Mumbai: A panel of bankers has been formed to look into the feasibility of setting up an asset reconstruction company (ARC) or an asset management company (AMC) for the speedier resolution of bad loans plaguing PSU banks.

The idea of a panel came up at a meeting of PSU banks here on Friday and it has got support from the Union government.

Prime Minister Narendra Modi arrived in China on Saturday for a two-day visit primarily to attend the annual summit of Shanghai Cooperation Organisation (SCO) which is likely to deliberate on several pressing global issues including future of Iran nuclear deal, the impact of US sanctions on Russia and situation in the Indo-Pacific region.

The Election Commission on Saturday rejected Congress' allegations of large-scale discrepancies in the voters' list of Madhya Pradesh, saying field verifications showed that such charges were not borne out.

In a letter to AICC, the poll body said, "The allegations of large-scale entries of multiple voters in these assembly constituencies is not borne out".

The Tamil Nadu government is looking to apppoint a new EPC contractor for its Rs 5,421-crore Ennore Thermal Power Station (ETPS) expansion project that has been stalled mid-way because of the invsolvency case against Lanco Infratech, the original contractor hired for the project. Work on the project has been stopped since August 2017 due to financial problems of the contractor.

JLR retails for May’18 increased 6% YoY to 41.6k. Jaguar retails increased 7% YoY to 14.5k units while Land Rover (LR) volumes increased 6% YoY to 33.8k units. The growth for JLR (Ex-China geography) stood strong at 11% YoY which has been highest growth in last 14 months.

Cash-crunched Air India, which delayed salaries for three months in a row, has sought an additional funding of around Rs 2,000 crore from the government to tide over the situation, a senior company official said.

The airline is expecting these funds next month when the government moves the first batch of Supplementary Demands for Grants for 2018-19 in the Monsoon session of Parliament, the official said.

For the first time, the government has broken its silence on the governance issues at ICICI Bank. Interim finance minister Piyush Goyal said in press conference, "ICICI Bank has robust and systems and processes. Investigations and its finding will be out soon. As far as the law is concerned, the law of the land will take its own course."

Reliance Industries has sought shareholders' nod to give Mukesh Ambani another five years as the chairman and managing director of the company.

Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.

British telecom major Vodafone plans to invest €1 billion or about Rs 80 billion in the proposed joint venture with Idea Cellular, which is expected to be in place this month, according to its annual report.

The British telecom operator will look at monetising its stake in Indus Towers if it requires to make additional investment in India, in case the Aditya Birla group decides to put in additional fund in the proposed merged entity, Vodafone Idea Limited.

New Delhi: Tata Motors Ltd on Friday reported 24% rise in global sales, including that of Jaguar Land Rover, to 107,343 units in May. It had sold 86,385 units in May last year.

Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in May 2018 stood at 40,989 units, up 45% from 28,310 units a year ago, the company said in a statement.

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