Business
PMC deposit holders to move courts against amalgamation plan
Victim deposit holders of Cooperative Bank of Punjab and Maharashtra have decided to take the case to court against the implementation of the final merger plan between PMC and Unity Small Finance Bank (SFB) approved by the government on Tuesday.
PMC Bank depositors led by Sahakar Bharati, the cooperative protection agency founded by RBI board member Satish Marathe, have decided to petition the Supreme Court against the scheme. In a press release on Wednesday, Sahakar Bharati argued that the merger was one-sided and unfair to savers.
It also urged the RBI and the government to review the scheme, which proposes instalment payments to all depositors over 10 years, zero interest payments on deposits for five years after March 31, 2021, and payments of up to 2.75 on unpaid deposits % interest after that.
“Sahakar Bharati will take the lead with PMC depositors/associations and will appeal to the Supreme Court to acknowledge the difficulties faced by PMC depositors due to long lock-up periods of at least 10 years and ridiculously low interest rates ranging from 1% to 2.75%,” News Draft title.
Instead, the agency requires all depositors to have a maximum lock-up period of five years and pay depositors a minimum 6% interest rate during that time. In addition, the Deposit Insurance Guarantee Corporation Scheme (DICGC) was launched to provide liquidity support for full repayment by banks.
It claimed that the stress on PMC Bank was not the usual bank failures, but cases of fraud.
Separately, the depositor group PMC Bank Account Holders Forum has decided to relocate the High Court. “This is our predicament, even after the final plan, it’s bad for retail depositors as well as institutional and long-term depositors. It’s totally against shareholders because it wipes out all equity. The whole plan benefits SFB because they Not only a license, but all of PMC Bank’s assets for charity,” said Dipika Sahani, PMC Bank Account Holders Forum Coordinator.
Complete News Source : MINT
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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