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Time of India
6 days ago
- Business
- Time of India
Banks can flag fraud despite IBC shield: NCLT
Mumbai: The National Company Law Tribunal has held that a moratorium under the Insolvency & Bankruptcy Code (IBC) doesn't prevent a bank from identifying and classifying a fraudulent account , calling such an action purely the bank's administrative decision. The tribunal's observation is likely to have wider implications in many similar cases where the lenders are seeking to declare the corporate debtor's account 'fraudulent' while the company is still undergoing the Corporate Insolvency Resolution Process (CIRP). Dismissing an application filed by the resolution professional (RP) of Rolta India , the NCLT's Mumbai bench observed that CIRP and fraud identification are separate processes with different objectives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do you have a mouse? Desert Order Undo "The role of this tribunal is to ensure the integrity of the CIRP and address any fraudulent activities within that context, not to directly overturn a bank's independent classification of an account, as banks have the discretion to classify accounts as fraud based on their internal policies and regulatory guidelines," the tribunal said in its order of July 8. Live Events The ruling came on an application filed by Rolta India's RP, which had sought to set aside Bank of India 's move to classify the company's account as fraud. In March, Bank of India had classified a ₹616 crore non-performing asset (NPA) related to Rolta India as fraud. Jyoti A Singh, founder of law firm AJA Legal, said the purpose of the moratorium under IBC is to prohibit all actions, including the proceedings, which would in any manner affect the insolvency resolution of the company. "Classification of a corporate debtor as a fraud account would in no way affect the CIRP," said Singh. "In fact, having provisions like Section 66(2), which mandates the RP to make an application during CIRP for instances of fraudulent trading or wrongful trading, supports the view of the tribunal." The company has admitted liabilities of over ₹14,074 crore. Kamal Singh-promoted Rolta is a defence-focused software company that was admitted to the bankruptcy process in January 2023. Himanshu Vidhani, partner at law firm Chandhiok and Mahajan, said the order distinguishes administrative decisions of banking institutions from measures that would affect the assets of the corporate debtor. "The tribunal has also acknowledged the dual regulatory space-corporate insolvency under the IBC and fraud classification under the Reserve Bank of India's 2016 Master Directions on Frauds," said Vidhani. On a different note, Pallavi Pratap, managing partner at New Delhi-based law firm Pratap & Co, said (with this order), clearly, the litigation strategy for many stakeholders has to be changed now. "Tribunals will refuse to interfere in the bank's administrative decisions anymore," said Pratap. "This will expose the corporate debtor and promoters to the risk of criminal investigation during CIRP. This will also create a higher risk for the resolution applicant as they will have to inherit criminal investigation and subsequent litigation and costs."
Time of India
10-07-2025
- General
- Time of India
Sqn Ldr Lokender, Flt Lt Rishi Raj Singh died in Jaguar crash in Rajasthan: IAF official
Sqn Ldr Lokender and Flt Lt Rishi Raj Singh are the two Indian Air Force (IAF) pilots who died in a crash of a Jaguar fighter jet near Churu in Rajasthan a day ago, officials said on Thursday. The IAF has also said that a court of inquiry has been constituted to ascertain the cause of the accident. The names of the two pilots were released by the IAF on Thursday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do you have a mouse? Desert Order Undo "An IAF Jaguar Trainer aircraft met with an accident during a routine training mission and crashed near Churu in Rajasthan, today," the IAF said in a brief statement on Wednesday. A day after the accident, it shared a brief statement: "The pilots who attained 'veergati' in yesterday's Jaguar crash were -- Sqn Ldr Lokender and Flt Lt Rishi Raj Singh." Live Events The IAF had earlier also said that it "deeply regrets" the loss of lives and stands firmly with the bereaved families in this time of grief.
Time of India
05-07-2025
- Business
- Time of India
Aries Daily Health Horoscope Today, July 05, 2025: Turn inward before reacting outward
Today, the stars ask you to pause before you speak or act. Your first reaction may not be your truest one. When you take a moment to reflect, your inner wisdom rises and helps you respond with more clarity. You don't need to win every moment—you just need to understand it. This day offers emotional depth if you are willing to listen to yourself first, then to the world. Aries Health Horoscope Today Your health today benefits from silence and stillness. Rushing or reacting can drain your energy quickly. Take short breaks, breathe deeply, and listen to what your body is really asking for. It may be rest, hydration, or movement—but done gently. Avoid overexerting just to keep pace. Tune in and you'll heal quicker than expected. A calm body begins with a calm mind. Aries Wellness Horoscope Today Wellness comes today through observation. Be gentle with yourself. Your emotional strength grows when you give yourself space. Take a moment today to sit quietly with your feelings. You don't have to change anything immediately. Just be present, and you'll find your balance returning naturally. Aries Love Horoscope Today In love, choose reflection over reaction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Never turn off your computer again, if you own a mouse DesertOrder Play Now Undo If you're in a relationship, a quiet, kind word will go further than a strong opinion. If you're single, observe your patterns. Are you reacting from past hurt or present truth? The heart heals when you allow it time to understand. A new connection may come if you stop chasing and start listening. Aries Career Horoscope Today Career-wise, don't rush to fix or correct. Reflect on what is really needed. You have great leadership skills, but today's power lies in patience. Let others speak. Observe team dynamics and respond with calm. This can lead to better respect and even a surprise solution. Your success today grows when you lead from within. Aries Money Horoscope Today Financially, before making a money decision, breathe and review calmly. A quiet review of your current situation will bring new clarity. Avoid impulsive buying or reacting to others' financial choices. Trust your own rhythm. You might find a more profitable path by slowing down and thinking it through. Wisdom brings wealth, not speed. Aries Affirmation Today: I pause, breathe, and trust my inner guidance. Discover everything about astrology at the Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces .
Time of India
04-07-2025
- Entertainment
- Time of India
Why security officers had to contact anti-terrirosm squad at Jeff Bezos-Lauren Sanchez wedding
Amazon founder Jeff Bezos tied the knot with former journalist Lauren Sanchez in Venice last month. The wedding celebrations spanned over three days from June 24 to June 27. However, the celebrations were marked by multiple protests, including several gatecrashes of a party on the tiny island of San Giorgio. According to an Italian newspaper Corriere della Sera, the situation became serious enough that a special unit of Italy's anti-terrorism squad, Digos, had to be called in. Lauren Sanchez wedding dress goes missing The report further suggests that one of Lauren Sanchez's wedding outfits has gone missing from the venue. While details of the missing garment are not known yet, it says that the missing dress is not the custom Dolce & Gabbana gown that Sánchez wore to her wedding ceremony. The newspaper further claimed that a vintage Dolce & Gabbana dress—worn either by the bride or guest Ivanka Trump—was torn and briefly caught fire during another party. Sources quoted by The Guardian confirmed that no formal complaint has been registered against the theft and it is likely that the dress may eventually 'turn up'. Also, they claim that a dress had gone missing but denied it was stolen. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this for 1 minute, if you own a mouse DesertOrder Play Now Undo Jeff Bezos' wedding: Return gifts for guests The three-day wedding celebrations concluded with a finale party dubbed as 'Dolce Notte' or 'Sweet Night'. The party witnessed A-list celebrity guests donning sleepwear couture for the music night, glamour and thoughtful gifts. The billionaire couple gave some custom Amazon swag return gifts to the guests. The male guests at the party received plush blue velvet Venetian slippers from Vibi Venezia. On the other hand, the female guests got black open-toe slippers from Amazon. The gifts, Sanchez told Vogue, were designed to reflect the personalities of the couple.'So you have a little of both!' she added. OnePlus Nord 5 and OnePlus Nord CE 5: Unboxing and first look AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
03-07-2025
- Business
- Time of India
Amazon is changing its appraisal system, and it wants employees to work ‘like' CEO Andy Jassy for salary increase or risk …
Amazon has officially integrated its Leadership Principles into employee evaluations for the first time, marking a significant shift in how the company assesses corporate workforce performance. The new three-tiered system formally embeds the company's 16 core values into quarterly reviews, determining everything from salary increases to potential performance improvement plans. Starting with this quarter's mid-year review cycle, Amazon managers will evaluate employees across three criteria: Leadership Principles adherence, performance, and potential. These factors combine to create an Overall Value score that directly impacts career progression and compensation decisions. Only 5% Amazon employees can earn elite "role model" status The initiative reflects CEO Andy Jassy 's ongoing effort to create a more disciplined workforce and strengthen corporate culture. Over the past year, Jassy has implemented a full return-to-office mandate, reduced management layers, and updated compensation models to better reward top performers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Never turn off your computer again, if you own a mouse DesertOrder Play Now Undo The updated evaluation process combines Leadership Principles adherence with "performance" and "potential" ratings to determine an Overall Value (OV) score for each corporate employee. This score directly influences salary increases and determines whether workers may be placed on performance improvement plans. According to internal documents obtained by Business Insider, only 5% of employees will qualify for the top "role model" grade when measuring Leadership Principles behavior. The company's spokesperson Sam Stephenson said these changes "streamline the process for managers and help to ensure greater consistency." Amazon maintains its controversial stack-ranking system Amazon's performance review approach continues to face scrutiny from employees who describe the system as "predatory and opaque." The company maintains its contentious stack-ranking culture, where managers categorize employees into five performance tiers with predetermined percentages. Teams with over 50 employees must place 20% in the top tier, while 5% are designated as "Least Effective." This quota system has drawn criticism for potentially forcing managers to rank capable employees poorly to meet distribution requirements. The move aligns with broader industry trends as tech giants like Microsoft, Google, and Meta have also implemented stricter performance management policies this year. Amazon's Leadership Principles, which emphasize customer focus and cost discipline, have long guided business decisions but now carry formal weight in individual career outcomes. Amazon regularly reviews its performance processes to support employee growth and development, according to company representatives.
