Latest news with #Reporting
Economic Times
8 hours ago
- Business
- Economic Times
SBI classifies RCom, its promoter Anil Ambani as 'fraud'; to lodge complaint with CBI
State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging complaint with CBI, Parliament was informed on Monday. ADVERTISEMENT The entities were classified as fraud on June 13, 2025 in accordance with the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. "On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI," he said. Further, on July 1, 2025, as part of disclosure compliance, Resolution Professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank. The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs 786.52 crore, he said. RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited. ADVERTISEMENT The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani and the same is being heard by NCLT, Mumbai, he said. The bank had earlier classified the account and promoter Anil D Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021. ADVERTISEMENT However, he said, the complaint was returned in view of the 'status quo' order dated January 6, 2021 by the High Court, Delhi. Meanwhile, a Supreme Court judgement dated March 27, 2023 in State Bank of India & Others Vs Rajesh Agarwal & Others case mandated that lenders provide borrowers with an opportunity to represent before classifying their accounts as fraud. ADVERTISEMENT Accordingly, he said, the fraud classification in the account was reversed by the bank on September 2, 2023. The fraud classification process was re-run, and the account was again classified as 'fraud' after following the due process as per RBI circular dated July 15, 2024. ADVERTISEMENT In reply to another question, Chaudhary said there is no proposal to waive the outstanding agricultural loans under consideration with the Union Government. However, he said, the Union Government has taken several measures to provide relief and to improve the economic conditions of farmers which includes timely and adequate credit through Kisan Credit Card (KCC) under which crop loan of up to Rs 3 lakh is provided at subsidized interest rates under the Modified Interest Subvention Scheme (MISS). It comes with additional incentives for timely repayment, fixation of progressively increased agricultural credit target, issuance of revised Priority Sector Lending guidelines to ensure improved credit flow to the agricultural sector etc. Replying to another question, Chaudhary said the Government of India launched Bima Sakhi- 'Mahila Career Agent (MCA) Scheme' on December 9, 2024. LIC paid Rs 62.36 crore to Bima Sakhis as stipend in FY2024-25, he said. In the current financial year (2025-26), he said, LIC has provided a budget of Rs 520 crore for the scheme, out of which Rs 115.13 crore has been paid up to July 14, 2025. At present, there are 2,05,896 Bima Sakhis in the country. LIC provides opportunities to Bima Sakhis, in furtherance of their career by way of several performance-based incentives. Graduate Bima Sakhis, after completion of 5 years, may participate in the recruitment process for the post of Apprentice Development officers of LIC, upon fulfilling the eligibility criteria, he said. Apart from above, LIC pays stipend to Bima Sakhis for first 3 years from their appointment to support them build a life insurance agency career, he said. The stipend scheme is in addition to their commission pay-outs and is subject to certain performance parameters, he said, adding, the amount of the stipend ranges from Rs 7,000 per month in the first year to Rs 5,000 in the third year. PTI
Business Wire
17 hours ago
- Business
- Business Wire
Regnology to Acquire Wolters Kluwer's Finance, Risk & Regulatory Reporting Business Unit (FRR)
FRANKFURT, Germany--(BUSINESS WIRE)--Regnology, a leading software provider with a focus on regulatory reporting solutions, today announced it has entered into a definitive agreement to acquire Wolters Kluwer's Finance, Risk & Regulatory Reporting (FRR) unit. Rob Mackay, CEO of Regnology, said: 'FRR brings additional expertise and reach that will enhance our ability to serve clients globally." The proposed acquisition represents a strategic step in Regnology's ambition to deliver regulatory intelligence at scale—bringing together complementary capabilities across finance, risk, and regulatory reporting. It also expands Regnology's presence in key markets and strengthens its ability to support financial institutions with granular data, jurisdiction-specific requirements, and cross-border compliance. Rob Mackay, CEO of Regnology, said: 'FRR brings additional expertise and reach that will enhance our ability to serve clients globally. We look forward to supporting clients with a unified platform that helps them modernize their infrastructure, navigate Basel IV, and prepare for the future of regulatory reporting.' Lisa Nelson, CEO of Wolters Kluwer Financial & Corporate Compliance, said: 'We are proud of the accomplishments of our Finance, Risk, and Regulatory Reporting teams. Regnology is strategically aligned to build on FRR's strengths, and we are confident that they are joining an organization that is well-positioned to continue serving customers with excellence while opening new growth opportunities for employees.' Fredrik Näslund, Partner, Nordic Capital Advisors commented: 'This agreement reflects Regnology's continued momentum and innovation in the regulatory technology space. It positions the company to deliver even greater value to financial institutions worldwide. Nordic Capital is truly excited about Regnology's continued journey.' Clients will benefit from a unified platform that combines Regnology's cloud-first architecture with FRR's established capabilities, offering scalable solutions for both heritage and cloud-ready environments. The transaction is expected to close in the coming months, subject to regulatory approvals, applicable employee requirements and customary conditions.
Zawya
7 days ago
- Business
- Zawya
OPEC to issue July oil market report at 1200 GMT
The Organization of the Petroleum Exporting Countries (OPEC) will release its July monthly oil market report at 1200 GMT (1400 Vienna time) on Tuesday, OPEC said in an email. (Reporting by Alex Lawler)
CTV News
11-07-2025
- Climate
- CTV News
Index puts Winnipeg air quality at ‘very high risk'
For the second time this year, Manitoba is declaring a state of emergency due to the wildfire situation. Devon McKendrick reports.
Cision Canada
11-07-2025
- Business
- Cision Canada
Class B Holdings Limited Updates Reporting on Empire Shares Pursuant to National Instrument 62-103
STELLARTON, NS, July 11, 2025 /CNW/ - This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issuers ("NI 62-103") in connection with the filing of an early warning report by Class B Holdings Limited ("CBHL") as a result of its acquisition of Class B common shares of Empire Company Limited ("Class B Shares") in a private transaction. CBHL, beneficially owned by three branches of the Sobey family, confirmed today that it has acquired 90,000 Class B Shares at a price of $54.40 per share, being approximately 0.09% of the outstanding Class B Shares. The acquisition results in an aggregate increase of 2.03% of the outstanding Class B Shares since CBHL's early warning report on December 28, 2017. Prior to the acquisition, CBHL beneficially held an aggregate of 92,833,092 Class B Shares representing 94.59% of the outstanding Class B Shares. Following acquisition, CBHL beneficially hold an aggregate of 92,923,092 Class B Shares representing 94.69% of the outstanding Class B Shares. CBHL, together with its shareholders and their affiliates, own or control 92,941,170 Class B Shares representing approximately 94.71% of the outstanding Class B common shares. CBHL, its shareholders and their affiliates have no intention to undertake any other transactions relating to his ownership of Empire. However, subject to regulatory limitations, they may acquire or continue to hold Empire shares in the normal course of their investment activities.
