Subhash Chandra Garg

Regulatory official calls allegations "malicious and opportunist"

Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd MD and CEO Punit Goenka have moved the Securities Appellate Tribunal challenging the Sebi interim order that barred them from holding the position of a director or key managerial personnel in any listed company, sources said. Market regulator Sebi took action against Chandra and Goenka for allegedly siphoning off funds of Zee Entertainment Enterprises Ltd (ZEEL). They have challenged the Sebi order at Securities Appellate Tribunal (SAT) and the hearing is slated for Thursday (June 15), sources in the know of the development said. As per their plea, there was no show cause notice issued to them and the principles of natural justice were not followed, the sources added. Comments from ZEEL could not be obtained as an e-mailed query remained unanswered. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate ...

Former finance secretary Subhash Chandra Garg will soon make his debut as an author with upcoming book, "The $10 Trillion Dream"

The crypto platforms are indeed the future, said Garg, who once headed an inter-ministerial committee on cryptocurrencies

The idea of a financial holding company first found favour in the Shyamala Gopinath-led working group's 2011 report and was later fleshed out by the PJ Nayak Committee

Former finance secretary Garg had last year opted for voluntary retirement after being transferred to Power ministry

Business Standard brings to you a snapshot of events which made it to the headlines today

Garg added that government support is about Rs one and a half to a quarter to two trillion, which is relatively smaller than it should have been

He said that the fiscal stimulus, by its very nature, is additional fiscal burden on the public finances

Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform

He also suggested that the government should directly borrow it from the RBI instead of borrowing from the market

Garg has been assigned the rank of a Cabinet minister, according to an order issued by Principal Secretary (Political) Praveen Prakash

Former finance secretary Subhash Chandra Garg on Wednesday said the government should offer a one-time settlement scheme to the telecom companies to pay the principal due amount as per the AGR definition and waive the penal interest and penalties. The massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues are pushing telecom firms to the brink. In a blog titled 'Rebuilding Telecom Business in India', Garg said the telecom crisis in India is not just limited to AGR-related issues. "Offer a one-time settlement scheme to the telecom companies (both operating and under resolution) to pay the principal due amount as per the AGR definition as contained in the licensing agreements and waive the penal interest and penalties. "Alternatively, appoint a board for Vodafone Idea Ltd by ousting the current board on the lines of action taken in the case of IL&FS and DHFL and secure a moratorium of some time on servicing of loans and government dues," he said. Garg noted that the telecom

"All these expenditures are unlikely to be imparting any fresh growth stimulus to the Indian economy," he argued

He also noted that as the productivity of government expenditure is generally lower than that of private expenditure

In case a political party receives a political donation in cash primarily, then that might actually indicate a scam, he stated

The former IAS officer has, therefore, suggested to outlaw the high-value notes

He said he could have become the longest-serving finance secretary if he had held the post until his superannuation in October 2020

In the government system, bureaucrats don't do things on their own. They do what the political leadership wants them to do. Mr Garg was no exception

He says no one in govt had opposed sovereign bonds