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Attach Indian Properties Of JP Morgan For FEMA, FDI Violations: SC Tells ED

JP Morgan was engaged in a transaction with the now-defunct Amrapali Group to allegedly siphon off homebuyers money. 

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NEW DELHI: The Supreme Court today asked the Enforcement Directorate to attach Indian properties of JP Morgan in violation of the Foreign Exchange Management Act (FEMA) and Foreign Direct Investment (FDI) norms.

JP Morgan was engaged in a transaction with the now-defunct Amrapali Group to allegedly siphon off homebuyers money.

The bench also allowed the ED to take into custody defunct group’s Chairman-cum-Managing Director Anil Kumar Sharma and other two directors, who are behind bars on the top court’s order for interrogation under alleged money laundering offences.


The court said that the ED can take them into custody immediately and once interrogation is over, they can be put back into jail.

The ED said, it has prima facie found that there was a violation of FEMA norms by the US-based JP Morgan and a complaint in this regard has been lodged.

A bench of Justices Arun Mishra and UU Lalit was told by the ED official that the MNC remitted the money back to the USA.



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CHANGE ON THE GROUND

IRCTC To Pay Compensation Of Rs 100 Each To 630 Passengers Of Tejas Express

The Tejas Express and a few other suburban and outstation trains were held up due to a technical problem on the outskirts of Mumbai.

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MUMBAI (Maharashtra): Indian Railway Catering and Tourism Corporation (IRCTC) has said that it will pay a compensation of 100 rupees each to around 630 passengers of the Ahmedabad-Mumbai Tejas Express because of a delay.

The Express, the second IRCTC-run train which commenced commercial operations from January 19, was delayed for over an hour on Wednesday afternoon as it was entering Mumbai. The train reached the Mumbai Central station around 1 hour and 30 minutes late.

The IRCTC spokesperson said the passengers will have to apply as per the refund policy. They will be given a refund after verification.


According to railway officials, the premium train departed from Ahmedabad at 6.42 am, two minutes late. But it arrived at Mumbai Central at 2.36 pm instead of the scheduled time of 1.10 pm.

The Tejas Express and a few other suburban and outstation trains were held up due to a technical problem on the outskirts of Mumbai.

The IRCTC spokesperson said that as the train was delayed, around 630 passengers who travelled up to Mumbai Central will be given compensation.



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ECONOMY-DEVELOPMENT

With $49 Billion Inflow, India Among Top 10 FDI Recipients In 2019: UN report

The FDI flows to developed countries remained at a historically low level, decreasing by a further 6 per cent to an estimated $643 billion.

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NEW DELHI: India was among the top 10 recipients of Foreign Direct Investment in 2019, attracting USD 49 billion in inflows, a 16 per cent increase from the previous year, driving the FDI growth in South Asia, according to a UN report released on Monday.

The Global Investment Trend Monitor report compiled by United Nations Conference on Trade and Development (UNCTAD) states that the global foreign direct investment remained flat in 2019 at USD 1.39 trillion, a 1 per cent decline from a revised USD 1.41 trillion in 2018.

This is against the backdrop of weaker macroeconomic performance and policy uncertainty for investors, including trade tensions, it said.


Developing economies continue to absorb more than half of global FDI flows.

South Asia recorded a 10 per cent increase in FDI to $60 billion and “this growth was driven by India, with a 16 per cent increase in inflows to an estimated $49 billion.

“The majority went into services industries, including information technology,” the report said.

The FDI flows to developed countries remained at a historically low level, decreasing by a further 6 per cent to an estimated $643 billion.

The FDI to the European Union (EU) fell by 15 per cent to $305 billion, while there was zero-growth of flows to the United States, which received $251 billion FDI in 2019, as compared to $254 billion in 2018, the report said.



Despite this, the United States remained the largest recipient of FDI, followed by China with flows of $140 billion and Singapore with $110 billion.

China also saw zero-growth in FDI inflows. Its FDI inflows in 2018 were $139 billion and stood at $140 billion in 2019.

The FDI in the UK was down 6 per cent as Brexit unfolded.

Looking ahead, UNCTAD expects the FDI flows to rise moderately in 2020, as current projections show the global economy to improve somewhat from its weakest performance since the global financial crisis in 2009.

Corporate profits are expected to remain high and signs of waning trade tensions emerge.

However, the decrease of announced greenfield projects by 22 per cent – an indicator of future trends, high geopolitical risks and concerns about a further shift towards protectionist policies temper expectations.


The report said that GDP growth, gross fixed capital formation and trade are projected to rise, both at the global level and, especially, in several large emerging markets.

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ECONOMY-DEVELOPMENT

Zomato Acquires Uber Eats India In An All-Stock Deal

While the two companies did not share the deal size, market experts believe it to be about $300-350 million.

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GURUGRAM (Haryana): Zomato on Tuesday announced the acquisition of Uber’s food delivery business, Uber Eats, in India in an all-stock deal.

The deal, which gives Uber 9.99% ownership in Zomato, underlines the U.S.-listed cab aggregator’s effort to cut back on loss-making business segments globally.

Following the acquisition, Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday.


Deepinder Goyal, Founder and CEO, Zomato, commented:

We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India.

This acquisition significantly strengthens our position in the category. ”



Dara Khosrowshahi, CEO of Uber, said:

Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication.

India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader.

We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success. ”

Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing in-depth information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.


Uber Eats which was launched in 2017 in India, had about 26,000 restaurant partners and garnered about 12% of the market, sources said. It was competing with Zomato as well as Swiggy in the segment.

The deal comes close on the heels of Zomato raising $150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a $3 billion valuation.

The deal also means that Zomato will now have stronger teeth in the market against its rivals like Swiggy.

Sources said that with the sale of the food business, Uber would now focus on its rides business and expansion to tier 2 cities.

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