COMPANIES & SECTORS


India may be staring at an acute power crisis this festive season with half of the country's thermal power reducing generation, as coal inventories hit critically low levels while surge in power demand post the Covid-induced lockdowns is not being supported by record global prices of fuel...

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National carrier Air India has been asked by the Centre to ensure that its employees vacate the company-provided accommodations within six months from the divestment of the airline or the monetisation of properties.   Accordingly, employees staying in company accommodations in...

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Moneylife Digital Team 01 October 2021
In the past few days, many media reports have celebrated the completion Deewan Housing Finance Ltd (DHFL) acquisition by the Piramal group under the bankruptcy process. DHFL was one of the most infamous candidates coming up for resolution under the Indian Bankruptcy Code (IBC), with the...

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Sucheta Dalal Sucheta Dalal 01 October 2021
The proposed quick-fix marriage between Zee Entertainment Enterprises Ltd (Zee) and Sony Pictures Networks (Sony) is not turning out to be the ‘happily-ever–after’ story, as yet, even as the alliance itself seems to have drawn universal approval. Far from accepting the merger, with Punit...

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Moneylife Digital Team 30 September 2021
While terming an application in a commercial suit as “vexatious and mischievous”, the Bombay High Court (HC) imposed a cost of Rs25 lakh on the La Fin Financial Services Pvt Ltd in an order. The company has challenged the HC order in the Supreme Court.   The HC observed that the...

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Moneylife Digital Team 29 September 2021
Piramal Enterprises Limited on Wednesday announced that it has completed the payment for the acquisition of Dewan Housing Finance Corporation Ltd (DHFL), marking the first successful resolution under the Insolvency and Bankruptcy Code (IBC) route in the financial services sector. Piramal...

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Moneylife Digital Team 27 September 2021
Airports, airlines, services companies, and travellers still have a long wait until global air traffic returns to normal. So far, the recovery has proven to be uneven by region and uncertainty regarding a spike in COVID-19 cases from the delta variant is clouding the industry's prospects,...

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IANS 27 September 2021
The National Company Law Appellate Tribunal (NCLAT) will hear pleas by fixed deposit and NCD holders of Dewan Housing Finance Corp Ltd (DHFL) and it's former promoter Kapil Wadhawan against the approval of Piramal Capital and Housing's resolution plan for the bankrupt NBFC.   In June,...

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IANS 27 September 2021
IL&FS Financial Services (IFIN) has put its non performing asset (NPA) portfolio of approx Rs 4,300 crore up for sale as part of plan to bring down overall group level debt.   The sale of NPA would be done under Swiss Challenge with the new board already having received a binding...

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Moneylife Digital Team 25 September 2021
The National Financial Reporting Authority (NFRA), the audit regulator, has pulled SRBC & Co LLP for failing to flag financial mismanagement in IL&FS Transportation Networks Ltd (ITNL) for FY2017-18.   In its audit quality review report (AQRR), the regulator says, "...it appears that...

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Sucheta Dalal Sucheta Dalal 25 September 2021
On 22nd September, there was a new twist to the Zee Entertainment Enterprises (ZEEL) drama when its board of directors granted in-principle approval to a merger with Sony Pictures Networks India (SPNI). More importantly, Punit Goenka, who the largest shareholder, Invesco Developing Market...

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IANS 24 September 2021
The Competition Commission of India has passed a final order against three beer companies—United Breweries Ltd (UBL), SABMiller India Ltd (now renamed Anheuser Busch InBev India Ltd) and Carlsberg India Private Ltd (CIPL) for indulging in cartelisation in the sale and supply of...

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IANS 22 September 2021
The government has again extended the term of Uday Kotak as non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) to maintain continuity in the resolution plan being operatives for the indebted group.                                         As per a...

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Moneylife Digital Team 20 September 2021
The National Company Law Tribunal (NCLT)'s Mumbai bench has asked to freeze assets, including bank accounts and lockers, owned by former promoters of Metalyst Forging Ltd. The ministry of corporate affairs (MCA) had filed an application seeking recovery of over Rs3,454 crore in financial...

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IANS 20 September 2021
Amazon, the world's largest online retailer, has initiated an investigation into the conduct of its legal representatives in India, The Morning Context reported.   This investigation comes on the back of a whistleblower complaint alleging that certain monies paid by Amazon in legal...

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Moneylife Digital Team 20 September 2021
Private equity (PE) investor Advent International is buying a controlling stake in Eureka Forbes Ltd, a group company of the Shapoorji Pallonji group (SPG). The transaction values Eureka Forbes at an enterprise value of Rs4,400 crore, subject to closing adjustments.   In a statement,...

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Moneylife Digital Team 17 September 2021
The standard narrative of most talk shows, media articles and investor presentations suggests consolidation in the real estate market. The general perception is that the demonetisation and introduction of the Real Estate Regulatory Authority Act (RERA) and goods and service tax (GST)...

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IANS 17 September 2021
The Supreme Court on Thursday held the moratorium under provisions of the Insolvency and Bankruptcy Code (IBC), which restrains initiation of any fresh proceedings or discontinuance of existing ones, does not protect the promoters of the stressed company, but applies only to the corporate...

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Moneylife Digital Team 15 September 2021
Giving a significant relief to telecom service operators, the Union Cabinet on Wednesday announced a moratorium or deferment of up to four years in annual payments of dues arising out of the adjusted gross revenue (AGR) judgement or spectrum payments. The Cabinet meeting headed by prime...

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IANS 15 September 2021
The Centre on Wednesday approved a production linked incentive (PLI) scheme for the auto sector, especially focusing on environment-friendly automobiles such as electric vehicles (EVs).   The over Rs25,000 crore scheme is likely to boost production of components as well as give a push...

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