Of the Rs 4,405 crore unpaid debt of 12 companies, more than half was locked in just one Mumbai-based real estate company, Kohinoor CTNL Infrastructure.
The government is planning to nominate full-time directors while inducting the remaining seven members in the reconstituted board of Satyam Computer Services Ltd, said a top corporate affairs ministry official. The ministry of Corporate Affairs (MCA), which got an interim order from the Company Law Board to supersede the existing board of the Hyderabad-based company, is planning to make the announcement within a week to ensure smooth functioning at Satyam.
Board meetings of two holding companies stayed.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
After hearing a petition filed by Satyam on Wednesday, CLB ordered that the company could conduct an open transparent auction process for inducting a strategic investor.
While warning that many key clients and employees have threatened to quit the company due to its bad financial position, the government-appointed board of Satyam Computer also sought CLB's nod for allotment of preferential equity and increasing its authorised capital to Rs 120 crore (Rs 1.2 billion). The petition has been admitted by CLB, which would continue its hearing on Thursday.
The remaining two directors would continue to remain with the board for a period of three years and will not be counted in the maximum number of the directors that the company can have as per its Articles, the CLB order said.
Jiomart B2B is the latest among organised supply-chain companies to bite the bullet, shutting down its warehouses, and asking its employees to leave. Why are companies finding it difficult to sustain the supply-chain business? Experts point out that gross margins in supplying fast-moving consumer goods (FMCGs) are very low.
They will take stock of the current situation and discuss the way forward. Handing over the share allotment documents to Tech Mahindra is also on the agenda of Monday's board meet, according to a Satyam spokesperson. Tech Mahindra Vice-Chairman, MD & CEO Vineet Nayyar, C P Gurnani, president (international operations), and President (strategic initiatives) Sanjay Kalra have confirmed their participation in the meet.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
To cut its debt, promoter Kapil Wadhawan and promoter group Wadhawan Global Capitalhave resorted to measures such as sale of assets of group companies as well as securitisation of retail assets of DHFL to bring in liquidity.
Experts explain the distinction between the rights of small and minority shareholders in public-listed and private companies.
The current practice which involves dealing with the Institute of Chartered Accountants to deal with auditors, is long and so tedious, and in practice offers practically no remedy at all.
'You may put hundreds of checks and balances but human beings are ingenious.'
Analysts are optimistic on absorption of new clients, growth possibilities under Tech Mahindra. For Tech Mahindra, the biggest positive is that the two companies have synergies in service offerings and client portfolio, says Sabyasachi Satpathy, director and co-founder, Mindplex Consulting. Satyam will give Tech Mahindra capabilities in enterprise resource planning, systems integration, as well as vertical expertise in the embedded, manufacturing and insurance space.
Etisalat's cup of woes is brimming over. The DB group, Etisalat's partner in India, on Monday moved the Company Law Board (CLB) against the UAE-based company.
Market regulator Sebi is likely to approve the Satyam Board-formulated framework to induct a strategic investor.
A group of 11 members from the family which comprises the shareholders has moved the Company Law Board against the majority decision of the board of directors to remove N Ravi, editor, and Malini Parthasarathy from the editorial board.
Delhi HC has stayed CLB order against Essel group's bid on UNI. The tranfer of shares too has been termed null and void.
BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
"If HR isn't responsive, it's critical to keep records of all interactions -- e-mails, dates and any conversations you had. If HR fails to help, escalate the matter to higher management or the internal complaints committee," says Smita Shetty Kapoor.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
The Company Law Board (CLB) on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.
'Studying was never an important part of our life, surviving was.'
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Satyam Computer has approached the Company Law Board (CLB) to seek approval for acquisition of IT firm by Tech Mahindra.
They also assured the CLB that in case of any settlement reached between the brothers, they would inform the Board. Following this, the Board adjourned the matter to January for the next hearing. Emerging from the hearing, the counsel representing Rahul Bajaj told PTI that their side informed the CLB that the talks between the brothers were still going on.
Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm.
Reuters reported earlier this week that the Competition Commission of India (CCI) has sent a warning notice to the companies expressing concern that the merged entity will effectively have a monopoly on cricket broadcast rights worth billions of dollars, allowing it to squeeze advertisers.
Key members of the family and directors on the board of Kasturi & Sons, who are opposed to the Editor-in-Chief and Publisher of the group publications, N Ram, are considering moving the Company Law Board (CLB) over issues about the running of the group.
Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Sebi's move to reduce time period required between subsequent QIPs to two weeks would help companies raise capital at regular intervals and time their share sale better.
