The government has accused Premier Automobiles Ltd Managing Director M V Doshi of far out stepping his authority and selling the company's assets, besides embezzling funds and cheating shareholders.
The Company Law Board on Thursday completed the formality of approving the induction of Venturbay, a subsidiary of Tech Mahindra, as the strategic investor to acquire a 31 per cent stake in Satyam Computer Services and asked it to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
The directors who have come under the Company Law Board order are former chairman and founder of Satyam B Ramalinga Raju, erstwhile whole-time directors B Rama Raju and Rammohan Rao Mynampati, former CFO Srinivas Vadlamani and CS G J Jayaraman. They also have to submit details of their bank accounts and movable and immovable properties in India and abroad by February 20 this year.
In a written answer to Lok Sabha, Minister of Corporate Affairs Prem Chand Gupta said investigation reports have been received in 23 cases and instructions issued to Serious Fraud and Investigation Office to prosecute the concerned persons. Investigations against four entities having links with Parekh - Triumph securities, Nakshatra Softwares, Goldfish Computers and Luminant Investrade - have been completed.
For the Company Law Board, 2009 was a case of fence eating the crop, as the quasi-judicial body that was looking into the affairs of fraud-hit Satyam Computer saw its acting Chairman accused of graft.
Tech Mahindra, the highest bidder for Satyam Computer Services, has tied up Rs 875 crore funding from mutual funds and insurance companies and is in talks with banks to mobilise Rs 1,000 crore bridge loans.
Infrastructure major IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and will pump in Rs 55 crore (Rs 55 million) to revive the company.
Banking industry sources said the move by the lender is pre-emptive to protect its interest.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
Out of 3,871 recovery certificates issued by the regulator in various cases, 807 have been certified as difficult to recover.
Google has also come under the scanner of competition watchdogs in other countries as well.
Reigning champions City are also involved in a separate independent hearing into the club's alleged breaches of Premier League financial regulations which began in September, with a verdict expected some time before the end of the current season.
The warring Bajaj brothers, Rahul and Shishir, have finally decided to terminate a family settlement agreement after prolonged peace talks for which they had also sought additional time from Company Law Board.
The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.
BPL Group patriarch T P G Nambiar's equity stake in his son-in-law Rajeev Chandrasekhar-run telecom and communications division, BPL Innovation, is only 7 per cent and he has "no economic interests" in this division of the Group, Counsel for Chandras
The RBI on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.
Tech Mahindra would pay Rs 1,756 crore (Rs 17.56 billion) before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer for which it got the approval from the Company Law Board on Thursday.
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
The battle for control of the erstwhile Royal Palace of Jaipur between Queen Mother Gayatri Devi and her grandchildren continued to be fought before the Company Law Board.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
In a relief to R S Lodha, the Company Law Board on Monday dismissed a petition seeking investigation into who controls M P Birla flagship company Birla Corporation.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Buch, under a cloud over allegations of conflict of interest levelled by United States-based short-seller Hindenburg, was asked to appear before the PAC, which is reviewing the performance of the market regulator.
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air. Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore. A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
