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<ul><li>The Government of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is working on an initiative to <keyword id="11536969" type="UNKNOWN" weightage="20" keywordseo="reduce-compliance">reduce compliance</keyword> burden on MSMEs across states.</li><li>Jayesh Ranjan, Principal Sec., I&amp;C and IT Depts, <keyword id="68884" type="LOCATION" weightage="20" keywordseo="Telangana">Telangana</keyword> government highlights Telangana ranks third in Ease of Doing Business ranking in the country.</li><li>With the help of government initiative, Punjab has already removed 493 compliances in one day.</li></ul>In March 2021, while addressing a webinar on the production linked incentives (PLI) scheme through video conferencing, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> said, ”Our effort is to reduce 6,000 compliances burden on entities at the state and central level to boost domestic manufacturing.” Human resources firm <keyword id="133742" type="COMPANY" weightage="20" keywordseo="TeamLease">Teamlease</keyword>, which is consulting the government of India as well as states in this project, said that Punjab and Telangana have made some good progress in this regard. “The government is undertaking a massive exercise to reduce compliance burden on MSMEs. It has engaged Teamlease to study laws under which compliance has to be carried out by companies. Some of the laws are really outdated. In fact, this issue has been raised in front of the Prime Minister as well,” said Jayesh Ranjan, the information technology (IT) secretary of Telangana, while speaking at Business Insider’s MSME Exchange, a virtual event dedicated to small businesses. Overall, the Teamlease team has identified over 69,233 compliances active in the country from which 43,696. Further, there are 1,536 acts and 6,618 filings active in the country for businesses. Teamlease is working with 29 states, out of which only Punjab has been able to execute some reduction in compliances. It has removed 493 compliances in one day. Next state that will execute some reduction in compliances is expected to be Telangana. For most businesses, labour laws constitute more than half of the compliance burden. Labour laws are a set of compliances that set the tone for the treatment of the labour force in the workplace like child labour laws. Non-compliance with the laws can lead to punitive action towards the company. Let’s look into sector-wise classification in compliances: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Acts </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Compliances </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Filings </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Industry specific </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">484 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17,966 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,262 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Labour </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">463 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">35,542 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,048 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">189 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6,928 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">472 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Finance &amp; Taxation </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">116 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,284 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">990 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">General </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">109 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2,065 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">122 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Environment, Health &amp; Safety </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">107 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2,922 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">231 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Secretarial </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">68 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,526 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">493 </td></tr></tbody></table> Manish Sabharwal, chairman of TeamLease, said the team has been working with 29 states at a time to help them understand and reduce compliance. “The first state to actually cut down on compliance is Punjab who has removed 493 compliances in one day. And another state will be Telangana,” said Sabharwal. Rishi <keyword id="12857" type="COMPANY" weightage="20" keywordseo="Agrawal">Agrawal</keyword>, chief executive officer (CEO) of Avantis Regtech – a TeamLease group company explains the compliance struggle for the MSME industry: <ul><li>A typical MSME with more than 150 employees deals with 500-900 compliances in a year. With this, they end up spending around 80,000 to 1 lakh in a month and about 12-18 lakhs in a year just on filing several compliances like with labour laws, tax consultant and so on.</li><li>To help you with these compliances, a consultant will charge around ₹35,000 (differing as per the state and complexity of the filings).</li><li>Besides, there is hardly any digitisation in terms of filing compliances.</li><li>In addition to it, MSMEs witness sudden visits from inspection authorities which is a time consuming process. </li><li>Talking about compliances required to open a factory, Agrawal says one needs about 4,000 pages of non-objection certificates (<keyword id="48949" type="COMPANY" weightage="20" keywordseo="NOC">NOC</keyword>) and filings. </li></ul>Due to the pandemic, the process had been stalled, but sooner the states execute these recommendations, the better for businesses. See Also - <a href="https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms">https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

Teamlease reveals that some states in India are moving faster than others in trying to remove archaic laws

Chandigarh, Dec 2 () The Punjab Cabinet on Monday approved bringing in Punjab Right to Business Act 2019 with an aim to reduce the regulatory compliance burden for micro, small and medium enterprises (MSME).
 "The government has decided to bring in the Punjab Right to Business Act 2019 and Punjab Right to Business Rules 2019 to reduce the regulatory compliance burden by waiving the requirement of certain approvals and inspections for establishment and operations for MSMEs in the state while introducing the provision of self-declaration," the state government said in a release.
 Under the new Act, a state nodal agency under Director, Industries and Commerce will be set up to monitor and supervise the overall functioning of the district level nodal agency, to be headed by the Deputy Commissioners, the release said.
 The Deputy Commissioners have been designated as the Chief Executive Officers of the District Bureaus of Enterprise, to be set up across the state, it said, adding that they would act as district level nodal agencies which would operate under the overall superintendence of the state government and the state nodal agency.
 The district level nodal agencies would assist MSME enterprises in maintaining record of 'Declaration of Intent' received, and issue 'Certificate of In-principle Approval' to the new enterprises, being set up in approved industrial parks, it added. 
 For MSME units proposed outside approved industrial parks, the decision on issuance of 'Certificate of In-Principle Approval' would be taken by the district level nodal agency within a period of 15 working days, it said.
 Punjab currently has approximately 2 lakh MSME units.
 Besides, the Cabinet also approved various amendments to the Factories Act, 1948, Industrial Disputes Act 1947 and Contract Labour (Regulation &amp; Abolition) Act, 1970.
 The Cabinet has given its nod to certain amendments as well as insertion of new section 106 B in the Factories Act, 1948, through promulgation of an ordinance, the release said.
 The ordinance will increase the threshold limit of number of workers from 'ten' and 'twenty' to 'twenty' and 'forty', in factories with manufacturing processes being carried out with or without the aid of power, respectively.
 This will help promote establishment of small manufacturing units to create more employment opportunities for workers, it said.
 Further, the existing sub-section(1) of section 105 is proposed to be amended to the effect that cognizance of any offence shall be taken by the court on complaint made by an Inspector only after obtaining previous sanction in writing from the state government, it said.
 Under the existing provisions of the Act, there is no provision for compounding of offences, resulting in high number of prosecution cases.
 For speedy disposal of offences and to minimize litigation, a new provision is proposed to be inserted for compounding of offences, it added.
 The Cabinet also approved amendment to Section 25K (1) to increase the minimum number of workers for applying the provisions relating to layoffs, retrenchment and closure to 300 from 100, while ensuring a minimum notice period of three months, the release said.
 The Cabinet further approved amendments to the Contract Labour (Regulation &amp; Abolition) Act, 1970 which will help give fillip to employment generation in the state by enhancing the ambit of the Act from present threshold limit of 20 to 50 workers. CHS VSD RVK

Punjab to bring 'Right to Business Act' to reduce regulatory compliance for MSMEs

<ul><li>Facebook acquired a 9.9% stake in Reliance <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> for ₹43,574 crore, valuing the 3-year old telecom company at ₹4.4 lakh crore.</li><li>At this valuation, Reliance Jio is bigger than many other bluechip companies like HDFC, Infosys, ITC and even SBI, India’s largest bank.</li><li>In the telecom sector, Reliance Jio’s valuation towers over its competitors Airtel, Vodafone Idea and Tata Communications.</li></ul>In the last three years, Reliance Jio disrupted the Indian telecom industry, to emerge as the top telco both in terms of revenue as well as market share. Jio which launched operations in late 2016, is now bigger than HDFC, Infosys, ITC and India’s largest bank - as valued by the Facebook deal. Earlier today, Facebook <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">paid $5.7 billion</a> (₹43,574 crore) for a 9.9% stake in Jio, valuing it at ₹4,40,141 crore. This puts the value of Reliance Jio at 52% of its parent company, Reliance Industries as per today’s market capitalisation. But that’s not all. At its current valuation of ₹4.4 lakh crore, Jio, a three-year old company, is now bigger than many old blue-chip giants like HDFC, Infosys and ITC. In fact, it is more than 2.5 times bigger than State Bank of India, the largest bank in the country. <div type="image" title="Reliance Jio market cap" msid="75290078" hostid="261"></div> Is Jio’s valuation high? At its current valuation of ₹4.4 lakh crore, Jio would be the fifth largest company by market capitalization on the BSE Sensex. The reason, it would seem, is that Mark Zuckerberg <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">paid a premium</a> for his 9.9% stake in Jio. Deven Choksey, the managing director of KR Choksey Shares &amp; Securities told Business Insider, a day before the deal was sealed, that he valued Jio at ₹550 rupees a share. This was when RIL shares were trading at around ₹1200 apiece. Based on a market cap ₹7.8 lakh crore, Jio would be worth ₹3.4 lakh crore as per Deven's estimate. In comparison, at ₹4.4 lakh crore, Zuckerberg has paid 33% more than Choksey’s valuation. The subsequent rally in RIL’s shares proves it to some extent, after it <a href="http://businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">jumped by more than 9%</a> to trade above ₹1,300 for the first time since the lockdown was announced. This is why Zuckerberg is paying a premium for Jio There could be a couple of reasons for Zuckerberg paying a premium for Jio. Firstly, Zuckerberg’s company has struggled to get WhatsApp Pay off the ground for the last three years in India. This could not happen, in part due to privacy concerns and in part due to <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">complaints by local payment operators</a>. Secondly, the deal with Reliance gives Facebook the access it needs, and that could go a long way. “With communities around the world in a lockdown, many of these entrepreneurs need digital tools they can use to find and communicate with customers to grow their business,” Zuckerberg said in a post today. What does this mean for Airtel? <div type="image" title="Jio market cap telecom companies" msid="75290141" hostid="261"></div> Airtel’s current market cap is at ₹2.75 lakh crore, which is a little over 60% of Jio’s valuation. It needs to be mentioned that Airtel too clinched a similar partnership with Google earlier this year. As per their January <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/airtel-and-google-cloud-partner-to-boost-collaboration-digital-transformation/articleshow/73427538.cms">announcement</a>, the partnership will bring small and medium businesses (SMB) online using G Suite. This could be in response to the <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">Jio-Microsoft partnership</a> which promised to bring Office 365 and other tools to medium and small enterprises (MSME). While Jio has Microsoft and Facebook on its side, Airtel has Google. These partnerships also mirror a global level partnership since Microsoft and Facebook have teamed up for years across projects. See also: <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">WhatsApp Payments battling Paytm, Google Pay and PhonePe for India's $1 trillion opportunity by end of year</a> <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio</a> <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a>

Jio, a 3-year old telecom company, is now bigger than HDFC, Infosys and ITC – and India's largest bank

<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

You Searched For "msme complaints" and got 4 results

Teamlease reveals that some states in India are moving faster than others in trying to remove archaic laws

Bhakti Makwana

Punjab to bring 'Right to Business Act' to reduce regulatory compliance for MSMEs

PTI

Jio, a 3-year old telecom company, is now bigger than HDFC, Infosys and ITC – and India's largest bank

Rounak Jain

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

Preeti Soni

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