Nifty, Sensex may head lower – Wednesday closing report
Moneylife Digital Team
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We had mentioned in Tuesday’s closing report that Nifty, Sensex may try to rally a bit. On Wednesday, the indices opened higher but ended with major losses. On the NSE, there were 377 advances, 1,537 declines and 90 unchanged.
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
State Bank of India was penalised Rs 2 crore by the RBI over deficiencies in regulatory compliance, on March 15.
Private equity firm Carlyle is selling 4% stake in SBI Card for around $513 million. Carlyle held 15.86% stake in SBI Cards and Payment Services at the end of trade on 16 March 2021.
31 Years Down, an Uncontested Will Is Probated in Bombay High Court
Moneylife Digital Team
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In an interesting case that was going on for almost 31 years, the Bombay High Court (HC) has allowed probate of a Will. What stands out from this judgement is the short but well explained research by justice GS Patel on the applicability of the Indian Succession Act to the Hanafi sect of Sunni Muslims residing in Mumbai. Further, the HC also issued time-bound directions to the concerned authorities for clearing pending dues of the property.
In his judgement on 10 March 2021, justice Patel says, The first oddity about the matter, and it is truly inexplicable, apart from being a tragic and terrible commentary on our justice delivery system, is that, though uncontested, the matter has been pending in this court for the last 31 years.
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Suryoday Small Finance Bank Ltd (SSFB) was incorporated in 2008 as Suryoday Micro Finance Pvt Ltd and commenced operations in 2009 as a microfinance institution. Subsequently, it transformed itself into a small finance bank (SFB) and started operating in January 2017. As of 9MFY20-21, SSFB had 1.44mn (million) customers, 4,770 employees, 554 banking outlets and 661 customer service points.
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