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Rajeev Dubey
August 11, 2018
'No' says Jet Airways emphatically. But with mounting losses, negative net worth of Rs 7,100 crore and liabilities well in excess of assets, it may be very, very close.


BusinessToday.In
New Delhi, August 7, 2018
The Tribunal pushed back the deadline to August 13 on the plea of Tata Steel, which had been declared the highest bidder in July - for the second time


Manu Kaushik
New Delhi, August 6, 2018
After months of unsuccessful attempts at selling the ailing national carrier, the government decided to pump in additional money.


BusinessToday.In
New Delhi, July 19, 2018
The National Company Law Tribunal (NCLT) gave its approval to the consortium of JSW Steel and AION Investments Private II Limited to acquire cash-strapped Monnet Ispat and Energy Limited on Thursday.


BusinessToday.In
July 19, 2018
The FRDI Bill, introduced in the Lok Sabha last August, had drawn protests from the Opposition, the bank unions and the public alike over its 'bail-in' clause, which was feared as harming the interest of depositors.


BusinessToday.In
New Delhi, July 10, 2018
With the NCLT on Monday rejecting Cyrus Mistry's allegations of lapses in governance on part of the Tata Group in dealings with Aircel, Sivasankaran has reportedly bucked up and is planning a counter-attack.


Mail Today Bureau
June 23, 2018
Adani Wilmar has put in a Rs 6,000 crore bid for Ruchi Soya vs Patanjal's Rs 5,700 crore. Patanjali has not moved a counter bid under the Swiss system of auction as it claims that Adani Wilmar is not eligible to participate in the bidding for Ruchi Soya.


BusinessToday.In
June 18, 2018
NCLT's only success stories so far have seen banks taking a significant hair-cut and settling for recovery of Rs 50,000 crore.


Nevin John
New Delhi, June 16, 2018
Under the Insolvency and Bankruptcy Code, the sale process has almost been completed in three cases -- Bhushan Steel, Electrosteel Steels and Monnet Ispat and Energy. There is less clarity in the other cases when the 270 day timeframe for resolution ends around now.


BusinessToday.In
June 13, 2018
Billionaire Gautam Adani's group company has offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, media reports said.


Shreya Das
New Delhi, June 11, 2018
For a long time, becoming bankrupt came with a stigma attached to it. However, companies are no longer shying away from coming forward on their own, more than ever before, to embrace liquidation since the inception of  the Insolvency and Bankruptcy Code (IBC) 2016.


Nevin John
New Delhi, June 11, 2018
He has been buying stressed assets across the world for the last five years. Now NRI Sanjeev Gupta has turned to India. Who is this man and will he succeed?


Anand Adhikari
New Delhi, June 11, 2018
The bankruptcy proceedings would force Indian banks to book heavy losses. They are now focussed on mini- mising the damage


PTI
May 28, 2018



Money Today Team
New Delhi, May 28, 2018
Aditya Birla Health Insurance, in partnership with the health club chain Talwalkars, has launched a wellness programme called FIT-Fitness Insured Totally.


BusinessToday.In
New Delhi, May 24, 2018
Death toll mounts in anti-Sterlite protestsThe anti-Sterlite agitation which took a violent turn on Tuesday, with 11 persons being killed in police firing on protesters marching to the Collectorate, has claimed another life. The death toll from the two firing incidents has gone up to 12. The State government has replaced Thoothukudi Collector N. Venkatesh and Superintendent of Police P. Mahendran. Internet services in Thoothukudi, Kanniyakumari and Tirunelveli districts have been suspended for five days to prevent the spread of rumours over WhatsApp. We, at Business Today spoke to P Ramnath, CEO, Sterlite Copper about the allegations levelled against him over non-compliance with  environmental laws. Homebuyers can claim money if builder goes bankrupt; govt clears ordinance to amend IBCThe Union Cabinet on Wednesday approved an ordinance for amendments in the Insolvency and Bankruptcy Code(IBC). The ordinance provides a relief to homebuyers who have invested in housing projects of real estate companies that have gone bankrupt. Once the proposed changes are incorporated in the Insolvency and Bankruptcy Code, 2016, homebuyers will be treated on par with financial creditors in terms of their legal rights. Like financial creditors or lenders, they will have the right to initiate a resolution process and get their money back. The ordinance also exempts MSMEs from disqualification under Section 29 of the Act. Another change to be brought through the ordinance includes the reduction of the threshold for the committee of creditors to 51 per cent from earlier threshold of 75 per cent, which will help speed up the resolution process.Amazon in advanced talks to buy 10% stake in Future Retail: ReportKishore Biyani's Future Retail Limited may have posted a net loss of over Rs 463 crore for the quarter ended March 31, 2018 - compared with a net profit of Rs 123.05 crore in the same period a year ago - but that's not deterring potential suitors. A day after the company disclosed its results, FactorDaily reported that e-commerce giant Amazon is in talks to acquire a 10 per cent stake in it. Citing sources the report added that there are other suitors too, but Amazon has the best chances and talks are in advanced stages. The deal values Future Retail - the company that owns Big Bazaar, EasyDay, Foodhall, Nilgiri's and now Foodworld, among others - at about $6 billionSBI to sell stake in SBI Gen, SBI Card and SBI Caps soon: Chairman Rajnish KumarState Bank of India is planning to sell stake in some of its subsidiaries over the next two years. Subsidiaries that may face share sale are SBI General Insurance, SBI Card and SBI Capital Market. SBI Chairman Rajnish Kumar on Tuesday informed about the decision and said: \"All our subsidiaries have done exceedingly well. They hold large value which is waiting to be unlocked. We have plans to unlock that potential in the current as well as in the next year.\"Last year, the largest state-run bank had listed its life insurance arm - SBI Life Insurance.


PTI
May 23, 2018



BusinessToday.In
New Delhi, May 23, 2018
The committee also rejected the recommendation under the section 29A for disqualification for MSMEs. The MSMEs (Micro Small and Medium Enterprises) will now be exempted from all conditions under the Section 29 of the IBC. Under Section 29 of the IBC Act, a person or a company suffering disqualification can't participate in the resolution process.


BusinessToday.In
New Delhi, May 21, 2018
China, US avert trade war: Beijing agrees to import more from America  Averting a trade war, China and the US have struck a deal under which Beijing will \"significantly increase\" its purchases of American goods and services to reduce the whopping USD 375 billion trade deficit with Washington. After lengthy second round of talks in Washington, the two sides issued a joint statement vowing not to launch a trade war against each other.  US Treasury Secretary Steven Mnuchin said, \"We're putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework.\"Tata Steel completes $5.2 bn purchase of bankrupt Bhushan SteelTata Steel has  completed the acquisition of a 72.7 percent stake in Bhushan Steel Ltd, which was in bankruptcy court over unpaid loans. As part of the deal, a unit of Tata Steel is paying 352.33 billion rupees ($5.18 billion) to Bhushan Steel's creditor banks. It will also pay Bhushan Steel's operational creditors, such as vendors, another 12 billion rupees over 12 months.The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel. Bamnipal has appointed members to Bhushan Steel's board.Hero Cycles to launch bicycle priced at Rs 1,999  Bicycle manufacturing giant Hero Cycles today said it will soon roll out one of the cheapest bicycles priced at Rs 1,999. The new roadster model features technologically specific solutions designed by Hero's Manchester based GlobalDesign Center (HGD), specially for the daily commuter. Hero Motors Company Chairman Pankaj M Munjal said, \"We will be using state of the art material and parts that will be available to the mass user at virtually subsidized rates. Also, our new roadster will not be a rehash of the old model. It will be an entirely new product, built from the ground up, developed with alternate materials that are remarkably durable but light-weight.\" Nirav Modi is in London on Singapore passport: SourcesFugitive billionaire jeweller Nirav Modi who is at the centre of the Punjab National Bank scam is currently in London on a Singapore passport, sources told India Today. Sources added that Nirav's brother, Neeshal Modi, is currently in Antwerp on a Belgian passport along with his sister Purvi Mehta. Purvi Mehta's husband Mayank Mehta of Rosy Blue Diamond is reportedly shuttling between Hongkong and New York on a British passport. The Enforcement Directorate (ED) had earlier issued notices against Neeshal Modi, Purvi Mehta and Mayank Mehta under the Prevention of Money Laundering Act (PMLA). Absconding Nirav Modi seems to be travelling on different passports issued by different jurisdictions PNB refuses to disclose details of over Rs 13,000 crore scamState-run Punjab National Bank or PNB has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company. It has cited a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders.In reply to an RTI query, the state-owned bank also declined to share copy of inspection reports related to the scam.China's Mobike to foray into India in next few weeks  App-based bicycle-sharing platform Mobike is firming up plans for its entry into the Indian market in the next few weeks and is in advanced discussions with authorities in various cities to start services. Mobike, which offers services in 16 countries across over 200 cities, was acquired by Chinese firm Meituan Dianping for an estimated USD 2.7 billion last month.Mobike India CEO Vibhor Jain told PTI, \"\"We are in advanced stages of discussions with authorities of various cities in India and are also looking at smart city projects. We want to be a part of the India story. We are looking at launching our services here in the next couple of weeks.\" The Internet of Things (IoT)-powered bicycles are equipped with GPS and proprietary smart-lock technology that enable users to find a bike near them, reserve and unlock it using Mobike's app.


PTI
May 20, 2018



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