Edelweiss ARC, in a statement, denied that any undue pressure was brought to bear on Desai for loan recovery.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
UltraTech Cement's third quarter of financial year 2023-24 (Q3FY24) performance saw a combination of 6 per cent year-on-year (Y-o-Y) volume growth and 8 per cent revenue growth coupled with better realisations per tonne. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) stood at Rs 3,250 crore and Ebitda per tonne was Rs 1,191. Profit after tax (PAT) was reported at Rs 1,780 crore. Other income dipped and interest costs rose.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
Aviation regulator DGCA on Monday directed crisis-hit Go First to immediately stop bookings and sale of tickets directly or indirectly till further orders, according to a source. Besides, the watchdog has issued a show cause notice to the budget carrier under the relevant provisions of the Aircraft Rules, 1937, for its failure to continue the operation of the service in a safe, efficient and reliable manner, the source said. Earlier, the airline had suspended the sale of tickets till May 15 and has cancelled flights till May 12.
The petitioners had sought interim order of protection from any coercive action and for the probe to be stayed in the case pending the hearing of their pleas.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
The National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India's plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL). The tribunal rejected Amazon's objection to initiating insolvency proceedings against Future Retail. Admitting the lenders' plea, the NCLT appointed Vijay Kumar Iyar as the resolution professional for FRL.
IPO-bound hospitality major OYO has written to the Ministry of Tourism (MoT) requesting it to intervene and investigate the running of the Federation of Hotel and Restaurant Associations of India (FHRAI) and order eviction of erring executive committee members. The hotel aggregator urged the MoT to take necessary action against FHRAI's "illegally run" Executive Committee and its members who are working for self-interest instead of that of small hotel owners. The representation by OYO alleged that FHRAI's actions are detrimental to small hotel owners.
Zee Entertainment Enterprises Ltd on Wednesday said Culver Max Entertainment, formerly known as Sony Pictures Networks India, has agreed to discuss extending the date required to make their merger scheme effective, a day ahead of the deadline. A day after Sony Pictures Networks India (SPNI) stated that it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their proposed $10-billion merger, the Subhash Chandra family-promoted media firm said it has received a communication from Sony group for discussing an extension of the deal which was announced almost two years ago.
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
Both the NCLT and NCLAT are getting permanent heads after more than one-and-a-half years following the retirement of their respective incumbents.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
In a first, the government has made it mandatory for interested buyers of IDBI Bank to provide details for security clearance from the Ministry of Home Affairs (MHA) in the first stage of the bidding process. So far, in all instances of CPSE privatisation, the government would seek details regarding security clearance of the bidders at the second stage of the bidding process. This meant that bidders who qualified in the first or the Expression of Interest (EoI) round, were required to seek security clearance from the government while placing their financial bids.
ECL Finance Company MD and three officials were on Tuesday quizzed for nearly eight hours by the Raigad police in Maharashtra probing the alleged suicide of film art director Nitin Desai, an official said.
The financial creditor had approached district authorities in Raigad to take possession of ND Studio a few months ago.
The National Company Law Tribunal (NCLT) on Thursday gave crisis-hit Future Retail Ltd (FRL) time till May 12 to submit its reply to the insolvency petition filed against the company by Bank of India. Last week, Bank of India had moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. The NCLT hearing on Thursday also came against the backdrop of Reliance calling off its proposed Rs 24,713 crore-deal with Future Group after secured creditors voted against it.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India.
The National Company Law Tribunal (NCLT) on Tuesday allowed Kishore Biyani-led Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Ltd. A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the Future group companies, sources close to the development said. Confirming the development, a Future group firm through a regulatory filing informed that NCLT has passed an order, allowing the company to hold meetings of its shareholders and creditors to seek approval for the scheme.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
The National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of bankrupt-Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The latest rulings have come on two petitions filed by the consortium. One plea pertained to approval of transfer of ownership and the second one related to extension of time for the payment of dues to the creditors. Earlier, the tribunal had given time till November 16, 2022 for the consortium to make the payments to the creditors of the airline.
'We would love to have more players entering the market because that is how the business will grow.'
Aviation regulator DGCA will conduct an audit of Go First's preparedness before approving resumption of flights by the crisis-hit carrier, according to a communication. Cash-strapped Go First stopped flying from May 3 and is undergoing voluntary insolvency resolution proceedings. On Tuesday, a senior official at the Directorate General of Civil Aviation (DGCA) said the airline has submitted its response to the regulator's show cause notice indicating that it is working on the details of a plan to resume flights at the earliest.
After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
Stock exchanges NSE and BSE have freezed shares of promoters of Baba Ramdev-led Patanjali group firm Patanjali Foods, but the company said the decision will not have any impact on its functioning. Patanjali Foods Ltd, erstwhile Ruchi Soya Industries, on Thursday said the freezing of its promoters' shareholding in the company "will not have any impact" on its financial position and functioning of the company. On Thursday, Patanjali Foods Ltd (PFL) informed that leading bourses BSE and NSE had frozen shares of its 21 promoter entities, including Patanjali Ayurved for failing to meet minimum public shareholding norms.
Go First's lenders have agreed in principle to support the airline's request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline's resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline's committee of creditors (CoC).
Bankruptcy court NCLT on Tuesday allowed billionaire Anil Agarwal's Twin Star Technologies to take over Videocon Industries Ltd for about Rs 3,000 crore. Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time. A two-member Mumbai bench of the NCLT comprising members - H P Chaturvedi and Ravikumar Duraisamy - approved the resolution plan by Twin-Star Technologies.
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by an employee association of debt-ridden Jet Airways, challenging the sale of two floors of office space in Mumbai's business district of Bandra Kurla during the insolvency process of the grounded carrier. Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA had challenged the orders passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 11, 2021, allowing the sale of the office space for Rs 490 crore. The association had contended that the sale of BKC property, was not permissible under the Insolvency & Bankruptcy Code (IBC) as a moratorium was declared over the assets of the company after an order dated June 20, 2019.
The National Company Law Appellate Tribunal on Monday stayed industrialist Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-takeover bid of debt-ridden Videocon Industries. A two-member NCLAT bench headed by its Officiating Chairperson Justice A I S Cheema stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9. The National Company Law Appellate Tribunal's (NCLAT) direction came over two petitions filed by unsatisfied creditors -- Bank of Maharashtra and IFCI Ltd. The appellate tribunal has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy.
IndusInd Bank had moved NCLT claiming default of Rs 83.08 crore against the media & entertainment firm. The petition, to initiate insolvency proceedings against ZEEL, has been filed under section 7 of the Insolvency & Bankruptcy Code (IBC).
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share portions of the resolution plan pertaining to claims of employees with the airline's workmen. The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction has come on a plea filed by the association. The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock consortium's resolution plan in June 2021.
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the order of NCLT Mumbai directing the lenders of DHFL to consider the offer by the debt-ridden mortgage firm's erstwhile promoter Kapil Wadhawan. A vacation bench of NCLAT comprising Acting Chairman Justice A I S Cheema and Member Technical V P Singh stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On May 19, NCLT Mumbai had directed the settlement plan offered by Wadhawan to be considered by the lenders of DHFL, one of the lawyers engaged in the matter said.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh. NCLT, Principal Bench at New Delhi, in its order dated November 01, 2021, approved the resolution plan submitted by Adani Power Ltd for acquisition of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power stated in a BSE filing. EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh.
Jet Airways is seeing a churn in its senior management ahead of its planned take-off this year. Sudhir Gaur, accountable manager and acting chief executive officer, is the latest to quit the company. Finance head M Shivakumar and head of management information system (MIS) Farazad Patrawalla moved out a few weeks earlier. Gaur had been part of the initial team selected by the Kalrock-Jalan consortium, which secured approval from the National Company Law Tribunal (NCLT) last June to revive the airline.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances