The new board will have to provide the NCLT a road map for turning around the company by October 31, which, Kotak said, is challenging, given that the company's issues represent a "moving target"
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
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.
Days before B Ramalinga Raju admitted to fraud, a handful of financial services companies, including DSP Merrill Lynch, IL&FS Financial Services and Deutsche Bank's non-banking finance company, sold Satyam Computer Services shares pledged with them.
Declining to be identified, sources said the company, which is the third largest transmission company in the country, did not find the expertise provided by IL&FS to the consultancy business up to the mark and accordingly, decided to end the JV.
Foreign investors have poured Rs 57,359 crore into Indian equities in September, making it the highest inflow in nine months, mainly driven by a rate cut by the US Federal Reserve. With this infusion, foreign portfolio investors' (FPIs) investment in equities has surpassed the Rs 1 lakh crore mark in 2024, data with the depositories showed. Going ahead, FPI inflows are likely to remain robust, driven by global interest rate easing and India's strong fundamentals.
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Foreign investors have injected close to Rs 33,700 crore in domestic equities in this month so far primarily due to interest rate cut in the US and resilience of the Indian market. This also marks the second highest inflow in a month in this year so far, the last one being in March, when Foreign Portfolio Investors (FPIs) infused Rs 35,100 crore, data with the depositories showed. Going ahead, the trend of FPIs buying is likely to continue in the coming days, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
While the minimum holding period for LTCG taxation has now been lowered, the tax outgo could be a bit higher under the new structure.
IL&FS Financial Services has acquired 14.5 per cent stake in Maytas Infra, promoted by former Satyam chairman B Ramalinga Raju's kin, through invocation of pledge and off-market transactions.
The financial services sector, including NBFCs and housing finance companies (HFCs), have historically been the largest borrowers from MFs.
IL&FS, which has a mandate to sponsor, develop and commercialise infrastructure projects and provide value-added financial services, will seek to provide a wide range of investment banking services to cater to the needs of Indian and international customers in Middle East and African markets.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
In the case of Satyam Computer Services, L&T had acquired 8 per cent stake after the company's founder B Ramalinga Raju admitted to fraud, and had demanded representation on the company's board. The plea, however, did not find support. The promoters of Maytas had pledged shares with the two institutions and Sicom to raise funds.
Financial services company IL&FS Investsmart Ltd has fixed a price band of Rs 110 to Rs 125 for equity shares of Rs 10 each for its initial public offering.
Star wrestlers Bajrang Punia and Vinesh Phogat's request to train in Kyrgyzstan and Poland respectively was approved by TOPS.
The 61-year-old MLA from Islampur seat of Maharashtra was issued the first summons for appearance on May 12 but he had sought deferment for about 10 days citing some personal and official engagements.
'A 10 to 15 per cent allocation to gold in portfolios reduces risk without compromising on potential returns.'
Keki Mistry, bottom, left, vice-chairman, Housing Development Finance Corporation (HDFC), tells Joydeep Ghosh that debt fund investors could become risk-averse, leading to problems for other non-banking financial companies.
Continuing the efforts to strengthen its presence in telecom JV with Hutchison, Ruias' Essar Group is considering buying Max Telecom and IL&FS's 3.16 per cent stake in the Hutch-Essar joint venture.
Two young men jostle in a rickshaw as it clatters along a narrow, bustling lane of North Kolkata, each with a leg dangling over the side of the vehicle, a bulging sack of cosmetics nestled between them. The protagonists here are the founders of Emami - Radhe Shyam Agarwal and Radhe Shyam Goenka - childhood friends who gave up cushy corporate jobs to build a fast-moving consumer goods (FMCG) company. From a 200-square-foot rented space on Muktaram Babu Street in North Kolkata, brand Emami stepped into the competitive world of FMCG 50 years back, armed with just three products: Vanishing cream, talcum powder, and cold cream.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
Lakme ambassador Ananya Panday closed the Lakme Fashion Week 2024 walking for Rahul Mishra at the Jio World Convention Centre in Mumbai.
With eight of the nine apparel parks failing to take off, the government proposes to review the scheme and come out with a new one by March end.
Japan's Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87 per cent stake in Infrastructure Leasing and Finance Company (IL&FS), has bowled a googly.
Life Insurance Corporation of India, Housing Development Finance Corporation and State Bank of India together own a little over 45 per cent in IL&FS. The deal is expected to be valued around $2.5 billion.
The CEOs have been discussing a collaboration for some time, according to two people with knowledge of the situation.
38 auditors resigned in 2022-23, compared with 46 the previous year.
The June quarter is usually considered as a seasonally strong period for the IT sector.
Investors may take a 5 to 10 per cent exposure to silver. 'Have a long-term investment horizon when investing in silver ETFs to ride out short-term market fluctuations.'
One fear among regulators is that allowing side pocketing could lead to fund managers taking higher risks. Even in the US, side pocketing is not allowed in mutual funds, only in hedge funds
After the ice-breaking foreign secretary-level talks on February 25, India has conveyed to Pakistan its willingness to hold the second round of parleys, but is yet to get any response from its neighbour. India also has not heard anything from Pakistan on the three dossiers given to Foreign Secretary Salman Bashir by her Indian counterpart Nirupama Rao during the FS-level talks. The dossiers contained the names of the 34 Pakistani terrorists wanted in India.
India's largest private equity fund management company IL&FS Investment Managers Ltd said on Tuesday it will invest $100 million in QVC Realty making it the first venture capital-backed real estate start-up in the country.
The current episode highlights the structural vulnerabilities in the liquidity management practices of Indian NBFIs
