News digest: Job promises, Insolvency, Unitech, Bitcoin, and more

December 14
04:16 2017

PM promises push for jobs, small biz

Prime Minister Narendra Modi slammed the United Progressive Alliance (UPA) regime on Wednesday for leaving behind a messed-up banking sector as well as hapless homebuyers, while asserting that the current National Democratic Alliance (NDA) government was replacing old and archaic policies with new frameworks to generate employment and help small and medium businesses compete globally. Read more

IBC has shifted balance of power, say bankers

The Insolvency and Bankruptcy Code (IBC) has changed the equation in the lender-borrower relationship, with errant promoters now eager to resolve the bad debt mess at the earliest for fear of losing their companies, top bankers of the country said on Wednesday at the Business Standard Banking Round Table 2017, held in Mumbai. Read more

Lenders send most firms from second list to NCLT

Banks moved the National Company Law Tribunal (NCLT) on Wednesday for insolvency proceedings against more companies. Read more

SC stays Unitech takeover by govt

The Supreme Court has stayed the National Company Law Tribunal’s (NCLT’s) order allowing the government to take charge of the management of stressed real estate firm Unitech. The decision, seen as positive to thousands of Unitech homebuyers and depositors, ironically triggered a crash of the company’s share, amid fears that any value left would be drained in the fund mobilisation process for refunds. Read more

I-T crackdown on bitcoin dealers

In the first such move against bitcoin dealers, the income-tax (I-T) department on Wednesday conducted surveys in Delhi, Mumbai, and Hyderabad. I-T investigative teams began surveys to gather information related to the dealer’s source of income, bank accounts, and tax liability, among others, amid tax evasion concerns. Read more

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