The Bombay High Court on Tuesday stayed Environment Ministry's direction to Lavasa Corporation to stop construction. However, Lavasa Corporation voluntarily agreed not to carry out any work till December 14. On November 25, MOEF issued a show-cause notice to Lavasa, demanding an explanation as to why it did not obtain clearances as per rules under Environment Protection Act, amended by notifications in 1994 and 2004. MOEF also asked the corporation,...

Bangladeshi micro-credit pioneer Grameen Bank has described as "total fabrication" claims the institution diverted nearly $100m of aid cash.The denial came a day after Norway said it was examining reports relating to money from Norway, Sweden and Germany.A documentary alleged that the cash had been transferred from Grameen Bank to other parts of Grameen.Nobel Peace laureate Prof Muhammad Yunus set up the bank in Bangladesh in 1996 to make small...

Delhi's private schools had complained that they were reeling under the burden of having to pay teachers higher salaries recommended by the 6th Pay Commission. A report by the Comptroller and Auditor General (CAG), however, said they used the Pay Commission as an alibi to fatten themselves. In a damning indictment, the auditor held that 25 elite private schools passed on the burden of implementing the recommendations of the 6th Pay...

Norway says it is examining reports that Nobel Peace Laureate Muhammad Yunus allegedly diverted millions of dollars of aid money from a bank. International Development Minister Erik Solheim said that it was "totally unacceptable that aid is used for other purposes than intended". A documentary maker has alleged that cash was diverted from Professor Yunus' Grameen Bank to other parts of Grameen. In a statement, the bank said that the allegations were false. It...

Two months after the crisis in the microfinance industry broke out, resulting in the possibility of bank loans to the sector becoming non-performing, the government now wants to do a reality check. Last evening, the finance ministry dashed off a letter to public sector banks, Small Industries Development Bank of India and National Bank for Agriculture and Rural Development, asking them to furnish data on how much exposure they have to...