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.
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
India's debt recovery and restructuring framework is still a work in progress, even six months after the President's assent to the Insolvency and Bankruptcy Code 2016.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
The Supreme Court Tuesday set aside three Delhi high court orders including the refusal to grant a stay on the final arbitral award which had restrained Future Retail Ltd from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and ordered fresh adjudication. In a major relief to Future group, a bench headed by Chief Justice N V Ramana also set aside the high court's order of February 2 last year, by which it had directed Future Retail Ltd (FRL) to maintain status quo in relation to the merger deal. The March 18 order of the high court, upholding the EA's award and imposing a cost of Rs 20 lakh on it as well as its directors, has also been set aside.
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
The recent 'revelation' by TN fishers freed by Sri Lanka after they had paid up Lankan rupees 50,000 each in fines, that their hair was tonsured in prison and they were forced to remove their garments other than the underpants, and were also made to clean toilets, as if with vengeance, has touched a raw nerve this time, just as another issue or issues had done it ahead of the Jallikattu protests, observes N Sathiya Moorthy.
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.
'By not only decriminalising routine business failures, but by ensuring that institutional lending and corporate rescue frameworks are strengthened via the IBC, the prime minister has ensured there is no room anymore for the proverbial 'reckless, prodigal debtor',' notes Sanju Verma.
The Supreme Court Monday stayed the ongoing proceedings before the Delhi high court in the case related to the amalgamation of Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, B R Gavai and Hrishikesh Roy posted the matter for hearing on May 4 and directed that all pleadings be completed in the matter. Amazon had moved the apex court on April 8 challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Its association with India is over 70 years old and spans both civil and military aviation. The Douglas DC-3 transport aircraft used by the air force beginning the 1940s and the iconic Boeing 747 aircraft flown by Air India, both had Pratt & Whitney (P&W) engines. The Indian Air Force's present-day, heavy-lift C-17 Globemaster III and the yet-to-be-inducted C-295 planes, too, have P&W power plants.
As even bigger road construction players are not willing to bet on BOT projects., NHAI will have to rethink its thrust on the BOT model.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices over the petition filed by e-commerce major Amazon, challenging a recent order passed by the fair trade regulator CCI that suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). The appellate tribunal has directed the Competition Commission of India (CCI) and FCPL to file their reply in next 10 days and Amazon to file a rejoinder over it. It has directed to list the matter on February 2, for next hearing.
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
PE funds say they have enough money to buy two or three of the indebted companies and the issue is not cash but the management bandwidth to turn them around.
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
The momentum created by the landslide victory of the ruling party should be utilised to carry forward reforms in the legal field, says M J Antony.
Aircel executives said the company could offer value to big boys like Airtel or Jio as a low-end mobile services brand
The row over premature retirement of former NCLAT Chairperson Justice Ashok Iqbal Singh Cheema ended in the Supreme Court on Thursday as the Centre conceded, permitting him to continue in office till September 20 to pronounce verdicts.
NuPower will return loan with interest to consumer durables major by 2021
Reliance Retail's shareholders will get one share of its listed parent, Reliance Industries, in exchange for every four shares, according to the scheme of arrangement.
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.
The green tribunal has diminished itself in growling when it needed to bite at the Art of Living show
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
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
Lenders say settlements will cross over 100 accounts in the March quarter.
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
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.
The order, a "negative" overall, will be a short term positive for corporate focused state-run and private lenders because of the possibility of delaying incremental stressed asset recognition.
The $8.5 billion TVS Group received final approval for a family resettlement on February 4 from the National Company Law Tribunal (NCLT). It is an arrangement that is noteworthy because unlike many other corporate settlements this one was sorted out amicably and without any open conflicts.
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.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
