Ex-MD of PMC Bank arrested; ED conducts raids



Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.



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HDIL says enough assets to cover loans from PMC Bank



Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.



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FIR against PMC Bank, HDIL officials filed



Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank’s Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.



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Sensex drops 155 points, Nifty slips below 11,500



Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.



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'Govt must not throw away money to corporates'



‘You can’t take money from Shaktikanta Das (the RBI governor) and give it to Nirmala Sitharaman (the Union finance minister). She will blow it away on Modi.’



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Nirmala Sitharaman kisses fiscal restraint goodbye



‘Already, tax revenue has been running well short of targets. Along with the undeclared part of the deficit (hidden in various public sector companies’ books, or piling up as the government’s unpaid bills), the deficit this year could well be the highest in a decade — after 6.4 per cent was logged in the global crisis year of 2009-10,’ says T N Ninan.



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