Live Breaking News & Updates on Fraud classification

Stay informed with the latest breaking news from Fraud classification on our comprehensive webpage. Get up-to-the-minute updates on local events, politics, business, entertainment, and more. Our dedicated team of journalists delivers timely and reliable news, ensuring you're always in the know. Discover firsthand accounts, expert analysis, and exclusive interviews, all in one convenient destination. Don't miss a beat — visit our webpage for real-time breaking news in Fraud classification and stay connected to the pulse of your community

Banks to review fraud tag if companies move court

Banks in India will not provide a personal hearing to companies before classifying them as 'fraud' accounts, but will re-evaluate the decision if legally challenged. The procedure, which aims to codify the steps to classify companies with outstanding loans of ₹50 crore or more as fraud accounts, follows a Supreme Court direction in March 2023 to provide a hearing to borrowers before such a step is taken. Some bankers and legal experts believe the procedure may lead to court disputes.

Mumbai , Maharashtra , India , Zulfiquar-memon , Indian-bank-association , Juris-corp , Supreme-court , Large-credits , Fraud-tag , Fraud-classification , Indian-bank , Bank-labelling

Banks' fraud account classification faces legal challenges: No personal hearings, potential court battles ahead

Banks in India will not provide a personal hearing to companies before classifying them as 'fraud' accounts, but will re-evaluate the decision if legally challenged. The procedure, which aims to codify the steps to classify companies with outstanding loans of ₹50 crore or more as fraud accounts, follows a Supreme Court direction in March 2023 to provide a hearing to borrowers before such a step is taken. Some bankers and legal experts believe the procedure may lead to court disputes.

Mumbai , Maharashtra , India , Zulfiquar-memon , Juris-corp , Indian-bank-association , Supreme-court , Large-credits , Fraud-tag , Fraud-classification , Indian-bank , Bank-labelling

Govt approves $2.7-billion Micron's chip plant; unit expected to create 5,000 jobs

The government has cleared US-based chip maker Micron's project to set up a semiconductor test and packaging unit worth $2.7 billion in the country, according to sources.

China , Bombay , Maharashtra , India , Ministry-of-electronics , Tata-group , Bombay-high-court , Sahasra-semiconductors , Expert-group , Finance-commission-chairman , High-court

Bombay HC Puts a Halt to Bank Actions under RBI Circular on Fraudulent Accounts

HC Stresses the Importance of Fair Procedures & Natural Justice in RBI's Circular on Fraudulent Accounts

Mumbai , Maharashtra , India , Bombay , Justice-gautams-patel , Justice-nilak-gokhale , Naresh-goyal , Bombay-high-court , Jet-airways , Fair-procedures , Natural-justice , Fraudulent-accounts

Welcome To IANS Live - NATION - Supreme Court rejects stay of Telangana Judgment on Fraud Classification as per RBI Circular

Photo Credit: IANS
IANSLive
New Delhi, April 19 (IANS) In a setback to SBI and RBI, the Supreme Court has refused to stay the judgment dated December 10, 2020 of a Division Bench of the Telangana High Court, in appeals filed by SBI and RBI.
To get full access of the story, click here to subscribe to IANS News Service
© 2021 IANS India Private Limited. All Rights Reserved.
The reproduction of the story/photograph in any form will be liable for legal action.
For news, views and gossips, follow IANS at Twitter.
Update: 19-April-2021

India , Telangana , Andhra-pradesh , New-delhi , Delhi , Division-bench-of-the-telangana-high-court , Supreme-court , Twitter , News-service , India-private , Telangana-judgment

Government to announce forensic standards

Government to announce forensic standards
By
IANS
|
Published on
Wed, Mar 17 2021 12:21 IST
|
4 Views
Rupees.. Image Source: IANS News
New Delhi, March 17 : The government will shortly announce forensic standards based on Institute of Chartered Accountants recommendations, the Ministry of Corporate Affairs will notify on the lines of the Accounting Standards, the Forensic Standards and this will be applicable to all auditors who are doing forensic accounting at the behest of banks for complying to various RBI circulars on Non-Cooperative Borrowers, Willful Defaulters and Fraud Classification. Also, IBBI the bankruptcy board will also use such standards for the purpose of IBC related forensic audits.

India , Telangana , Andhra-pradesh , New-delhi , Delhi , Justice-nariman , Rajrsh-agarwal , Telangana-high-court-division-bench , Institute-of-chartered-accountants , Institute-of-chartered-accountants-india , Ministry-of-corporate-affairs , Supreme-court