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Tag: undermines

View: The intruder that undermines India's central bank

View: The intruder that undermines India's central bank

Finance
by Andy MukherjeeBankruptcy proceedings usually involve protecting a firm’s assets from creditors. An Indian tribunal has turned the concept on its head by offering protection to the lenders. The National Company Law Appellate Tribunal ordered that no lender can declare its exposure to embattled IL&FS Group as nonperforming without its permission – even if there is a default. The ruling by the bankruptcy court, which is overseeing the government-sponsored $ 12.8 billion insolvency of the infrastructure financier-operator, undermines the Reserve Bank of India’s powers to make banks and nonbank finance firms present a truthful account of their financial position at all times. Already India has lost two RBI governors because, among other things, they dared to ask banks t...
Vatican letter undermines US cardinal on abuse

Vatican letter undermines US cardinal on abuse

World
The Vatican blocked U.S. bishops from taking measures to address the clergy sex abuse scandal because U.S. church leaders didn't discuss the legally problematic proposals with the Holy See enough beforehand, according to a letter obtained by The Associated Press. The Nov. 11 letter from the Vatican's Cardinal Marc Ouellet provides the primary reason that Rome balked at the measures that were to be voted on by the U.S. Conference of Catholic Bishops at its Nov. 12-14 meeting. The blocked vote stunned abuse survivors and other Catholics who were demanding action from U.S. bishops to address clergy sex abuse and cover-up. Ouellet's letter undermines the version of events provided by the conference president, Cardinal Daniel DiNardo. It could also provide fodder for questions during a spirit...