Friday, 30 June 2023

Virginia admissions case could be legal follow-up to affirmative action ruling

A federal appeals court’s ruling last month about the admissions policy at an elite public high school in northern Virginia may provide a vehicle for the U.S. Supreme Court to flesh out the intended scope of its ruling banning affirmative action in col...

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HDFC Bank-HDFC Merger Today Biggest Transaction In History Of India Inc

Housing finance major HDFC will merge with its subsidiary HDFC Bank on Saturday as their respective boards have cleared the proposal on Friday.

Following the reverse merger, the 44-year-old institution HDFC Ltd would cease to exist from July 1 onwards. HDFC Ltd, the country's first home finance company, will lose its identity on Saturday.

"Saturday, July 1, 2023, to be the 'Effective Date' of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing.

The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd who would be issued and allotted the shares of HDFC Bank, it added.

Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.

The board has fixed July 12, 2023, for the transfer of non-convertible debentures while July 7 for the transfer of commercial papers of HDFC Ltd in the name of HDFC Bank.

Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a $40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.

The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the net worth of the entity would be over Rs 4.14 lakh crore.

The combined profit of both entities was to the tune of about Rs 60,000 crore at the end of March 2023.

The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight Reliance Industries with a 10.4 per cent weightage.

The merger of HDFC Bank and HDFC creates a lender that ranks fourth in equity market capitalisation, behind JP Morgan Chase & Co, Industrial and Commercial Bank of China Ltd (ICBC) and Bank of America Corp, according to data compiled by Bloomberg. It's valued at about $172 billion.

With the deal getting effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

The merged entity brings together significant complementarities that exist between both entities and is poised to create meaningful value for various stakeholders, including respective customers, employees and shareholders of both entities from increased scale, comprehensive product offering, balance sheet resiliency and ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies, a statement said.

Speaking on the completion of the merger, HDFC Bank CEO and Managing Director Sashi Jagdishan said the combined strength will enable to create a holistic ecosystem of financial services.

"We're truly happy to welcome the talented team of HDFC Ltd into the HDFC Bank family. I believe our journey will be defined by agility, adaptability, and a relentless pursuit of excellence. As we navigate the path ahead, we will embrace challenges as opportunities, learn from our experiences, and strive to be the benchmark of success and integrity in the financial services industry," he said.

It also marks the transformation of HDFC Bank into a financial services conglomerate that offers a full suite of financial services, from banking to insurance, and mutual funds through its subsidiaries, the bank said.

So far, the bank was a distributor for these products.

The merger of India's largest housing finance company HDFC Ltd with the largest private sector bank in India combines the strengths of a trusted home loan brand with an institution that enjoys a lower cost of funds.

The larger net worth would allow a greater flow of credit into the economy, it said, adding it will also enable the underwriting of larger ticket loans, including infrastructure loans and contribute further to nation-building and employment generation.

All employees of HDFC Ltd as of the effective date become HDFC Bank employees.

Over the past months, the bank has been preparing for smooth integration not only of systems and processes but also of all aspects that will make HDFC Bank a welcoming place of work for the employees from HDFC Ltd.

Post-merger, the key HDFC Bank subsidiaries include HDFC Securities Ltd, HDB Financial Services Ltd, HDFC Asset Management Co Ltd, HDFC ERGO General Insurance Co Ltd, HDFC Capital Advisors Ltd and HDFC Life Insurance Co Ltd.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Prosecutors in Rep. George Santos' case say they gave his defense 80000 pages of material

Prosecutors U.S. Rep. George Santos' case say they’ve turned over more than 80,000 pages of materials to his lawyers in the federal criminal case against him

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Thursday, 29 June 2023

Pence makes a surprise trip to Ukraine and meets with Ukrainian President Volodymyr Zelenskyy

Former Vice President Mike Pence has made a surprise visit to Ukraine, meeting with Ukrainian President Volodymyr Zelenskyy and touring the war-torn country as it fights Russian aggression

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Wednesday, 28 June 2023

Rapper Kodak Black faces arrest after warrant says he missed a drug test

Rapper Kodak Black faces arrest again in Florida after a warrant claims he missed a drug test while on bail in a narcotics case

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Tuesday, 27 June 2023

Florida ramps up mosquito control efforts due to 4 cases of locally contracted malaria

The Florida Department of Health has issued a statewide mosquito-borne illness advisory after four locally contracted cases of malaria were reported along the Gulf Coast south of Tampa

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Florida ramps up mosquito control efforts due to 4 cases of locally contracted malaria

The Florida Department of Health has issued a statewide mosquito-borne illness advisory after four locally contracted cases of malaria were reported along the Gulf Coast south of Tampa

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Canadian wildfires are causing unhealthy air quality again in Chicago and other parts of the US

Drifting smoke from the ongoing wildfires across Canada is creating curtains of haze and raising air quality concerns throughout the Great Lakes region, and in parts of the central and eastern United States

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Monday, 26 June 2023

White Florida woman charged with manslaughter in shooting of Black neighbor

A white woman accused of firing through her door and fatally shooting a Black mother in front of her 9-year-old son in central Florida has been formally charged with manslaughter and assault

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8-year-old girl dies in Border Patrol custody in Harlingen Texas as agency seeks to

A little girl from Panama born with heart problems has died in Border Patrol custody

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Sunday, 25 June 2023

Australias High Court dismisses Russias application for an injunction that would have prevented embassy's eviction

Australia’s High Court dismisses Russia’s application for an injunction that would have prevented embassy's eviction

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Flights at Reagan National Dulles airports resume after being halted by air traffic control woes

There was reportedly a problem at a major air traffic control facility.

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Civil rights icon James Meredith 90 falls at Mississippi event but has no visible injuries

He fell outside the Mississippi Capitol at an event marking his 90th birthday.

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Ruoning Yin 20 wins the Women's PGA Championship becoming the second Chinese player to win a major

Ruoning Yin, 20, wins the Women's PGA Championship, becoming the second Chinese player to win a major

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A woman fatally shot an Uber driver who thought she was being kidnapped

A Kentucky woman is accused of fatally shooting her West Texas Uber driver after mistakenly believing she was being kidnapped and taken to Mexico

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Water being tested where freight train carrying hazardous material plunged into Yellowstone River

Authorities were testing the water quality along a stretch of the Yellowstone River where mangled cars carrying hazardous materials remained after crashing into the waterway following a bridge collapse

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Saturday, 24 June 2023

Today in History: June 25 Anne Franks diary published

Today in History Today is Sunday, June 25, the 176th day of 2023. There are 189 days left in the year. Today’s Highlight in History: On June 25, 1876, Lt. Col. George A. Custer and his 7th Cavalry were wiped out by Sioux and Cheyenne Indians in the Battle of the Little Bighorn in Montana. On this date: In 1938, the Fair Labor Standards Act of 1938 was enacted. In 1942, Gen. Dwight D. Eisenhower was designated Commanding General of the European Theater of Operations during World War II. Some 1,000 British Royal Air Force bombers raided Bremen, Germany. In 1947, “The Diary of a Young Girl,” the personal journal of Anne Frank, a German-born Jewish girl hiding with her family from the Nazis in Amsterdam during World War II, was first published. In 1950, war broke out in Korea as forces from the communist North invaded the South. In 1962, the U.S. Supreme Court ruled that recitation of a state-sponsored prayer in New York State public schools was unconstitutional. In...

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AP PHOTOS: Napa Valley wine grapes thrive after record rainfall but cool weather may delay harvest

As sunlight spilled into California's famed Napa Valley on a summer day, rows of wine grapes reflected the benefits of this winter's record rainfall. California has more than 960 square miles (2,488 square kilometers) of vineyards dedicated to the wine industry, perhaps none as iconic as those growing in Napa Valley just north of San Francisco. This year, wine grapes are thriving after record winter rainfall in California, but cool days of spring that have carried into summer are threatening to keep the grapes from ripening. The longer the fruit has to stay on the vine the more exposed it is to possible wildfires in the fall and rain in early winter. The state’s normally bountiful wine grape harvest had been hindered in recent years by a combination of drought and wildfires. California growers reported $600 million worth of grapes lost to smoke damage after the 2020 fire season, the office of U.S. Sen. Alex Padilla said. California's wine industry generates $170.5 billion...

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Trump says US government has 'vital role' opposing abortion won't say if he backs national ban

Former President Donald Trump said the federal government should play a “vital role” opposing abortion but again failed to provide specifics on what national restrictions he would support if elected to the White House again

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Human remains found in California mountain area where actor Julian Sands disappeared 5 months ago

Hikers have found human remains in a Southern California mountain area where actor Julian Sands disappeared five months ago

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Ford Explorer recall prompts Transportation Department investigation

The National Highway Traffic Safety Administration is investigating a Ford Motor Co. recall of more than a quarter-million Explorer SUVs in the U.S. The probe comes after the administration received complaints about repairs intended to prevent the vehi...

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Kremlin spokesman says Wagner owner Yevgeny Prigozhin will move to Belarus as part of deal to defuse rebellion tensions

Kremlin spokesman says Wagner owner Yevgeny Prigozhin will move to Belarus as part of deal to defuse rebellion tensions

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Friday, 23 June 2023

Congressman wants to block US agency from slowing boats to protect endangered whales

A Georgia congressman wants lawmakers to block a federal agency from imposing new speed restrictions on boats and ships to protect a critically endangered whale species

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New York doctors get legal protection to prescribe abortion pills across state lines

New York Gov. Kathy Hochul has signed a law to protect doctors in the state who prescribe abortion pills to patients in other states where the procedure is outlawed

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Thursday, 22 June 2023

Biden says calling Chinese leader a dictator did not undermine progress in the relationship expects to meet with Xi

Biden says calling Chinese leader a dictator did not undermine progress in the relationship, expects to meet with Xi

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Did initial delays in communication hamper tourist sub search?

About an hour and a half into its voyage, a missing submersible on an expedition to view the wreckage of the Titanic lost communications

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Wednesday, 21 June 2023

Sorority says rules allow transgender woman at Wyoming chapter

A sorority being sued because its University of Wyoming chapter admitted a transgender woman seeks to dismiss the lawsuit, saying sorority rules allow the woman's membership and a court can't interfere with that

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Homicide detective weeps in trial of deputy who failed to confront Parkland high school shooter

A veteran homicide detective wept in court as he testified about the 2018 massacre at a Parkland, Florida, high school

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Foundations buoy a new movement of renters activism

After years of rising rents, a group of Kansas City, Missouri, renters came together in 2019 to form KC Tenants, armed with an annual budget of $30,000 and demands for a bill of rights to protect renters from rising prices, unjust evictions, and landlo...

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Tuesday, 20 June 2023

Police say Harmony Montgomery's father hid and moved her body for months after murder

A New Hampshire police affidavit alleges that Harmony Montgomery's father spent months moving and hiding her body after he killed the 5-year-old in 2019

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Georgia officials won't take over elections in state's largest Democrat-heavy county

Georgia’s State Election Board won’t take over running elections in the state’s most populous county, ending an investigation that had sparked fears of partisan meddling

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Monday, 19 June 2023

Lawyer facing 30 to life for murdering his girlfriend dies in custody

Authorities say a New Jersey lawyer who faced a lengthy sentence for murdering his longtime girlfriend is dead

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Young climate activists take Montana to court for its role in global warming

The trial is over state government obligations to protect people against climate

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Offshore wind foes in New Jersey gathering force legally and politically

Opponents of offshore wind energy projects in New Jersey are gathering force legally and politically as they seek to snuff out the new industry

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Montana officials downplay first-of-its-kind climate trial

Montana officials are seeking to downplay a first-of-its-kind trial over a state’s obligations to protect residents from climate change

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Roughly 100 letters with suspicious white powder sent to Kansas lawmakers officials

Officials say about 100 letters containing suspicious white powder have been sent to lawmakers and other public officials across Kansas

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Vistara IndiGo To Operate Flights On New International Routes From August

The Directorate General of Civil Aviation (DGCA) has given its permission to full-service carrier Vistara and no-frills IndiGo to operate new international flights from August, a senior official said on Monday.

Vistara had proposed to launch its flight services to Bali in Indonesia from New Delhi, while IndiGo had sought the regulator's nod to introduce air connectivity to Georgia's capital Tbilisi from New Delhi, the official said.

"IndiGo operations (on) Delhi-Tbilisi (route) with effect from August 7 and Vistara operations (on) Delhi-Bali (route) with effect from August 1, have been approved," he said.

Vistara is in the process of merging with Air India, which is now owned by Tata Group.

In February this year, IndiGo announced its plans to roll out its air services to Kenya and Indonesia.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Sunday, 18 June 2023

Americans mark Juneteenth with parties events quiet reflection on end of slavery after Civil War

Americans across the country are observing the relatively new Juneteenth federal holiday with festivals, parades, cookouts and other gatherings

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Netflix hypes The Last Airbender One Piece at starry fan event

Netflix gave audiences first looks at some planned and upcoming projects including “Avatar: The Last Airbender,” “One Piece” and the third season of “Bridgerton” at a fan event on Saturday

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Family suing San Diego cemetery after remains of Juneteenth trailblazer missing from burial plot

Relatives of a late Black businessman who helped popularize Juneteenth in San Diego are suing a cemetery after his remains were reported missing from the family’s burial plot

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Netflix hypes The Last Airbender One Piece at starry fan event

Netflix gave audiences first looks at some planned and upcoming projects including “Avatar: The Last Airbender,” “One Piece” and the third season of “Bridgerton” at a fan event on Saturday

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1 trooper killed 1 critically wounded in central Pennsylvania

Officials are expressing shock and sadness at the death of one state trooper and the serious wounding of another hours apart in central Pennsylvania over the weekend

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Saturday, 17 June 2023

Collection of DNA samples to aid police postponed over ACLU objections

The district attorney in Massachusetts’ most populous county has postponed a public event where people could've voluntarily provided DNA samples to help law enforcement solve crimes or identify human remains

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Arkansas city honors enslaved man who fled to Canada and was later extradited

An enslaved man who fled Arkansas in 1841 seeking freedom in Canada, only to be forcibly returned to the U.S., has been honored with a historical marker and a new street sign in the city where he once labored

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Michigan man charged with threatening synagogue massacre

Threat was on the fifth anniversary of the massacre at two New Zealand mosques.

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Friday, 16 June 2023

Blinken stresses need for better US-Chinese communications as he heads to Beijing

Shortly before setting out for Beijing, Secretary of State Antony Blinken is emphasizing the importance of the U.S. and China establishing better lines of communication

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Thursday, 15 June 2023

A Missouri doctor's death is steeped in mystery and speculation. Authorities aren't talking

Many of the people who knew John Forsyth are at a loss to explain the Missouri emergency room doctor's death

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Robert Caro's last book on LBJ likely won't be delayed by editor Robert Gottlieb's death

One of the book world’s most long-awaited publications, Robert Caro's fifth volume on Lyndon Johnson is unlikely to be delayed by the death of editor Robert Gottlieb

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Bayer reaches $6.9 million settlement with New York over advertising for weedkiller Roundup

Bayer has agreed to pay $6.9 million to settle allegations by New York’s attorney general that it made misleading claims about the safety of the weedkiller Roundup

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Markets Regulator Asks Listed Firms To Confirm Or Deny Rumours From Oct 1

To streamline the disclosure requirements, Sebi has notified rules asking the top 100 listed companies by market capitalisation to confirm, deny or clarify any market rumour reported in the mainstream media from October 1.

Further, for the top 250 listed entities, the rule will kick in from April 1, 2024, the Securities and Exchange Board of India (Sebi) said in a notification.

These companies will have to "confirm, deny or clarify any reported event or information in the mainstream media which is not general in nature and which indicates that rumours of an impending specific material event" are circulating amongst the investing public, within 24 hours from the reporting of the information.

To strengthen the corporate governance at listed entities, Sebi came out with a framework to address the issue of certain shareholders enjoying special rights perpetually.

Any special right granted to the shareholders of a listed entity will be subject to the approval of the shareholders in a general meeting by way of a special resolution once every five years starting from the date of grant of such special right.

This comes amid public institutional shareholders increasingly voicing their concerns against special rights being conferred upon the promoters, founders, and certain body corporates of those companies.

Sebi noted that shareholders' agreements are drafted in such a way that those special rights (nomination rights) would continue to be available even after significant dilution of their holding in those entities. This permits the shareholders to enjoy such special rights perpetually, which is against the principle of rights being proportional to one's holding in a company.

Also, the regulator said that all directors appointed to the board of a listed entity need to go through a periodic shareholders' approval process, thereby providing legitimacy to the director to continue to serve on the board.

This would substantially address the concerns around the grant of board permanency by listed entities to certain selected persons -- mostly promoter-directors or related persons -- by invoking the rights conferred on it by the AoA of a company or by such persons being appointed as directors deliberately making them not liable to 'retirement by rotation' and without a defined tenure.

"With effect from April 1, 2024, the continuation of a director serving on the board of directors of a listed entity shall be subject to the approval by the shareholders in a general meeting at least in once every five years from the date of their appointment or reappointment, as the case may be," Sebi said.

As on March 2024, if any director is serving on the board of a listed entity without his/her appointment being subject to shareholders' approval during the last five years, the listed entity will have to take shareholders' approval in the first general meeting to be held after March 31, 2024, for his or her continuation on the board.

Sebi said that agreements whose purpose and effect is to impact the management or control or impose any restriction or create any liability need to be disclosed to the stock exchanges. However, agreements entered by a listed entity for the business operations of a company -- supply agreements, purchase agreements, etc -- would be excluded from the scope of disclosures.

Also, the regulator issued rules to strengthen the framework of slump sales executed outside the scheme of arrangement framework to safeguard the interest of minority shareholders.

It introduced the provisions in the disclosure rules for the sale, disposal, or lease of whole or substantially the whole of the undertaking of the listed company and also mandated disclosure of the objects and commercial rationale for such sale, disposal, or lease, to the shareholders.

Sebi said that for the material events or information which emanate from the listed entity, including those related to acquisitions, Scheme of Arrangement, consolidation of shares, and buyback of securities, the timeline for disclosure by the entity has been reduced from 24 hours to 12 hours.

In case of information that emanates from a decision taken in a meeting of the board of directors, the disclosure should be made within 30 minutes from the closure of such meeting.

Listed entities have been asked to disclose fraud and defaults by directors or senior management as Sebi has specified material information for investors. Currently, such disclosure by a listed entity or its key managerial personnel or promoter, and arrest of key managerial personnel or promoter are mandated.

In addition, listed entities have been asked to disclose default in payment of fines, penalties, and dues to any regulatory, statutory, enforcement, or judicial authority.

Also, the regulator asked listed entities to make disclosures in relation to cybersecurity incidents, cybersecurity breaches, or loss of data and documents in the quarterly corporate governance report.

With regard to vacancies of certain key managerial posts, Sebi said that any vacancy in the office of Chief Executive Officer, Managing Director, and Whole Time Director needs to be filled within three months from the date of such vacancy.

Listed entities will have to submit a certificate to the bourses regarding the status of payment of interest, dividend, repayment, and redemption of principal of non-convertible securities, within one working day of it becoming due.

To give these effect, Sebi has amended LODR (Listing of Obligations and Disclosure Requirements) rules, which would come into force from July 14.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Wednesday, 14 June 2023

Los Angeles city councilman charged with embezzlement may face suspension

The president of the Los Angeles City Council says he will file a motion to suspend a councilman charged with embezzlement, perjury and other crimes in the latest scandal among leadership of the nation’s second-largest city

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Federal Reserve leaves interest rates unchanged for first time in 15 months but envisions 2 more hikes this year

Federal Reserve leaves interest rates unchanged for first time in 15 months but envisions 2 more hikes this year

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Rs 8100 Crore GST Evasion Via 4909 Fake Businesses Detected: Tax Official

Authorities have detected GST evasion to the tune of more than Rs 8,100 crore and it has been found that the offence was carried out through 4,909 bogus business establishments spread in parts of the country, a tax official from Madhya Pradesh said on Wednesday.

MP Commercial Tax Commissioner Lokesh Kumar Jatav said the state Goods and Services Tax (GST) Department got the initial clues of this big tax evasion during a month-long investigation of e-way bills of an establishment in Indore.

"On a detailed analysis and scrutiny of the data, a total of 4,909 suspicious business establishments were found across the country. Of these, a maximum of 1,888 establishments are in Delhi, 831 in Uttar Pradesh, 474 in Haryana, 210 in Tamil Nadu, 201 in Maharashtra, 167 in Telangana and 139 in Madhya Pradesh," he said.

Jatav said that these 4,909 establishments under investigation showed a turnover of about Rs 29,000 crore in GST returns during the financial years 2021-22 and 2022-23 and the investigation detected evasion of Rs 8,103 crore.

The tax evasion was done by taking undue advantage of input tax credit of GST through bogus business and fake bills, he said.

According to Jatav, the GST department of Madhya Pradesh would conduct a detailed investigation of tax evasion in coordination with the authorities concerned of other states and also register a first information report (FIR) against the accused.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Tuesday, 13 June 2023

New York Rangers hire Peter Laviolette as coach to replace Gerard Gallant

New York Rangers hire Peter Laviolette as coach to replace Gerard Gallant

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Denver police suspect a drug deal led to shooting that wounded 10, including 1 suspect, during Nuggets' NBA celebration

Denver police suspect a drug deal led to shooting that wounded 10, including 1 suspect, during Nuggets' NBA celebration

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Monday, 12 June 2023

Maryland police say man charged with murder in 3 shooting deaths and 3 injured

Police in Maryland say a man has been charged in a shooting that killed three men, including a father and son, and wounded three others in a dispute in his neighborhood in Maryland’s capital city

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Subhash Chandra, Punit Goenka Barred From Company Boards By Regulator

Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm.

The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit.

In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.

The siphoning of funds appears to be a well-planned scheme since, in some instances, the layering of transactions involved using as many as 13 entities as pass-through entities within a short period of two days only, it added.

Sebi noted that the share price of ZEEL has come down from a high of close to Rs 600 per share to the current price of less than Rs 200 per share during the period FY 2018-19 to FY 2022-23. This erosion of wealth despite the company being so profitable and generating profit after tax consistently would lead to a conclusion that "all was not well with the company".

During this period, the promoter shareholding dropped from 41.62 per cent to the current level of 3.99 per cent.

Although the promoter family is only holding 3.99 per cent shares in ZEEL, Chandra and Goenka continue to be at the helm of affairs of ZEEL, the order noted.

"Noticees (Chandra and Goneka) created a façade through sham entries to misrepresent to the investors as well as the regulator that money had been returned by associate entities, whereas in reality, it was ZEEL's own funds which were rotated through multiple layers to finally end in ZEEL's account.

The noticees have attempted to ride piggyback on the success of ZEEL, the flagship company of Essel Group, to bankroll the associate entities, which are owned and controlled by them," Sebi said in its 17-page order.

The order came after Sebi conducted an examination in the wake of the resignation of two independent directors -- Sunil Kumar and Neharika Vohra -- of ZEEL in November 2019.

They had raised concerns over several issues, including the appropriation of certain Fixed Deposit (FD) of ZEEL by Yes Bank for squaring off loans of related entities of Essel Group. Vohra alleged that bank guarantees were given to a subsidiary without approval from ZEEL's board.

Sebi's investigation found that Chandra had provided a “Letter of Comfort” or LoC in September 2018, that was towards a Rs 200 crore loan outstanding from Essel Group Mobility.

Going by the letter, the Rs 200 crore FD available with Yes Bank from any of the Essel Group companies, including ZEEL, could be taken to settle it. Accordingly, Yes Bank had adjusted the loans of seven associate entities with this Rs 200 crore of ZEEL.

Later, it was found that these seven entities were owned or controlled by family members of Chandra and Goenka, Sebi noted.

When Sebi investigated further, ZEEL submitted that Rs 200 crore had been returned by the associate entities to ZEEL. Since Chandra and Goenka had signed the LoCs without consulting or informing the Board, both were found to have violated provisions of LODR (Listing Obligations and Disclosure Requirements) rules.

Accordingly, Sebi said, "Noticees shall cease to hold the position of a director or a Key Managerial Personnel in any listed company or its subsidiaries until further orders". PTI SP MR

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Biden determined to say as little as possible about Trump's indictment

President Joe Biden is determined to say as little as possible about the federal indictment of his predecessor, Donald Trump

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$2M insurance policy in effect for Hawaii coral reefs in time for hurricane season

An environmental group has a $2 million insurance policy on Hawaii’s coral reefs, which is in effect in time for a busier hurricane season that could damage the vital natural resources that are increasingly under threat from climate change

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Biden bringing on ex-labor secretary and DNC chair Tom Perez to help with implementation push

President Joe Biden has named Tom Perez, the former labor secretary and Democratic National Committee chairman, as a senior adviser and his liaison to state and local governments

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Jury finds electric utility PacifiCorp liable in devastating Oregon wildfires

A jury in Oregon has found electric utility PacifiCorp responsible for causing devastating fires during Labor Day 2020 in a civil lawsuit

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Apollo Theater CEO Jonelle Procope to leave the historic landmark on safe financial ground

Jonelle Procope’s 20-year tenure as president and CEO of The Apollo Theater evolved into an era of prosperity and expansion, markedly different from the tumultuous, cash-strapped decades that preceded it

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Sunday, 11 June 2023

California skate park named for Black motorist fatally beaten in police traffic stop

Officials have dedicated a California skate park in honor of Tyre Nichols, a Black man prosecutors say was beaten to death last Janaury by police officers in Memphis, Tennessee

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Mississippi civil rights lawyer arrested filming traffic stop, attorney says

A Mississippi civil rights lawyer has been arrested while filming a traffic stop conducted by officers from a police department she is suing in federal court

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Australia police: initial inquiries indicate 10 dead in bus crash

Australia police: initial inquiries indicate 10 dead in bus crash

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Novak Djokovic wins his men's-record 23rd Grand Slam title by beating Casper Ruud in the French Open final

Novak Djokovic wins his men's-record 23rd Grand Slam title by beating Casper Ruud in the French Open final

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Saturday, 10 June 2023

Arcangelo crosses finish line first at Belmont Stakes, making Jena Antonucci first female trainer to win the race

Arcangelo crosses finish line first at Belmont Stakes, making Jena Antonucci first female trainer to win the race

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Federal regulators promise safety review at all the major freight railroads

Officials say they plan to conduct safety investigations of all the major freight railroads over the next year

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Manchester City wins Champions League for the first time, beating Inter Milan 1-0 in final to complete treble

Manchester City wins Champions League for the first time, beating Inter Milan 1-0 in final to complete treble

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North Carolina GOP votes to censure Sen. Tillis for support of LGBTQ+ rights, immigration policies

Republicans delegates in North Carolina have voted to censure the state’s senior U.S. senator for supporting policies they say violate the GOP platform

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North Dakota tribe buys idle oil pipeline from Enbridge

A Native American tribe in North Dakota bought an idle pipeline from the energy company Enbridge to help deliver oil from wells on its reservation to the broader market

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Air India Repairs Plane Stranded in Russia, Lands In Mumbai

Air India's Boeing aircraft that was grounded in Magadan in far east Russia landed in Mumbai on Saturday evening.

The plane had taken off from Magadan earlier in the day after engineers rectified the oil system defect in one of the engines, according to the airline.

On June 6, AI 173 operating from Delhi to San Francisco carrying 216 passengers and 16 crew members was diverted to the port city of Magadan in far east Russia following a mid-air glitch in one of the engines of the Boeing 777-200LR aircraft.

All were stranded in the port city for two days and the replacement aircraft ferried them to San Francisco on June 8.

An Air India spokesperson on Saturday said the B777-200LR aircraft, bearing registration mark VT-ALH, that was grounded in Magadan, Russia (GDX) following the diversion of AI173 DEL-SFO on June 6, has departed GDX and is on its way to Mumbai.

"We can confirm that a defect in the oil system of one of the aircraft's engines has been rectified by our engineering team that flew on a ferry flight to GDX on June 7. The aircraft was checked on all safety parameters and certified serviceable before take off from GDX today," the spokesperson said in a statement.

Later in the evening, the spokesperson said the aircraft landed at Mumbai airport at around 8.16 pm.

According to a source, there were two pilots and eight cabin crew onboard the aircraft.

The airline had sent four engineers on the ferry flight to Magadan on June 7 and the issue of oil pressure in one of the engines of the stranded aircraft was fixed.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Mass slated in solidarity with LGBTQ Catholics canceled after protests

Officials say a Roman Catholic Mass to be held in western Pennsylvania this weekend in solidarity with LGBTQ Catholics has been canceled at the request of the diocese after protesting emails and calls, some of them threatening

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Friday, 9 June 2023

Hundreds of journalists strike to demand leadership change at biggest US newspaper chain

Journalists at two dozen local newspapers across the U.S. walked off the job Monday to demand an end to painful cost-cutting measures and a change of leadership at Gannett, the country’s biggest newspaper chain

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Thursday, 8 June 2023

Prosecutor seeks death penalty against Kansas man accused of killing two sons

A prosecutor says he will seek the death penalty for a 43-year-old Kansas man accused of killing his two sons before fleeing to Oklahoma

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23 freight cars, new vehicles heavily damaged in train derailment in northern Arizona

Authorities say a freight train has derailed in northern Arizona involving 23 cars, but no injuries have been reported

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Wednesday, 7 June 2023

Land trusts offer an innovative way to help the middle class afford a home

Makeisha Robey grew up in a three-bedroom house and always wanted to provide the same for her children

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The story behind Juneteenth and how it became a federal holiday

Many Americans will be marking Juneteenth this month

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Tuesday, 6 June 2023

Portland, Oregon, to clear sidewalk tents to settle suit with people with disabilities

The city of Portland, Oregon, will take steps to remove tents blocking sidewalks under a tentative settlement announced Thursday in a lawsuit brought by people with disabilities

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Sunday, 4 June 2023

California attorney general says Florida responsible for flying migrants to Sacramento

California's attorney general says the state of Florida appears to have arranged for a group of South American migrants to be dropped off outside a Sacramento church

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Today in History: June 5, Robert F. Kennedy assassinated

Today in History Today is Monday, June 5, the 156th day of 2023. There are 209 days left in the year. Today’s Highlight in History: On June 5, 1968, Sen. Robert F. Kennedy was shot and mortally wounded after claiming victory in California’s Democratic presidential primary at the Ambassador Hotel in Los Angeles; assassin Sirhan Bishara Sirhan was arrested at the scene. On this date: In 1794, Congress passed the Neutrality Act, which prohibited Americans from taking part in any military action against a country that was at peace with the United States. In 1950, the U.S. Supreme Court, in Henderson v. United States, struck down racially segregated railroad dining cars. In 1967, war erupted in the Middle East. Israel, anticipating a possible attack by its Arab neighbors, launched a series of airfield strikes that destroyed nearly the entire Egyptian air force; Syria, Jordan and Iraq immediately entered the conflict. In 1975, Egypt reopened the Suez Canal to international...

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Virginia State Police: Rescuers have located plane that crashed after flying over nation’s capital, no survivors found

Virginia State Police: Rescuers have located plane that crashed after flying over nation’s capital, no survivors found

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Australian official pardons woman who has spent 20 years in prison for killing her 4 children

Australian official pardons woman who has spent 20 years in prison for killing her 4 children

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Russia says it thwarted large Ukrainian attack in Donetsk; unclear if this was start of Ukrainian counteroffensive

Russia says it thwarted large Ukrainian attack in Donetsk; unclear if this was start of Ukrainian counteroffensive

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Indian opposition leader Rahul Gandhi calls on US audience to stand up for 'modern India'

Indian opposition leader Rahul Gandhi pressed criticism of his country’s leadership during a speech in New York on Sunday

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Saudi Arabia to reduce oil output by 1 million barrels per day, while rest of OPEC+ extends previous cuts through 2024

Saudi Arabia to reduce oil output by 1 million barrels per day, while rest of OPEC+ extends previous cuts through 2024

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'Spider-Man: Across the Spider-Verse' swings to massive $120.5 million opening

“Spider-Man: Across the Spider-Verse” opened in U.S. and Canadian theaters with a massive $120.5 million, more than tripling the debut of the 2018 animated original and showing the kind of movie-to-movie box-office growth that would be the envy of even...

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Saturday, 3 June 2023

Florida woman charged with child neglect after her car catches fire as she was allegedly shoplifting

A Florida woman faces aggravated child neglect and arson charges after her car became engulfed in flames while she was allegedly shoplifting at a mall

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What led Capitol Police to stop a youth performance of the ‘Star-Spangled Banner’

Video of a youth children’s choir being cut off as it was singing the “Star-Spangled Banner” in the U.S. Capitol has spread widely on social media

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Florida police arrest man, search for 2 others in Memorial Day beach shooting

Police in Florida have arrested one man and announced arrest warrants for two others believed to be the gunmen who opened fire along a crowded beachside promenade on Memorial Day

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Alaska police find 3 bodies on vessel, cite controlled substances as possible contributing factor

Police in Juneau, Alaska, say three people were found dead over the course of three days on board a vessel anchored offshore

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Minnesota condo evacuated over stability concerns

More than 140 people were evacuated from a condominium in Minnesota amid concerns that the building was unstable

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Federal court reinstates death penalty order for Missouri inmate convicted of killing jailers

A federal appeals court has vacated a stay of execution granted to a Missouri inmate who was convicted of killing two jailers

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Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

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Friday, 2 June 2023

'I think you are looking for me:' Convicted Texas killer booted from towns in '90s arrested again

Police in Texas say they are looking into “potential investigative lapses” following the arrest of a convicted child murderer who is now in jail on two other murder charges

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YouTube changes policy to allow false claims about past US presidential elections

YouTube says it will stop removing content that falsely claims the 2020 election and other past U.S. presidential elections were marred by widespread fraud, errors or glitches

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US judge condemns Mississippi city's 'crime cancer' as he removes state justice from lawsuit

The Mississippi Supreme Court chief justice cannot be sued over a state law that requires him to appoint some judges in the capital city of Jackson

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Judge allows suspect in Indianapolis officer's fatal shooting to seek insanity defense

A man charged with fatally shooting an Indianapolis police officer in 2020 will be allowed to seek insanity as a defense as he tries to avoid the death penalty

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Rights upheld, lawsuit revived against teacher accused of cutting Native American student's hair

An appeals court says an anti-discrimination lawsuit involving Native American hair can go to trial in New Mexico

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