Business
SC defers hearing on waiver of interest on interest charges to 13 October
The Supreme Court on Monday granted the Reserve Bank of India and the Centre a week’s time to file additional affidavits on the issue of waiving off compound interest for the moratorium period for loans up to ₹2 crore.
The top court will next hear the matter on 13 October.
It has asked the Indian Banks’ Association to file its response on the Centre’s proposal and also directed the government and the central bank to consider issues raised by the real estate associations and power producers.
On Saturday, the government said it will waive ‘interest on interest’ on loans of up to ₹2 crore for six months through the end of August, but warned this will impact “pressing commitments” such as fighting the coronavirus pandemic.
It also said it did not waive the interest charged on all categories of loans because that would have made it difficult for banks to survive.
In its affidavit, the Centre said that due to unprecedented conditions “the only solution is for the government to bear the burden of waiving of interest” and that it will seek Parliament’s approval for the decision.
The Reserve Bank of India (RBI) on 22 May had extended the moratorium on loans till 31 August as businesses ground to a halt amid the nationwide lockdown. In March, it had allowed a three-month moratorium from paying EMIs and on payment of all term loans due between 1 March and 31 May.
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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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