'When Etihad initiated their bid, it was conditional.' 'They said only if someone takes a 'haircut' would they be interested.'
A Russian fund submitted its interest to the resolution professional on February 14 and also hired a consultancy firm to help them with the bidding process.
If Vodafone Idea shuts, a bulk of the high-paying ARPU customers will move to Airtel as Reliance Jio does not have a comprehensive postpaid offering like it, and have aggressively preferred to play in the prepaid market. The bulk of Vodafone Idea customers use 2G phones and only a few of them use data. It will be easier for Airtel to woo these customers as they can shift seamlessly to its 2G network without changing handsets or even SIM cards,
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
The bills, including some key finance legislations, were passed during the course of a few hours in the post-lunch period.
In this interview with rediff.com's Sahim Salim, Advocate M L Sharma says that he is not against an effective Lokpal bill, but that he is against the inclusion of five members, who by "no stretch of imagination represent the public."
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
Explore the map to see and compare different countries' Doing Business Index in 2015.
India's rank inched up by just one position to 130 in last year's Doing Business Survey by the World Bank.
What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
'The recalculated ranking showed India should have had a higher ranking earlier (113 in 2012 instead of 132) and lower ranking later (114 in 2018 instead of 100).' 'This would mean that there has been no change in India's climate of doing business across two regimes.' 'This is exactly consistent with the reality on the ground,' observes Debashis Basu.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
'One of the ways to do that is to ensure that NBFCs have got liquidity.' 'If we don't do that, this mood of gloom will continue.' NBFCs need to be provided with liquidity if they have to start lending.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
Chartered accountant and Sebi registered investment advisor, Harsh Vardhan Roongta, answers your home loan queries
Jet has been operating on international routes since 2004, being the first private airline to do so in decades, after it launched a Chennai-Colombo service in March that year.
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.
Analysts said even though the Indian economy is expected to slow down to 7.2 per cent in fiscal 2020, it is still the best bet for investment for foreign investors.
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions.
"The fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years," Jaitley said in a Facebook post.
The initiation of IBC proceedings in respect of a debtor has certain drastic consequences on both day-to-day running of the business of a debtor and on all creditors generally.
Bank, bankruptcy reforms, Nabard Bill amendment on agenda.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
Deposit amount can equal investor's stake, won't impact his holding as it is a loan
The department of economic affairs is said to be in discussions with various probe agencies, including the income tax department and the Enforcement Directorate, and bankers in drafting the final rules.
'A balanced head plus heart approach would be a full opening up of the economy including manufacturing and internal travel in the country but excluding COVID-19 hotspots,' recommends Jaimini Bhagwati.
The statement, issued after the 2-day meeting of the 6-member Monetary Policy Committee of the Reserve Bank of India, also said that recapitalisation of public sector banks along with resolution of stressed assets under the Insolvency and Bankruptcy Code (IBC) will create demand for fresh investments.
With the addition of 4,000 employees, the RCom staff strength is estimated to rise to 9,500
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Usually, the chair in the Upper House reads out obituary references before members rise as a mark of respect to the memory of the departed.
Rera's implementation is patchy across states, and the powers of the regulator to enforce its orders are also limited.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
