Multiple agencies to probe, regulatory crackdown on more companies expected.
The Ministry of Corporate Affairs has asked the Department of Telecommunications to reconsider its decision to issue Mumbai-based Loop Telecom an all-India mobile services licence, suggesting the company had links with Essar Group that violate restrictions on telecom cross-holdings by groups.
He went on to explain that it is standard practice for developers to have development agreements under which the land-owner cannot sell his land to any other entity or individual.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
IOC owns about 74 per cent in BRPL and the merger would be effective on Wednesday, the company said in a statement to the Bombay Stock Exchange. Shareholders of BRPL will get four shares of IOC for every 37 shares they held.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
This is being done keeping in mind the urgency of these transactions, and it would help the ongoing insolvency cases, including the 12 accounts referred by RBI to banks.
Promoter says he sold a third of his firm to deliver Rs 251 handset.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
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