Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.
FTIL prepares to challenge the order in the Bombay high court
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
Officials said security personnel, including those from paramilitary forces, have been deployed to keep a strict vigil. Security at inter-state and inter-district borders has also been tightened, they said.
Trust explores options on reinduction of ousted founder on board as firm closes ranks.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
The Supreme Court on Friday asked the Securities and Exchange Board of India (SEBI) what the capital markets regulator intends to do for ensuring the protection of investors from extreme volatility in the stock market.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
Future Retail Ltd (FRL) on Wednesday said it is "committed" to reversal of takeover of its stores by Reliance Retail and will take all such action as may be necessary to seek value adjustments. The Kishore Biyani-led firm also said the action of the Reliance Group has come as a "surprise" to it. Moreover, the action of taking possession of its stores has "complicated" the positive scenario which had started building up after a CCI order in December 2021, FRL said in a regulatory filing.
Sebi decided to incorporate a provision in this regard in its new Corporate Governance Code
Two investment firms, together accounting for 17.88 per cent of the paid-up share capital of Zee Entertainment Enterprise Ltd (ZEEL), have sought the removal of the current managing director Punit Goenka from the board of the company. The two investment firms are -- Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC, the largest shareholder of ZEEL. The two firms have called an extraordinary general meeting of shareholders seeking to remove Punit Goenka.
Indian civil aviation norms don't apply to foreign aviation companies, experts said.
The government appears serious about its intent to do away with the sore points in the taxation laws.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
The new Insolvency and Bankruptcy Code has serious drawbacks, finds out Somasekhar Sundaresan.
Piramal Enterprises on Friday claimed that its bid for resolution of debt-ridden mortgage lender DHFL is highest and fully compliant with regulatory norms. Since the conclusion of the fifth and final round of the bidding process last month, Piramal Enterprises and the US-based Oaktree Capital are claiming that their bids are the highest and fully implementable. According to sources, suitors have submitted bids in the range of Rs 35,000-37,000 crore.
rediffGURU Mayank Chandel offers advice to students interested in a careers in science or engineering after class 10 and 12.
The ministry said some urgent amendments are not there in the ordinance but are required for strengthening the corporate governance
And the controversy continues!
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under Corporate Insolvency Resolution Process.
Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.
More than a dozen entities, both domestic and foreign, had come under the regulatory glare over alleged short-selling before and after the publication of the Hindenburg research report against Adani Group, two people familiar with the development said. The Securities and Exchange Board of India (Sebi), which is examining the rise in stock values of Adani Group in the past few years, is also scrutinising the trade data and trade pattern of these entities allegedly involved in short-selling and made significant profit. Enquiries in the trade pattern of these entities reflected a profit of over Rs 30,000 crore, pre- and post-Hindenburg saga, said one of the two people.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
The air carriers' liability and insurance draft bill has proposed a five-fold increase in compensation in case of death or injury, the report said.
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
New York state will "not normalise" serious criminal conduct, "no matter who you are," Alvin Bragg, the Manhattan district attorney, has asserted, hours after former US President Donald Trump was arraigned in a courtroom.
Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
