BS Yeddyurappa resigns, Congress-JD(S) to form government in Karnataka
Walmart, Flipkart deal signals churn in e-grocery
Who will save the Constitution?
Inside track: From speed with which JD(S)-Congress stepped in to stake claim to form Karnataka government to Congress performance a blow to Rahul Gandhi
UIDAI won’t know, say, if one has a car... Even if national security is invoked, it can’t tell you this: CEO Ajay Bhushan Pandey
- Walmart, Flipkart deal signals churn in e-grocery
- BS Yeddyurappa resigns, Congress-JD(S) to form government in Karnataka
- Build habitats, not just buildings, says Pritzker Prize winner BV Doshi
- Inside track: From speed with which JD(S)-Congress stepped in to stake claim to form Karnataka government to Congress performance a blow to Rahul Gandhi
- Who will save the Constitution?
Shayan Ghosh
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Seeking bidders: Monnet Power’s put on the block again
Monnet Power, promoted by the Jajodia family, is up for sale. Monnet Power is an 88% subsidiary of Monnet Ispat, which has been bid for and won under the Insolvency and Bankruptcy Code (IBC) process by the JSW Steel-Aion Investments combine.
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Modus operandi: RP tells NCLT, Tecpro entered into transactions to defraud lenders
The resolution professional (RP) for Tecpro Systems has detailed the “modus operandi” of the company’s promoters to allegedly defraud its lenders.
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Rs 170 crore deal: SBI to buy 4 floors at Mafatlal Centre from IDBI Bank
According to a document seeking bids, IDBI Bank had sought to sell the four floors in February this year. The document added that while the third-fifth floors are occupied, the second floor is vacant.
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Strategic buyer: PFC seeks buyers for project by KSK energy subsidiary
Led by Power Finance Corporation (PFC), lenders to KSK Mahanadi Power — a thermal power project of KSK Energy Ventures in Chhattisgarh with debt of Rs 18,551 crore — are seeking a buyer for the project, a document inviting bids showed.
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Alok Industries: Debtors were not ‘locatable’, says RP
Debt collection agency appointed by resolution professional to locate debtors to recover Rs 11,037 crore.
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1-day default norms: RBI DG flags rising breaches
Borrowers too, he said, should realise they must meet payment obligations as per the contract and it is no longer enough to pay up only by 60/90 days past the due date.
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RBI ban on Letters of Undertaking: Switch to local credit may squeeze liquidity
While demand for working capital has picked up somewhat, bankers believe the uptick could accelerate in the coming months.
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Insolvency and Bankruptcy Code effect: Banks stare at large haircuts
The company attracted just one bid from a group of professionals which has reportedly offered Rs 3,000 crore over 15 years.
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Neutral stance: RBI hints at end to rate tightening
The Reserve Bank of India’s (RBI) lower inflation projections for 2018-19, announced on Thursday, suggest an end to the rate-tightening cycle.
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Grace period: Jyoti could escape liquidation fate
The bankrupt Jyoti Structures might find a buyer and not go into liquidation as feared with the committee of creditors (CoC) having sought a grace period.
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Liquidation deadline looms for 11 firms referred to NCLT
According to IBC, a firm has to be liquidated if it fails to complete the resolution process within 270 days of its admission to the bankruptcy court.
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Stressed assets: Banks ask RBI resolution guidelines
Banks have requested the RBI for some leniency in its February 12 circular on resolution of stressed assets and have sought — among other things — increasing the default period to 30 days from only a day right now.
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Essar steel: Numetal ups ante, to pay dues of Odisha Slurry
Upping the ante in the fight for Essar Steel, Numetal is trying to get control of Odisha Slurry Pipeline Infrastructure (OSPIL) by repaying Odisha Slurry’s dues to lenders.
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Insolvency proceedings: Liquidation deadline looms over Essar Steel resolution
They have sought bids to be submitted by early next week so that they can try and stitch together a final plan and prevent the company from going into a forced liquidation.
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We want to give customers an experience that uses tech seamlessly, says MD of HDFC Bank
With digital banking becoming all-important, HDFC Bank wants to deliver not just banking but a financial experience to customers, managing director Aditya Puri tells Shobhana Subramanian and Shayan Ghosh.
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Rejected claims: Essar firms have lion’s share
40% claims of operational creditors rejected by RP are that of Essar Steel group companies
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Bid for Binani: Ultratech ups the ante
Birla company moves NCLT seeking CoC meeting to be declared ‘illegal and void’, says its bid is the highest.
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PM’s Employment Scheme: Only 9 pct of 4 lakh applicants get loans
Less than 9% of the roughly four lakh applicants under the Prime Minister’s Employment Generation Programme (PMEGP) have been granted loans so far in the 11 months to February.
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Clean-up act: Banks may give PNB short-term loans
A clutch of public sector lenders may provide short-term loans to Punjab National Bank(PNB) with which PNB will repay banks the money they lent to the Nirav Modi and Gitanjali Gems groups against letters of undertaking (LoUs) issued by PNB.
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RBI: SMA details exempted from disclosure under RTI
Contradicting its reply to an earlier right to information (RTI) query, the Reserve Bank of India (RBI) has recently said bank-wise information on special mention account (SMA) 1 and 2 is exempt from disclosure under Section 8 (1) (a) & (d) of the RTI Act.
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Loan, deposit rates alert: They are set to go up, says HDFC MD Aditya Puri
In a clear indication that the rate cycle has turned, loan and deposit rates are all set to go further up, HDFC Bank managing director Aditya Puri said.
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PNB invites bids for Ind-Barath Thermal
Led by Punjab National Bank (PNB), the consortium of 18 lenders to Ind-Barath Thermal Power is looking to sell a 100% stake in the project for at least Rs 823 crore.
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Bank missteps: More than 5,000 cases of PSB staff penalisation
Public sector banks (PSBs) have penalised employees in more than 5,000 instances between January 2015 and March 2017 with more than half of them being in 2015, the government’s reply to a question in the Parliament showed.
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Lenders may approach NCLT on bidders eligibility for Essar Steel
The committee of creditors (CoC) to Essar Steel is likely to approach the National Company Law Tribunal (NCLT) regarding the bids received as part of the steelmaker’s insolvency resolution process since both the bidders – ArcelorMittal and Nu Metal – are facing eligibility issues, sources told FE.
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Nirav Modi PNB fraud case: RBI may seek banks’ non-fund exposures
Regulators may be wary of a bigger problem cropping up after the revelation of misuse of non-fund-based banking services by entities associated with the now infamous diamantaire Nirav Modi, the promoter of diamond trading company Firestar International, and its numerous associated entities.
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NCLAT orders: Power of resolution professional not limitless
While the Indian bankruptcy code has vested significant powers in the hands of the resolution professional (RP), the National Company Law Appellate Tribunal (NCLAT) has ruled that these are not without limits, reports Shayan Ghosh in Mumbai.
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Resolution professionals can be replaced: NCLAT
While the Indian Bankruptcy Code has vested significant powers in the hands of the resolution professional (RP), the National Company Law Appellate Tribunal (NCLAT) has ruled that these are not without limits.
