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Category: Economy

  • Yes Bank Founder Rana Kapoor Granted Bail By Mumbai CBI Court In Fraud Case | Companies News

    New Delhi: Rana Kapoor, the founder of Yes Bank has been granted bail by a special CBI court in Mumbai in a fraud case. The court has expressed concerns that keeping him in custody without trial would be like “pre-trial conviction” of Rana.

    Kapoor was granted bail on Friday evening from the special CBI Judge, M G Deshpande. He walked out of the jail after over 4 years from Taloja Central Prison. This was the last pending case against him which involved the Avantha Group. (Also Read: Govt Oil Companies Conducts Free Safety Checks For All LPG Connections)

    Why was Rana Kapoor arrested?

    Kapoor was arrested by the Enforcement Directorate (ED) in a money laundering case in March 2020. He had to face charges in eight cases filed by both the ED and the Central Bureau of Investigation (CBI) which was related to fraud at the Yes Bank. (Also Read: Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65)

    CBI filed a case against Rana Kapoor, his wife Bindu, industrialist Gaitam Thapar of the Avantha Group, Bliss Abode pvt Ltd and others. According to the allegations Kapoor while serving as the CEO of Yes Bank misused his position to acquire a prime property on Amrita Shergil Marg, Delhi’s upscale. He purchased it for a price lower than its market value and it belonged to a mortgage with Yes Bank.

    Bliss Abode Private Limited which was led by Rana kapoor’s wife Bindu Kapoor purchased the property for Rs 378 crore even though the market value of the property was 685 crore. The agency claimed that Yes Bank extended credit facilities of Rs 2500 crore to various Avantha Group Companies and granted an additional loan of 400 crore to Avantha Realty Ltd (ARL) as part of a quid pro quo deal, according to CBI. 

    What did Court say?

    The court’s order which was made available on Saturday said that there was no valid reason to continue detaining the applicant who has already spent 4 years in custody for multiple other cases.

    “It is significant to note the applicant (Kapoor) has deep roots in society and Mumbai. He has a family comprising an unmarried daughter and a wife who are dependent on him. He is no longer associated with Yes Bank and has no access to its records for any apprehension of tampering with it,” The court stated.

    The court further stated, “He (the special public prosecutor) cannot justify why the 66-year-old applicant, who suffers from multiple health issues as outlined in the bail application, should remain incarcerated indefinitely,”

  • Good News For Senior citizens: Health Insurance Now Available For Individuals Over 65 | Personal Finance News

    New Delhi: Starting from April 1, 2024, The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on health insurance policies, ANI reported. Previously, the purchase of new insurance policies was limited to the age of 65. But after the recent changes which came into effect from April 1, 2024 individuals of any age can now purchase new health insurance policies.

    “Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority” stated a notification issued by the IRDAI. (Also Read: How Much Return Will You Get By Investing In SBI’s FDs? Check Here)

    IRDAI has also directed health insurance providers to offer customized policies for specific groups like senior citizens and set up dedicated channels to address their claims and concerns. (Also Read: ICICI Bank Revises Service Charges For Savings Accounts: Check New Rates And Effective Date)

    “It’s a welcome change since it now opens Avenue for people above 65 to seek health cover. Insurers based on their Board approved Underwriting guidelines can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers.” according to an expert in the industry.

    The insurers after the recent notification have been restricted from denying to issue policies to individuals who are suffering with severe medical conditions such as cancer, AIDS, renal or heart failure.

    As per the notification, IRDAI has reduced the waiting period of health insurance from 48 months to 36 months. All pre-existing conditions must be covered after a 26 month period regardless of whether the policyholder disclosed them initially or not, according to the insurance regulator.

    Insurance companies are prohibited from offering indemnity-based health policies which cover hospital expenses. They are only allowed to offer benefit-based policies instead of indemnity-based health policies. This will provide fixed costs when a covered disease occurs.

  • Zomato Hit With Rs 11.81 Crore GST Demand And Penalty Order

    Zomato tried to clear out the allegations with supporting documents and legal precedents.

  • Scammer shares Important Cyber Security Advice To Man: Paytm’s CEO Vijay Sharma Reacts | Technology News

    New Delhi: Whatsapp scams are very common nowadays. When we receive unknown fishy files and links our first reaction is often to immediately block the other person. However, in an unusual case, an X user named Chetty Arun encountered a scammer and decided to have a conversation with him. He first thought to connect with him on a call but later ended up chatting with him.

    The conversation between the two took an unexpected and heartwarming twist as the scammer ended up congratulating him on his upcoming wedding and shared valuable cybersecurity advice. The X user decided to share the threads of the screenshots of his whatsapp chat with the scammer. (Also Read: Zomato Hit With Rs 11.81 Crore GST Demand And Penalty Order)

    In the screenshots, the scammer surprisingly opens up to Arun and explains the method of using APK files to gain control over the victim’s phone. Towards the end of the conversation the scammer unexpectedly wishes Arun good luck. (Also Read: Nike Layoffs: Company To Fire More Than 700 Employees At Oregon Headquarters)

    “I spoke with yet another scammer today. I don’t know why I do this, but here we go. It all started with a few annoying Whatsapp messages trying to scam me. But we ended up wishing each other good luck “ posted X user Arun Chetty.

    I spoke with yet another scammer today. I don’t know why I do this, but here we go.

    It all started with a few annoying Whatsapp messages trying to scam me. But we ended up wishing each other good luck 

    1/n pic.twitter.com/Sm49J5XtNW


    — Chetty Arun (@ChettyArun) April 19, 2024

    Vijay Sharma the CEO of Paytm acknowledged the surprisingly helpful advice given by the scammer. He retweeted the post and stated, “You won’t stop till you read this full thread !”

    You won’t stop till you read this full thread ! https://t.co/FD7yX69Xri
    — Vijay Shekhar Sharma (@vijayshekhar) April 19, 2024

    Take a look at the reactions of X users to the post:

    One user commented, “I swear this was more entertaining than any comedy show”

    Another one wrote, “This was too good but also should be shared for public awareness.”

    Third user praised, “Terrific ability to converse @ChettyArun and thanks for posting the informative thread.”

    “We love everything about this thread! Education and still being a human.” stated fourth user. 

  • Nike Layoffs: Company To Fire More Than 700 Employees At Oregon Headquarters | Companies News

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  • Severe Rainfall In Dubai Disrupts Air Travel: Check Advisories

    Air India has offered a one-time waiver on rescheduling and full refunds for cancellations for customers with valid tickets until 21st April 2024. 
     

  • Air India Suspends Flights To Tel Aviv Till April 30 Amid Iran-Israel Clash

    Air India’s flight suspension comes after Israel launched missiles on Iran.

  • Nissan India Recalls Magnite SUV; What You Need to Know

    Nissan Motor India has announced a recall for Nissan Magnite vehicles manufactured between November 2020 and December 2023.

  • Infosys’ Full-year Employee Strength Drops For 1st Time In 23 Years | Companies News

    Bengaluru: The full-year headcount at IT major Infosys declined for the first time in nearly 23 years, by 25,994 in the financial year 2023-24.

    The full financial year headcount was 317,240 — a 7.5 per cent decrease from the previous fiscal year.

    “Our utilisation rate has improved from 77 per cent utilisation including trainees in the beginning of the year. The growth environment was also very different at that point so we had guided differently,” said Jayesh Sanghrajka, CFO, Infosys, as the company reported its fourth-quarter results on Thursday.

    “We had to realign some of those factors as the growth environment changed. Our utilisation has changed to 82 per cent now. Our attrition has also come down significantly. That’s the reason you see a net headcount reduction,” he added.

    On a quarterly basis, the company added 5,423 fewer employees.

    “We have changed our hiring model significantly. We no longer hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus,” said Sanghrajka.

    The IT software giant declared a 30 per cent jump in net profit to Rs 7,969 crore for the January-March quarter, up from Rs 6,128 crore in the same quarter last year.

     

  • RBI Imposes Monetary Penalties On Four Co-operative Banks

    The penalty on Rajkot Nagarik Sahakari Bank was imposed for granting loans to companies in which the bank’s directors held interests.