Bhushan Steel was under Corporate Insolvency Resolution Process (CIRP) and on May 15, 2018, resolution plan was approved by the NCLT. On May 18, 2018, the company was acquired by Bamnipal Steel Limited (BMSL), a...
Sterling Biotech promoters gets a breather as NCLAT halts liquidation process
In a landmark ruling, the National Company Law Appellate Tribunal (NCLAT) has set aside National Company Law Tribunal (NCLT) order to liquidate Sterling Biotech. It has also directed that the management should be handed...
Whether serial acquisitions helped camouflage losses and diversion of funds?
CG Power and Industrial Solutions Ltd (“CG Power”), which makes power equipment - electrical switchgears have tumbled 70% in the last 3 months on the stock exchanges with news of serious accounting lapses at the company...
Implications of Appointed Date in the Scheme of Merger
Section 232(6) of the Companies Act, 2013 states that the appointed date with respect to a scheme of merger and amalgamation means the date from which the scheme becomes effective. That means the appointed date and...
RIL sells stake to Saudi Aramco, signs JV with BP Plc
In one of the largest foreign investments ever to be made in India, Reliance Industries Ltd (RIL) has decided to sell 20% stake in its oil business to Saudi Aramco, the world’s largest oil company producing one in every...