Seattle Daily Star

The Indian government’s long-awaited plan to privatise IDBI Bank has gained momentum, with Canada-based Fairfax Financial Holdings reportedly leading the race to acquire a controlling stake in the lender. If the deal is completed, it could be valued between $5.5 billion and $5.7 billion , making it one of the largest foreign investments in India’s banking sector. The proposed transaction remains under review, with no final decision announced. However, it has already attracted significant attention due to its potential impact on India’s banking industry and the government’s broader disinvestment agenda. The proposed acquisition remains under review, and authorities have not yet announced a final decision on the transaction. Government and LIC to Sell Majority Stake The Centre and the Life Insurance Corporation of India (LIC) are jointly planning to sell a 60.7% stake in IDBI Bank. The government currently holds around 45.5% , while LIC owns nearly 49.2% , giving them a combined stake...

 Aspecial court on Thursday convicted Adhunik Corporation Ltd and its two directors of cheating, forgery and criminal conspiracy in a case related to the alleged irregularities in the allocation of Patrapara coal block in Odisha to the firm. Special Judge Arun Bhardwaj held the company and its directors — Nirmal Kumar Agarwal and Mahesh Kumar Agarwal — guilty, holding that they entered into a criminal conspiracy (under Section 120-B of IPC) to cheat Ministry of Coal for allocation of coal block in their favour. “The circumstantial evidence in this case unerringly points to the conspiracy amongst the accused and there is no other inference except the inference of criminal conspiracy to secure allocation of a coal block by cheating Ministry of Steel, Screening Committee and Ministry of Coal, Government of India,” the judge said. The judge also convicted the accused of cheating (Section 420 of IPC) Ministry of Steel, Screening Committee and Ministry of Coal for allocation of coal bloc...