Day: February 22, 2020

Industry body urges govt to stop issuing licences for refined Palmolein import

India has issued import licences for 1.1 million tonne of refined palmolein from Indonesia.

Strongly criticizing the government’s decision to permit licences for import of palmolien, the Solvent Extractors Association of India (SEA) has said that this move has the potential of destroying the palm refining oil in the country. In a statement, Atul Chaturvedi, president, SEA, stated that in the last one-and-a-half month, edible oil prices in the international market, as well as the domestic market, are showing downward trend and there is no shortage of refined palmolein or edible oils in the country. “It is most surprising that

Wells Fargo Pays $3 Billion, Avoids Prosecution Over Abuses

(Bloomberg) — Wells Fargo & Co. will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.

The deferred-prosecution agreement with the Department of Justice spares the company a potential conviction that can create serious complications for banks, if it cooperates with continuing probes and abides by other conditions for three years. The accord also resolves a complaint by the Securities and Exchange Commission.

Investigators found Wells Fargo’s overly aggressive sales targets led thousands of employees to open millions of bogus accounts for

DHFL administrator reviews alleged fake account entries

DHFL is undergoing a resolution process under the Insolvency and Bankruptcy Code after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted the case on December 2.

Apart from transaction audit being ordered to check fraud and ongoing investigations by investigative agencies, the current management of beleaguered mortgage financier Dewan Housing Finance Corporation (DHFL), under RBI-appointed administrator R Subramaniakumar, is separately reviewing allegedly fake customer account entries during the erstwhile management of the company, sources close to development told FE. The Reserve Bank of India (RBI) superseded DHFL board on November 20 and appointed Subramaniakumar as administrator.