A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer (CEO) and relinquish his operational role, according to sources.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks.
It is awaiting clarity on a regulatory decision allowing it to raise tariffs.
PFRDA will invite bids to appoint pension fund managers.
There was no word on the much-anticipated procurement of 26 naval variants of Rafale fighter jets by India from France.
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".
Mobile carriers requested the company for a US launch.
In latest move, ministry of mines removes B L Bagra
Apple, returning the offensive, could roll out a smaller, cheaper "iPhone Mini" in 2014.
Of the top five vendors, only Apple lost market share, while LG Electronics Inc, Huawei and ZTE Corp making incremental gains.
McDowell & Co Ltd and Phipson Ltd, both part of Vijay Mallya's UB group, and associates have made a counter offer to shareholders of Herbertsons Ltd to acquire additional 45.2% stake at Rs 200 per share.
While Samsung and Apple remain the leaders, LG pushed HTC to the fourth spot becoming the world's No. 3 smartphone maker.
Internet company Yahoo!'s co-founder Jerry Yang has quit the company he founded 17 years ago.
EIH Ltd, which runs the Oberoi and Trident group of hotels, has entered into a strategic alliance with Hilton International for a 15-year period for co-branding hotels in India under the Trident Hilton brand.
If the talks materialise, this would mark Hyundai's foray into the LNG terminal construction space in India.
A division bench led by Justice Nitin Jamdar said the MPCB order was set aside for being 'disproportionate' and noted the order was passed in a 'hasty manner'.
Handset manufacturers are drawing up big plans for large display phones. Bigger than smartphone and smaller than tablet - phablet is going to be the buzzword this year in mobile space.
With the launch of low-cost devices running on Google Inc's Android platform by local firms, sales of tablets and smartphones have grown rapidly in the last two years.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Was told that account will be closed if it did not stop providing insurance cover to ships ferrying oil from Iran.
A wealthy Californian woman of Chinese origin has pleaded guilty to conspiring to illegally exporting high-performance paint coats for a nuclear reactor under construction in Pakistan with China's assistance.
The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual fund joint venture with Sun Life Financial of Canada by buying 1 per cent stake from the latter.
Over seven lakh vehicles have been recalled by various manufacturers in India since 2012.
Over seven lakh vehicles have been recalled by various manufacturers in India since 2012.
Tata Steel Ltd said on Wednesday it has signed joint venture agreement with Tata Power Co Ltd to set up captive power plants in Chhattisgarh, Orissa and Jharkhand.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
A jewel fiesta happened courtesy the India Bullion and Jewellers Association at Sahar Star, Mumbai.
Hutchison Whampoa Ltd, expanding its footprint in India's fast-growing mobile telecoms sector, said on Tuesday its Hutchison Essar joint venture had agreed to buy a cellular licence in Punjab.
Here's your chance to land a job during your vacations. Here are some openings.
NRI business tycoon Anil Agarwal-led Vedanta Resources will pay $1.37 billion (about Rs 5,700 crore) for acquiring 71 per cent stake in India's biggest iron ore exporter Sesa Goa.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
Yamaha's new low-cost bike is expected to be priced at around $500 (Rs 27,500), cheaper than the entry-level motorcycle 'Crux', tagged at Rs 38,365. Market leader Hero MotoCorp Ltd's 'CD Dawn' is the cheapest product in the category, starting at Rs 36,300 (ex-showroom, Delhi).
Asia's largest integrated wind power company, Suzlon Energy has secured a contract from China-based Guohua Xilinguole New Energy and Source Co Ltd for a wind farm project.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Could it be about clout? Given its size and influence, RIL doesn't need the media for that, notes Vanita Kohli-Khandekhar.
