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Market welcomes PSBs debt recovery move

The move by public sector banks to clean up their balance sheet by initiating insolvency proceedings against 12 major defaulters, with a debt of Rs 2 lakh crores or 25 percent of the total stressed assets of Rs 8 lakh crores of PSBs, has sent out a strong signal to…

PM explains connection between Yoga and salt; Twitter flooded with photos of practitioners

Prime Minister Narendra Modi has likened Yoga with salt. Addressing a Yoga Day rally at Ramabai ground in Lucknow in the presence of UP CM Yogi Adityanath, he said: “Just as the importance of salt is not only to lend taste to food, but also ensure the well-being of the…

Principle of continuity & longer tenure for secretaries

Shipping Secretary Rajive Kumar (IAS:1981:UP) was on Tuesday repatriated to his state cadre of UP where he may be appointed as chief secretary. It may seem that the principle of continuity and a longer tenure for secretaries are slowly but surely being evaded – at least in the Ministry of…

Rajive repatriated; tipped for CS, Govt of UP

The incumbent Shipping Secretary Rajive Kumar (IAS:1981:UP) on Tuesday pre-maturely repatriated to Uttar Pradesh, his cadre state. It is expected that the Yogi Govt will soon name Rajive as next Chief Secretary of UP Govt vice Rahul Prasad Bhatnagar (IAS:1983:UP).

Rath selected for Director (Ops) RINL

The public sector headhunter on Tuesday selected Pradosh Kumar Rath for the post of of Director (Operations) Rashtriya Ispat Nigam Limited (RINL). rath currently serves as ED, RINL. Altogether seven candidates were interviewed by the PESB namely; K V Ramana Rao (ED, RINL); O R Ramani (ED, RINL); R Nagarajan…

Insolvency proceedings against Lanco begins

Banks led by IDBI Bank have initiated an insolvency proceeding against Lanco Infratech, the first among the 12 stressed accounts that were identified by the RBI. The company is controlled by a former Congress party Parliamentarian and owes banks Rs 17,000 crore while its market value is a put at…

Lateral entry: Exceptions becoming normal

Exceptions are becoming normal and they have come to define the functioning of the NDA government. Take, for instance, the appointment of Vaidya Rajesh Kotecha on June 19 to the post of Special Secretary, Ministry of Aayush. Kotecha, a private person and Chief Consultant, Chakrapani Ayurveda Clinic, Jaipur, will draw…

Twists in selection of ONGC CMD

The PESB on June 19 selected Shashi Shanker (Director, ONGC) as its CMD. This was in line with the expectation in view of the company’s plans for acquisitions, mergers, and futuristic expansion. However, the timing of the selection result drew a lot of attention. Usually, the PESB announces its decision…

Shanker selected for ONGC top post

The public sector headhunter on Monday selected Shashi Shanker (Director- T&FS, ONGC) for the post of CMD, ONGC; a post which is scheduled to fall vacant on 30 September 2017. PESB today held the selection interview to select the successor of D K Sharaf – the outgoing CMD of ONGC….

Mittal takes over as JS (Security), Parliament

As Indianmandarins had reported earlier Sandeep Mittal (IPS:1995:TN) took over as Joint Secretary (Security) Parliament last week. Earlier a panel comprising four IPS officers were recommended which was supposed to have been turned down after it failed to get clearance from Lok Sabha Secretariat and finally Mittal’s name was cleared…

Headless DoT wants revenue target revised downward

  The telecom sector is one of the largest revenue-generating segments of the economy. But for reasons best known to the authority, the top official post of the Telecom Department has been vacant even as revenue from telecom services is expected to decelerate significantly in FY18. Indeed, the Department has…

Bankers’ meet to decide fate of 12 top defaulters

As reported by Indianmandarins last week, bankers have reportedly scheduled meetings from today (Monday) to finalize their course of action on six of the 12 bad loan accounts for immediate referral to NCLT after the Reserve Bank of India named the largest defaulters to face bankruptcy proceedings. The first set…

Tripathi tipped for EO (DOPT)

Since the Establishment Officer, DOPT, functions as a Secretary to the Appointment Committee of the Cabinet, the final appointing authority of the Govt of India headed by the Prime Minister, speculations have been rife for the past few months about who would take over the charge after the incumbent officer…

Infomerics gets RBI’s accreditation

Vipin Malik (Mentor & Director- INFOMERICS

  Infomerics Rating has received the approval from Reserve Bank of India to work as full-service rating firm. Following this approval, it has joined the league of Care Ratings, Crisil, ICRA, India Ratings, Brickwork Ratings and SMERA as the full-service firm. RBI’s accreditation enables Infomerics’ ratings of bank loans and/or…

Fate of 12 large borrowers to be decided soon

Although the Reserve Bank has not made public the list of 12 companies that have accumulated huge loans of Rs two lakh crores from public sector and private banks, Indianmanadarins has learnt that some big names from the steel and infrastructure sectors dominate the list. These companies have been identified…

New steel policy mantra is make in India

Union Steel Minister, Chaudhary Beirender Singh, has said the new steel policy (NSP) would focus on ensuring raw material security, import substitution, enhancing steel consumption, R&D of value added steel, increasing energy efficiency and sustainability, establishing India as cost-effective and quality steel destination, and reducing carbon footprint of the industry….

PESB fails to find next CMD for Coal India; ball in the govt’s court  

The public sector headhunter on Friday failed to select a successor of Suthirtha Bhattacharya (IAS:1985:TG), the outgoing CMD of Coal India, in spite of the fact that six candidates appeared for the selection interview. Of the six, four are heading CIL’s subsidiaries like CCL, WCL, CMPDIL, and MCL, whereas two…

Parrikar secures own goal

  Goa Chief Minister Manohar Parrikar might have secured an own goal by asserting that constitutional authorities can become more corrupt than politicians when vested with absolute power. The barb was seen aimed at the Election Commission days after he recommended an audit of Rs 16.86 crore bills submitted by…

Pending GST issues to be sorted out soon

The Centre and States may speed up discussions on the goods and services tax (GST) this weekend and approve the e-way bill and anti-profiteering rules. The GST Council is scheduled to meet on June 18 to thrash out the tax rate on the lottery as well as formulating the other…

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