RBI Update

RBI’s excess capital can be used to recapitalise banks: Arvind Subramanian

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, […]

NCLAT upholds verdict to review RIL-JM bid for Alok

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 […]

Amtek could see fresh bidding as Liberty House fails to pay up

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 […]

Sequoia may back ed-tech firm Eruditus; NCLT admits insolvency plea against EMC

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 […]

NCLAT asks lenders of Jaypee Infratech to summarize their financial claims

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 […]

NCLAT asks Jyoti Structures’ resolution applicant to revise its plan

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 […]

Sebi committee to recommend direct listing of Indian companies on foreign exchanges

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 […]

Tamil Nadu regards M&A property deals as conveyance, imposes stamp duty

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 […]