Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Nasty surprises and quirky humour make Monica, O My Darling an intriguing, fun, watch, observes Sukanya Verma. Monica, O My Darling Review.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
Somaiya had on Sunday claimed he was barred from entering Kolhapur with the district authorities citing law and order as well as security concerns following his allegations of corruption against Maharashtra Rural Development Minister Hasan Mushrif.
'When a company goes into insolvency, by definition it means that existing shareholders have been wiped out.'
'Is it not deplorable that even after 75 years of independence, there are people in our society who have been denied freedom?'
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
Guilty Minds has too much going on to wolf down it all in one big binge watch session, notes Sukanya Verma.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
Asked if Ganguly would be cornered at the meeting, he laughed and cited an example.
Enactment of Insolvency and Bankruptcy Code has been instrumental in pushing up India's ranking in the 'Doing Business' report
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
These changes will entail a relook at the various laws governing banks in the country - the two Bank Nationalisation Acts (passed in 1970 and 1980); the State Bank of India (SBI) Act of 1955; and the Companies Act of 2013.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
The market breadth, indicating the overall health of the market was strong
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
The Supreme Court on Thursday allowed jailed activist Gautam Navlakha's request for house arrest, saying prima facie there is no reason to reject his medical report.
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy. The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5. In addition, the regulator has asked listed firms to make available audio and video recordings of analyst and investor meets on their websites as well as stock exchanges within 24 hours or before the next trading day and also notified rules regarding Business Responsibility and Sustainability Report (BSSR).
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
This will help employers keep a track of the diseases workers could suffer from while doing their jobs.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
The ministry of electronics and information technology has directed WhatsApp to withdraw its new privacy policy, according to sources. The IT ministry believes that the changes to WhatsApp privacy policy and the manner of introducing the said changes undermines the sacrosanct values of informational privacy, data security and user choice and harms the rights and interests of Indian citizens, government sources said. The government has given seven days to WhatsApp to respond to the notice and if no satisfactory response is received, necessary steps in consonance with law will be taken, sources informed. In a communication to WhatsApp on May 18, the ministry has once again told the messaging platform to withdraw its privacy policy 2021, they said.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
Future Retail Ltd (FRL) on Monday said the Delhi high court has ruled that statutory authorities cannot be restrained from acting in accordance with law and stayed a previous order on status quo of its Rs 24,713 crore deal with Reliance. Updating stock exchanges about the court ruling, FRL said a Division Bench comprising Chief Justice D N Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by single Judge J R Midha on February 2. "...inter alia, for the prima facie reason that the company is not a party to the Shareholders Agreement dated August 22, 2019 executed between Amazon, Future Coupons Private Limited and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore," FRL said.
Lok Sabha and Rajya Sabha proceedings were adjourned for the day amid protests by the Opposition in both the Houses demanding removal of Ajay Mishra as Union minister and withdrawal of the suspension of MPs.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
China Development Bank takes Reliance Communications to NCLT over loan default
Political controversies aside, Twitter's business in India is expanding, and creating opportunities for Indians, reports Neha Alawadhi.
Did Jayalalithaa, who was also in jail then, know about these transactions?
