With the Supreme Court turning down Google's plea for a stay on the CCI order, the tech giant on Friday said it is reviewing the details of the decision which is limited to interim relief and did not decide the merits of the appeal. The company said it remains committed to users and partners and "will cooperate with the CCI on the way forward in parallel with our appeal." In a setback to Google, the Supreme Court on Thursday endorsed the order of the National Company Law Appellate Tribunal (NCLAT) declining to grant an interim stay on the imposition of Rs 1,337 crore penalty on the US tech major by the competition regulator for allegedly abusing its dominant position in the Android mobile device ecosystem.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
As spending on infrastructure has three times the desired impact, the government's Rs 111 trillion National Infrastructure Pipeline should be accelerated: Assocham president, Vineet Aggarwal
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.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
Close to a million small shareholders have stake in nine NCLT-bound companies
The government will use the Supreme Court order calling the 2005 deal between ISRO's commercial arm Antrix and privately-owned Devas Multimedia a fraud, to counter seizure of its properties, Finance Minister Nirmala Sitharaman said on Tuesday as she launched a blistering attack on the Congress for handing over airwaves used by the defence to the private firm for pittance. "It is a fraud of Congress, by Congress (and) for Congress," the minister told reporters as she read out paragraphs from the Supreme Court's January 17 decision allowing winding up of Devas Multimedia because of the fraud.
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
A Siliguri-based hotelier has challenged a National Company Law Appellate Tribunal (NCLAT) ruling that closed insolvency proceedings against OYO and one of its units, in the Supreme Court. The hearing is scheduled for September 13 before a two-judge Bench. Oyo did not immediately respond to a request for comment.
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
A total of 4,452 cases have been disposed at pre-admission stage and 66 have been resolved after adjudication. 260 cases have been ordered for liquidation.
Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed on multi-conglomerate ITC by fair trade regulator CCI for not notifying for the acquisition of brands 'Savlon' and 'Shower to Shower' in 2017. ITC had 2017 acquired the antiseptic brand Savlon and the personal care product brand Shower To Shower from Johnson & Johnson Private. The Competition Commission of India (CCI) had on December 11, 2017, imposed a fine of Rs 5 lakh on ITC for alleged failure to give notice under sub-section 2 of Section 6 of the Competition Act.
Piramal Enterprises on Friday claimed that its bid for resolution of debt-ridden mortgage lender DHFL is highest and fully compliant with regulatory norms. Since the conclusion of the fifth and final round of the bidding process last month, Piramal Enterprises and the US-based Oaktree Capital are claiming that their bids are the highest and fully implementable. According to sources, suitors have submitted bids in the range of Rs 35,000-37,000 crore.
Before the pandemic hit the world and led to shutdowns, the company had received nearly half a dozen offers. But bidders are now withdrawing. They want to reassess the situation. They want to conserve cash and avoid acquisition.
Valli Arunachalam had alleged that the group promoters have a gender bias against women getting into the family business and, hence, she and her sister were denied a berth on AIL's board.
When powers vested by the Finance Bill 2017 begin to get mildly used, fellow Indians living in the corporate bubble will get a faint whiff of what life can be like when you run a grocery store in the streets of Kashmir or the North East.
According to experts by making CSR spending mandatory, the government has made it into a statutory due like tax but with none of its democratic quality.
Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
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.
Slapped with a second hefty fine for anti-competitive practices, Google India on Wednesday said it remains committed to users and developers and is reviewing the antitrust body's order to evaluate next steps. The Competition Commission of India (CCI) on Tuesday slapped a Rs 936 crore fine on Google for "abusing" its dominant position on its Android mobile app store and ordered it not to prevent app developers from using third-party billing or payment processing services in India. That penalty came just days after a Rs 1,337.76 crore fine was imposed on it for abusing the dominant position of its Android smartphone operating system. Commenting on Tuesday's CCI order, a Google India spokesperson said Indian app developers have benefited from the technology, security, consumer protection, choice and flexibility that Android and Google Play provide.
In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward
With just a few days left for the suspension on fresh corporate insolvency cases to end, government sources have indicated that another extension is unlikely. An extension may not be economically desirable as it hampers the restructuring prospects for stressed companies, according to senior officials. Also, it would be a challenge to amend the law in such a short time. A Bill would have to be passed in both Houses of Parliament, if any change, with respect to suspension of Insolvency and Bankruptcy Code (IBC), is to be made - including extension or creating any exceptions to the rule.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
Tata group-owned AirAsia India's inability to get approval for international flights is hurting UDAN, the Indian government's regional air connectivity project that also aims to link cities in Northeast India and Odisha to places abroad. Sources said the civil aviation ministry is waiting for the low-cost airline to come under the full ownership of Tata Sons and become part of Air India, the former state-owned carrier now owned by the private conglomerate, before allowing it to operate international flights. Tata owns 84 per cent stake in AirAsia India and it is understood that the group will complete the process of buying rest of the stake by July's end.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
The Delhi high court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.
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.
The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy.
The provisions in the FRDI bill do not modify current protections for depositors adversely at all, the ministry held, maintaining that these rather provide additional protections in a more transparent manner.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
