Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
Former finance head Bansal, who left Infosys in 2015, has gone for arbitration over severance pay
Russian figure skater Kamila Valieva will be allowed to compete in the women's singles in figure skating at the Beijing Olympics after a decision by sport's top court on Monday.
Pakistan batsman Umar Akmal on Saturday claimed that he did not report to Pakistan Cricket Board about the spot-fixing approach made to him which led to his ban last year as he thought the information would not remain confidential.
"The athlete has challenged the imposition of the provisional suspension and the case has been referred to the Court of Arbitration for Sport - Anti-Doping Division," the ITA said.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
"We are capable of properly resolving the issues between us through dialogue and consultation. We do not need the intervention of the third party", he said.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
The Indian State's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, observes T N Ninan.
Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
Amazon has moved the Supreme Court 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. Amazon, in the petition, sought a stay on the March 22 order of the division bench, terming it "illegal", "random", "inequitable and unfair". On March 22, a division bench of the Delhi high court had granted Future a reprieve from a March 18 single-judge order that restrained it from taking any steps to sell assets to Reliance.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
WADA on Friday was thrust into the spotlight at the Beijing Olympics Kamila Valieva tested positive
Khokar gave his verdict on an appeal filed by Umar against the three-year ban imposed on him in April by the Disciplinary Panel of the board after a couple of hearings.
Save for Quinton de Kock, who has retired from Test cricket and will play for Lucknow Super Giants, there is no certainty on whether Proteas pace attack of Kagiso Rabada (Punjab Kings), Nortje (DC), Marco Jansen (Sunrisers Hyderabad), Lungi Ngidi (DC) will be available before the Test series against Bangladesh ends.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Maran had sought attachment of SpiceJet promoter Ajay Singh's shares by an administrator unless the payment was made.
The International Weightlifting Federation said in a statement that the two countries' lifters shall not compete at the Tokyo Games, regardless of the change of date. The Thai and Malaysian federations can appeal the IWF ruling to the Court of Arbitration for Sport (CAS) within 21 days.
The government on Wednesday cleared two ordinances for speedy settlement of commercial disputes in the country, giving a fresh impetus to ease of doing business.
RIL has denied knowingly producing any gas from the ONGC block
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
A three-day hearing of the Court of Arbitration for Sport (CAS), held over video-conference, concluded on Wednesday and the Lausanne-based court said they would now begin deliberations.
Denis Oswald, the International Olympic Committee's permanent chair of the disciplinary commission, said Valieva claimed there was a mix-up at a Court of Arbitration for Sport (CAS) hearing into whether she should be allowed to continue competing.
China's top swimmer Sun Yang questioned the credentials of the testers before members of his entourage smashed vials containing his blood samples with a hammer. His eight-year ban rules him out of this year's Tokyo Games
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.
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
Valieva failed the test collected at the Russian national championships on Dec. 25
The Australian High Commissioner had said Australia remains deeply concerned by Chinese actions in the South China Sea that are 'destabilising and could provoke escalation'. In a tweet, the Chinese envoy took objection to his remarks and said they were made 'disregarding facts'.
An appeal by former FIFA president Sepp Blatter against a six-year ban from all soccer-related activities will be heard at the Court of Arbitration for Sport (CAS) on August 25, CAS said on its website on Friday.
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
Taking note of a plea by some fishermen seeking compensation, the Supreme Court on Thursday directed the Kerala high court not to disburse any amount from the Rs 2 crore earmarked for the owner of fishing boat St Antony in which two fishermen were killed by Italian marines in 2012.
The report noted that the 2007 UPA deal included a 15 per cent bank guarantee against advance payments.
India accused the two Italian marines on board the MV Enrica Lexie, an Italian flagged oil tanker, of shooting dead two Indian fishermen off the Kerala coast on February 15, 2012.
The Tatas have the know-how to quickly close deals which can otherwise get caught in legal wrangle. In 2018, on the day the National Company Law Tribunal declared Tata Steel as the winner of the bid for bankrupt Bhushan Steel, Bhushan promoter Neeraj Singhal was planning to file for a stay order. He did get the case listed for the following day, but the judge did not admit it, deferring it until the following week. The Tatas used the narrow window of 48 hours to close the deal and take control of the company.
It further said that the Arbitral Tribunal has decided that Italy and India each shall report to it on 'compliance with these provisional measures and authorises the President to seek information from the parties if no such report is submitted within three months from the date of this order and thereafter as he may consider appropriate'.
Italy in March had asked the PCA judges to order India to release its detained marine Girone, saying otherwise he risks four more years in India without any charges being made which would amount to 'grave violation of his human rights'.
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