- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Friday, August 4, 2023:
Indian conglomerate Reliance Industries Ltd (RIL), which is also the country’s largest entity in terms of market capitalisation, is set to hold its 46th annual general meeting virtually on August 28, a regulatory filing made by the company on Friday showed, Moneycontrol reported. The company said it has fixed August 21 as the “record date” for the purpose of determining the members eligible to receive dividend for the financial year 2022-23. The dividend, if declared at the AGM, will be paid within a week from the meetings’ conclusion, RIL told the bourses.
One of India’s leading MSME (micro, small and medium industries) lending institutions, Vistaar Financial Services Private Limited (Vistaar Finance), has secured a commitment for a loan up to $50 million from the US government’s development finance institution, US International Development Finance Corporation (DFC). Vistaar Finance was founded in 2010 when MSME lending was not very common in India. The company has developed the MSME financing market as a leader in providing long term loans for this segment that has traditionally been unserved or has had to contend with informal high-cost borrowing. Vistaar’s financing has enabled over 200,000 MSMEs across 12 states in India since inception to enhance their productive capacity and hence incomes.
Subhash Dawar, a prominent industrialist hailing from the diamond city of Surat in the western state of Gujarat, has been chosen to spearhead ‘Vanar Sena,’ an organisation dedicated to social welfare and providing essential aid to the underprivileged across the country, particularly in Gujarat. Vanar Sena was established by Ajit Pratap Singh, the deputy director in the social welfare department of the government of the northern state of Uttar Pradesh, with the noble mission of building a large army of selfless angels serving those in need. ‘Vanar Sena’ has attracted thousands of volunteers from diverse backgrounds in its noble goal of extending helping hand to the needy.
Searches were carried out in the western state of Maharashtra and southern state of Kerala as part of a money-laundering investigation in a case linked to alleged cheating in recruitment of Indian nurses for the Kuwait government, India’s Enforcement Directorate (ED) said on Friday. The raids were launched on Thursday (3) on the residential premises of Puthenveettil Joseph Mathew alias P J Mathew, proprietor of Mumbai-based Mathew International and multiple other business and residential premises located in the two states. The ED case, filed under various sections of the Prevention of Money Laundering Act, stems from a CBI FIR that was registered in connection with “illegally and dishonestly collecting crores of rupees from emigrants by indulging in criminal activity”, the agency said in a statement.
