Edtech major Think and Learn, which operates under Byju's brand name, is learnt to have received a commitment of $300 million from investors for its ongoing rights issue which will close by the end of February, sources aware of the development said. Byju's floated a rights issue in January to raise $200 million at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion. Sources also shared that Byju's has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial results for the 2023 fiscal.
A special bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax.
As many as 5,532 complaints were received by the regulator in January, an 80 per cent increase over the number of complaints filed in the previous month.
The delay in deciding the disqualification petitions against Chief Minister Eknath Shinde and Shiv Sena MLAs loyal to him Friday came under strict scrutiny by the Supreme Court which came down hard on the Maharashtra assembly speaker, saying the proceedings cannot be a 'charade' and he cannot defeat its orders.
Khan also insisted on protecting 'Form 45' to guard the people's mandate and expressed confidence over his victory, saying, "no force can defeat an idea whose time has come."
The South African, 32, approached the France-based court in February, 2021 after losing appeals to CAS, sport's highest court, and another plea to the Swiss Federal Tribunal (SFT) in a long-running legal battle against the regulations.
Marlon Samuels was found guilty of breaching the Emirates Cricket Board (ECB) Anti-Corruption Code while playing in the Abu Dhabi T10 league in 2019.
The presence of an engine maintenance, repair, and overhaul (MRO) facility in India could have prevented Go First airline from going "belly up", as sending engines abroad for servicing is not an efficient way to operate a carrier, Piyush Srivastava, senior economic advisor, Ministry of Civil Aviation, said in a statement on Tuesday. On May 3, Go First suspended its flights and filed for insolvency, squarely blaming engine manufacturer Pratt & Whitney (PW) for its cash crunch. The airline claimed that about half of its 54 aircraft were grounded on May 3 due to a delay in the supply of engines by the US-based company. PW has denied the charges.
In a first of its kind case that has come up in the Delhi-based principal bench of the Armed Forces Tribunal, a serving army doctor has approached the court for admission to the post graduate degree course being conducted in the army's Research and Referral hospital in New Delhi. The doctor, after having cleared the entrance, was turned out on the pretext of lack of resources and teaching faculty
The case pertains to the issuance of mining leases in alleged violation of e-tendering process. The Allahabad High Court had ordered the probe.
Zee Entertainment Enterprises Ltd on Wednesday said Culver Max Entertainment, formerly known as Sony Pictures Networks India, has agreed to discuss extending the date required to make their merger scheme effective, a day ahead of the deadline. A day after Sony Pictures Networks India (SPNI) stated that it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their proposed $10-billion merger, the Subhash Chandra family-promoted media firm said it has received a communication from Sony group for discussing an extension of the deal which was announced almost two years ago.
It is an important move because 7,300 cases of Armed Forces personnel are pending before the High Courts and Supreme Court.
The speaker's order was pre-decided, it further claimed, adding that there was nothing to be shocked about it.
Twenty-eight years after a man applied for a job in the postal department, the Supreme Court has ordered his appointment noting that there was an error in holding him ineligible for the post.
Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company's default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said. According to the official, while the company law matters could involve the "principle of natural justice" and justify extended proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings.
The government on Tuesday announced that it will work towards implementing the suggestions made by the Supreme Court while striking down the IMDT act, and said more tribunals would be set up under the Foreigners act.
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
While disposing of an appeal, it said as far as the prayer for taking steps to save and conserve critically endangered indigenous species of livestock is concerned, it will be open for the appellant to make a representation to the state governments concerned.
The trio has been voicing their criticism of Trai's recommendations and have asked the government to dump the report, which according to them are 'retrograde' and 'absurd'.
A member of the drugs inquiry tribunal said fast bowlers Shoaib Akhtar and Mohammad Asif could escape without a ban.
An insurance company is liable to pay compensation to the accident victim's kin even if the driving licence of the offending vehicle's driver has expired and not renewed, as an expired licence would not make him an unskilled driver, the Bombay high court has said.
The Supreme Court on Thursday set aside the Bombay high court verdict cancelling the caste certificate of Amravati MP and BJP leader Navneet Kaur Rana.
The Cabinet Committee on Political Affairs took a decision to this effect in the wake of the scrapping of the IMDT Act by the Supreme Court.
A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala passed the order after hearing an application of Uttar Pradesh government seeking more time to install and operationalise 100 per cent STP coverage in the state.
The Kutch region, which was in the forefront of the movement for raising the height of the Sardar Sarovar dam, was not receiving its due share of water in terms of the award of the tribubal.
Manchester United have lost 11 of their 27 league matches this campaign, two more than all of last season. The two previous seasons with 12 league losses (2013-14 and 2021-22) led to managerial changes.
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
The National Green Tribunal has refused to order demolition of the Siri Fort Sports Complex, including its squash and badminton courts, in Delhi, but held that the entire complex and its various constructed portions would not be put to any kind of commercial use or non-sport activities.
Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence.
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
The National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of bankrupt-Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The latest rulings have come on two petitions filed by the consortium. One plea pertained to approval of transfer of ownership and the second one related to extension of time for the payment of dues to the creditors. Earlier, the tribunal had given time till November 16, 2022 for the consortium to make the payments to the creditors of the airline.
Lenders of debt-ridden Jet Airways on Tuesday filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against implementation of the resolution plan by the Jalan-Kalrock consortium, according to sources. The sources said the lenders have maintained that the condition precedent mentioned in the resolution plan of the consortium has not been met. And therefore, the plan is not valid. "The lenders want the plan to be circled back to the committee of creditors (CoC) for fresh consideration," the sources said.
The Ministry of Corporate Affairs (MCA) is contemplating an increase to the existing strength of the National Company Law Tribunal (NCLT) benches to handle the growing case load. The ministry is currently analysing the time taken by each bench to dispose of matters and the total number of cases being handled by each bench. "We need to first determine our requirement, given that the NCLT handles both Company Act and insolvency and bankruptcy matters. "The latter constitutes the majority of the case burden.
Rat-hole mining may be illegal but the talent and experience of rat-hole miners were used in the rescue operation to save the 41 workers trapped in the Silkyara tunnel, a National Disaster Management Authority member said on Tuesday.
The party has contested the reassessment proceedings, claiming they were barred by limitation.
Applicants for Indian citizenship under the Citizenship (Amendment) Act 2019 (CAA) can submit any of nine documents, including valid or expired passport, ID cards and land tenancy records, to prove he or she is a national of Afghanistan or Bangladesh or Pakistan.
A consortium of shareholders with over 30 per cent stake in cash-strapped Byju's might approach the National Company Law Tribunal (NCLT) seeking a management change, if the extraordinary general meeting (EGM) scheduled for Friday failed to yield an 'amicable settlement' or faced further delays, sources said. Earlier this month, these shareholders had issued a notice calling for an EGM to address "persistent issues", including a change in management. They will vote for a revamp of the existing board, an exercise which would include asking Byju Raveendran to step down as chief executive officer (CEO) and relinquish his operational role, according to sources.
