Another independent director - Darius Pandole of the Tata Global Beverages Limited - resigns from the board of Tata Global Beverages as Cyrus Mistry launches legal proceedings against Tata Sons. Mistry has filed a petition under the Companies Act of 2013,and cited the sections that deal with shareholder oppression and mismanagement, one of the sources said.

The government has asked the RBI for additional details on bank employees helping people launder money. The Finance Ministry is attempting to identify if the problem is "systemic" across banks or if its a case of a few bad apples. Bank managers - already feeling pressure both from customers over withdrawals and long queues, as well as the RBI and the government on verification of deposits - are now under scrutiny over employee behavior and bank processes.

Stock in spotlight: Vedanta, which has been a consistently bullish stock for the last three months, has been slapped with a $100 million settlement by a UK court, which it has to pay to the Zambia Consolidated Copper Mines.

Photo of the day:  Children in Portugal walk in a parade on a snowy day to collect food donations. Rafael Merchante/Reuters