Elevate Your Investing Strategy:

• Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

The latest announcement is out from Reliance Communications Limited ( (IN:RCOM) ).

Reliance Communications Limited has been informed by the Bank of Maharashtra that its loan account has been classified as ‘fraud’. This development comes as the company is undergoing a corporate insolvency resolution process. The classification pertains to credit facilities prior to the insolvency process, and the resolution of these issues is expected to be addressed as part of the ongoing resolution plan. The company is protected from legal proceedings…

The international sanctions, chronic inflation and depreciated currency are smothering Iran’s economy and now one of the country’s largest private banks has gone bankrupt.

Ayandeh Bank, which was set up in 2012, had 150 branches in Tehran alone and 120 more in other parts of the country. Recently, the private bank was grappling with around $5.2 billion in losses and $2.9 billion in debts.

Ayandeh Bank’s assets were absorbed by the state-owned Melli Bank. Iran’s Central Bank has assured depositors that their savings would be recovered.

“More than 90 per cent of Ayandeh Bank’s funds were allocated either to parties related to the bank or to projects managed by the bank itself,” Hamidreza Ghaniabadi, an official at the Central Bank of…

TEHRAN, Iran — Iran declared one of the country’s largest private banks bankrupt with its assets absorbed by the state, official media reported Saturday, in a rare move in the country grappling with international sanctions.

Founded in 2012, Ayandeh Bank had a network of 270 branches across the country, including 150 in the capital Tehran alone. But it had more recently been crippled by debt, with accumulated losses amounting to the equivalent of about $5.2 billion and roughly $2.9 billion in debts, according to the ISNA news agency.

On Saturday, queues of customers could be seen outside a former Ayandeh Bank branch in Tehran, with police also present, an AFP journalist reported.

The…

Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.

To enable cookies, follow the instructions for your browser below.

Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

2….

The Delhi High Court has made it clear that once a final winding up order has been passed against a Company and the Official Liquidator has taken charge, the Company Court is not required to come to the aid of guarantors so as to shield them from recovery proceedings initiated by creditors.

A division bench of Justices Anil Kshetarpal and Harish Vaidyanathan Shankar observed,

“The purpose of the Company Court under the Companies Act, 1956, is limited and well-defined. Its jurisdiction is to supervise the winding up of a company, ensure the realisation of its assets, adjudicate claims of creditors, and oversee the distribution of proceeds. The Company Court is not a forum for shielding guarantors from recovery proceedings once the…

Elevate Your Investing Strategy:

• Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Ansal Properties & Infrastructure Ltd. ( (IN:ANSALAPI) ) just unveiled an update.

Ansal Properties & Infrastructure Ltd. has informed the stock exchange about the minutes of the 43rd meeting of the Committee of Creditors for its Fernhill Project in Gurgaon, Haryana. The company is under a Corporate Insolvency Resolution Process, with its affairs managed by appointed resolution professionals. The meeting highlights ongoing management efforts and the involvement of financial creditors, including homebuyers, in the resolution process.

More about…

A financial expert has warned that growing desperation is driving South Africans to gamble with money that should be used to pay off debt.

This comes as figures show that South Africans spent R1,5 trillion on gambling activities during the 2024/25 financial year — an increase of R400 billion from the previous year.

The statistics are contained in the National Gambling Board’s annual report, which was presented to Parliament this week.

ALSO READ | Special focus: Part 3 — Households spend more on gambling as appetite for betting grows

The report shows that the betting industry accounted for the bulk of the spending, with South Africans wagering R1,1 trillion over the year.

This amount is nearly four times…

Let’s talk straight: life in South Africa is financially brutal right now. Food prices are climbing, electricity is unpredictable, and jobs are scarce. For many, the pressure is relentless. So when gambling flashes its neon promises, quick wins, instant cash, a way out, it’s tempting. But here’s the truth: gambling is not a financial strategy. It’s a trap disguised as hope.

According to the National Gambling Board, South Africans wagered over R1.14 trillion in the last financial year. That’s not just a few Lotto tickets or a night at the casino; that’s a nation in distress. And it’s not just about entertainment anymore. The 2024 Old Mutual Savings and Investment Monitor found that 36% of gamblers say they do it to pay off…

Tehran: Iran declared one of the country’s largest private banks bankrupt with its assets absorbed by the state, official media reported Saturday, in a rare move in the country grappling with international sanctions.

Founded in 2012, Ayandeh Bank had a network of 270 branches across the country, including 150 in the capital Tehran alone. But it had more recently been crippled by debt, with accumulated losses amounting to the equivalent of about $5.2 billion and roughly $2.9 billion in debts, according to the ISNA news agency.

On Saturday, queues of customers could be seen outside a former Ayandeh Bank…