Mumbai, June 1 (IANS) The CBI has arrested top executive of Reliance Communication Group, Amitabh Jhunjhunwala for causing a loss of over 6,000 crore to an SBI-led consortium of banks. He was the Group Managing Director of Reliance Communications group at the relevant time and was controlling the affairs of important functions like corporate finance, banking and utilisation of funds, according to a CBI statement issued on Monday. Jhunjhunwala coordinated with senior formations of the bank for lo…
Latest LIC News & Updates
Mumbai, May 24 (IANS) State-owned Life Insurance Corporation of India (LIC) has emerged as the highest profit-making company in India’s financial sector during the January-March quarter of FY26, reporting a net profit of over Rs 23,400 crore.The insurance giant also retained its top position among Central Public Sector Enterprises (CPSEs) in terms of quarterly profit during the fourth quarter of FY26.LIC last week reported a 23 per cent rise in consolidated net profit to Rs 23,420 crore for th…
Mumbai, May 21 (IANS) Government-owned Life Insurance Corporation (LIC) on Thursday reported a 23 per cent growth in its consolidated net profit at Rs 23,467 crore in the fourth quarter of the financial year 2025-26, compared with Rs 19,039 crore in the same period of the previous year.The LIC board recommended final dividend of Rs 10 per equity share of Rs 10 each (equivalent to Rs 20 per equity share pre-bonus issue basis).The record date for determining the eligibility of the investors for…
Mumbai, May 18 (IANS) Government-owned Life Insurance Corporation of India on Monday received approval from its shareholders for the allotment of fully paid-up bonus equity shares worth Rs 6,352 crore.The shares, which carry a face value of Rs 10, are being issued in a 1:1 ratio, effectively doubling its paid-up share capital. Under this structure, shareholders receive one new bonus equity share for every one existing share held. This is the first-ever bonus issue announced by the LIC.The compan…
New Delhi, May 14 (IANS) The Central Bureau of Investigation (CBI) on Thursday said it has conducted searches at seven premises in connection with a case registered against Reliance Communications Ltd., one of the Reliance ADA Group companies.These premises were spread across Mumbai, Gurugram, and Bengaluru, the Bureau said in a statement.“The searches were conducted at the residential premises of the then CEO, CFO and Directors of the company who served during the period 2015–2017. The sear…
Mumbai, May 9 (IANS) The Central Bureau of Investigation (CBI) on Saturday said it has conducted searches at 17 premises in Mumbai in connection with three cases registered against Anil Ambani-led Reliance ADA Group companies — Reliance Telecom Ltd, Reliance Commercial Finance Ltd, Reliance Home Finance Ltd and their Directors.According to a CBI statement, these searches are “being conducted at the residential premises of Directors of the above-mentioned companies as well as at the office pre…
New Delhi, May 5 (IANS) The policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share, said M. Nagaraju, Secretary, Department of Financial Services (DFS).He underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies….
New Delhi, May 2 (IANS) The Union government notified 100 per cent foreign direct investment (FDI) in the insurance sector under the automatic route, paving the way for greater participation by overseas investors, according to a report released on Saturday.NDTV Profit has reported that foreign investment in insurance companies will be subject to compliance with provisions of the Insurance Act, 1938, and mandatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) f…
Mumbai, April 26 (IANS) The combined market valuation of seven of India’s top-10 most valued companies eroded by over Rs 2 lakh crore last week, with Reliance Industries and Tata Consultancy Services (TCS) emerging as the biggest laggards.The downturn came in line with a bearish trend on Dalal Street, where the Sensex plunged 1,829.33 points, or 2.33 per cent, while the Nifty declined 455.6 points, or 1.87 per cent during the week.Market sentiment remained under pressure after two consecutive …
Pune, April 24 (IANS) Finance Minister Nirmala Sitharaman on Friday confirmed that the government plans to continue with the disinvestment process of IDBI Bank.The comments dispelled the uncertainty hanging over the privatisation of IDBI Bank, as the offers received in the earlier bidding round were below the reserve price fixed by the government. Consequently, the proposed transaction had to be called off last month.Under the original plan, the government was to sell a 30.48 per cent stake in I…