In a move to plug gaps in the Insolvency and Bankruptcy Code (IBC), the ministry of corporate affairs (MCA) has proposed robust norms against avoidance transactions, wrongful trading, and inordinate delays via changes to look-back period and fixed timelines for the tribunals to reject or approve plans, among other measures. The MCA has proposed that the IBC should provide the adjudicating authority with 30 days for approving or rejecting a resolution plan under Section 31. If a decision is not made on the resolution plan within that period, the adjudicating authority will record reasons in writing for the same, the ministry has proposed.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
Experts are looking at a timeframe of anything between 12 and 18 months from the time of the new government for concrete signs of revival.
The railways heritage lines that are part of the UNESCO-accorded sites list include Darjeeling Himalayan Railway, Nilgiri Mountain Railway, and Kalka Shimla Railway.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
To tap into the growing demand for offices, several global and Indian co-working entities are creating stock in the top cities.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
Armaan Jain and Anissa Malhotra's wedding reception saw the who's who of Bollywood in attendance.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
During a sale, many store windows invite the shopper with impossible-to-miss visuals announcing '50% Discount'. Only upon entering does the shopper realises that the one rack which fulfils this promise sells items she'd never purchase.
Experts say with a stable government, things will start improving but the impact might be visible only after six-12 months.
While Indians don't buy property during May-September due to the holidays/rains/ religious reasons, buyers should scout for property now.
Revenue from convenience fees has grown at a compound annual rate of 85 per cent for multiplex chain operator Inox Leisure and 58 per cent for PVR.
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
