Updated : February 12, 2021 01:32 PM IST
Market manipulation, cooking of books, defaulting on bank loans, using the Mauritius route to move money out, dealing in fake shares, there wasn’t a dirty trick in the book the man didn’t pull. share
India’s IT industry has produced men and women of such distinction it is hard to believe that it also produced some of the biggest scamsters in corporate India. Ramalingam Raju of course is the name that springs to mind first for his skullduggery at Satyam, but the man who deserves the trophy for corporate jiggery-pokery has to be Dinesh Dalmia.
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The Reserve Bank of India (RBI), hiding behind its role as India’s monetary authority, has escaped all external scrutiny and accountability regarding its second role as regulator of banking and finance companies which is marked by repeated failures. Until a few years ago, these failures were largely hidden by force-merging failed institutions with public sector banks (PSBs). This trick is no longer possible with non-performing loans of banks soaring past Rs 10 lakh crore and the collapse of several ‘systemically important’ shadow banks exposing the high cost of failed supervision.
Maverick politician and economist Dr Subramanian Swamy has filed a public interest litigation (PIL) in the Supreme Court, seeking a probe by central bureau of investigation (CBI) into the ‘illegal acts of RBI officials’, leading to various scams. The petition lists 10 big scams and says, “not a single RBI official has been brought to justice despite RBI retaining the power to monitor,
Sensex has the best Budget day run up in 23 years
February 01, 2021
Supply side: The Centre and SEBI need to do more to increase the supply of quality stocks
Supply side: The Centre and SEBI need to do more to increase the supply of quality stocks×
Nifty, too, rises but doesn’t beat the 2019 ‘Nirmala Candle’ on technical charts
Nirmala Sitharaman is the first Finance Minister in 23 years whose speech propelled the Sensex to the highest single-day gains on Budget day. Just a few days ago, she had announced that her Budget this year would be like none before.
On Monday, the Sensex rose 2,314 points, or 5 per cent, to close at 48,600. The broader index Nifty gained 646 points, or 4.74 per cent, to close at 14,281. The Bank Nifty gained 2,523 points or 8.26 per cent to close at 33,089.
C-Company to The Market Mafia: The story of the Deep State of India s financial markets pgurus.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pgurus.com Daily Mail and Mail on Sunday newspapers.
The Sensex's journey to record high has not been a one-way street - the BSE benchmark has seen scams by Harshad Mehta, Ketan Parekh and Satyam scam and at the same time, been a witness to India's economic reforms.