The Securities and Exchange Board of India (Sebi) has said that shares of companies in which at least 50 per cent non-promoter holding is not in the demat form will be included in the trade-for-trade (TFT) segment.
It is not clear at this stage whether Tata will take up the government's offer of taking a 25 per cent stake in the business.
In March 2020, soon after the cessation of airline operations globally and domestic flights within India, many in the aviation sector had written Delhi-headquartered low-fare airline SpiceJet's obituary well before that of most of its rivals. Unlike IndiGo, GoAir (now rechristened Go First), Vistara and even AirAsia India, SpiceJet did not have founders or backers with deep pockets. Although it is the only other listed carrier in India besides IndiGo, it was considered the weakest and the least likely to survive the pandemic. But chairman and managing director Ajay Singh surprised everyone by not only surviving but taking the lead on many fronts. Within a few weeks of the scheduled flight stoppage, SpiceJet was doing as many charter flights as it could get hold of.
Earlier this month, Parliament approved the Insolvency and Bankruptcy Code, 2016.
'It may sound like sacrilege, but does it really matter if the global raters downgrade India for fiscal slippage?' asks Tamal Bandyopadhyay.
Looking to monetise assets not in Reliance Capital's core area of business.
The minister said it was important to have a flag carrier.
JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward
The $306-million investment in Ola Electric Mobility by SoftBank Corp, Arun Sarin Family, Ratan Tata and Matrix has been the biggest funding in this space in value terms this year.
'In South Asia, unlike Southeast, East, or Central Asia, there is a natural hegemon: India. China cannot cast it aside easily'
Drug major Wockhardt today joined the growing list of Indian companies to be referred to the Corporate Debt Restructuring (CDR) mechanism, a system to deal with cases in which multiple lenders are involved.
If credit card delinquency spells trouble, there may be questions with regard to the much bigger retail sub-categories of car and housing loans, notes T N Ninan.
The earlier deadline given for a Corporate Debt Restructuring scheme was July 31. According a senior counsel who is close to the development, Cash and Carry has requested for a meeting with secured and unsecured creditors to work out the compromise. C&C was a firm promoted by R Subramanian, promoter and managing director of Subhiksha. Subramanian was not available for a comment and he did not respond to an e-mail sent by Business Standard.
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
Sources said the company had already secured the required funds for payments due during the current year and might wait for higher valuations for assets that were on the block. Under the CDR, Wockhardt has to divest its non-core assets at an estimated value of Rs 790 crore (Rs 7.9 billion), but the company has been given six years to complete the transaction.
The code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the government
The retail arm of the Tatas is closing stores in its loss-making value fashion format, Fashion Yatra, and is reworking its operations in Sisley brand.
The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
The downsizing is a direct fall-out of the slowdown in the business and the promoter's plan to sell stake in the life insurance business.
Currently, the company employs about 219,000 people worldwide.
Global telecom equipment maker Alcatel Lucent (ALU) on Thursday said it will reduce headcount by 5,000 globally and exit or restructure non-profitable markets to save Euro 1.25 billion by the end of 2013.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
Internet major Yahoo Inc's chief technology officer has expressed his inclination to resign, the company revealed in a US Securities and Exchange Commission filing on May 30.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
Manufacture will soon be stopped at Bangalore and Tumkur in Karnataka and Ranibagh in Uttarakhand.
The company has moved majority of its research, application development and support services to India.
In a development considered an offshoot of the ongoing restructuring at Infosys, Aditya Nath Jha, a company veteran heading branding and corporate marketing, has resigned.
But earnings of main private holding firm get a booster dose from RIL dividend
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
Prabhu-led advisory group also suggests JVs with mining and infra firms.
Letter to corporate affairs ministry cites slowing economy, capital challenges.
The difficult period created by some "legacy issues" are over.
Jaitley's tenure as defence minister saw clearance of a number of big ticket reform measures and simplification of military acquisition process.
Tata Tea has started a fresh awareness campaign to allay workers' apprehensions about restructuring of North India Plantation Operations.
There are good reasons to believe that India is at the start of a long period of growth for equities.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
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