85-year-old Airbag-maker brand disappears as CEO quits

85-year-old Airbag-maker brand disappears as CEO quits thumbnail

TOKYO/JAPAN: Japan’s Takata said Thursday its chief had formally resigned after the completion of a takeover by a US firm, bringing the curtain down on the crisis-hit brand tainted by a deadly airbag scandal. The takeover resulted in the extinction of the 85-year-old Takata brand, with CEO’s Shigehisa Takada grandfather starting the company in 1933 as a textile maker. “We again express sincere apologies to our customers, creditors, shareholders and many others for the great deal of inconvenience related to our airbags,” Takata said in a statement announcing the resignation.…

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Mehul Choksi’s Gitanjali Group is no longer a sightholder: De Beers

Mehul Choksi's Gitanjali Group is no longer a sightholder: De Beers thumbnail

SURAT: De Beers, world’s largest diamond mining company has cancelled the sightholder status of multi-billion dollar Gitanjali group owned by Mehul Choksi following his involvement in the India’s biggest bank fraud along with along with his billionaire nephew Nirav Modi. In an article published in TOI on February 22, 2018 under the heading ‘Gitanjali may lose De Beers sightholder status’, De Beers group had clarified that the company won’t do business with firms not complying with financial propriety and industry reputation issues. In a latest reply, De Beers group spokesperson…

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RBI tightens monitoring of outward remittances

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MUMBAI: The Reserve Bank of India on Thursday tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to $2,50,000 abroad in a year. The LRS transactions are currently permitted by banks based on the declaration made by the remitter. The monitoring of adherence to the limit is confined to obtaining such a declaration without independent verification, in the absence of a reliable source of information. “In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided…

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Government needs to re-look at certain provisions of IBC: Uday Kotak

Government needs to re-look at certain provisions of IBC: Uday Kotak thumbnail

NEW DELHI: Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset, Kotak Mahindra Bank Vice Chairman and MD Uday Kotak said on Thursday. The president-designate of CII also said that one of the biggest challenges facing the Indian industry relates to ethics, values and governance. Addressing the media, he said that “quite a few areas need to be looked at” with regard to IBC. Referring to Section 29A of the IBC…

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