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SBI union and others demand RBI to scrap payments plan


5 hours ago
A union representing India’s largest public bank along with a coalition of labour unions and NGOs requested the Reserve Bank of India to reject applications of “profit-making” big companies, especially Amazon, from setting up alternate payment systems. Reuters reported on this first on April 8.
Amazon, Google, Facebook and others have applied to set up New Umbrella Entity (NUE) a parallel payment ecosystem proposed by RBI to reduce concentration risks in the payment sector. This would rival the quasi-public National Payment Corporation of India (NPCI), which is currently the main operator for digital transactions in the country.
State-run State Bank of India’s union All India State Bank of India Staff Federation (AISBISF), labour unions and NGOs under the banner of UNI Global Union, IT for Change and the Joint Action Committee Against Foreign Retail and E-Commerce (JACAFRE) wrote a letter in this regard to the RBI. ....

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Madras high court asks Coimbatore company to return Rs79 crore to overseas investor | Coimbatore News


Madras high court
CHENNAI: In a setback to Coimbatore-based Cheran Enterprises Private Limited, the Madras high court has refused to interfere in an order passed by the Company Law Board (CLB) vesting ownership of 25 acres of land owned by Cheran s subsidiary Vasantha Mills Limited in favour of a Mauritius-based investor and a Singapore based NRI.
CLB ordered transfer of the property to ORE Holdings Limited and a Singapore based NRI N Athappan since Cheran defaulted to pay back Rs 79 crore investment made by the duo with interest as orders by the board.
“This court is of the view that these appeals are yet another act of oppression exercised by Cheran against the investors, by re-agitating the same cause in a different form through its subsidiary Vasantha Mill to delay the inevitable,” said Justice G Jayachandran, passing the order while dismissing appeals moved by Vasantha Mills challenging the CLB order. ....

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HC directs former AIADMK MP to give away property worth ₹500 crore to two investors in his company


HC directs former AIADMK MP to give away property worth ₹500 crore to two investors in his company
Updated:
Updated:
Court says he never made genuine attempt to repay the money invested in 2004
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Court says he never made genuine attempt to repay the money invested in 2004
The Madras High Court on Monday dismissed appeals preferred by former AIADMK MP K.C. Palanisamy against an order of the Company Law Board (CLB) declaring two investors in his Cheran Enterprises Private Limited as the beneficial owners of 25 acres of property reportedly worth about ₹500 crore.
The court also confirmed the Board’s order directing the jurisdictional Registrar to register a sale deed vesting the property in favour of the investors if the former MP fails to execute the sale deed on his own. ....

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