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US Vice President JD Vance arrived in Islamabad on Saturday for discussions with a delegation from Iran over the Middle East conflict. The development comes at a time when both the US and Iran have agreed to a temporary ceasefire after five weeks of escalations that began with joint US-Israel strikes against Tehran that killed Iran's supreme leader. One of the main talking points is the reopening of the Strait of Hormuz, which has remained effectively blocked during this period -- impacting the energy supplies and prices across the globe.&nbsp;

Delegations from the US and Iran are expected to meet at 1 pm local time (1:30 pm in India), according to sources.&nbsp;

Many experts view this as the most&nbsp;challenging assignment of Vance's vice-presidency so far.&nbsp;

<h2>All eyes on US-Iran peace talks in Pakistan as both sides arrive in&nbsp;Islamabad&nbsp;&nbsp;</h2>

Vance is set to spearhead the American delegation, which includes President Donald Trump’s special envoy, Steve Witkoff, according to foreign media reports.

Iranian Parliament Speaker Mohammad Bagher Qalibaf, who reportedly arrived in Islamabad before the American delegation, and&nbsp;Foreign Minister Abbas Araghchi will be representing Iran in the discussions. Tehran has a 14-member delegation in the Pakistani capital.

According to sources, both sides are likely to engage in discussions on a permanent ceasefire, Iran's nuclear programme and regional security.&nbsp;

Before setting out for Pakistan, Vance warned Iran not to “play” with the US. Hours after that, Qalibaf said on social media that Iran will only engage in talks only on one condition: an Israeli ceasefire in Lebanon and the release of blocked Iranian assets. Even after the US-Iran ceasefire, escalations were reported between Israeli forces and Hezbollah along the border of southern Lebanon.

Trump wished Vance good luck, saying: “We’ll find out what’s going on. They’re militarily defeated."

“The Iranians don’t seem to realise they have no cards, other than a short term extortion of the World by using International Waterways,” <a href="https://www.zeebiz.com/world/news-cryptic-trump-post-truth-social-writes-worlds-most-powerful-reset-latest-news-393519">Trump posted on social media</a> on Friday. “The only reason they are alive today is to negotiate!” 

Pakistani authorities have reportedly urged residents to stay inside.&nbsp;Pakistan PM Shehbaz Sharif said Friday that the conflict was entering a “difficult phase”, describing it as a “make-or-break” moment for both sides.

Before departing for Washington on Friday, Vance expressed hope that talks with the Iranian side will be “positive". “If they’re going to try and play us, then they’re going to find that the negotiating team is not that receptive," he reportedly said.

Ghalibaf reportedly said his negotiators have "good intentions" but "do not trust" the US.&nbsp;

ALSO READ:&nbsp;<a href="https://www.zeebiz.com/world/news-us-iran-ceasefire-trump-says-troops-will-remain-in-region-warns-of-bigger-better-stronger-action-if-if-deal-violated-393468">US-Iran Ceasefire: Trump says troops will remain in region, warns of 'bigger, better, stronger' action if truce violated</a>

<h2>Israel-Lebanon peace talks begin soon</h2>

Israel and Lebanon are set to engage in direct negotiations in the US capital on Tuesday, according to Lebanese President Joseph Aoun’s office. Beirut has shown intent to hold direct discussions with the Israeli side to end the war, but under a ceasefire similar to the one with Iran.

Israel reportedly wants the Lebanese government to assume responsibility for disarming Hezbollah. Tel Aviv sought a similar arrangement in a November 2024 ceasefire too.

ALSO READ:&nbsp;<a href="https://www.zeebiz.com/world/news-benjamin-netanyahu-says-israel-to-begin-direct-peace-talks-with-lebanon-asap-393476">Amid fragile US-Iran ceasefire, Israel to begin direct peace talks with Lebanon soon</a>

<h2>Strait of Hormuz remains effectively block; why makes it crucial in US-Iran talks</h2>

The maritime region, connecting the Persian Gulf with the Gulf of Oman and then the Arabian Sea, normally enables the supplies of about one-fifths of the world's oil and gas consignments. The waterway remains a sticking point in the conflict as its closure has sent ripples across oil markets, including a nearly four-year high in Brent in mid-March.

Although easing of tensions has brought Brent to $95 a barrel-odd levels, analysts say that a prolonged blockage of the region could dent global growth.&nbsp;Iran’s control over the strait has proved its biggest strategic advantage in the conflict.

Meanwhile, global economic watchdog IMF has warned of weaker and uneven world economic growth a large, global and asymmetric supply shock&nbsp;to countries due to the Middle East conflict.

Its MD Kristalina Georgieva has warned that the&nbsp;world economy is entering a more fragile phase, with growth prospects now tilting downward even under the most optimistic assumptions.

Iran-US Peace Talks in Pakistan: This week, both American and Iranian leaders agreed to a two-week truce to explore a permanent resolution in the conflict after five straight weeks of escalations. The conflict began on February 28 when amid mounting tensions between both sides joint US-Israel attacks against Tehran left Iran's supreme leader killed and led to Tehran's retaliatory strikes against several countries in the region.


US-Iran Peace Talks: JD Vance-led US delegation arrives in Islamabad; MB Qalibaf, A Araghchi lead Team Iran

Tremors were felt in the National Capital Region (NCR) as well as parts of Jammu and Kashmir (J&amp;K) late on Friday as a&nbsp;powerful earthquake took place in Afghanistan. The location of the tremor was traced to the Afghanistan-Tajikistan border. The magnitude was recorded at 5.9 on the Richter scale at 16:12:58 UTC (about 9:43 pm in India). The epicentre of the earthquake was detected at 71.01°E and 36.52°N.&nbsp;

Also Read:&nbsp;<a href="https://www.zeebiz.com/world/news-earthquake-in-vanuatu-islands-70-magnitude-quake-strikes-no-tsunami-threat-issued-392855">Earthquake in Vanuatu Islands: 7.0 magnitude quake strikes, no tsunami threat issued</a>

<h2>How are earthquakes tracked?&nbsp;</h2>

Earthquakes are tracked using instruments called seismometers -- extremely sensitive devices that are placed on the ground. These are capable of recording even the slightest of vibrations on Earth.

When the ground shakes during an earthquake, these instruments capture the movement and convert it into signals.

Scientists read and study these signals. Contemporary systems can detect earthquakes happening thousands of kilometres away -- even those you cannot feel at all.

With highly sensitive technology that amplifies even the slightest motion, seismometers are capable of detecting powerful earthquakes occurring anywhere across the globe. Modern systems record these ground movements very accurately over time, typically tracking waves with periods ranging from 0.1 to 100 seconds.

<h2>What does magnitude tell about a quake?</h2>

Technically, an earthquake's magnitude -- measured by the Richter scale -- indicates its overall strength, contrary to the common misconception that it measures movement.

In effect, the size of the quake is proportionate to the geographical area that it impacts. A magnitude value is like a single reading or score assigned to the tremors.

However, practically, the same magnitude feels different in different locations. This is due to a number of factors such as soil, terrain and distance.

The magnitude of the earthquake describes the general size of the earthquake. Each earthquake has only one magnitude. However, the intensity of the shaking on the ground may vary considerably from one place to another. The variation in the intensity depends on several parameters. The parameters include the distance from the epicentre and the nature of the soil or rocks.

<h2>Understanding the magnitude scale</h2>

Magnitude values are expressed using whole numbers and decimal points. For example, an earthquake with a magnitude of 5.3 is considered moderate in intensity, while one with a magnitude of 6.3 is considered strong.

The scale used in the measurement of the magnitude of earthquakes is logarithmic in nature. It means that with an increase of one whole number in the magnitude of an earthquake, the amplitude of the seismic waves recorded on the seismogram increases ten times.

<h2>Here are answers to frequendly asked questions (FAQs) on the subject:</h2>

How are earthquakes measured?

Earthquakes are measured using seismometers -- sensitive devices that detect ground vibrations.

What is earthquake magnitude?

It is a single number that represents the overall strength or size of an earthquake.

Why does shaking feel different in different places?

It is because distance from the epicentre, soil type, and ground conditions affect shaking intensity.

What does a higher magnitude mean?

A higher magnitude means a much stronger earthquake -- each increase of 1 means 10 times stronger waves.

Is magnitude the same as damage?

No.

Also Read:&nbsp;<a href="https://www.zeebiz.com/world/news-bering-sea-earthquake-magnitude-6-1-2026-seismic-activity-390902">Earthquake in Bering Sea: Magnitude 6.1 strikes region that is mostly aseismic</a>

Earthquake Alert: Tremors were felt in the National Capital Region (NCR) as well as parts of Jammu and Kashmir (J&amp;K) late on Friday as a&nbsp;powerful earthquake took place in Afghanistan.&nbsp;Earthquakes are tracked using instruments called seismometers -- extremely sensitive devices that are placed on the ground. These are capable of recording even the slightest of vibrations on Earth.


Earthquake Alert: Tremors felt in Delhi NCR, J&K as 5.9 magnitude quake jolts Afghanistan-Tajikistan border 

An Air India Express flight from Delhi to Indore with 161 passengers on board landed safely on Friday (September 5) morning after the crew reported a suspected engine fault during descent. The pilots issued a ‘PAN-PAN’ call to Air Traffic Control - an internationally recognised signal for urgent but non-life-threatening situations before completing a precautionary landing at Devi Ahilyabai Holkar Airport, Indore.

Flight IX 1028, operated by a Boeing 737 Max aircraft, touched down at 9.55 AM, about 20 minutes behind schedule. Airport authorities confirmed that all passengers and crew were safe, with no injuries reported.

<h2>What was the issue?</h2>

Airline officials said the crew noticed a suspected oil filter issue as the aircraft approached Indore. Before landing, the pilots notified ATC and performed the required safety checks in accordance with established protocol.

“Due to a suspected oil filter issue during descent into Indore, following standard operating procedures, the crew landed safely. Our pilots are well trained to carry out such precautionary measures,” an Air India Express spokesperson said.

<h2>What is a ‘PAN-PAN’ call?</h2>

The ‘PAN-PAN’ signal is internationally recognised in aviation and maritime operations. It is issued when there is an urgent need for help but no immediate threat to life. In contrast to the "Mayday" distress call, "PAN-PAN" signals a precautionary emergency so that ground services can get ready to assist.

Friday’s incident adds to a string of technical snags reported by Indian carriers in recent months. In August, an IndiGo flight from Delhi to Goa diverted to Mumbai following an engine-related issue. Before that, on July 19, another Air India Express service to Phuket returned to Hyderabad soon after take-off due to a technical problem.

Air India Express, a subsidiary of Air India, operates a fleet of Boeing 737 Max aircraft on both domestic and international routes. The airline has reiterated that passenger safety remains its top priority.

Airline officials said the crew noticed a suspected oil filter issue as the aircraft approached Indore. Before landing, the pilots notified ATC and performed the required safety checks in accordance with established protocol.


Air India Express flight lands safely in Indore after mid-air engine issue

HCL Technologies has announced its interim dividend for the first quarter of the financial year 2026 ending on June 30, 2025, according to a stock market disclosure.

"The Board of Directors has declared an Interim Dividend of Rs. 12/- per equity share of Rs 2/- each of the Company for the Financial Year 2025-26," the company said in a stock exchange filing.

This is the 90th consecutive quarter of dividend payout, the IT giant said.

<h2>Dividend record and payment dates</h2>

The record date for the payment of the interim dividend will be July 18, 2025, and the payment date will be July 28, 2025.&nbsp;

Meanwhile, the company has also shared its earnings for the first quarter. It reported a 7.6 per cent year-on-year (YoY) rise in net profit at Rs 4,239 crore for the June 2025 quarter. The company’s bottom line was broadly in line with Street expectations.

Quarterly revenue was Rs 28,169 crore, up 5.5 per cent YoY, and EBIT was Rs 5,300 crore, representing an operating margin of 18.8 per cent, lower sequentially but within the guided range.

Read More-&nbsp;<a href="https://www.zeebiz.com/companies/news-hcltech-q1-fy26-results-net-profit-76-per-cent-yoy-rs-declares-interim-dividend-of-rs-12-per-share-373397" target="_blank">HCLTech Q1FY26 Results: Net profit rises 7.6% YoY to Rs 4,239 crore; IT giant declares Rs 12/share interim dividend</a>

The record date for the payment of the interim dividend will be July 18, 2025, and the payment date will be July 28, 2025.&nbsp;


HCLTech Q1FY26 Dividend: IT major announces Rs 12 per share dividend; check out record and payment dates

An earthquake of 4.6 magnitude jolted Pakistan today, May 12. The depth of the quake was 10 kilometres, according to the National Centre for Seismology (NCS).

The latitude of the earthquake was 29.12N and the longitude 67.26 E.

In a post on X, NCS said, "EQ of M: 4.6, On: 12/05/2025 13:26:32 IST, Lat: 29.12 N, Long: 67.26 E, Depth: 10 Km, Location: Pakistan."

<blockquote class="twitter-tweet">
EQ of M: 4.6, On: 12/05/2025 13:26:32 IST, Lat: 29.12 N, Long: 67.26 E, Depth: 10 Km, Location: Pakistan. 
For more information Download the BhooKamp App <a href="https://t.co/5gCOtjdtw0">https://t.co/5gCOtjdtw0</a> <a href="https://twitter.com/DrJitendraSingh?ref_src=twsrc%5Etfw">@DrJitendraSingh</a> <a href="https://twitter.com/OfficeOfDrJS?ref_src=twsrc%5Etfw">@OfficeOfDrJS</a> <a href="https://twitter.com/Ravi_MoES?ref_src=twsrc%5Etfw">@Ravi_MoES</a> <a href="https://twitter.com/Dr_Mishra1966?ref_src=twsrc%5Etfw">@Dr_Mishra1966</a> <a href="https://twitter.com/ndmaindia?ref_src=twsrc%5Etfw">@ndmaindia</a> <a href="https://t.co/x6TpdHyX6U">pic.twitter.com/x6TpdHyX6U</a>
— National Center for Seismology (@NCS_Earthquake) <a href="https://twitter.com/NCS_Earthquake/status/1921843509767926172?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>Earthquake in Tibet</h2>

An earthquake of magnitude 5.7 on the Richter Scale jolted Tibet on Monday, a statement by the National Center for Seismology (NCS) said.

As per the NCS, the earthquake occurred at a shallow depth of 10km, making it susceptible to aftershocks.

In a post on X, the NCS said, "EQ of M: 5.7, On: 12/05/2025 02:41:24 IST, Lat: 29.02 N, Long: 87.48 E, Depth: 10 Km, Location: Tibet."

Earlier on May 8, an earthquake of magnitude 3.7 jolted the region.

In a post on X, the NCS said, "EQ of M: 3.7, On: 08/05/2025 20:18:41 IST, Lat: 29.20 N, Long: 87.02 E, Depth: 10 Km, Location: Tibet."

Shallow earthquakes like these are more dangerous than deeper ones due to their greater energy release closer to the Earth's surface. This causes stronger ground shaking and increased damage to structures and casualties, compared to deeper earthquakes, which lose energy as they travel to the surface.

With inputs from agencies
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

An earthquake of magnitude 5.7 on the Richter Scale jolted Tibet on Monday, a statement by the National Center for Seismology (NCS) said.


Earthquake Today: 4.6 magnitude quake jolts Pakistan

Tata Investment Corporation - the midcap Tata group company will announce a final diividend alongside the company's March quarter results due today. Ahead of the company's earnings, shares of the company traded with a positive bias at Rs 6,392 per share.

<h2>Tata Investment Corporation's dividend history</h2>

Considering the stock's dividend,&nbsp;dividend yield is at 0.44 per cent. As per the Trendlyne data, the company&nbsp;has declared 23 dividends since Oct. 9, 2003.In the past 12 months, Tata Investment Corporation Ltd. has declared an equity dividend amounting to&nbsp; Rs 28.00 per share.

<h2>Tata Investment Corporation share news</h2>

Earlier last month, the stock recorded a sharp spurt after Tata Capital's board approved the company's IPO.&nbsp;The company's IPO offering will include 23 crore new shares and an offer for sale (OFS) from existing shareholders.This IPO will be the first after the group's Tata Technologies entered the D-Street in November 2023.

As of September 30, 2024, Tata Sons held a 92.8 per cent&nbsp;stake in Tata Capital.

Also read:&nbsp;<a href="https://www.zeebiz.com/markets/ipo/news-tata-capital-eyes-11-billion-valuation-in-upcoming-ipo-349516">Tata Capital eyes $11 billion valuation in upcoming IPO</a>

<h2>Tata Investment Corporation's Q3 results</h2>

On a consolidated basis, net profit of Tata Investment Corporation declined 63.17 per cent&nbsp;to Rs 19.61 crore while total income fell 55.34 per cent&nbsp;to Rs 30.05 crore in Q3 December 2024 in comparison Q3 December 2023.

Sales at the company declined 92.66 per cent to Rs 3.71 crore in the quarter ended December 2024 as against Rs 50.55 crore during the previous quarter ended December 2023.

Tata Investment Corporation share price

In the last 3 years, the company's stock has zoomed 332 per cent, while its 1-year return is at -6 per cent.

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Tata Investment Corporation dividend news: The company's board is set to meet today for announcing its Q4 financial results together with dividend.


Multibagger midcap Tata group stock to announce final dividend, Q4 results today: Check details

Highlighting some of the positives evolving in the trade tariff war, Zee Business Managing Director Anil Singhvi has outlined 2 major developments:

<h2>Trump ready to make deal with China</h2>

On Tuesday, the US administration hinted that it is ready to make a deal with China, nonetheless it wants China to take the first move.

"The ball is in China's court: China needs to make a deal with us, we don't have to make a deal with them," While House press secretary&nbsp;Leavitt told a press briefing. She added that the statement was directly given out by the US President Donald Trump in an&nbsp;Oval Office meeting.

""China wants what we have ... the American consumer, or to put another way, they need our money," Leavitt added.

Also Read:&nbsp;<a href="https://www.zeebiz.com/market-news/news-anil-singhvi-lists-7-factors-that-make-dalal-street-attractive-for-fiis-now-355492">Anil Singhvi lists 7 factors that make Dalal Street attractive for FIIs now</a>

<h2>First part of trade deal signed between India and China</h2>

Singhvi &nbsp;emphasised that the terms of the first phase of the bilateral trade deal between India and US have been signed. India as part of it has decided to tread the path of trade liberalisation with the US.

The two nations agreed in February to work on the first part of the deal to be concluded later this year. The countries aim at to reach&nbsp;a bilateral trade worth $500 billion by 2030.

He also added that&nbsp;the US Vice President is expected to visit India later this month.&nbsp;

<h2>What is the good news on the tariff war? Anil Singhvi's view</h2>

Anil Singhvi underscored that for the second time - America has softened its stance on China. Earlier, the US administration exempted electronic devices including smartphones, computers as well as other electronic devices from&nbsp;&nbsp;"reciprocal" tariffs, including the 125 per cent&nbsp;levies imposed on Chinese imports.

Now as the US government awaits Chinese response, any positive response from Chinese authorities will lead to a rally in the global markets.

However, if it continues to show an arrogant stance then recovery of the&nbsp;&nbsp;global market may be put on hold.

Trump is right when he says, 'Now the ball is in China's court on the tariff war', he added.

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Anil Singhvi on trade war: Anil Singhvi has signalled two emerging positives and says that in case China responds positively to the US then global markets may be propelled higher.


2 positive developments in global trade war, explains market guru Anil Singhvi

Despite having an illustrious four-decades-long, and counting, career in the financial domain, Sunil Mehta is making headlines once again with some sections of the market asking questions about his code of conduct. This comes at a time when IndusInd Bank has denied reports that PwC has submitted a report containing key findings in a matter related to suspected accounting irregularities to its board. According to an estimate, accounting discrepancies to the tune of Rs 2,100 crore may have potentially impacted 2.35 per cent of the bank's net worth.&nbsp;

Who is Sunil Mehta, really?

Mehta is a career banker currently serving as Chairman of Mumbai-based private sector lender IndusInd Bank.

He has held many important positions across the financial domain during his four-decades-long career, holding key positions across major financial institutions including SBI, Citibank, AIG and PNB.

He is Chairman and MD at SPM Capital Advisers, a financial advisory and consulting firm he founded in mid 2010s, and is also serving as the chief executive of the Indian Banks' Association (IBA) since January 2020.

Mehta has made strides across the banking, financial services and insurance (BFSI) space. He is a Fellow Member of the Institute of Chartered Accountants of India, and an alumnus of the Wharton School of Management, University of Pennsylvania, USA.

His stint at PNB coincides with the worst fraud in the history of Indian banking

Yes, Mehta was at the helm of Punjab National Bank when the country hit a historic low with the unearthing of the PNB fraud, back in 2018. He served as non-executive chairman of PNB from March 2017 to February 2020, according to his LinkedIn profile.

Dubbed as the biggest fraud in the country’s banking history, the case sent shockwaves across Dalal Street, leaving investors in doubt about sound corporate governance across the domestic corporate world.

At the time, as non-executive chairman, Mehta described the PNB fraud a people failure and not a system failure. The scam caused monetary losses to a number of banks, and led to a host of reforms and risk-management mechanisms in the financial space.

PNB Scam | How did it happen?

Bankers used fake documents at a Mumbai branch of the PSU lender that enabled the issuance of loans to overseas branches of other Indian banks for Nirav Modi and his uncle Mehul Choksi without proper collateral in place, bypassing PNB’s core banking system. Two PNB employees issued these documents, known as Letters of Undertaking (LoC), misusing the SWIFT messaging system—a global messaging facility that enables financial institutions to communicate with one another.

The scam unfolded after PNB filed a fraud report and lodged a series of complaints with the Central Bureau of Investigation (CBI)—the country’s top crime fighting agency, starting January 2018. The Modi-Choksi duo was found to have fraudulently secured guarantees to the tune of Rs 11,400 crore to obtain loans from the overseas branches, for the purpose of importing pearls.

The mega corporate fraud exposed the poor auditing standards within India Inc given the fact that it took the banking system almost seven-odd years to detect the financial anomalies and irregularities involved. Several eminent market personalities had questioned Mehta’s conduct at the top helm of the PSU bank.

Prior to joining PNB, Mehta worked with Citibank for more than 18 years before moving on to AIG, where his last assignment was Country Head and CEO-India, till December 2012. He was on the board of all AIG group companies in India. After that, he joined State Bank of India as an independent director. His stint at SBI was almost three years long.

Mehta also served as non-executive chairman at YES Bank, from March 2020 to July 2022. The RBI intervened in March 2020 to rescue YES Bank from a potential collapse, implementing a reconstruction scheme led by the State Bank of India (SBI) and other lenders, which included a moratorium and a new board of directors.

In February 2023, Mehta resigned as non-executive and independent director of Adani Green Energy to comply with applicable regulations after the RBI approved his appointment as director at IndusInd Bank.

According to an estimate, accounting discrepancies to the tune of Rs 2,100 crore may have potentially impacted 2.35 per cent of the bank's net worth.&nbsp;


Meet Sunil Mehta, the career banker under whose watch came the PNB scam!

Do depositors ever want to know if their trusted bank is run by people who don't choose their words carefully? That’s just what happened back in 2018, the year when the Rs 14,000-crore Punjab National Bank (PNB) scam was unearthed. The country’s banking system hit a historic low during that year. And amidst the financial storm, PNB’s then non-executive chairman Sunil Mehta ended up using the word “cancer” to describe the scame, and stood instantaneously corrected by an eminent doctor and then several other medical practitioners.

Before we get to details of that incident, it’s important for the unversed to know who Mehta is.

Who is Sunil Mehta, the name synonymous with controversy?

Currently serving as Chairman of IndusInd Bank, Mehta has had a long and varied career in finance, holding key positions at major institutions like SBI, Citibank, AIG and Punjab National Bank.

He is also the founder and chairman of SPM Capital Advisers and serves as the chief executive of the Indian Banks' Association.

Despite his impressive background, Mehta's leadership at IndusInd Bank is causing a stir among investors and market participants.

For beginners, Mehta's tenure at Punjab National Bank was marked by controversy, particularly the 2018 Rs 14,000-crore scam, which was described as the largest banking fraud in the country's history.

As the bank's non-executive chairman, Mehta attributed the fraud to a "people failure" rather than a system failure. This incident has raised questions about Mehta's involvement and functioning in the IndusInd Bank case.

When an eminent doctor censured Sunil Mehta for using the word cancer to describe the PNB scam

“Corruption is something to be ashamed of, cancer is not,” said Dr V Shanta.&nbsp; “Do not try to find parallels where none exist. Do not mix cancer with corruption. Ever,” she reportedly wrote in a letter to Mehta.

Her remarks came days after Mehta, speaking at a press conference in connection with the PNB scam, said: "This cancer, that's been going on since 2011, we have brought it out and we are resolving it."

Dr Shanta, and many others, strongly voiced their concerns about the the use of the term.

"I was extremely disturbed to read your reference to cancer in the context of the recent scam unearthed at your bank," Dr Shanta reportedly wrote in the letter.

She also urged others not to use the word cancer in such sense, emphasising the need to sensitise the public on the subject.

Currently serving as Chairman of IndusInd Bank, Mehta has had a long and varied career in finance, holding key positions at major institutions like SBI, Citibank, AIG and Punjab National Bank.


When Sunil Mehta stood embarrassingly corrected for describing PNB scam as ‘cancer’

Sunil Mehta’s name is appearing in headlines once again, with a section of investors raising concerns about his code of conduct as the bearer of the top office of a large bank. Currently serving as Chairman of Mumbai-based private sector lender IndusInd Bank, Mehta has worn many hats in the financial domain during his four-decades-long career, holding key positions across major financial institutions including SBI, Citibank, AIG and Punjab National Bank (PNB).

This comes at a time when IndusInd Bank has denied reports that PwC has submitted a report containing key findings in a matter related to suspected accounting irregularities to its board. According to an estimate, accounting discrepancies to the tune of Rs 2,100 crore may have potentially impacted 2.35 per cent of the bank's net worth.&nbsp;

Many experts have raised questions about Mehta’s involvement and functioning in the IndusInd Bank case.

A career spanning four decades…

As a career banker, Mehta has made strides across the banking, financial services and insurance (BFSI) space. He is a Fellow Member of the Institute of Chartered Accountants of India, and an alumnus of the Wharton School of Management, University of Pennsylvania, USA.

In fact, he was at the helm of Punjab National Bank when the country hit a historic low with the unearthing of the PNB fraud, back in 2018.

Mehta served as non-executive chairman of PNB from March 2017 to February 2020, according to his LinkedIn profile. It was during this period that saw the unfolding of the mega Rs 14,000-crore PNB scam.

Dubbed as the biggest fraud in the country’s banking history, the case sent shockwaves across Dalal Street, leaving investors in doubt about sound corporate governance across the domestic corporate world.

At the time, as non-executive chairman, Mehta described the PNB fraud a people failure and not a system failure.

The scam caused monetary losses to a number of banks, and led to a host of reforms and risk-management mechanisms in the financial space.

What was the PNB scam? How did it happen?

Bankers used fake documents at a Mumbai branch of the PSU lender that enabled the issuance of loans to overseas branches of other Indian banks for Nirav Modi and his uncle Mehul Choksi without proper collateral in place, bypassing PNB’s core banking system. Two PNB employees issued these documents, known as Letters of Undertaking (LoC), misusing the SWIFT messaging system—a global messaging facility that enables financial institutions to communicate with one another.

The scam unfolded after PNB filed a fraud report and lodged a series of complaints with the Central Bureau of Investigation (CBI)—the country’s top crime fighting agency, starting January 2018. The Modi-Choksi duo was found to have fraudulently secured guarantees to the tune of Rs 11,400 crore to obtain loans from the overseas branches, for the purpose of importing pearls.

The mega corporate fraud exposed the poor auditing standards within India Inc given the fact that it took the banking system almost seven-odd years to detect the financial anomalies and irregularities involved.

Several market voices had questioned Mehta’s conduct at the top helm of the PSU bank.

IndusInd Bank’s Sunil Mehta in the eye of the storm, again?

On April 1, the Supreme Court upheld Piramal Capital and Housing Finance’s proposed resolution plan for the erstwhile Dewan Housing Finance Corporation Ltd (DHFL). According to the apex court’s order, funds recovered from the fraudulent transactions at DHFL will go to Piramal Capital &amp; Housing Finance, a subsidiary of the diversified Piramal financial services group, overturning an earlier order by National Company Law Appellate Tribunal (NCLAT), the appellate body for bankruptcy court NCLT’s decisions, that had found the plan to be "illegal".&nbsp;

Although since its introduction in 2016, the revolutionary Insolvency and Bankruptcy Code has played an instrumental role in saving thousands of crores of money for the country’s banking system and, over the years, undergone a series of amendments, some sections of the market fear that there is a long way to go to iron out all the loopholes in the law.

DHFL underwent bankruptcy proceedings in November 2019 after defaulting on thousands of crores in payments, with creditors claiming amounts to the tune of Rs 88,000 crore.&nbsp;Later, a resolution plan for DHFL, involving a Rs 38,000-crore acquisition by the Piramal group, completed in September 2021. The entity formed by Piramal Capital and Housing Finance’s acquisition of DHFL was christened PCHFL.&nbsp;

According to sources, the top court's decision in the matter related to the Piramal-DHFL deal has fuelled concerns whether IBC is serving as an effective tool for asset stripping rather than rescuing distressed businesses.&nbsp;

Sources also suggest that Piramal has allegedly leveraged a number of key aspects of the IBC process, including asset undervaluation, control over recoveries&nbsp;and lack of transparency in the current valuation mechanism.

According to sources, the Piramal group ended up purchasing DHFL at a significant discount to the actual value of assets, with serious questions being raised about how property-backed loans to the tune of Rs 47,000 crore were valued at just Re 1.&nbsp;

The Supreme Court order sets aside the&nbsp;appellate tribunal’s take that lenders should reconsider this valuation.&nbsp;

<h2>How IBC has evolved… And is it enough?</h2>

Over the years, the Insolvency and Bankruptcy Code has streamlined a rather fragmented multi-institutional legal framekwork under one law, with the National Company Law Tribunal and its appellate court, NCLAT.&nbsp;

The IBC has been amended several times since its inception, with its regulator, the Insolvency and Bankruptcy Board of India, also having undergone a series of amendments to shape up the bankruptcy law in the country.&nbsp;

Some of the key IBC amendments are summarised below:&nbsp;

<ul>
	<li>2017: Introduction of Section 29A
	<ul>
		<li>Barring wilful defaulters from bidding for bad assets&nbsp;</li>
		<li>Clarifying the definition of related party&nbsp;</li>
	</ul>
	</li>
	<li>2018: Homebuyers become financial creditors
	<ul>
		<li>o Voting thresholds redefined&nbsp;</li>
		<li>o A resolution timeline of 330 days established</li>
	</ul>
	</li>
	<li>2019: Operational creditors get more rights.&nbsp;
	<ul>
		<li>o More clarity emerges on their voting thresholds</li>
	</ul>
	</li>
	<li>2021: Introduction of pre-packaged insolvency resolution process for MSMEs</li>
	<li>2023: Stricter NCLT approval timelines
	<ul>
		<li>More clarity emerges on the distribution of liquidation proceeds&nbsp;</li>
		<li>Insolvency professionals’ accountability enhanced</li>
	</ul>
	</li>
</ul>

<h3>Is IBC perfect?</h3>

A section of the legal world holds the view that though the IBC has strengthened the country’s banking landscape by leaps and bounds, a lot more needs to be done to unlock its full potential in creating a sacrosanct ecosystem that enables value preservation.

Many experts have highlighted the need to simplify the code further while focusing on ways to avoid delayed proceeding initiations.&nbsp;

The Supreme Court has upheld Piramal Group’s landmark acquisition of Dewan Housing Finance through a reverse merger in 2021&nbsp;to create a major housing finance company as part of its strategy to enhance its financial services business. Is this the latest example of how big corporate groups exploit legal gaps for their own gain?


Does Supreme Court order on Piramal Capital’s DHFL resolution plan highlight scope for improvement in IBC mechanism?

The central government said on Tuesday that the country added record 25 gigawatts (GW) of renewable energy in the financial year ended March 31, marking a 35 per cent year-on-year rise. Describing the development as a historic milestone, the Union Ministry of New and Renewable Energy said that the solar power segment drove growth in the overall renewable energy space with a rise of 38 per cent in annual capacity addition. In FY24, the country had added 18.57 GW of renewable energy, according to an official statement.

Here are 10 things to know about this development:

<ul>
	<li>Making strides in the solar space, the country nearly doubled its solar module manufacturing capacity to 74 GW in March 2025 from 38 GW in the corresponding month a year ago, according to the statement.</li>
	<li>The country’s solar photovoltaic cell manufacturing capacity grew three-folds from 9 GW to 25 GW during this period.</li>
	<li>Its first ingot-wafer manufacturing facility commenced production during the financial year.</li>
	<li>The government has made investments amounting to Rs 41,000 crore under its production-linked incentive (PLI) scheme for high-efficiency solar PV modules, creating direct employment for some 11,650 people, according to the Ministry of New and Renewable Energy.</li>
	<li>Under the PM Surya Ghar Muft Bijli Yojana, a scheme aimed to provide free electricity to households across the country, more than 11.01 lakh households were recorded as beneficiaries by March 31, according to the ministry. A sum of Rs 5,437.2 crore was disbursed as central financial assistance to 6.98 lakh beneficiaries under the scheme.</li>
	<li>The country also made strides in green hydrogen, with Rs 2,220 crore of incentives awarded for 1,500 MW per annum of electrolyser manufacturing with an additional Rs 2,239 crore allocated for 4,50,000 tons-per-annum (TPA) of green hydrogen production.</li>
</ul>

ALSO READ:&nbsp;<a href="http://zeebiz.com/economy-infra/news-madhya-pradesh-to-provide-170-mw-solar-energy-to-indian-railways-340070">Madhya Pradesh to provide 170 MW solar energy to Indian Railways</a>

<ul>
	<li>Under the PM KUSUM scheme, aimed at promiting solar energy in agriculture in the country, 4.4 lakh pumps were installed in FY25 under the Component B category, marking a 4.2-times increase over the previous year, and 2.6 lakh pumps were solarised in Component C, 25 times over the FY24 level. That contributed to taking the total number of solar pumps installed or solarised under the scheme past the 10 lakh mark.</li>
	<li>Continuing to play a crucial role in financing domestic clean energy projects, Indian Renewable Energy Development Agency (IREDA) registered a 27 per cent surge in loan sanctions to Rs 47,453 crore while loan disbursements rose 20 per cent to Rs 30,168 crore in FY25.</li>
	<li>"India may have already become or will soon become the third-largest renewable energy capacity holder in the world,” said Minister of New and Renewable Energy Prahlad Joshi. This milestone is a testament to Prime Minister Modi’s vision for a sustainable and self-reliant energy future, the Union Minister said.</li>
	<li>These achievements reaffirm the country’s commitment to its clean energy transition and its leadership in the global renewable energy sector, the statement added.</li>
</ul>

ALSO READ:&nbsp;<a href="http://zeebiz.com/companies/news-lic-records-28-jump-in-group-yearly-renewable-premiums-during-april-february-350686">LIC records 28% jump in group yearly renewable premiums during April-February</a>

India Economic Data, India Green Energy News: The Narendra Modi 3.0 government said on April 1 that it added record 25 gigawatts (GW) of renewable energy in the financial year ended March 31, marking a 35 per cent increase over the previous year. Read on to learn more about this milestone.


India adds 35% green energy capacity in FY25—10 things to know

Gautam Adani Latest News: A session court in Ahmedabad is likely to send a notice to industrialist Gautam Adani soon, having received a direction from the Law Ministry containing a summon from the US Securities and Exchange Commission (SEC), according to sources. In a letter addressed to the district judge in the District and Sesions Court in Ahmedabad, dated February 25, the Department of Legal Affairs under the Ministry of Law and Justice Department had received a request from the US capital market regulator seeking legal assistance in delivering its summon to the industrialist’s address in the city. The American regulator requested the Indian government to forward the summon to Adani to a residence in Ahmedabad.&nbsp;

When contacted by Zee 24 Kalak,&nbsp;the district court registrar and the public prosecutor refused to comment&nbsp;given the sub judice nature of the matter.&nbsp;According to sources, the Ahmedabad court has initiated the process of sending a notice to Gautam Adani and will be completing it soon.&nbsp;

According to the letter, two sets of the request along with other documents are enclosed along with the letter, seeking “a report on the proof of service (along with the second set of the case)” to the department in New Delhi. The response will then be forwarded to the foreign authority concerned, according to the document.

“Since the matter requires correspondence with foreign authorities, it is earnestly requested that the report on the proof of service be in English. Further, in this case, the bailiff/process server’s report is in the regional language, it is requested that an English translation of the report be attached thereto,” read the communication from the department.

The matter relates to a case in an American district court wherein the US market regulator has named Adani along with others including his nephew Sagar Adani in an alleged bribery scheme. Both Gautam Adani and the Adani group have already denied any wrongdoing in the matter.

ALSO READ:&nbsp;<a href="http://zeebiz.com/companies/news-gautam-adani-reportedly-indicted-in-us-court-over-alleged-multibillion-dollar-fraud-bribery-scheme-327454">Gautam Adani, other defendants allegedly paid $250 million in bribes to Indian government officials; Adani group says allegations baseless</a>

Meanwhile, Adani and others are charged under a law paused by US President Donald Trump through an executive order on February 10. According to the White House, the now-paused foreign bribery law is “overexpansive and unpredictable” and is actively harming “American economic competitiveness and, therefore, national security”.

In November, the New York Eastern District Court summoned Gautam Adani and his nephew Sagar to explain their stand on the US regulator’s accusation that they paid $265 million in alleged bribes to secure lucrative solar power deals. That notice, dated November 21, required the duo to submit a reply within 21 days after the service of summons (excluding the day of receipt).

Adani and seven other defendants, including Sagar, a director at the group's renewable energy unit Adani Green Energy, allegedly agreed to pay about $265 million in bribes to Indian government officials roughly between 2020 and 2024 to secure lucrative solar energy supply contracts on terms that expected to yield $2 billion of profit over 20 years, according to information made public by the New York court.&nbsp;Then, an Adani group spokesperson denied the allegations made by the US Department of Justice and the US SEC against Adani Green directors,&nbsp;terming them "baseless", and said that the group would seek "all possible legal recourse".

<h3 style="list-style-type: none;">Who are the eight defendants?</h3>

According to the US authorities, the defendants in the matter are:&nbsp;&nbsp;

<ul>
	<li>Gautam S Adani</li>
	<li>Sagar S Adani</li>
	<li>Vneet S Jaain</li>
	<li>Ranjit Gupta</li>
	<li>Cyril Cabanes</li>
	<li>Saurabh Agarwal</li>
	<li>Deepak Malhotra</li>
	<li>Rupesh Agarwal</li>
</ul>

Separately,&nbsp;the US SEC also charged the two and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme".

With inputs from agencies

Gautam Adani Latest News: The Law Ministry has sent a communication from the US market regulator to a Gujarat court to serve summons to Gautam Adani in an alleged bribery case.


More trouble for Gautam Adani? Ahmedabad court may send notice to him soon in alleged bribery case

Kia India has announced up to 3 per cent&nbsp;price hike across its entire lineup. The price hike, effective from April 1st, 2025, is primarily due to rising commodity prices and escalating supply chain-related costs.

Commenting on the price adjustment, Hardeep Singh Brar, Sr. Vice President, – Sales and Marketing, Kia India said, “As a brand committed to providing exceptional value and quality to our customers, we have always strived to offer the best vehicles at competitive prices.&nbsp;

However, due to the rising costs of commodities and input materials, we will be increasing upto 3% price hike across all Kia models, effective from 1st April 2025. While we understand that price adjustments can be challenging, this decision has been made to ensure we can continue delivering the high-quality, technologically advanced vehicles that our customers expect from Kia.&nbsp;

Kia is absorbing a significant portion of the increased costs, ensuring that the price adjustment remains as manageable as possible for our valued customers, to minimise the impact on our customers.

Kia has sold 1.45 million units in India and overseas markets combined to date. Its best-selling innovation, Seltos, has surpassed 690,000-unit sales, followed by Sonet with over 500,000 units, Carens over 232,000 units and Carnival with over 15,000 units.

<h2>Tax demand notice</h2>

Recently Kia India&nbsp;received a tax demand notice from the authorities over component imports even as the automaker has denied any wrongdoing noting that it has filed a "detailed response" regarding the matter.

As per industry sources, the tax authorities have slapped the automaker a notice to the tune of USD 155 million for wrong declaration of imports of components for the assembly of its premium model Carnival.

When contacted over the issue, the automaker stated that as a responsible and law-abiding brand, it is committed to following all regulatory requirements in its operations.

Kia is absorbing a significant portion of the increased costs, ensuring that the price adjustment remains as manageable as possible for our valued customers, to minimise the impact on our customers.


Kia announces up to 3% price hike across the product-line from 1st April 2025

HP Telecom India Shares Listing: HP Telecom India made a modest market debut on Friday, February 28, listing at Rs 115.05 on NSE SME, a premium of 6.53 per cent over its issue price of Rs 108.The company’s initial public offering (IPO), valued at Rs 34.23 crore, was open for subscription from February 20 to February 25.

The IPO, priced at Rs 108 per share, comprised a fresh issue of 31.69 lakh shares. During the bidding period, HP Telecom India IPO saw decent demand, closing with an overall subscription of 1.91 times. The issue&nbsp;received bids for 57.54 lakh shares against the 30.09 lakh shares on offer. The retail investor category was subscribed 1.85 times, while the non-institutional investor (NII) segment saw a subscription of 1.97 times.

Also Read:&nbsp;<a href="http://zeebiz.com/markets/ipo/news-quality-power-shares-listing-monday-february-24-share-price-on-nse-and-bse-quality-power-electrical-equipments-ltd-latest-updates-348146" target="_blank">Quality Power Listing: Shares set to make D-Street debut on Monday</a>

<h2>HP Telecom India: IPO details&nbsp;</h2>

HP Telecom India IPO, a fixed price issue worth Rs 34.23 crore, concluded its bidding on February 24, with allotments finalised on February 25.&nbsp; The minimum lot size for retail investors was set at 1,200 shares, requiring an investment of Rs 1,29,600. For high-net-worth individuals (HNIs), the minimum lot size was two lots (2,400 shares), amounting to Rs 2,59,200.

Interactive Financial Services Ltd acted as the book-running lead manager for the IPO, while Bigshare Services Pvt Ltd was the registrar. Aftertrade Broking Pvt Ltd served as the market maker for the issue.

Also Read:&nbsp;<a href="http://zeebiz.com/markets/ipo/news-hexaware-technologies-listing-today-february-19-share-price-nse-bse-hexaware-news-347823" target="_blank">Hexaware Technologies Listing: Shares debut at 5.3% premium on NSE</a>

<h2>About HP Telecom India</h2>

The public issue raised approximately Rs 34 crore, with proceeds earmarked for working capital requirements and general corporate purposes.

Established in March 2011, HP Telecom India Limited started as a distributor of mobile phones and accessories. In FY 2014-15, the company secured exclusive distribution rights for Sony LED TVs, mobiles, and other consumer electronics in Gujarat, later expanding its product portfolio to LCD/LED home theatres, air conditioners, and other appliances.

Currently, HP Telecom is an exclusive distributor of Apple products across Madhya Pradesh, Chhattisgarh, select cities in Uttar Pradesh, and major urban centres in Gujarat. The company’s product lineup includes iPhones, iPads, Mac devices, and Apple Watches, catering to premium tech consumers in these regions.

During the bidding period, HP Telecom India IPO saw decent demand, closing with an overall subscription of 1.91 times.&nbsp;


Zee Media WebTeam