As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani group, are in the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters.
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. As the Committee of Creditors (CoC) rejected the sole resolution plan submitted by Space Mantra after four extensions in the deadline to complete the corporate insolvency resolution process (CIRP), the RP of the company has now approached NCLT to initiate liquidation of Future Retail (FRL). "The resolution plan submitted by Space Mantra Private has not been approved by CoC of FRL, kindly note that, the Resolution Professional (RP) has filed an application, before the National Company Law Tribunal, Mumbai Bench, for initiation of liquidation of FRL," said a regulatory filing from FRL.
The launch is scheduled at 11.46 am on November 26, said the national space agency headquartered in Bengaluru.
The government on Wednesday extended the deadline to submit preliminary bids for the IDBI Bank privatisation till January 7. The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16.
The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company.
The strategic sale of government and state-owned Life Insurance Corporation (LIC) of India stakes in IDBI Bank might encounter procedural delays, potentially pushing the timeline for expected financial bids to the third quarter of the current financial year (2023-24, or FY24), according to sources familiar with the development. Financial bids constitute the second significant step in the divestment process, following expressions of interest (EoIs) from potential bidders. In this phase, bidders are required to quote transactional fee as a percentage of the divestment proceeds, which are then added to the government's kitty after completion of the transaction.
The Delhi high court on Friday directed the civil aviation regulator to deregister planes leased to Go First within five working days, giving respite to the lessors. This means that the airline will have to give back all 54 aircraft to the lessors if its resolution professional (RP) does not challenge the order or ask for a stay. Justice Tara Vitasta Ganju also refused the request of the RP, represented by advocate Diwakar Maheshwari, to keep the operation of the order in abeyance for a week to enable them to file an appeal before the division Bench of the court.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
ISRO's first mission in 2023 and SSLV's sequel saw a strange coincidence--it was launched at 9.18 am, the same time its predecessor lifted off from the Satish Dhawan Space Centre here on August 7, 2022 but could not deliver due to orbit anomaly and flight path deviation.
In a first, the government has made it mandatory for interested buyers of IDBI Bank to provide details for security clearance from the Ministry of Home Affairs (MHA) in the first stage of the bidding process. So far, in all instances of CPSE privatisation, the government would seek details regarding security clearance of the bidders at the second stage of the bidding process. This meant that bidders who qualified in the first or the Expression of Interest (EoI) round, were required to seek security clearance from the government while placing their financial bids.
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL's assets into clusters. According to an update from FRL's Resolution Professional, the 49 players would be permitted to submit "resolution plan(s) for any/all such Clusters under Option II".
The government on Monday decided to call off the strategic divestment of Pawan Hans as the successful bidding consortium Star9 Mobility Pvt Ltd was disqualified in view of pending legal cases. Pawan Hans is a 51:49 joint venture of the government and ONGC. The government had in April last year decided to sell the helicopter service provider for Rs 211.14 crore to Star9 Mobility Pvt Ltd -- a consortium of Big Charter Private Ltd, Maharaja Aviation Private Ltd and Almas Global Opportunity Fund SPC.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
ISRO, in a tweet, said EOS-04 was placed into an intended sun synchronous polar orbit of 529 km altitude at 6.17 am.
The government on Thursday withdrew its offer to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd, saying that majority of bidders have expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.
The mission objective is to ensure data continuity of ocean color and wind vector data to sustain the operational applications.
On Thursday, the four-stage, 44.4 metre tall PSLV-C53 that blasted off from the second launch pad of Satish Dhawan Space Centre and placed the three Singapore satellites--DS-EO, NeuSAR and SCOOB-1 in intended orbit.
On Sunday morning, in its mission to place an earth observation satellite and students satellite into the low earth orbit, the SSLV-D1/EOS-02 blasted off precisely at 9.18 am amid cloudy skies from the first launch pad at Satish Dhawan Space Centre in this spaceport.
The Delhi police on Tuesday arrested two persons including NewsClick founder Prabir Purkayastha in connection with a probe in the portal's foreign funding, officials said.
EOS-01 is an earth observation satellite intended for applications in agriculture, forestry and disaster management support, ISRO has said.
As many as 23 companies have evinced interest in acquiring the Indian space agency's Small Satellite Launch Vehicle technology, said a top official who termed it a "tremendous response". Chairman of Indian National Space Promotion and Authorisation Centre (IN-SPACe) Pawan K Goenka said on Thursday that they are keen to see how the private sector uses the Small Satellite Launch Vehicle (SSLV) technology. "There has been a tremendous response, 23 companies have (so far) shown interest in applying for this technology.
Reliance Industries (RIL) is likely to be the lone bidder for Mangalore-based JBF Petrochemicals, which is up for sale after defaulting on bank loans worth Rs 5,000 crore. The lenders for the second time extended the deadline for submission of bids, which had ended on August 20, as several players, including public sector companies, were redrawing their acquisition plans, said people in the know. "There were several companies which had submitted their expressions of interest (EoIs) for the company but after due diligence decided to exit the race," said a source close to the development. "The new deadline for submitting financial offers is August-end," the source said.
The Indian Space Research Organisation on Sunday faced a blip in its plan to tap the small satellite launch vehicle market, as an anomaly in the placing of the satellites by the rocket led to deviation on its path thereby becoming 'no longer usable', Chairman S Somanath said on Sunday.
The launch of Polar Satellite Launch Vehicle (PSLV-C52) is scheduled at 05:59 hours on Monday from the First Launch Pad of Satish Dhawan Space Centre, Sriharikota, the Bengaluru-headquartered space agency said.
The Royal Observatory Greenwich shortlisted 34 images for its Astronomy Photographer Of The Year 2023 competition from thousands of entries received from all over the world.
AzaadiSAT had around 75 small payloads developed by schoolgirls of 75 rural schools.
The Gujarat high court on Tuesday heard a suo motu public interest litigation (PIL) on Morbi bridge tragedy and asked the state government as to how no expression of interest was tendered, and how the 'largesse of the state' was given to an individual without floating a tender.
The government will start working on selling the ground-handling arm of erstwhile national carrier Air India and the Expression of Interest (EoI) is expected in the next fiscal, an official said. "We already have the Cabinet approval for selling the subsidiaries of Air India. "So we will come out with an EoI inviting bids for one of the ground-handling arms in the next fiscal," an official told PTI.
Her red carpet gown starts off simply enough as an off-shoulder then veers dramatically into ruffles and a train.
The SSLV is designed to be affordable and amenable to industry production and aimed to function as a launch-on-demand platform for mini, micro or nano satellites.
The Supreme Court has dismissed the bail plea of jailed former CMD of Amrapali Group of Companies Anil Kumar Sharma, saying he doesn't deserve "sympathy" after having siphoned off the hard-earned money and life savings of thousands of homebuyers. "You have cheated thousands of homebuyers. You siphoned off their hard-earned money and their life savings. You do not deserve any sympathy," a bench comprising Justices Ajay Rastogi and Bela M Trivedi said, and refused to issue notice to the prosecuting agency on the bail plea of Sharma who has been in jail for over four years in the case. "Yours is not a case of simple cheating. See the plight of thousands of home buyers. You cannot have our sympathy. You better enjoy being in jail... This court is very aware of what you did.
The Supreme Court on Monday said that it will constitute a fresh bench to hear the plea of home buyers seeking delivery of their homes booked with the Amprapali group. A bench comprising Chief Justice D Y Chandrachud and Justice J B Pardiwala was urged by a counsel for home buyers to set up a fresh bench as the matters pertaining to the Amrapali group were being heard by a bench headed by the then CJI U U Lalit, who demitted office on November 8. "I will constitute a bench," the CJI said. The plea was mentioned by lawyer M L Lahoty, appearing for home buyers.
'This is a historic moment for India.'
'ISRO is resilient enough to spring back and come with a solution quickly.'
In a bid to resurrect Air India privatisation, the government is planning to give flexibility to potential investors to decide on the humongous debt with the national carrier, a top official has said. The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
Indian Space Research Organisation's second mission of the year to place an earth observation satellite by a GSLV rocket faced a setback as the mission could not be accomplished fully due to performance anomaly in the cryogenic stage of the rocket, the space agency said on Thursday.
The government and Life Insurance Corporation's (LIC's) strategic stake sale in IDBI Bank is expected to move to the second stage by the first quarter of FY24, said two people in the know. They added that considering the progress of the ongoing deal, financial bids are expected to come in by June this year. The proposed IDBI Bank stake sale is divided into two sequential stages.
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