The National Company Law Appellate Tribunal (NCLAT) and NCLT (Mumbai Bench), in recent judgments, have observed that financial service providers such as non-banking financial companies are outside the purview of the Insolvency & Bankruptcy (I&B) Code.
A few large non-banking finance companies (NBFCs) involved in lending against shares are now under the regulatory scanner of the Reserve Bank of India, sources close to the development told BusinessLine.
India, the world’s third-biggest oil consumer, on Wednesday pressed OPEC to move to responsible pricing of oil and gas saying the recent spike in rates are far detached from market fundamentals and are hurting importing nations.
Within two years, India’s richest person turned the local mobile-phone market into the world’s biggest consumer of wireless data. But along the way, billionaire Mukesh Ambani laid waste to profits in the overcrowded industry by driving down prices to as low as zero.
Gold buyers in India, the biggest market after China, may give jewelry stores a miss in the run-up to the Diwali festival this year because of a surge in domestic prices to the highest level in more than two years.
Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries.
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