Tag: Micro Finance

Bhubaneswar: A special CBI court in Bhubaneswar on Tuesday sentenced Durga Prasad Mishra, group chief of chit fund firm Micro Finance Ltd, to 3-year imprisonment after he pleaded guilty to defrauding investors of their money. The court has also directed Mishra to pay a compensation of Rs 215 crore failing which the properties of Micro […]

Bhubaneswar: Micro Finance chit fund company chief Durga Prasad Mishra was convicted in the CBI special court today. According to sources, the court has reserved its judgement and will pronounce the quantum of punishment on July 18. Durga had earlier pleaded guilty to his crimes before the Bhubaneswar special CJM in writing. CBI had arrested […]

Mumbai: The Board of Directors of IndusInd Bank Ltd and Bharat Financial Inclusion Ltd on Saturday approved the merger of two companies through a composite scheme of arrangement. As per the merger terms, the shareholders of Bharat Financial will receive 639 shares of IndusInd for every 1,000 shares of Bharat Financial. This implies a premium […]

Cracking the whip on illegal money pooling activity, Sebi today restrained Odisha-based Micro Finance, its directors and promoters from raising funds and barred them from the capital markets

Rourkela: A microfinance company based in the Steel City Rourkela allegedly duped its loanees to the tune of Rs 250 crore. The allegations was brought against the Chief Executive Officer of Sambandh Finserve Private Limited, Deepak Kindo, son of a retired IAS officer, for reportedly laundering money to shell accounts through multiple forged loan accounts. […]