In 2018-19 (FY19), the recovery of stressed assets increased marginally, mainly driven by resolutions under the Insolvency and Bankruptcy Code (IBC). Cases referred for recovery under various mechanisms grew over 27 per...
Digital banking initiatives of PSBs under merger likely to be delayed
Digital banking initiatives of public sector banks (PSBs), which are in the process of being merged, are likely to be delayed pending integration of core banking platforms. According to bank officials in the know...
Delhi High Court restrains Eveready, McLeod Russel from sale of assets
In a blow to McLeod Russel, Eveready Industries and other Williamson Magor Group (WMG) companies, the Delhi High Court has passed an ad-interim ex parte order of injunction preventing all these companies from selling or...
No due diligence, Sebi slaps Rs 5 lakh on ICICI Pru Trust, ICICI Pru AMC
Markets regulator Sebi has imposed a total penalty of Rs 5 lakh on ICICI Prudential Trust and ICICI Prudential Asset Management Company for not exercising due diligence while making investment decisions. The matter...
Alibaba backs logistics startup XpressBees again, plans to invest $10 mn
Chinese e-commerce giant Alibaba is investing $10 million in Pune-based logistics startup XpressBees as revealed by the filings made by the company. This investment “appears to be an extension” of the Series D round...
Fairfax India completes equity infusion in Sanmar Group, takes stake to 43%
Fairfax India Holdings Corporation has completed an equity infusion into Chennai-based Sanmar Chemicals Group, taking its equity interest in the group to about 43 per cent. Under the terms of the deal, Sanmar bought...
Govt to bring in ordinance to amend insolvency law to remove ambiguities
The Centre will promulgate an ordinance to further amend the insolvency law to remove ambiguities and shield successful bidders from prosecution for offences committed by previous promoters. The Cabinet, on Tuesday...
IL&FS group gets approval to sell stake in Mangalore SEZ at fair value
The IL&FS Group will find it easier to unlock its investment in Mangalore Special Economic Zone (SEZ) joint venture (JV) at fair value. In a recent order, Oil and Natural Gas Corporation’s (ONGC’s) claim, which...
Govt trying to restrain RIL from selling assets to Saudi Aramco: Report
The Indian government is trying to stop Reliance Industries Ltd. from paring its assets including a plan to sell a 20% stake to Saudi Aramco, the Times of India reported. The demand was made in an ongoing court case...
Tribhovandas Bhimji Zaveri & Sons files for bankruptcy after NCLT order
Tribhovandas Bhimji Zaveri & Sons Retail (TBZSR), has filed for bankruptcy following an order from the National Company Law Tribunal (NCLT). TBZSR’s creditors have been asked to submit their claims to the interim...
Adani Electricity Mumbai’s 25% stake sale to QIA subsidiary gets CCI nod
The Competition Commission of India on Friday said it has given approval under the green channel route to acquisition of over 25 per cent stake in Adani Electricity Mumbai Ltd and Adani Electricity Mumbai Services Ltd...
IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday. He pointed out...
