With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
In what could result in a complete overhaul of the Insolvency and Bankruptcy Code (IBC), the insolvency regulator has sought public comments on the regulations it notified under the code to date. The Insolvency and Bankruptcy Board of India (IBBI) has given a window of eight months ending December 31 to all stakeholders to share their views on its regulations. IBBI has called the exercise "crowdsourcing of ideas".
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
BCCI ethics and ombudsman, served a notice to Ambani after receiving a complaint from former MPCA member Sanjeev Gupta.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Five Indian-origin women executives have made it to Barron's prestigious annual '100 Most Influential Women in US Finance' list for achieving positions of prominence in the financial services industry and helping shape its future. Barron's is a sister publication of the Wall Street Journal, published by Dow Jones and Company. "The list honours established and emerging leaders in financial services, the corporate world, nonprofit organisations, and government," the magazine said in a press release.
The government appears serious about its intent to do away with the sore points in the taxation laws.
Twitter "took extraordinary steps to suppress" The New York Post's Hunter Biden laptop story, removing links and posting warnings that it may be "unsafe."
Sebi decided to incorporate a provision in this regard in its new Corporate Governance Code
The ministry said some urgent amendments are not there in the ordinance but are required for strengthening the corporate governance
In insolvency proceedings, Ericsson will be treated as only an operational creditor and may end up losing the Rs 550 crore
The new Insolvency and Bankruptcy Code has serious drawbacks, finds out Somasekhar Sundaresan.
Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.
Rishi Sunak, who is set to be Britain's first Indian-origin prime minister, recently said that he wants to change the United Kingdom-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India.
The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
'Professors can teach even when they are 90 because they don't lose their skill with words. Go deeper and there's spirituality in it.'
And the controversy continues!
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said. A "short" position is generally the sale of a stock one does not own.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
Deepa Gahlot picks 10 Web series that was worth the viewer's while.
Billionaire Mukesh Ambani's Reliance Industries on Saturday said it will raise as much as $5 billion in foreign currency-denominated bonds and use the proceeds to retire existing borrowings. In a stock exchange filing, the company said the Finance Committee of the company board at its meeting on Saturday approved a "proposal for issuance of senior unsecured US Dollar-denominated fixed-rate notes from time to time, for an aggregate amount up to $5 billion, in one or more tranches".
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
The Delhi high court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
'Handled poorly, it could either lead to a witch-hunt in organisations that is fertile soil for yes-men; or lead to even bona fide decisions and entire organisational systems being held to ransom,' says Somasekhar Sundaresan.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
In its petition, Rameshwara Jute Mills, an MP Birla group company, has prayed that the board of directors of the Birla Corporation and other M P Birla group companies should be superseded by independent people, as after the death of R S Lodha, there was no one to represent the company. Opposing it, the Lodha camp submitted before the board that the petition was not maintainable and that there was no need to appoint any chairman of the group.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
A month after the government allowed registration of Limited Liability Partnerships, only 10 firms have availed this new form of doing business that provides advantages of a partnership firm and also a corporation. This is because the government is yet to notify key sections (Sections 55 to 58) of the law that would enable conversion of a partnership firm, private company or unlisted public company into an LLP.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
