IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives. Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.
Other legal options include approaching the NCLT alleging mismanagement and oppression of minority shareholder
Subhiksha's founder and Managing Director R Subramanian, while refuting the allegations of ICICI Venture, said his company hasn't received any resignations from the nominees of ICICI even though the private equity firm claimed it had withdrawn its nominees.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
After opening close to 1,500 branches in 2022-23, HDFC Bank, the country's largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
Jet's air operator certificate will lapse on May 19.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
RIL's debt stood at Rs 3.06 trillion as of December 2019, against Rs 2.87 trillion in March 2019.
Bank of Baroda (BoB) has made prudential provision of Rs 500 crore for exposure to Go First, which has sought bankruptcy protection after the National Company Law Tribunal (NCLT) admitted its plea for voluntary insolvency. Sanjiv Chadha, managing director and chief executive officer of BoB, said the bank identifies issues in advance and makes provisions if required. The Mumbai-based public sector lender has an exposure of Rs 1,300 crore to the troubled airline.
The board of Dow Jones and Co. has decided to take no action on the $5 billion unsolicited bid for the company by media mogul Rupert Murdoch's News Corp., the company has announced.
A battle royale, fought over 15 long years, comes to an end as a prince and a princess -- grandchildren of the legendary Rajmata Gayatri Devi -- get back the Jai Mahal Palace Hotel from their step-uncles.
Infy board gets law firm to probe 'lapses', appoints Cyril Amarchand Mangaldas to engage with founders.
The country's six largest smallcap schemes would require more than 20 days to liquidate half of their holdings, despite most of them maintaining high cash levels and having considerable exposure to more liquid largecap stocks, stress tests conducted by fund houses reveal. For midcap funds, the time required to sell half of the assets of the top six schemes varies between seven and 34 days, according to disclosures made by asset management companies. The Securities and Exchange Board of India (Sebi) had called for such tests in the face of strong inflows into smallcap and midcap funds, despite concerns over high valuations, to keep investors better informed.
As part of the exercise, each family will get complete ownership of the businesses it manages while scrapping the holding company.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
Till now, there was no provision in the Companies Act that allowed a remuneration for the non-executive director if the company was in loss or had inadequate profits. Only the executive director was entitled for a remuneration in the event of a loss.
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
Since January 2011, a third of firms making such offers failed to meet new floor; current penalties would have been hefty.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
Analysts are of the opinion that 55 may emerge as the new age to retire for techies in India
Petrol pumps in Mumbai, Nagpur and other parts of the state witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
A tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday. "The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
Maruti Suzuki India is facing stiff resistance from private sector mutual funds and insurance companies, which own almost 7 per cent of the company, for its decision to allow Suzuki to make cars for the Indian car-maker at a proposed plant in Gujarat instead of manufacturing vehicles itself.
Market regulator Sebi on Monday moved the Supreme Court seeking 15 more days to conclude the ongoing probe into the allegations of stock price manipulation by the Adani group. The Securities and Exchange Board of India (Sebi), in its fresh application, said that it has examined and investigated 24 matters pertaining to the case. "Out of the said 24 investigations/examinations, 17 are final and complete and approved by the Competent Authority in accordance with Sebi's extant practice and procedures," the regulator said.
Valli Arunachalam had alleged that the group promoters have a gender bias against women getting into the family business and, hence, she and her sister were denied a berth on AIL's board.
Many boards insist on "proven", "experienced" directors when it comes to appointing women.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
As per existing laws in Bangladesh, there is prohibition on facilitation and promotion of any gambling related activities.
Qatar has released eight jailed former Indian Navy personnel and seven of them returned home early Monday, 46 days after their death sentences handed last October were commuted to jail terms of varying duration.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
