Hari Sankaran, a former vice chairman of IL&FS, was arrested in Mumbai on Monday for fraud and causing wrongful loss to the troubled infrastructure lender, official sources said. Sankaran was the first person to be arrested by the Serious Fraud Investigation Office (SFIO) in the IL&FS case. He is accused of abusing his powers in […]
Category: Roads
NCLAT asks IL&FS to give details of debt-ridden group’s dues
The National Company Law Appellate Tribunal (NCLAT) Friday asked the government and the IL&FS to provide financial details, including amounts payable to creditors, regarding 13 group entities. A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS […]
Pakistan okays plan to open Sharda Peeth corridor for Hindu pilgrims in PoK
The Pakistan government on Monday approved a proposal to establish a corridor that will allow Hindu pilgrims from India to visit Sharda Peeth, an ancient Hindu temple and cultural site in Pakistan-occupied Kashmir, according to a media report. The Sharda Peeth corridor, when opened, will be the second religious tract after Kartarpur corridor in Pakistan-controlled […]
Govt moves NCLT seeking immunity for directors of IL&FS subsidiaries
The government on Monday filed an application with the National Company Law Tribunal (NCLT) here, seeking immunity for the newly-appointed directors of the subsidiaries of the crippled IL&FS group from any future adverse outcomes. It can be noted that soon after taking over the company after its defaults and appointing a new board last October, […]
Belt and Road Initiative gives boost to Chinese outbound investments
From 2014 to 2018, China has committed an investment of more than $1 trillion in about 1,700 projects in 130 nations across the world. More than half of it has been in countries which are part of its ambitious Belt and Road Initiative (BRI), which was announced in late 2013. The data maintained by Washington […]
Xi Jinping recruits Italy populists for China’s Belt and Road Initiative
Chinese President Xi Jinping recruited Italy’s populist government into his global Belt and Road development project, with the signing of an accord that has sparked worries in the U.S. and European Union over the Asian power’s push for economic domination. Italy is the first Group of Seven nation to volunteer for a role in the […]
RBI moves NCLAT over order on classification of IL&FS cos’ debt as NPA
The Reserve Bank of India (RBI) has moved the National Company Law Appellate Tribunal (NCLAT) over the order passed regarding classification of debt of IL&FS group companies as NPA. A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, has said that it would hear the RBI on the issue. The RBI is seeking modification […]
Mumbai bridge collapse: BMC to decide on dismantling the entire FOB today
The morning after the deck of a foot overbridge outside CSMT station collapsed, killing six people and leaving 31 injured, the Brihnamumbai Municipal Corporation chief will chair a meeting to decide on the future course of action for the structure. A BMC spokesperson said civic commissioner Ajoy Mehta will meet Road and Bride department officials […]
Five dead, over 30 hurt as overbridge collapses near Mumbai’s CST
Five people, including three women, were killed and over 30 injured after major portion of a foot overbridge near a busy train station in south Mumbai collapsed on Thursday evening, officials said. The bridge, which connected the area near the Times of India building with the iconic Chhatrapati Shivaji Terminus railway station station, was commonly […]
Reliance Infrastructure to sell Delhi-Agra road project to Cube Highways
Anil Ambani led Reliance Infrastructure announced a sale agreement with Cube Highways and Infrastructure for its Delhi-Agra toll road project from Rs 3600 crore. “Reliance Infrastructure has signed a definitive binding agreement with Cube Highways and Infrastructure III for the sale of its 100% stake in Delhi-Agra (DA) Toll Road. Cube Highways and Infrastructure III […]
India, Pakistan to expedite operationalising of Kartarpur corridor
In the shadow of escalating tension in their ties, India and Pakistan on Thursday held in a “cordial environment” their first meeting to finalise the modalities for a corridor linking Gurudwara Darbar Sahib in Pakistani town of Kartarpur with Gurdaspur district in Punjab. A joint statement issued after the talks said both sides held detailed […]
India-Pakistan meeting to iron out modalities of Kartarpur corridor begins
A meeting between officials of India and Pakistan to finalise the modalities for setting up of a corridor linking the Gurdwara Darbar Sahib in Pakistani town of Kartarpur with Gurdaspur district in Punjab commenced here Thursday, officials said. The talks are being held at the Indian side of the Attari-Wagah border, they said. It is […]