The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA).
Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
'Exploration should be made easier and companies should be given operational flexibility.'
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
As sludge started solidifying inside the Srisailam Left Bank Canal tunnel in Telangana, rescuers are planning to use sniffer dogs to locate those got trapped, District Collector B Santhosh said on Wednesday.
The Adani Group is exploring strategies to revive Formula 1 racing at the Buddh International Circuit in Greater Noida, with Karan Adani expressing strong interest in bringing the sport back to India.
Dalmia Bharat Ltd on Monday announced the acquisition of the cement assets of Jaypee Group's flagship company Jaiprakash Associates Ltd and its associate firms at an enterprise value of Rs 5,666 crore. In a regulatory filing, Dalmia Bharat informed that its wholly-owned subsidiary Dalmia Cement Bharat Limited (DCBL) has entered into a "binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates Limited and its associate company." The deal includes a total cement capacity of 9.4 Million tones (MnT) per annum, along with clinker capacity of 6.7 MnT and thermal power plants of 280MW at an enterprise value of Rs 5,666 crore, it added.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion).
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
A team of experts involved in rescuing eight people trapped in a partially collapsed tunnel in Telangana have reached the end of the tunnel, but debris is hindering further progress. The rescue operation, described as one of the most complex in the world, continues with experts from the Indian Army, Navy, NDRF, and GSI working tirelessly to find a breakthrough. Despite continuous efforts and oxygen pumping, there has been no contact with the trapped individuals.
The deal, part of the Jaypee Group's plan to cut Rs 60,000-crore debt, follows months of negotiations.
Deal comes within days of Abu Dhabi's TAQA pulling out of agreement.
Infra major's entry could queer the pitch for Jaypee and Hindustan Semiconductor.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
N Sundaresha Subramanian, Karan Choudhury and Shreya Jai report on the sorry condition of homebuyers who invested in Jaypee Infratech and the Amrapali group's Noida-based projects.
Essar group, Bhushan Steel and JSW group likely to be impacted by changes
Promoters' holding in private sector BSE 500 companies declined to 43.4% in Sept
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
Anjali Ryot was killed along with another German tourist on Wednesday night in the crossfire, californianewstimes.com news portal reported.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
The project, which is being implemented on build-operate-transfer basis by the concessionaire Jaiprakash Associates Ltd, is expected to be completed by February 2010, before the commencement of the Commonwealth Games. A special purpose vehicle by the name Jaypee Infratech Ltd has been incorporated recently to implement the project by the concessionaire.
More than 10% (40 of 498 companies) have lost at least half their market value.
No one can fault India Inc for not taking care of shareholders; in fact, it has been extra generous.
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
'This initiative is not about finding more sponsors or marketing partners. It's about developing elite basketball prospects'
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Nifty September F&O series ended lower after seven consecutive positive series with Metal Index falling the most
Jindal Power bagged 2 coal mines in Chhattisgarh.
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
Roelant Oltmans and Terry Walsh's participation as coaches in the upcoming Hockey India League is finally over after HI secretary general Narinder Batra said that the duo will not get paid by the government body during the one-month period of the franchise-based league.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
The Duncans Goenka group is in a spot of bother over the death of workers and non-payment of dues to employees.
LCD displays could be produced in India in the near future.
For debt-laden companies, asset sales is an obvious solution.
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
