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Mithun Dasgupta

Articles By Mithun Dasgupta

325 Articles

Srei: Administrator admits Rs 22,910 cr claims from banks

Administrator Rajneesh Sharma has rejected claims of around Rs 1,604.63 crore by the commercial banks, while Rs 601.37 crore is under verification as of November 19.

Citing governance concerns and defaults by the two NBFCs in their various payment obligations, the RBI superseded their boards and appointed Sharma, former chief general manager, Bank of Baroda, as the administrator.

McNally Sayaji: NCLAT dismisses Kotak Mahindra Bank’s appeal to set aside insolvency proceedings order

The Kolkata bench of the National Company Law Tribunal (NCLT) had admitted ICICI Bank's application under Section 7 of the IBC for initiating the Corporate Insolvency Resolution Process (CIRP) against MESL for a default.

MESL is the first Williamson Magor Group firm against which insolvency proceeding has been ordered.

Assam govt to roll out microfinance relief scheme, distribute cheques among borrowers

To start with, the Himanta Biswa Sarma-led government is scheduled to roll out the special one-time relief in a three-day event commencing on November 28.

This will be the first phase of the cheque distribution programme. After the special relief was announced on June 18, the government signed a memorandum of understanding (MoU) with microfinance lenders for the implementation of the scheme in August.

Zenwork raises over Rs 1,200 crore from US-based Spectrum Equity

“This is the very first funding we have got in. Before that for over ten years we were bootstrapping the company, so no funding was raised earlier. This is the first funding we took from an outside investor,” Zenwork co-f

fund

59% of employees in India report feeling stressed in everyday life, a higher level than global average: Survey

The survey report said 50% of employees globally and 51% of employees in Asia reported feeling stressed in everyday life.

stress

Microfinance sector: Average collection efficiency improves to 95% in Q2 from 85% in Q1

Asset quality of the lenders of the sector improved on a sequential basis with portfolio at risk (PAR) above 30 days falling to 10.18% as on September 30 from 16.56% as on June 30, 2021, according to the quarterly review of t

Talking to FE, Satish said collection efficiencies in Assam and Kerala improved in the second quarter compared to the first, but the figures lagged far behind the national average due to “external issues”.

Edelweiss ARC increasing investment to acquire stressed retail loans

According to Edelweiss ARC MD & CEO RK Bansal, the company currently has around five lakh accounts under its retail portfolio and has already become the largest player in the retail ARC space.

Edelweiss ARC

Demand for home loan strong, don’t see asset quality challenges: Shriram Housing Finance MD & CEO Ravi Subramanian

Bulk of our acquisitions are in the seven states which are our focus markets. Over the next six months, we plan to enhance distribution across specific geographies.

This equity infusion will enable us to pursue growth ambitions with balanced aggression.

Confident that NPAs will reduce ‘substantially’ in next few months: Bandhan Bank

The bank on Friday reported a whopping net loss of Rs 3,008.59 crore for the second quarter on the back of Rs 5,577.92 crore provisions as the lender saw a huge surge in bad loans.

In absolute terms, NPAs of the bank soared to Rs 8,763.60 crore from Rs 873.97 crore for the corresponding period last fiscal.

NCLT gives nod to start insolvency proceedings against 2 SREI firms

On a request made by UCO Bank, the RBI filed the applications for initiation of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code through Sanjay Ginodia, senior partner of R. Ginodia & Co.

The central bank filed the insolvency petitions on Thursday just after the Bombay High Court dismissed a writ petition filed by two promoters of SREI group challenging the RBI's decision to supersede the boards of these companies and initiate insolvency proceedings against them.

Low interest rates, increased affordability boost demand for housing loans: Manish Shah, MD & CEO, Godrej Housing Finance

Given we are still within the first year of launch, we are eyeing to reach total sanctions of Rs 6,000 crore in the next financial year.

manish shah

Looking to add products under Eveready brand, says EIIL’s MD

EIIL, the leader in the country’s dry cell batteries and flashlights markets, forayed into the small home appliances segment a few years back in line with its strategy to bring in new products to its selling basket.

Eveready

Bank will expand exposures on lower-rated, unsecured segment with proper due-diligence: AK Goel, MD & CEO, Uco Bank

PCA had not put restrictions on lending to big ticket size loan, except some restriction on low rated customers, unsecured loans, exposure in non-fund based business.

AK Goel, managing director & chief executive officer, Uco Bank

‘Any further cut in average GST rate to adversely impact Centre, states’ spending’

In an interview with Mithun Dasgupta, Basu says in the disruptive post-Covid scenario, cost & management accounting has acquired prime spot to ensure survival, continuity and sustainability of a business. Edited Excerpts:

However, system control by way of GSTR2 will further strengthen the system and avoid revenue leakage.

McLeod Russel insolvency: NCLAT admits promoter’s plea but no stay on CIRP

The appellate tribunal, however, has not granted a stay on the corporate insolvency resolution process (CIRP) initiation against McLeod Russel, one of the world’s largest tea producers and a group company of financially str

The bench also heard an application for a stay of the NCLT order which approved the commencement of the insolvency proceedings against McLeod.

Carol Furtado likely to become Ujjivan Small Finance Bank’s interim MD, CEO

The board of Ujjivan Financial Services has recently nominated Ghosh as a common (non-executive, non-independent) director on the bank board to provide oversight on some critical areas like portfolio quality and people manage

Ghosh said Carol Furtado is the top candidate to become the interim CEO of the bank.

Consumers are buying more comprehensive covers & also top-ups to existing plans: Mayank Bathwal, CEO, Aditya Birla Health Insurance

In the retail business, anything between 60-62% or thereabout comes from banks for us. Agencies contribute about 23-24%.

Mayank Bathwal, CEO, Aditya Birla Health Insurance

‘Won’t need significant loan recast as market has improved’

For Shriram Housing Finance (SHFL), which has completed a decade of operations, the second quarter this fiscal promises to be one of the highest quarters ever in terms of disbursements, says its MD & CEO Ravi Subramanian.

Ravi Subramanian

Eveready appoints a joint MD; net profit grows 32% in Q1

"The appointment of a joint managing director is a step taken towards increasing the depth of management and profationalizing the management as the company plans to move into a high growth mode," Eveready Industries India (EI

In the first quarter of this fiscal, Eveready registered a 32% year-on-year jump in its net profit to Rs 31.19 crore from Rs 23.61 crore in the same period last fiscal. Its operating income grew 7% y-o-y at Rs 282.14 crore during Q1FY22.

INTERVIEW| Demand for loans has come back, says Nitin Chugh, MD & CEO, Ujjivan SFB

In an interview with Mithun Dasgupta, Chugh informs collection efficiency for every single state improved in July compared to June. However, Assam and Kerala are lagging behind. Excerpts:

Nitin Chugh

Tough to predict loan growth this fiscal till October: Chandra Shekhar Ghosh, CEO, Bandhan Bank

As a bank we cannot say no to [a new customer]. But during the pandemic, fresh lending to new customers is not happening as much as in normal times.

Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank

Fino Payments Bank files documents with Sebi for IPO

The bank's net profit stood at Rs 20.47 crore for the last financial year as compared to a net loss of Rs 32.04 crore for the previous financial year.

Windlas Biotech IPO

Lamborghini India: 2021 going to be another record year for our India business

We are working on two key pillars — one is how can we bring the new models faster to the market. So, we want to bring the new Lamborghinis at the same time when we start delivering the new models to our customers in other p

ITC’s hygiene brand ‘Savlon’ becomes over Rs 1,000-crore brand

The cigarette-to-FMCG-to-hotel major had acquired Savlon in 2015 as a niche antiseptic liquid brand from Johnson & Johnson, primarily for use in India in order to expand its non-cigarette FMCG portfolio. This was the first pu

Savlon was successfully extended from an antiseptic liquid brand to also include hand hygiene with a range of innovative formats.

InsuranceDekho focusing on to be market leader in insurtech space

“From the profitability perspective, we are still in the investment mode right now. We are investing in technology, we are investing in people. Our focus is on building our people’s capability and tech capability. Our foc

Paisabazaar sees month-on-month increase in personal loan disbursal

The lending marketplace, a part of PB Fintech which also owns the country’s leading insurtech brand Policybazaar.com, has been witnessing an increase in demands for loans during the last three months.

Paisabazaar has over 70 partnerships with banks, NBFCs, credit bureaus and fintech lenders and offers products across lending categories.
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