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To check fraud, CVC starts examining audit reports of state-run banks, insurance companies

To check fraud, CVC starts examining audit reports of state-run banks, insurance companies

Finance
Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analysed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the ...
Rana Kapoor hold companies get Rs 700 crore to avoid covenant breach

Rana Kapoor hold companies get Rs 700 crore to avoid covenant breach

Finance
MUMBAI: Yes Capital and Morgan Credits, the holding companies for Yes Bank co-founder Rana Kapoor family, stumped up at least about Rs. 700 crores in cash collateral in recent days to Franklin Templeton Mutual Fund and Reliance Mutual Fund to avoid breach of covenants in Non-Convertible Debentures, said two people familiar with the matter. The Rs. 630 crore bonds held in about five schemes of Franklin Templeton Mutual Fund was about to break or already broke the minimum 3 times the cover stipulated in the transaction agreement that led to the top-up of collateral, said those people who did not want to be identified. Covenants suggest that the value of Yes Bank shares be at least Rs. 1,890 crores, according to transaction summary provided by Templeton. The value of 7.56 crore shares as a se...
How a new breed of media companies is convincing people to pay for news again

How a new breed of media companies is convincing people to pay for news again

Finance
Comcast Ventures had seen enough. Years of researching business models, seeing their own portfolio's performance and watching digital media startups struggle had made an impression. For 2018, the venture capital firm made a decision: it would no longer put seed money behind advertising-driven media companies. "Starting an ad-supported business is really, really tough," said Daniel Gulati, a Comcast Ventures partner, in an interview. "As a general thesis, we are not actively looking to invest in seed companies that have an advertising-based business model." It's a shift in thinking for Comcast Ventures, which has put money beh...
Platform companies: Leveraging the India story in the long run

Platform companies: Leveraging the India story in the long run

Finance
By Taponeel MukherjeeReal per capita GDP, stock market indices and consumption trends in India are currently interesting. Even as real GDP at an aggregate and per capita basis have broadly trended higher, equity market valuations have fluctuated. Amidst the noise of market data, it is often easy to forget that some of the best investment opportunities arise when market valuations arent quite at their peak. The single most significant takeaway is that as real GDP has trended upwards, the equity market, in real terms (inflation adjusted), has moved higher with considerable volatility. What many view as market downturns are opportunities to build and scale value-creating businesses. Market downturns in public markets (equity markets) invariably compress valuations in private markets as well. ...
Forget Summer Fridays. These companies offer cool summer perks

Forget Summer Fridays. These companies offer cool summer perks

Finance
Another strong jobs report. Here's why unemployment went up Summer Fridays are nothing new. And in a tight job market where employers are struggling to find workers, companies are getting more creative with the seasonal perks they offer in order to stand out from their competitors. Around 72% of companies that increased benefits cited worker retention as the reason, while 58% wanted to attract new talent, according to the 2018 employee benefits survey from the Society for Human Resource Management. "Every single person we make an offer to has another offer," said Michelle Wagner, senior vice president of people operations at Evernote. "People really care about how and where they work — that matters to them. That puts more pressure on us to hire well and create ...