In the midst of a government-Reserve Bank of India (RBI) tussle over utilisation of capital reserves of the central bank, former Chief Economic Advisor Arvind Subramanian strongly supports the government’s view saying the RBI is holding excess capital between Rs 4.5 trillion and Rs 7 trillion which should be used to recapitalise the banks However, […]
The National Company Law Appellate Tribunal (NCLAT) has upheld the order issued by the National Company Law Tribunal (NCLT) directing the resolution professional to reconsider the bid submitted by Reliance Industries Ltd. and JM Financial ARC for Alok Industries. Last year, the Ahmedabad Bench of the NCLT had admitted insolvency proceedings against Alok Industries, an […]
The near-bankrupt Amtek Auto could well see a second round of bidding, as UK-based Liberty House Group (LHG) has failed to pay up according to the approved plan Liberty was declared the successful bidder for the company in late July. A joint meeting of the lenders and the members of the monitoring committee (constituted in […]
ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India Ltd, with a bid of ₹500 crore against outstanding loans of ₹7,268 crore, said two bankers aware of the bid. The first banker, requesting anonymity, said that the company has also promised to bring some equity into EPC Constructions if they win the […]
The National Company Law Appellate Tribunal (NCLAT) on Thursday asked all the financial creditors and the resolution professional (RP) for Jaypee Infratech to submit a summarized document on their financial claims by 20 December after which it’ll decide on the matter. A two-member bench of the appellate tribunal, headed by Justice S J Mukhopadhaya, was […]
The National Company Law Appellate Tribunal (NCLAT) on Thursday ordered the sole resolution applicant of debt-ridden Jyoti Structures Ltd. to revise its resolution plan The Mumbai-based contractor received only one bid from a consortium of investors led by Sharad Sanghi. The resolution plan involved an upfront payment of ₹170 crore. The remaining amount was to […]
A nine member committee constituted by Securities and Exchange Board of India (Sebi) is looking to make recommendations that could lead to Indian companies listing their shares directly on stock exchanges outside India and foreign companies accessing Indian stock markets. The recommendations, if accepted, could lead to Indian companies directly listing their shares outside India […]
Independent directors must play a role of knowledge, scale and input but we need to be careful to not push it to a battle zone level said eminent banker Uday Kotak. Technically under law, Kotak said, everybody has the same responsibility across the board. The role of management is to run and execute and come […]
The registration department of Tamil Nadu has issued a circular to clarify that the transfer of property taking place under the Companies Act, through the scheme of arrangements for merger or demerger of the companies would be classified as the conveyance on which stamp duty is applicable Tamil Nadu has joined many other States that […]
The National Company Law Appellate Tribunal has held that a dispute raised for the first time in reply to demand notice or in response to Adjudicating Authority regarding quality of goods will not amount to pre-existing dispute about operational debt under the Insolvency and Bankruptcy Code. The Tribunal was dealing with an appeal filed by […]