Facing a multi-nation probe for alleged tax evasion, money laundering and unlawful cross- border banking solicitation, global giant HSBC today said it has been served summons by the Indian tax department.

The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be significant amounts of fines, penalties and/or forfeitures imposed on it.

Chennai-based truck and bus maker Ashok Leyland has not given up on its maiden car venture, for which it piggy-backed on Japanese giant Nissan, despite extremely poor sales.

The multi-seater van Stile saw sales of just 311 units in the April-January period, which has more than halved compared to the same period previous year that witnessed sales 694 units.

GMR Infrastructure today said that it has entered into a definitive agreement to sell its 26% stake in Delhi Cargo Service Centre.

Delhi Cargo Service Centre, a joint venture between Cargo Service Center India Private Limited and Delhi International Airport (Private) Limited (DIAL), operates cargo operations at DIAL.

The country's largest lender, State Bank of India, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based servces for liquidity management.

It will hire a strategic advisor for restructuring the business, which covers products and services across the National Banking Group, including government business, mid-sized and large-sized corporates.

Veteran social activist Anna Hazare will sit on a protest at Jantar Mantar from Monday against the ordinance on Land Acquisition Bill.

Earlier on Sunday, he had called for the Land Ordinance Bill to be taken back, adding that the government should instead look out for ways to improve the condition of the farmers.

Shares of Idea Cellular and Yes Bank have gained up to 1% on the BSE after the National Stock Exchange included these stocks in its benchmark index Nifty. However, these two firms will replace DLF and Jindal Steel & Power in the 50-unit Nifty index which declined up to 1.5% on the BSE.

The Delhi elections were historic not only because of the huge numbers that the mandate threw up in favour of Arvind Kejriwal’s Aam Aadmi Party, but also because it dimmed the aura of invincibility around Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah, and the party at large.

As was witnessed over the past few weeks, opposition parties, and even some allies, smelt blood and got emboldened. And to their credit, Modi and Shah recognized that the ‘honeymoon period’ was over. The Prime Minister, after a rather invective-filled Delhi campaign, reached out to Kejriwal and called him over for tea.

Amid a major crackdown on an alleged 'corporate espionage' syndicate, business conglomerate Reliance Group today said it is 'committed to propriety in all its business dealings' and group firm Reliance Power is fully cooperating with the authorities.

Mumbai: Idea Cellular Ltd and Yes Bank Ltd will replace DLF Ltd and Jindal Steel and Power Ltd in the benchmark Nifty index , according to a statement issued by India Index Services and Products Ltd, a subsidiary of the National Stock Exchange of India Ltd (NSE).

The changes made by the index maintenance sub-committee are part of its periodic review and will become effective from 27 March, it said. Apart from changes in the Nifty, revisions have been made in 21 other sectoral and theme-based indices of the exchange.

Mumbai: State-owned Coal India Ltd will boost capital expenditure by 15% in 2015-16 to increase production to 550 million tonnes, a jump of over 8%.

The world’s biggest coal producer proposes to invest around Rs.6,000 crore in 2015-16 in capital expenditure, it told the stock exchanges on Friday.

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