The company said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact".
Argentina striker Lionel Messi will leave Barcelona despite both parties having reached an agreement over a new contract, the La Liga club said on Thursday, citing economic and structural obstacles to the renewal of deal.
'We do realise it is time to have a larger ambition.'
The four labour codes will not come into effect from April 1 as states are yet to finalise the relevant rules, which means that there will be no change in take home pay of employees and provident fund liability of companies for now. Once the wages code comes into force, there will be significant changes in the way basic pay and provident fund of employees are calculated. The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021. The ministry had even finalised the rules under the four codes.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under Corporate Insolvency Resolution Process.
Oyo has recently undergone large-scale corporate restructuring, setting up several subsidiaries and bifurcating operations globally.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
The broad contours of their assignment are expected to be making independent assessment of recovery prospects, and estimating haircuts for restructuring cases.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
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.
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 government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Banks to get more aggressive and act like PE investors
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
Besides their country of origin, General Motors, Ford Motor and Harley-Davidson have another trait in common: all three have failed in India, the world's fifth largest automobile market. All three of them took a tough call to de-prioritise India as a market amid disruption from heightened regulations and sharper focus on capital allocation by the parent.
With the O2C business outlook on the mend, the Street is also looking forward to news on RIL's proposal to sell up to 20 per cent of the O2C business to a strategic investor like Saudi Aramco.
Crisil Ratings on Wednesday said a broad-based recovery is on for India Inc currently, and upgraded its credit quality outlook to 'positive' from the earlier 'cautiously optimistic'. The rating agency said the credit ratio, which illustrates the number of upgrades to downgrades, rose to over 2.5 times in the first four months of the fiscal, as compared to 1.33 times in the second half of FY21, it said in a statement. The rating agency said it has also done a study of 43 sectors, excluding the financial sector, accounting for 75 per cent of the overall Rs 36 lakh crore in outstanding debt, which shows that the current recovery is broad-based.
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.
Business failures rise when growth declines. When Indian growth slowed in the last decade, defaults increased. This is the normal working of the market economy, points out Ajay Shah.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
With the Supreme Court not getting into the valuation part and leaving it to the two parties, lawyers said there was nothing much for Mistry Group to negotiate.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Though this is part of the divestment drive, government's stake in these companies remains 100 per cent even after the buybacks
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.
Government may also consider giving relief to some of the worst-affected sectors.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
RBI governor Raghuram Rajan said, banks may be soon allowed to increase stake above the current cap of 10 per cent in companies undergoing debt restructuring.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
From a 15-16-level hierarchy, the organisation is moving to a flat five-level hierarchy.
TCS is undertaking a significant performance-related restructuring of its workforce
Amazon provided mere "lip service" and failed to provide any help to the debt-laden Future Group as the retail major suffered massive setback amid the COVID-induced lockdown and faced possible insolvency or debt restructuring, Future Group's promoters said in a letter to the e-commerce giant. This is the first time Future Group promoters have written to Amazon after the parties were embroiled in a legal battle over the sale of Future's retail assets to Reliance Industries. The letter from the promoters, including Kishore Biyani, was written on December 31. It alleged that Amazon's actions "lacked good faith" during the March to August period, when the group's retail business was severely hit by the lockdown.
Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said. In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is "very unclear and uncertain" and the impact of this crisis is "definitely going to be long-drawn for us".
The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets, ahead of the national airline's takeover by the Tata Group. The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore. The Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. The cash component of the deal would come once the handover process is completed. The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
A week after violence broke out at its Narasapura facility in Karnataka, contract manufacturer Wistron on Saturday said it has fired its vice-president who was heading India operations even as iPhone maker Apple placed the Taiwanese firm on probation. Wistron, which assembles the latest version of the iPhone SE at the violence-hit plant, admitted that there were faults in its wage payment processes. A section of workers at Wistron Corporation's facility in Narasapura Industrial Area in Kolar district near Bengaluru went on rampage last week over non-payment of their wages.
On a full year basis, the airline made a loss of Rs 934.8 crore. The company has incurred a net loss during the current and previous year and, the its current liabilities exceeded its current assets
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