BANKING
Govt. getting ready to sell IDBI Bank, may keep some stake: Top official (Feb 04, 2022)
The Centre will come out with an Expression Of Interest (EOI) for the sale of IDBI Bank by the end of March but may not offload its entire stake in the bank in one go, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said. The sale of IDBI Bank will be the first such case of “voluntary discovery” of the buyer through an open bidding process , in similar cases, banks have been sold to buyers only under distress situations.
BUSINESS NEWS
At BharatPe, probe finds recruitment fraud and payments to fictitious firms (Feb 04, 2022). A preliminary investigation by an external specialist has highlighted two egregious instances of fraud at BharatPe, the merchant-focussed fintech firm hobbled in recent weeks by the cloud of controversy over its co-founder Ashneer Grover. Grover’s wife and the firm’s controller till recently, Madhuri Grover, is linked to both the fraudulent schemes.
DIRECT TAX NEWS
Budget 2022-23 : Directors may face tax recovery heat, say experts (Feb 04, 2022). The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from  April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment.
MARKET SUMMARY
Stock Market Indices (as on 04.02.2022 )
S & P BSE Sensex Index           58,644.82      ▼ 143.20 (0.24%)

Nifty 50 Index                            17,516.30      ▼ 43.90 (0.25%)

Nifty 100 Index                          17,755.30      ▼ 39.40 (0.22%)

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