The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
In its petition, Rameshwara Jute Mills, an MP Birla group company, has prayed that the board of directors of the Birla Corporation and other M P Birla group companies should be superseded by independent people, as after the death of R S Lodha, there was no one to represent the company. Opposing it, the Lodha camp submitted before the board that the petition was not maintainable and that there was no need to appoint any chairman of the group.
A month after the government allowed registration of Limited Liability Partnerships, only 10 firms have availed this new form of doing business that provides advantages of a partnership firm and also a corporation. This is because the government is yet to notify key sections (Sections 55 to 58) of the law that would enable conversion of a partnership firm, private company or unlisted public company into an LLP.
The protesters assembled outside Dogra Chowk in the heart of the city and tried to take out a march in violation of prohibitory orders when the police swung into action and restored to mild lathicharge before detaining several of them, the officials said.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
On Friday, Biden announced his intent to appoint 14 people to the advisory committee, which provides overall policy advice to the United States trade representative on matters of development, implementation, and administration of the US trade policy.
The order was issued on Thursday by the deputy commissioner of police (operations) in view of inputs received by the police about disturbance of peace, law and order, danger to human life and property, the official said.
The company said it would appoint a US law firm to conduct a full investigation
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Trump, on addressing reporters after being arrested and released from jail, said: "I did nothing wrong."
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
'Handled poorly, it could either lead to a witch-hunt in organisations that is fertile soil for yes-men; or lead to even bona fide decisions and entire organisational systems being held to ransom,' says Somasekhar Sundaresan.
The Securities and Exchange Board of India's (Sebi's) proposal to re-introduce "hard underwriting" is seen as step to boost India's moribund initial public offering (IPO) markets. The regulator has proposed that in case an IPO fails to garner full subscription, the investment banker or a third-party can buy the unsubscribed shares. This practice was common during fixed-price issues prior to 1999. However, under the new book building regime, underwriting is allowed only to the extent of shortfall due to technical rejection of bids - this is referred to as "soft underwriting" and is rarely invoked.
'Airports must look at their maximum capacity to handle passengers.'
The new board will have to provide the NCLT a road map for turning around the company by October 31, which, Kotak said, is challenging, given that the company's issues represent a "moving target"
The Delhi high court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
Prioritising investor protection in the backdrop of corporate frauds and failures worldwide, Company Affairs Ministry said it will expedite the process of putting in place Competition Commission, NCLT and a comprehensive Companies Act.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
An interview with Bajaj Hindusthan Limited CEO Kushagra Bajaj.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
BCCI ethics and ombudsman, served a notice to Ambani after receiving a complaint from former MPCA member Sanjeev Gupta.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The rival promoter group and the entire block of public institutions voted against Basant Jhawar.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
Twitter "took extraordinary steps to suppress" The New York Post's Hunter Biden laptop story, removing links and posting warnings that it may be "unsafe."
Billionaire Mukesh Ambani's Reliance Industries on Saturday said it will raise as much as $5 billion in foreign currency-denominated bonds and use the proceeds to retire existing borrowings. In a stock exchange filing, the company said the Finance Committee of the company board at its meeting on Saturday approved a "proposal for issuance of senior unsecured US Dollar-denominated fixed-rate notes from time to time, for an aggregate amount up to $5 billion, in one or more tranches".
Unitech alleged that the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests of homebuyers.
