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FS Daily Bytes: 5th Sep

India

  1. SEBI & GoI gets cracking of bogus companies. After deregistering nearly 2.09 lakh companies and marking them ‘struck-off’ in company registar, banks have been directed not to allow any of the directors of such companies to operate accounts of these companies. Such restrictions will be lifted only when ‘active’ status is restored
  2. UCO bank has initiated its revival plan anchoring primarily on cost rationalization but not touching employee salary
  3. ICICI Lombard gets SEBI approval for 6000 cr IPO
  4. UIDAI has stipulated the banks to open Aadhar enrollment centers in 10% of the branches. Failure to do so will attract 20,000 INR fine per uncovered branch after Sep 30
  5. Confederation of All India Traders (CAIT) has recommended for a separate & independent regulatory authority for digital payments.
  6. Reliance General Insurance has got in-principle approval from IRDAI to launch IPO
  7. IRDAI has mandated customer consent for using Aadhar for e-KYC purposes
  8. The insolvency process is going through new twists & turns. Consider the case of Jaypee Infratech. While NCLT initiated bankruptcy proceedings and appointed a supervisor; SC put a stay on it after considering the plea of the buyers who had invested in Jaypee flats but projects are all stalled and now IDBI bank has move SC again. SC has agreed to hear to IDBI on the point that SC stay has now pushed the control of Jaypee to its original owners/ defaulting promoters. DBS bank has got RBI approval for opening whole owned subsidiary in India. DBS plans to open branches around the 90-odd SME clusters in India

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