Tata Sons sacks Cyrus Mistry.
- The Tata Sons board on 24 oct 16 sacked Cyrus Mistry, less than four years into his term at the helm of the software-to-steel conglomerate.
- The board gave no reason for the abrupt removal of the 48-year-old Irish citizen and named his predecessor Ratan Tata, 78, as interim chairman.
- The board decided that it may be appropriate to consider a change for the long term interest of Tata Sons and the Tata Group.
SC wants RBI to name big loan defaulters
- The Supreme Court on 24 oct 16 effort on the Reserve Bank of India, asking why it is against making public names of 57 tax-dodgers who owe banks Rs. 85,000 crore in bad loans.
- RBI said that RBI containing names and details of those who have reneged on loans worth over Rs. 500 crore.
- RBI should disclose the names of these defaulters and these should come out into the public domain through Right to Information (RTI) applications.
TRAI recommends Rs 3,050 crore fine on Airtel, Vodafone, Idea
- TRAI on 25 oct 16 recommended a total penalty of Rs 3,050 crore on incumbent players Bharti Airtel, Vodofone.
- Bharti Airtel and Vodafone have been slapped with a fine of Rs 50 crore for 21 circles each (except J&K).
- Jio has said its customers are facing 75 per cent call failures on Airtel, Vodafone and Idea cellular networks due to insufficient interconnection facility.
Only a few debit cards were misused, says RBI
- The Reserve Bank of India said on Monday that the number of debit cards misused in the recent revelation of fraud was ‘few’.
- This followed a meeting that the central bank had with select bankers.“The number of cards misused, as per currently available information, is few,” the central bank said.
- “The issue is currently being investigated by an approved forensic auditor, under PCI-DSS (Payment Card Industry-Data Security Standard) framework.”
Emami to set up cement plant in Andhra Pradesh
- Andhra Pradesh and Rajasthan as part of its plans to build a cement production capacity of about 20 million tonnes by 2019, group director Aditya Agarwal said.
- They aim to be among the top players in the cement industry.
- Emami Cement plans to have a manufacturing capacity of 15-20 million tonnes per annum (MTPA) over the next 3-5 years.
Centre may bring indebted, ailing units under PSU bank management
- Arun Jaitley kicked off discussions on a proposal wherein ailing units in the steel, power and shipping sectors could be brought under the management of select PSUs.
- Chairpersons of SBI, ICICI Bank, Dena Bank, and Indian Bank, representatives from the Ministries of Steel, Power, and Shipping, and the chairpersons of NTPC, SAIL and Cochin Shipyard, to discuss the issue.
- The steel sector, one of the highest contributors to bank NPAs, had outstanding loans of about Rs.3 lakh crore as of August 2016.