-The Financial Express Corporate fraud investigation body SFIO will have the power to carry out arrests once the new Companies Bill is passed by Parliament, Corporate Affairs Minister Veerappa Moily said today. "SFIO shall have the power to arrest in respect of certain offences of the Bill which attract the punishment for fraud. Those offences shall be cognisable and the persons accused of any such offence shall be released on bail subject...
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Knives out for rogue investors by Suman K Shrivastava
The Jharkhand government, which is sitting on a pile of MoUs worth over Rs 3 lakh crore, is planning to take legal action against rouge investors who have signed deals with the state and used allocated resources for profit without setting up their promised projects. Chief minister Arjun Munda has directed chief secretary S.K. Chaudhary to create a dossier on the status of all MoUs signed by the state government since...
More »Rural women turn bankers by Gagandeep Kaur
Neglected by conventional banks, low-income women in Satara have set one up themselves. Not long after Chetna Gala Sinha came to the drought-stricken region of Mhaswad in western Maharashtra to marry a farmer and prominent local social activist, she began putting her university degree in finance into action. Local women, she observed, were wearing themselves out in subsistence livelihood such as growing grapes or selling vegetables. In 1992, Chetna, who grew up...
More »Much at stake for tech sector in UID project by Pranav Nambiar
With the Parliamentary Standing Committee on Finance raising a red flag against the National Identification Authority of India (NIAI) Bill to grant the UID (or Aadhar) project legal status, the project looks set for a slowdown . That could have broad implications for the tech sector that had laid substantial hope on it, especially when global markets are slowing down. The UID project is estimated to offer IT companies a Rs...
More »What’s Wrong and Right with Microfinance by David Hulme and Thankom Arun
Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...
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