When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
Ballooning debt forces more and more Indian promoters to sell out to global majors and PE players.
Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the Rs 24,713 crore deal with Reliance, Biyani in an interview with PTI said the US giant's 2019 investment in Future Coupons Pvt Ltd (FCPL) -- Future Retail's parent -- was for coupon and gifting business only and the same could continue post-retail assets going to Reliance. He hoped to complete the deal with Reliance within two months of Sebi approval.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
Wilful defaulters, responsible for non-performing assets for over a year, would be prohibited from taking over an insolvent company.
The NSE Nifty gained 77.85 points, or 0.71 per cent, to finish at 11,008.30. Intra-day, it shuttled between 10,821.55 and 11,035.65.
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.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Supreme Court had asked the government to issue RCom a NoC for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 1,400 crore
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
Over the last few days, as the fortunes of Thomas Cook Plc took a wrong turn, the Indian entity scrambled to distance itself from its erstwhile parent. Experts have said that the travel firm must not change its brand name.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
Lenders send 'SOS' to the finance ministry on the tardy decision making and pile-up of cases at the Debt Recovery Tribunals and its appellate forum the Debt Recovery Appellate Tribunal.
While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
With the addition of 4,000 employees, the RCom staff strength is estimated to rise to 9,500
Rajan said that while there were talks about Jan Dhan, it was difficult to target transfers to people through this tool. Jan Dhan, he said, does not really work as advertised.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
The first hurdle is how long Jet Airways can enjoy rights over its parking slots at various airports.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
43 McDonald's outlets in New Delhi-National Capital Region were forced to down shutters following lapse of their eating-out or health licences in June.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
The agenda for the year 2020 is well laid out -- launch of UDAY 2.0, installation of smart pre-paid metres, prompt payment by discoms, making coal available for short term and reviving gas based plants. But, it has to ensure effective implementation of various policy tweaks done so far.
NuPower will return loan with interest to consumer durables major by 2021
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
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.
While the basic premise and spirit of the Code will remain the same, the commas and the full-stops in the draft report being prepared by a high-level committee will make interpretation of the law simpler
India's telecom sector has been through dizzying peaks, troughs, policy U-turns, court battles, brutal competition, and daily controversies. India could go back to a private sector duopoly with just Reliance Jio and Bharti Airtel surviving the mayhem. The third player, Vodafone Idea, could be history.
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
Another reason working in Air India's favour now is the government's plan to clean up part of the airline's burgeoning debt from its books - a major deterrent for investors when it attempted divestment the previous time.
The code says the process is intended to balance the interests of all stakeholders and the resolution plan is also required to make a statement as to how it has dealt with these interests.
While sale of residential properties increased only marginally despite plethora of steps taken by the government through the year, office space leasing rose 40 per cent to touch an all-time high of 46.5 million sq ft -- a trend that drew investors to lap up India's first Real Estate Investment Trust at an issue size of nearly Rs 5,000 crore.
Google has also come under the scanner of competition watchdogs in other countries as well.
The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision
