various factors, including financial goals, risk tolerance, and prevailing economic conditions. While there’s no one-size-fits-all answer, understanding the merits and drawbacks of each option can help you make an informed decision that aligns with your circumstances.

MUMBAI : Senior BJP leader Subramanian Swamy on Thursday moved the Delhi High Court alleging a scam of nearly ₹5,100 crore in the way Axis Bank sold and purchased shares of insurer Max Life Insurance Company. Max Life is a joint venture between Max Financial Services and private lender Axis Bank. On 6 February, the Insurance Regulatory and Development Authority of India (Irdai) approved Axis Bank’s proposal to purchase another 7% in Max Life for ₹1,612 crore.

Real estate developers have topped the list of businesses facing consumer complaints for suspected goods and services tax (GST)-related profiteering, data from the Competition Commission of India (CCI) showed. CCI decides on the merit of customer complaints based on an investigation by the Directorate General of Anti-Profiteering (DGAP), which comes under the Central Board of Indirect Taxes and Customs.

BJP will win all the seven Lok Sabha seats in Delhi with huge margins whether or not the AAP and Congress have an alliance, BJP's city unit president Virendra Sachdeva said on Tuesday. His reaction came as the AAP asserted it will contest six seats in the national capital, leaving just one for senior INDIA bloc ally Congress. The AAP has shown the Congress its reality in Delhi, Sachdeva said. «No matter whether the AAP and Congress have an alliance, we are going to win all the Lok Sabha seats, polling at least 65 per cent votes in the coming elections,» claimed the Delhi BJP president.

Insolvency and Bankruptcy Board of India to finalise the code of conduct or guidelines preferably in three months for the effective functioning of the committee of creditors (CoC). The finalisation of the guidelines should be done without diluting the sanctity of the «commercial wisdom» of the committee of creditors and the legislative intent of Insolvency and Bankruptcy Code, 2016, it observed. Expressing displeasure over how the board hasn’t yet framed the guidelines, Justice Purushaindra Kumar Kaurav noted that the board had notified a discussion paper in 2021 on various issues, including the code of conduct for the CoC.

PTI. DoE officials informed that the meeting will also be attended by the Municipal Corporation of Delhi's education director and all deputy directors of education. Directorate of Education circular released on January 24, the notice stated that the admission procedure for the upcoming academic session will be reviewed in the meeting in order to make the admission process hassle free and facilitate the parents.

Germany’s struggle to revive its sluggish economy is about to take an experimental turn as a host of companies test out the merits of working less. A six-month program starting Feb. 1 will grant a day off every week for hundreds of employees while keeping them on full pay. The study aims to find out if labor unions are right that it could not only leave staff healthier and happier, but also more productive. “I’m absolutely convinced that investments in ‘new work’ pay off because they increase well-being and motivation, subsequently increasing efficiency,” said Sören Fricke, co-founder of event planner Solidsense, one of 45 companies taking part in the pilot. “The four-day week, if it works, won’t cost us anything either in the long run.”