The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
Swiss building material major Holcim has said its $6.38 billion deal with Asia's richest man Gautam Adani's group is tax-free. Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India -- about a 63 per cent stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48 per cent is direct shareholding). "So, according to our analysis, it is a tax-free transaction," Holcim CEO Jan Jenisch said while addressing investors after the deal on Monday." When asked about the tax implications, he said: "Never know if any complication arises, but we assume that we will get the 6.4 billion Swiss Francs as net proceeds." As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion ($6.38 billion).
The order was passed with dissent by two members, and four members feeling that there had been abuse of the search engine's dominant position.
Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL). RIL will open most of the 200 Future Retail stores as Reliance stores in the next week and it is in the process of taking stock, re-branding, and transferring 30,000 Future Retail and Future Lifestyle employees on to the rolls of its manpower and staffing firm Reliance SMSL, according to a source. The first tranche of stores are set to be opened as early as in the next two days.
Future Retail and its promoters have filed appeals before the division bench of the Delhi high court challenging the order passed on Tuesday that dismissed the Group's petitions for termination of the Amazon arbitration. The Delhi high court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against Future Group's deal with Reliance, to take a decision on their application for terminating the arbitration proceedings before moving any further.
Both the NCLT and NCLAT are getting permanent heads after more than one-and-a-half years following the retirement of their respective incumbents.
CSK, LSG seek improvement in top-order batting after opening losses
Tendulkar inaugurated a gate named after the late former selection committee chairman at the Cricket Club of India (CCI) in Mumbai.
How Rishabh Pant performs as skipper will be watched with interest
The Board of Control for Cricket in India is "very unhappy" with Fair trade regulator Competition Commission of India's decision to impose a hefty penalty of Rs 52.24 crore for indulging in anti-competitive practices and is planning to seek legal recourse in this regard.
The Competition Commission on Wednesday imposed a fine of Rs 52.24 crore on the Board of Control for Cricket in India (BCCI) for anti-competitive practices with respect to the Indian Premier League.
A guilty verdict could impact Google's growth in India
Brabourne Stadium, the long-standing Test venue in Mumbai before the construction of the Wankhede Stadium, will play host to the Indian Premier League after a gap of three seasons when holders Mumbai Indians clash with Chennai Super Kings in the Eliminator match.
The number of cases being admitted and investigated by the Competition Commission of India has fallen drastically in recent years.
The CCI says that cement firms met regularly to fix prices, control market share and hold back supply.
CCI secretary Suresh Bafna said that India should not play a match against Pakistan in the forthcoming World Cup.
The probe follows a complaint by Sharavan Yadav, Amitsinh Tanwar and Lavmeet Katariya -- international volleyball players who have represented India in numerous tournaments, according to an order by the Competition Commission of India.
'She was not just a fan; she knew the game and could differentiate between a good cricketer and a great cricketer.'
Miffed MCA asks CoA for reasons for moving ODI to CCI
The IPL teams will start training in Mumbai from March 14 or 15 onwards for which five practice venues have been identified.
After a detailed scrutiny, fair trade watchdog CCI has suggested Sun Pharma and Ranbaxy to make certain changes in their proposed $4 billion merger deal, including possible divestment of some brands, to address anti-competitive concerns.
The Supreme Court on Thursday said it will hear on July 20 the Amazon plea against the Delhi high court verdict which stayed the directive by its single-judge and paved the way for the multi-billion dollar deal to amalgamate Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, K M Joseph and B R Gavai was informed by senior advocate Harish Salve, appearing for the Future group, that a Singapore tribunal will commence hearing on the issue from July 12 and requested that the proceedings on the appeals be adjourned for a week. Senior advocate Gopal Subramanian, appearing for the US-based e-commerce giant, said he had no problem if the hearing on the appeals was adjourned by a week, as they will be busy next week before the tribunal.
India is scheduled to play against Pakistan in their 2019 World Cup match in Manchester on June 16.
The year 2015 will be a tough year for mergers and acquisition.
Ever since the deal was announced of Walmart spending over $16 bn for a 77 per cent stake in Flipkart, the road to the takeover of India's biggest online marketplace has been quite bumpy
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
The automaker was found to have engaged in anti-competitive practices.
This is one of the rare cases where Google has been penalised for unfair business ways, even as it has been under probe in several countries.
The Competition Commission has approved online food delivery platform Zomato's proposed purchase of 9.3 per cent stake in online grocery shopping player Grofers India. Zomato, last month, said it has invested $100 million (around Rs 745 crore) for acquiring a minority stake in Grofers as the company looks to have more exposure to the online grocery segment. The recently-listed Zomato will acquire 9.3 per cent stake in Grofers India Pvt Ltd and Hands on Trades Pvt Ltd (HoT).
Google on Friday said it is deferring the deadline for developers in India to integrate with its Play billing system from March 2022 to October next year. In October last year, the company had announced March 31, 2022 as the deadline for developers in India to integrate with Play's billing system. A Google spokesperson on Friday said the extension has been done in view of the changes to India's recurring digital payments guidelines.
The case may drag for a few years, experts say, as CAIT and DVM have said they will appeal against the interim relief granted to Amazon.
In a letter to the Prime Minister, the Women of Big Bazaar SOS group said: "Future Retail and Reliance had entered into an arrangement through which Future's retail stores will continue to be operated by Reliance. Reliance has also committed to clear all debts and dues owed by Future Retail to suppliers and vendors."
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
The board has learnt from the harsh lessons of the 2021 edition when the tournament had to be suspended midway due to the raging pandemic and could only be completed in the UAE four months later.
While Amazon is expected to approach either Mumbai or Delhi high court to enforce the interim order of SIAC, the Future Group, too, is likely to challenge the order. Legal experts also expect the Reliance group to expedite the process for regulatory clearances in the deal.
The Maharashtra government on Monday cleared the decks for the IPL to take place in COVID-19 ravaged Mumbai, allowing teams to practice after 8pm IST and travel to their respective hotels during the night curfew that has been imposed across the state to contain the pandemic.
E-commerce major Amazon has moved the Supreme Court in a bid to block Future group's Rs 24,713-crore deal with Reliance, according to sources.
Digital India was the flavour of the PM's recent Silicon Valley visit.
CCI's ruling came on a complaint filed by Express Industry Council of India.
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