Author: SonalMohan Jadhav

ED files charge sheet against former director of Andhra Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Enforcement Directorate (ED) filed a charge sheet against a former director of the Andhra Bank.

“The person against whom ED has moved is a nominee director”, said AK Rath, Executive Director of Andhra Bank.

“We have exposure in Sterling Biotech, Sterling Port and also Sterling Global. So our total exposure in the company is close to Rs 900 crore”, he added.

Rath said that exposure to Sterling companies was already classified as non-performing assets.

However, forensic audits of many companies are still underway.

Watch full interview of AK Rath, Executive Director of Andhra Bank to CNBC. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

AION Capital receives approval from RBI to form asset reconstruction company: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reserve Bank of India gave its approval to AION Capital, a joint venture between ICICI Bank and Apollo Global management, to form an asset reconstruction company(ARC). Both the companies had co-approached RBI in 2016.

ARC will focus on distressed assets in sectors like steel and metals. However, the capital will be raised as and when deals are signed.

RBI norms mandate minimum of Rs 100 crore capital for setting up an ARC.

Watch accompanying video of CNBC-TV18’s Priya Sheth for more details.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Steel prices to edge lower by FY18 end: S&P Global Platts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Global metal prices trade mixed even as trade war fears ease. Strength in equity market is also supporting metals prices and the long term outlook on demand growth is positive. In an interview with CNBC-TV18, Paul Bartholomew, Senior Managing Editor at S&P Global Platts shared his readings and outlook on the same.

We are seeing steel prices coming off a bit and also iron ore prices as well, the problem is when you have that sort of uncertainty in the market, what happens to the buyers and sellers of these materials tend to wait on the side-line a bit until they know what is going to happen, he said.

India is not too worried about the exports for the US because Indian domestic demand is supposed to be fairly robust this year in the year before the election, he added.

On global steel prices, he said that it would be lower towards the end of this year, FY18.

For full interview, watch accompanying video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow