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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,
Vedanta promoter buys 4.98% stake in Indian unit
The details of the institutional shareholder sellers were not disclosed. reuters
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Vedanta Resources Ltd, the promoter entity of billionaire Anil Agarwal’s Vedanta Ltd, on Thursday bought 185 million shares or a 4.98% stake in the company for ₹2,959 crore from the company’s institutional shareholders, according to bulk deal data available on the exchange.
This purchase will take the shareholding of Vedanta Resources to 55.1%. As on 30 September, promoters held 50.13% in the company. Promoters are allowed to acquire up to 5% a year through creeping acquisition without triggering an open offer, according to Securities and Exchange Board of India norms.
Anil Agarwal buys 4.98% stake in Vedanta for Rs2,959 crore
Anil Agarwal
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MUMBAI :
Vedanta Resources Ltd, the promoter entity of Billionaire Anil Agarwal’s Vedanta Ltd on Thursday bought 185 million shares or 4.98% equity stake of the company for Rs2959 crore from institutional shareholders of the company, according to the bulk deal data available on the exchange.
With this purchase, Vedanta Resources shareholding in the company will increase to 55.1%. As on 30 September, promoters held 50.13% in the company. As per Sebi norms, promoters are allowed to acquire up to 5% a year through creeping acquisition without triggering an open offer.
Aussie companies stripped of iron ore projects in Africa
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Perth-based Sundance Resources is seeking a multi-billion dollar payout from the Republic of Congo after being stripped of its iron ore mining licence in the central African nation where China is casting a big shadow.
Two other Australian-based companies have also had iron ore mining and exploration rights stripped by the RoC, which then awarded them to a mystery company with no history in the region.
The mystery company has been handed rights to about a billion tonnes of high grade iron ore by the RoC at a time Chinese steel mills are stuck paying high prices for Australian product.