A comprehensive financial package, including transfer of non-core debt and assets to a Special Purpose Vehicle are a part of the plan that was announced by Union Minister Jayant Sinha in the Lok Sabha.
There are allegations of involvement of former ICICI Bank chief Chanda Kochhar and her family members in a loan provided to Videocon Group on a quid pro quo basis. It was alleged that Videocon pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.
The commerce and industry minister Suresh Prabhu said his ministry has also identified sectors and countries which holds huge potential for investments in India.
The rupee opened sharp lower at 70.27 a dollar against the previous close of 70.06.
The index had broken its three-day falling streak in the previous session Monday by ending 179.79 points, or 0.51 per cent, higher at 35,649.94.
Subramaniam is currently the executive vice president, chief marketing and communications officer of FedEx Corporation and will assume his new role on January 1, 2019.
The new regulations follow complaints from Indian retailers and traders, who say the giant e-commerce companies are using their control over inventory from their affiliates, and through exclusive sales agreements, to create an unfair marketplace that allows them to sell some products at very low prices.
The five were part of a group of 29 entities that allegedly indulged in reversal trades, the the Securities and Exchange Board of India said.
The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor N S Vishwanathan, the RBI said.
The commerce and industry ministry also prohibited e-commerce companies like Flipkart and Amazon, from entering into an agreement for exclusive sale of products.
The dollar strengthened against major global currencies in a restricted trade which also weighed on the domestic currency.
A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla elementum viverra pharetra. Nulla facilisis, sapien non pharetra venenatis, tortor erat tempus est, sed accumsan odio ante ac elit./p>
