The Andhra Pradesh Police on Friday said it has arrested three people working with SKS Microfinance and Spandana on a complaint of harassment by a borrower, and might book the companies' respective promoters Vikram Akula and Padmaja Reddy under a new Ordinance to check coercive methods of loan recovery. The borrower, Ammulu, filed the complaint with the Yemmiganur police station in Kurnool district, about 270 km from Hyderabad, last night. A...

It has not included the clause on price Regulation of seeds The Union Cabinet on Wednesday approved additional amendments to the Seeds Bill. 2004. The amendments however did not include the clause on price Regulation of seeds that is being demanded by members of Parliament who have moved amendments to the Bill that may be introduced in this session. They wanted a regulatory mechanism on pricing of seeds so that seeds were available...

The members of the Meena Gupta Committee , who argued for cancellation of clearances for the Posco project in Orissa, on Tuesday began to mount pressure on the government to accept their view. Three members of the review panel — former director of the Forest Survey of India Devendra Pandey, civil rights activist and advocate V Suresh and tribal affairs expert Urmila Pingle — have submitted their response to the minority...

The Central Vigilance Commission has received complaints that put the cumulative value of alleged corruption in projects related to the Commonwealth Games between Rs 5,000 crore and Rs 8,000 crore. Sources said the complaints included payment to non-existent parties, wilful delay in execution of contracts, inflated prices and bungling in purchase of equipment through tendering. “The total misappropriation amount may touch a figure of Rs 5,000-8,000 crore. The commission is still awaiting reports...

Financial sector expert Y.H. Malegam will head a Reserve Bank of India (RBI) panel to look into the functioning of microfinance institutions or MFIs and their Regulations. The MFIs are in the business of giving tiny loans. Kumar Mangalam Birla, Shashi Rajagopalan and U.R. Rao – all on the boards of the Indian central bank – and RBI deputy governor K.C. Chakrabarty are the members of the panel. The committee, which will...