Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
Maharashtra fell behind Gujarat in attracting foreign investment during the MVA's tenure but in the next two years the present government would take Maharashtra ahead, said Fadnavis.
'With the current situation in the global job market, students come back with an added burden of educational loans.'
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
Prioritising investor protection in the backdrop of corporate frauds and failures worldwide, Company Affairs Ministry said it will expedite the process of putting in place Competition Commission, NCLT and a comprehensive Companies Act.
Cricket has taken many steps forward towards excellence and fairness. Electoral politics has a lot of catching up to do, points out Rajeev Bhargava in his fascinating new book Between Hope and Despair.
The automaker was found to have engaged in anti-competitive practices.
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
A fierce competition among parties to offer freebies and guarantees, a scramble for tribal, OBC, women votes and a touch of Hindutva -- all have combined to make the Madhya Pradesh assembly polls a high-stakes battle with main rivals BJP and the Congress pulling out all the stops to gain power.
Around 300 people, mostly tourists, are stuck in camps at Chandertal, located at an altitude of 14,100 feet, following rain and snowfall in the region.
The report urged the top court that the matter may be taken up by the petitioners and other parties with utmost sensitivity as any misinformation or rumour or even suspicion may aggravate the situation in Manipur, where things are slowly returning to normal with the concerted efforts of the central and the state governments.
CCI's ruling came on a complaint filed by Express Industry Council of India.
A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala passed the order after hearing an application of Uttar Pradesh government seeking more time to install and operationalise 100 per cent STP coverage in the state.
Nowadays, our politics is habituated to sitting on a high pedestal, hobnobbing with world leaders, generating impressions of a superpower and returning to earth for the purpose of winning elections. In contrast, the yatra never left earth, observes Shyam G Menon.
Under the proposed deal, Wilmar would acquire shares of Renuka Sugars, a domestic firm, pursuant to a preferential allotment and a consequential open offer to the shareholders.
The Election Commission on Friday cited convention followed in 2017 for not announcing the assembly polls in Himachal Pradesh and Gujarat together and underlined that the model code this time has not been "unnecessarily extended".
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
The complaint was lodged by Mumbai-based Express Industry Council of India, which represented major express courier and cargo companies such as DTDC, Aramex India, Blue Dart, DHL Express, GATI and First Flight.
The Appellate Authority has stayed Rs 1800 crore penalty on Coal India.
Chinese e-commerce giant Alibaba has received anti-trust regulator CCI's approval for buying 4.14 per cent stake in Snapdeal.
Among all the geographies where Amazon is fighting regulators, India is the only place where its lines are also tangled in a major corporate battle, this one with India's largest company by market capitalisation over the acquisition of Mumbai-based Future Group's retail chain, the country's second largest. No other corporate entity in any country offers a challenge to Amazon's hegemony in a way Reliance Industries does - and the final hearing of an arbitration case filed at the Singapore International Arbitration Centre between the two may decide at least some of these issues. This legal battle between one of the world's most powerful corporations and one of India's most powerful conglomerates could be complicated by a host of other developments.
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Former Air India Executive Director Jitender Bhargava filed the appeal challenging the decision of the Competition Commission of India to clear the Jet-Etihad deal without carrying out a detailed assessment.
The CCI passed this judgment in two different cases relating to the e-auction scheme and fuel supply agreements which were filed last year.
PharmEasy has acquired Medlife for an undisclosed amount, the e-pharmacy unicorn said on Tuesday. The deal will make PharmEasy the largest player in the domestic online pharmacy sector, with the combined entity set to serve 2 million customers a month.
He said the team management has informed the Pakistan High Commission in the UK and the relevant authorities in London about the disappearance of Suleman and Nazeerullah.
In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
The government believes firms which are subject to China's laws could be forced to hand over information to Beijing's security services.
Google abusing dominance in online web search, watchdog said; Matrimony.com complaining the search giant had got off too lightly
Economic stagnation is the advance payment for polarisation, which extracts a terrible price.
Amazon CEO Jeff Bezos is in India this week and is expected to meet top government functionaries, business leaders and SMBs.
India's antitrust regulator has approved Sun-Ranbaxy deal, subject to the companies divesting seven products.
E-commerce giant Amazon and Infosys co-founder N R Narayana Murthy's Catamaran Ventures have "mutually decided" to not continue their joint venture (JV) beyond the end of its current term. The JV, Prione Business Services, which has been running successfully for the past seven years, was coming up for renewal on May 19, 2022. The JV enabled over 300,000 sellers and entrepreneurs to go online. It also enabled 4 million merchants with digital payment capabilities, providing these small and medium-sized businesses (SMBs) and merchants access to millions of customers across the country.
The government on Monday signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of the salt-to-software conglomerate, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. Following that, on October 11 a Letter of Intenet (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.
India was the world's biggest importer of Russian oil in February, exceeding China by 20 million barrels.
He said the country needs to have "zero tolerance" for corruption in the administrative ecosystem and this would work for the idea of a developed India.
