Alleging financial mismanagement in the Omaxe Group, Sunil Goel, the second largest promoter and shareholder of the company, has filed a legal petition against Rohtas Goel, Chairman & Managing Director of Omaxe Ltd for alleged malpractices and financial fraud.

Daiichi Sankyo, which has filed an intervention application in the insolvency plea filed by HDFC Bank, said they have a decree to recover money against RHC Holding.

Over the next few years, a number of entrepreneurs, who had shot to prominence over the past decade and a half, will either have lost their entire businesses or will see their empires shrink dramatically in size, after losing many of their companies.

Lessons from the failure of some of India's biggest business names.

Shivinder Singh says he decided to withdraw the case after \"repeated urging\" by his mother. He also says his decision to disassociate from his brother, and tread an independent path, stands.

The Mittal-owned company told the SC it would lift the escrow on Rs 7,000 crore and pay the money owed by Uttam Galva and KSS Petron -- the defaulting companies in which the steel tycoon is classified as promoter -- if it gets to bid successfully for Essar Steel.

Apart from the stay, the stressed power plants were also given another breather recently, when the high-level empowered committee constituted by the Prime Minister's Office allowed retaining fuel supply agreements (FSAs), Power Purchase Agreements (PPA) and long-term transmission network access rights.

Their mother Nimmi Singh has requested both her sons to engage in mediation led by family elders to settle issues, says the withdrawn application.

Defaulting companies in the power sector as well as some sugar, shipping and textile companies that had seemed destined for bankruptcy court under the RBI's new norms on stressed assets got a last-minute breather from the Supreme Court yesterday.

The SC order will also buy the stressed shipping and sugar companies, which had approached the top court against the order, some more time.

Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party. JSW Steel bought out this contentious stake ahead of the second bidding round

The bank was able to recover around Rs 8,445 crore in the April-June quarter alone, which is over 23 per cent of all recoveries made during the period. PNB recovered around Rs 5,618 crore in FY18 and Rs 5,643 crore the previous year.

If NCLT allows the plea of the ICICI Bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.

The Sunil Mittal-controlled company might snatch back its No. 1 ranking on RMS in the next two-three quarters since VIL is expected to lose ground in the course of its integration process as it conforms to M&A rules.

Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party.

Uber in talks with Indian regulators to understand modalities of aerial taxis; HDFC Bank is India's most valued brand for 5th year in a row; Electric vehicles, green automobiles to be exempted from permit requirements, says Nitin Gadkari; Interpol issues red-corner notice against Nirav Modi's key man. Watch this episode of Business Wrap.

Uber in talks with Indian regulators to understand modalities of aerial taxisRide-hailing app Uber, which is considering India among five global locations for its futuristic aerial taxi service, said it is in talks with regulators in the country to gauge the modalities and constraints of offering such a service. Last week, the Softbank-backed Uber had said it is considering India along with countries like Japan and France to be a part of Uber Elevate -- its aerial taxi service tha...

Failing to find resolutions for stressed power sector companies, lenders have decided to refer 11 companies, including Prayagraj Power Generation, GMR Chhattisgarh Energy and Jaiprakash Power Venture, to the National Company Law Tribunal.

In a petition filed before the New Delhi-bench of the National Company Law Tribunal, the younger of the Singh siblings, who were synonymous with each other for decades, sued Malvinder for \"oppression and mismanagement\" of their companies.

Thirty-four stressed power sector accounts that defaulted on Rs1.5 lakh crore worth of dues are now before the National Company Law Tribunal - yet again.