Business

New Delhi, March 23 Svatantra Microfin Pvt Ltd announced on Monday that it has completed its merger with Chaitanya India Fin Credit Pvt Ltd (CIFCPL) and Svatantra Holding Pvt Ltd following approval from the NCLT.The approval for the amalgamation was granted by the National Company Law Tribunal (NCLT), Mumbai Bench, through its order dated March 12, Svatantra Microfin Pvt Ltd, founded by Ananya Birla, said in a statement.The said amalgamation, which follows the receipt of all necessary approvals, including the Reserve Bank of India (RBI), the Competition Commission of India (CCI), and BSE, solidifies Svatantra's position as the second-largest NBFC-MFI in India, it said.The corporate restructuring following the amalgamation also...

New Delhi, March 23 The ongoing crisis in West Asia has disrupted commercial LPG supplies, forcing industries, including mining operations, to seek alternative fuel options."When LPG availability is affected due to the West Asia conflict, it will impact industrial processes," sources said, adding that no specific figures were available on cuts in LPG supply to industries.Alternative solutions are being considered, with ammonia cylinders being increasingly used for industrial applications amid delays in commercial LPG deliveries triggered by regional tensions."Industries are in contact with local administrations, trying to arrange whatever is possible. We need to make adjustments and ensure a contingency plan to deal with the...

New Delhi, March 23 India will consider resuming the purchase of Iranian oil based on techno-commercial feasibility, a senior government official said after Washington temporarily lifted sanctions to ease pressure on prices following the US-Israeli war on Iran.Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian Light and Heavy grades due to strong refinery compatibility and favorable commercial terms. After sanctions tightened in 2018, imports ceased from May 2019, with volumes replaced by Middle Eastern, US, and other grades. At its peak, Iranian crude accounted for 11.5 per cent of India's total imports.During a press briefing on developments in West Asia, Sujata Sharma, Joint Secretary...

New Delhi, March 23 – The Ministry of Civil Aviation informed Parliament on Monday that a total of 11 airlines have shut down operations in India since 2016, primarily due to financial difficulties, a lack of aircraft availability, and internal issues.The information was shared in the Rajya Sabha in response to a question by Trinamool Congress MP Saket Gokhale.In its written reply, the ministry stated that while the government is committed to building a strong and balanced aviation sector, airlines operate in a deregulated environment and make decisions based on commercial considerations.The ministry clarified that the government does not interfere in the financial or operational decisions of airlines.Instead, it focuses on...

Amaravati, March 23 Prime Minister Narendra Modi on Monday described the Rs 1.35 lakh crore ArcelorMittal Nippon Steel India (AM/NS India) project as a world-class integrated steel plant that will further strengthen India's steelmaking capabilities.Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation for the project at Nakkapalli mandal in Anakapalli district. Union Steel and Heavy Industries Minister HD Kumaraswamy, and global steel industry leaders Lakshmi Mittal and Aditya Mittal, were also present."This is a world-class integrated steel plant that will further strengthen India's steelmaking capabilities. It marks a major milestone in Andhra Pradesh's development journey and will create opportunities for youth...

New Delhi, March 23 The initial public offering of Central Mine Planning & Design Institute Ltd, a subsidiary of state-owned Coal India, received 25 per cent subscription on the second day of bidding on Monday.According to NSE data, the IPO received bids for 2,02,84,720 shares against 7,97,89,500 shares on offer.The portion for Qualified Institutional Buyers (QIBs) received 62 per cent subscription. The category for Retail Individual Investors (RIIs) received 17 per cent subscription, and the quota for non-institutional investors received 8 per cent subscription.Central Mine Planning and Design Institute (CMPDIL) announced on Wednesday that it had raised Rs 470 crore from anchor investors.The Rs 1,842-crore initial public...

New Delhi, March 23 The Association of Gold Loan Companies (AGLOC) has sought a six-month deferral of the Reserve Bank of India's (RBI) revised guidelines on lending against gold and silver collateral, scheduled for implementation by April 1, 2026, citing emerging geopolitical uncertainty and risks to credit access.The revised framework, scheduled for implementation on or before April 1, 2026, aims to strengthen regulatory frameworks and promote responsible lending practices.In representations to the RBI, the Ministry of Finance, and the Department of Financial Services, given the current environment and the need to ensure continued credit access, a calibrated deferral would enable a smoother and more effective implementation...

New Delhi, March 23 Raymond Group Chairman Gautam Hari Singhania is recovering from injuries sustained in a speedboat accident in the Maldives last week and is supporting the ongoing search operations, his spokesperson said on Monday.Singhania is among seven people who were involved in a speedboat accident in the Maldives on Friday. He was rescued and returned to Mumbai.According to reports, two Indian men – former national rally champion Hari Singh and Arjuna awardee Cdr Mahesh Ramachandran – have been missing, and search operations are underway."Gautam Singhania continues to recover under proper care and is closely monitoring and supporting the ongoing search operations. We continue to pray for and support the friends and...

New Delhi, March 23 India's largest airline, IndiGo, announced on Monday the appointment of former Air India Express Managing Director Aloke Singh as its Chief Strategy Officer.The appointment comes less than two weeks after the sudden resignation of IndiGo's CEO, Pieter Elbers."Singh will lead the company's long-term strategic planning function and drive enterprise-wide transformation initiatives focused on accelerating growth, enhancing operational efficiency, and strengthening competitive positioning in a rapidly evolving global aviation landscape," IndiGo said in a statement."He will work closely with the leadership team on cross-functional priorities designed to improve agility, enhance customer experience, and deliver...

New Delhi, March 23 The Food Safety and Standards Authority of India (FSSAI) CEO, Rajit Punhani, called on the industry to comply, build capacity, and collaborate among stakeholders to position India as a global hub for high-quality nutraceutical products, on Monday.Nutraceuticals are food-derived products, including supplements and fortified foods, that provide health benefits beyond basic nutrition, aiding in disease prevention and treatment.Addressing an event organized by the PHD Chamber of Commerce and Industry (PHDCCI), the CEO highlighted a range of progressive initiatives undertaken by FSSAI to strengthen and promote the nutraceuticals sector in India.He emphasized FSSAI's continued efforts towards developing a robust...

Hisar, March 23 Haryana Chief Minister Nayab Singh Saini inaugurated the Kharif Krishi Mela-2026 at Chaudhary Charan Singh Haryana Agricultural University on Monday and praised the initiative to bring farmers, scientists, and innovation together on a common platform.The chief minister said that the fair, organized by Chaudhary Charan Singh Haryana Agricultural University (CCS HAU), is a symbol of farmers' hard work and scientists' foresight.The university has made significant contributions in areas such as improved seeds, water conservation, soil health, and climate-smart agriculture, he said.Addressing the gathering, he said that farmers must be made aware of climate change, declining water levels, and soil health.He urged...

Mumbai, March 23 The board of capital markets regulator Sebi approved several recommendations of a high-level committee on "conflict of interest," requiring the chairman and senior officers to publicly disclose their assets and liabilities to increase transparency and accountability.Additionally, the Chairman and Whole Time Members (WTMs) are to be brought within the definition of "insider," Sebi said in its statement after the conclusion of the board meeting.The committee, chaired by former Chief Vigilance Commissioner Pratyush Sinha, also suggested that all Sebi board members and employees should make initial, annual, event-based and exit disclosures of assets, liabilities, trading activities and family relationships as well as...

New Delhi, March 23 The Income Tax department on Monday said its e-filing portal will facilitate compliance under the old and Income Tax Acts, and all assessments, appeals, and other proceedings relating to earlier years will continue to be conducted under the old Act until their final resolution.In a set of FAQs issued days before the implementation of the new Income Tax Act, 2025, the I-T department said taxpayers filing returns for AY 2026-27 (pertaining to the period governed by the old Act) in July 2026 will do so using the forms prescribed under the old Act.At the same time, advance tax payments for Tax Year 2026-27, commencing from June 2026, will be made in accordance with the new Act.The new Income Tax Act, 2025, which...

New Delhi, March 23 Shares of Innovision Ltd, a provider of manpower and toll plaza management services, closed over 28 per cent lower than the issue price of Rs 519 on Monday.The stock started trading at Rs 466, a decline of 10.21 per cent from the issue price on the BSE. Later, the stock fell 28.16 per cent to settle at Rs 372.80, which was its lower circuit limit.At the NSE, it dropped 9.88 per cent to Rs 467.70 at the opening. Shares of the firm later ended at Rs 374.20, down 27.89 per cent.The company's market capitalization stood at Rs 887.76 crore.Benchmark stock indices also declined on Monday. The 30-share BSE Sensex fell by 1,836.57 points or 2.46 per cent to close at 72,696.39. The 50-share NSE Nifty fell by 601.85...

Gandhinagar, March 23 The Gujarat government on Monday asserted that there was no shortage of petrol and diesel in the state, even in the wake of the West Asian conflict, as rumors of scarcity triggered panic buying and led to long queues at fuel stations in several areas of the state.Speaking to reporters here, Deputy Chief Minister Harsh Sanghavi clarified that sufficient quantities of fuel were available in the state and appealed to citizens not to panic.Sanghavi insisted that there was no shortage of petrol or diesel in the state and appealed to citizens to refrain from believing or spreading misinformation circulating on social media about the fuel situation, in the backdrop of the US-Israel war on Iran, which has caused a...

New Delhi, March 23 – Around 95 flights are expected to arrive in India from the UAE on Monday, as limited non-scheduled flights continue from the region. Flights from Saudi Arabia and Oman to India are also continuing, according to an official statement.The airspace over Qatar remains partially open, with Qatar Airways expected to operate around 8-10 non-scheduled flights to India on Monday.The airspace over Kuwait and Bahrain remains closed, while Jazeera Airways of Kuwait is operating flights to various destinations in India from the Al Qaisumah Airport (AQI) in Saudi Arabia. Gulf Air of Bahrain is also continuing to operate special non-scheduled commercial flights from Saudi Arabia's Dammam Airport to India.Transit of Indian...

New Delhi, March 23 Shares of HDFC Bank have been on a downward trend, falling by nearly 12 per cent in three days, after its non-executive chairman Atanu Chakraborty abruptly resigned, citing differences over "values and ethics".On Monday, the heavyweight stock plummeted 4.70 per cent to close at Rs 743.75 on the BSE. During the day, it fell 5 per cent to Rs 740.95 – the 52-week low.At the NSE, the stock declined 4.65 per cent to end at Rs 744.15.The market valuation of the firm has dropped by Rs 1,52,064.22 crore to Rs 11,44,778.71 crore, following a 11.76 per cent decline in the stock.HDFC Bank's non-executive chairman, Atanu Chakraborty, abruptly resigned, citing differences over "values and ethics" – a ground that the...

New Delhi, March 23 The income tax department has imposed a tax of ₹4,009.64 crore on undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, over the nine months of the current fiscal year until December 2025.During the fiscal year 2024-25, a tax of ₹4,556.64 crore was imposed.The information was provided by Minister of State for Finance Pankaj Chaudhary in a written reply to the Lok Sabha on Monday.Whenever credible information relating to undisclosed foreign income and assets is received, it is investigated and appropriate action is taken under the various Acts administered by the Income-tax Department, including the Income-tax Act, 1961 and the Black...

New Delhi, March 23 – Indian Railways has successfully commissioned the indigenous Kavach Automatic Train Protection system on the Prayagraj–Kanpur section of the busy Delhi–Howrah corridor, marking a major step towards safer and faster train operations, the Ministry of Railways said on Monday.The Kavach system was activated on the 190-kilometer stretch between Prayagraj and Kanpur.The system was implemented using Train No. 14163, while the General Manager also conducted a footplate inspection from Subedarganj to Manauri station to review its performance.Senior railway officials, including divisional and headquarters officers, were present during the commissioning, which is seen as an important milestone in improving safety and...

Sebi Board Approves Key Reforms for FPIs, Market Intermediaries, and Conflict of Interest Norms Mumbai, March 23, 2026 – The Securities and Exchange Board of India (Sebi) board on Monday approved a wide-ranging set of proposals aimed at easing fund settlement norms for foreign portfolio investors (FPIs), reforming regulatory frameworks for market intermediaries, and enhancing disclosure norms for Sebi officials.The board also endorsed several recommendations from a high-level committee on conflict of interest and disclosures, chaired by former Chief Vigilance Commissioner Pratyush Sinha. The committee reviewed existing provisions related to conflict of interest, including disclosures of property, investments, liabilities, and other...