NSEL defaulters used dummy accounts: I-T dept
The income tax (I-T) department has found that at least one of the big defaulters on National Spot Exchange Limited (NSEL) was using dummy bank accounts, suggesting the matter may be more than just a simple payments default. The I-T department is investigating whether the amounts invested were declared in the annual returns of the concerned parties. Read More...
Moily backtracks, says no decision on shutting petrol pumps at night
Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily today said the government had not made any such proposal and the idea had come from public.
"It is not our idea. It is an idea which is coming from public and others. No decision has been taken to keep petrol pumps dry during any part of the day," he told reporters. Read More...
Maruti Suzuki August sales up 61 pct at 87,323 units
Country's largest car-maker Maruti Suzuki India Ltd's on Monday reported 61.24 per cent increase in total sales in August at 87,323 units as against 54,154 units in the same month last year.
The company said its domestic sales increased by 51.6 per cent during the month to 76,018 units as against 50,129 units in August last year.
The company's Manesar plant was locked out in August 2012 following violence in which one executive was killed. Read More...
Tough to say whether Narendra Modi would be good or not as PM: Adi Godrej
It is difficult to say whether Gujarat Chief Minister Narendra Modi would be good or not for industry and economy if he were to become the Prime Minister (PM), Godrej Group Chairman Adi Godrej has said.
"Now, I do know Narendra Modi has done a reasonably good job in Gujarat, may be if he becomes the Prime Minister he can do a good job at the Centre, but he has not been tested at the Centre. Read More...
More pain for India as GDP growth forecast slashed to 4 pct from 5.5 pct by HSBC
HSBC on Monday lowered India's GDP growth forecast for the current financial year to 4 per cent from 5.5 per cent earlier saying uncertainty is likely to weigh on the economy in the coming months.
According to the global financial services major, growth is likely to slow in the near term due to