Sunday, September 27
State Bank of India (SBI) has classified the loan account of Reliance Communications RCom) as fraud diversion of sanctioned loan amounts to pay connected parties, inter-company loan transactions and investments and misutilisationon of sales invoices. The bank will take further action against the company and its former promoter director, Anil Ambani by reporting them to the Reserve Bank of India (RBI), according to a letter posted on the stock exchanges.In response to the stock exchange disclosure, Delhi based Agarwal Law Associates on behalf of their client Anil Ambani expressed shock at what they said was an ex-parte order of SBI. “Vide our letter dated October 21, 2024 we had submitted that as the bank’s show cause notice (SCN) dated December 20, 2023 had been issued prior to the rev
Microsoft will lay off nearly 4% of its workforce, the company said on Wednesday, in the latest job cuts as the tech giant looks to rein in costs amid hefty investments in artificial intelligence infrastructure.The company, which had about 228,000 employees worldwide as of June 2024, had announced layoffs in May, affecting around 6,000 workers. It was planning to cut thousands of jobs, particularly in sales, Bloomberg News reported last month.The Windows maker had pledged $80 billion in capital spending for its fiscal year 2025. However, the soaring cost of scaling its AI infrastructure has weighed on its margins, with its June quarter cloud margin expected to shrink from last year.Microsoft said on Wednesday it planned to reduce organizational layers with fewer managers and streamline its
MUMBAI: Emirates NBD Bank PJSC, owned by the Dubai government, is exploring the acquisition of a significant minority stake in RBL Bank as it looks to expand its footprint in Asia, said people aware of the matter. The investment in the form of a preferential allotment is expected to be a primary infusion of capital into the Indian private sector lender bank, they said.RBL is 100% publicly owned with several domestic institutions owning small stakes. The bigger of these are held by Quant Mutual Fund (6.65%), Nippon Life India (3.11%), ICICI Prudential Life (1.06%) and Life Insurance Corp. of India (1.19%). Mahindra and Mahindra has a 3.48% shareholding that was acquired in 2023, while Nithin Kamath-led Zerodha owns 1.24%. British International Investment, the UK’s sovereign investment arm
