Businesses coming to terms with Ind-AS (Indian Accounting Standards) implementation, GST can do without further uncertainty and costs, say N Sundaresha Subramanian & Sudipto Dey.
'When a company goes into insolvency, by definition it means that existing shareholders have been wiped out.'
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
The amount of loans that carry a high risk of slippage into the NPA category over the next few quarters is about Rs 2.8 trillion.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
As and when Jet Airways applies for slots, these would be allocated among all airlines according to guidelines, without any claim of historicity in favour of any airline. Slots would be given to Jet only from the available remaining pool.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return $1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts in nine countries to enforce its $1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax. Of these, the December 21 award from a three-member tribunal at the Permanent Court of Arbitration in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France, three people with knowledge of the matter said.
Default in payment of royalties to McDonald's India for nearly two years was the key reason behind the fast-food chain's decision to terminate franchise agreement
The first of a two-part series explores how the proceedings under the IBC have taken off and whether the code is helping banks recover their unpaid loans
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
Bad loans continue to originate mainly from state-owned banks, where the top management's responsibility is not linked to career prospects nor has legal consequences, says Debashis Basu.
Google abusing dominance in online web search, watchdog said; Matrimony.com complaining the search giant had got off too lightly
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
The total quantum of non-performing assets in the Indian banking system increased to Rs 7.33 trillion as of June 2017, from Rs 2.75 trillion in March 2015.
Even though the powers of the board of directors stand suspended once a company's insolvency process begins, it does not absolve the directors from actions taken up to two years earlier.
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 buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
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.
With this, India joins 60 other countries that collect PNR details of international passengers.
As NCLAT chair, lack of basic infrastructure remains Justice Mukhopadhaya's biggest challenge. The lack of permanent staff to take down orders in shorthand and later type them out for him to correct is just one among many. In cases where there are a number of intervening parties and applicants, the courtroom is often so jam-packed that even the senior advocates have failed to find place inside.
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.
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
N Sundaresha Subramanian, Karan Choudhury and Shreya Jai report on the sorry condition of homebuyers who invested in Jaypee Infratech and the Amrapali group's Noida-based projects.
The government will come out with proposed modalities and terms of references for setting up grievance appellate committees to address social media users' complaints in the next 10-12 days, and expects the panel to be in place by November 30, Union Minister Rajeev Chandrasekhar said on Tuesday.
While smart boys like the Ruias of Essar, Ajay Piramal, Max India promoter Analjit Singh laughed all the way to the bank, the Tatas, Anil Ambani, Malaysian tycoon T Ananda Krishna of Maxis (which invested in Aircel), Sistema, and Norway's Telenor burnt their fingers, notes Surajeet Das Gupta.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Looking beyond the lesser penalty regime, in its 10th year of existence, the CCI needs more branches, according to experts
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
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