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Subhash Chandra-promoted Essel Group's Shirpur Gold Refinery Limited has been admitted for corporate insolvency resolution following an application filed by Prudent ARC at the Mumbai bench of the National Company Law Tribunal. However, the NCLT observed that the account's classification as NPA was a valid date of default for initiating insolvency proceedings. The NCLT referred to the judgment of the …

Mumbai: The Enforcement Directorate on Friday arrested two of its staff members for helping an associate of Amar Mulchandani, former chairman of Seva Vikas Co-operative Bank, who was arrested in a multi-crore fraud earlier in January. The agency claimed that in two of the loans taken by Aranha from the SVC Bank, they had mortgaged the property, which was already …

Mumbai: The Reserve Bank of India, on Tuesday said it has decided to remove state-owned Central Bank of India from the prompt corrective act-ion restrictions following an improvement in the bank’s various parameters. “It was noted that as per the assessed figures of the bank for the year ended March 31, 2022, the bank is not in breach of the …

Mumbai: Nationalised banks will adopt common staff accountability policies for loan accounts of up to Rs 50 crore, excluding fraud accounts, that turn bad on or after April 1, 2022. The finance ministry has issued a uniform staff accountability framework for banks to follow in cases of NPA accounts up to Rs 50 crore from the start of the next …