Singapore-based e-commerce platform Shopee - that launched in India only in December 2021 - has decided to close operations in the country. The official reason given by Shopee, which is controlled by NYSE-listed Sea Ltd, is changing global sentiments. In a statement, it said, "In view of the global market uncertainties, we have decided to close risks of our early-stage Shopee India initiative." The e-commerce platform has been hit by growing opposition from trade associations led by Praveen Khandelwal as well as homegrown social commerce start-ups.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
Demerging print and TV news businesses will allow for separate investment by interested players.
The new board will have to provide the NCLT a road map for turning around the company by October 31, which, Kotak said, is challenging, given that the company's issues represent a "moving target"
Enactment of Insolvency and Bankruptcy Code has been instrumental in pushing up India's ranking in the 'Doing Business' report
It is a reinforcement of the principles and forthrightness that prevails in our judicial system, which should make all of us proud of our country and its democracy.
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
Hudco had in 2006 given a loan of Rs 62.38 crore to Bakshi's private venture, Ascot Hotels and Resorts, for a commercial project in Noida. The loan, however, turned NPA in 2011.
Google has termed as "tainted" the investigations done against it by CCI, contending that the two informants on whose complaint the fair trade regulator has initiated the enquiry were working at the same office that was investigating the tech major. This was "against the principles of natural justice", Google said in the petition filed before the National Company Law Appellate Tribunal (NCLAT), adding the Competition Commission of India (CCI) should have refrained from initiating an investigation based on a complaint filed by their own employees. "At the very least, the Commission could have debarred the Informants from working in the DG office while the investigation was ongoing, to ensure that the investigating officer was able to impartially assess the case without any influence, such that no concerns could arise on the independence of the investigation," said Google.
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
Among all the geographies where Amazon is fighting regulators, India is the only place where its lines are also tangled in a major corporate battle, this one with India's largest company by market capitalisation over the acquisition of Mumbai-based Future Group's retail chain, the country's second largest. No other corporate entity in any country offers a challenge to Amazon's hegemony in a way Reliance Industries does - and the final hearing of an arbitration case filed at the Singapore International Arbitration Centre between the two may decide at least some of these issues. This legal battle between one of the world's most powerful corporations and one of India's most powerful conglomerates could be complicated by a host of other developments.
'Power is always transitory, and you should be the same person whether you have it or not,' the head of the number one law firm in India tells Pavan Lall.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
'Bottomline, hairline and waistline -- you have to watch them always.'
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels.
The government appears serious about its intent to do away with the sore points in the taxation laws.
There were more than three losers against every gainer on BSE
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
The framework also envisages amendments to the Prevention of Corruption Act to exempt commercial decisions by PSBs from scrutiny by investigating agencies. Both the amendments are likely in the monsoon session of Parliament.
13 eminent economists, including former RBI governor Raghuram Rajan and current International Monetary Fund Chief Economist Gita Gopinath, in a report have asked the political establishment not to resort to populist tricks.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
Reliance Jio to take over mobile business assets of troubled RCom at an estimated value of Rs 24,000-Rs 25,000 crore.
Top gainers in the Sensex pack included Vedanta, Coal India, ICICI Bank, PowerGrid, HCL Tech and Bajaj Finance, rising up to 2.65 per cent.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
If tweets can do so much, why do we need an independent regulator and multiple committees discuss and recommend policy?
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
China Development Bank takes Reliance Communications to NCLT over loan default
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
PNB Housing Finance on Wednesday said it will disclose the outcome of shareholders' meeting held a day earlier -- on Rs 4,000 crore capital infusion led by Carlyle Group -- in accordance with the order of the Securities Appellate Tribunal next month. The company moved the tribunal on Monday after the capital markets regulator asked it on June 18 not to go ahead with the proposed capital raise plan by allotting preference shares to the investors until it carried out a valuation of shares from an independent registered valuer. The SAT in an order dated June 21 allowed the company to go ahead with the EGM, but restricted it not to announce the voting results by the shareholders, as the matter is pending before the court.
Besides launching 50 products with a refreshed logo, Britannia to issue bonus debentures of Rs 720 crore
Unlike Israeli company NSO, whose sale of Pegasus cyber tech grabbed worldwide attention, and other manufacturers of offensive-cyber products, Cellebrite operates in a grey area between security exports and civilian ones.
Thousands of homeowners across housing projects owned by Jaypee Infratech and the Amrapali Group are running out of options. Jaypee Infratech and Amrapali are among the 12 big corporate loan defaulters against which the RBI has ordered initiation of insolvency proceedings.
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.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
