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DEBT EXTINGUISHMENT
The accounting trick used by companies to make a weak balance sheet look strongIn one recent case, a large investment sat comfortably under equity until the auditor read the shareholders' agreement, found a buyback cla...- NCLT admits SBI plea for personal insolvency proceedings against Anil AmbaniMumbai NCLT has admitted SBI's plea to start personal insolvency proceedings against Anil Ambani. This follows a Rs 1,200 crore claim by th...
- Sebi proposes to ease borrowing norms for mutual fundsThe regulator is now considering allowing intraday borrowing for a wider set of uses, including meeting trade settlement obligations, forex...
- M&M exits foundry business in Turkey, sells stake to Hisarlar-led consortiumMahindra & Mahindra has announced the divestiture of its interest in Erkunt Foundry, handing over control to a consortium spearheaded by Hi...
- SC rejects insolvency plea against ECLThe Supreme Court has dismissed appeals by UV Asset Reconstruction Co and Electrosteel Castings Ltd (ECL), upholding a NCLAT ruling. The ap...
- Taxmen defy 'clean slate' rule, hit insolvent firms with fresh demandsDespite the IBC's 'clean slate' provision and court rulings, tax authorities are levying fresh tax demands on companies emerging from insol...
- SC slams Chhattisgarh tax dept for contempt in JSW Steel caseThe Supreme Court quashed demand notices issued to JSW Steel by the Chhattisgarh tax department post-acquisition of Monnet Ispat. The court...
- NCLAT exempts IECCL from debt resolution frameworkThe National Company Law Appellate Tribunal has exempted IL&FS Engineering and Construction Company Ltd from its parent entity's debt resol...
- NCLAT gives go-ahead to IECCL resolutionThe NCLAT has approved the insolvency resolution of IL&FS Engineering and Construction Company Limited, separating it from other IL&FS enti...
- Hinduja Group plans to delist Reliance Capital from bourses, extinguish existing shares“The liquidation value of the equity shareholder of RCL (Reliance Capital) is Nil and hence, equity shareholders will not be entitled to re...
- Yes Bank shareholding in Jhabua Power stands extinguished after debt resolution"The resolution professional of Jhabua Power has informed that the successful resolution applicant have made the payment as per the approve...
- Saudi pilgrimage complex developer converts $1.4 billion debt to equityThe company operates the Jabal Omar complex of hotels and residential and commercial property within walking distance of the Grand Mosque i...
- Franklin Templeton Mutual Fund gets Rs 149-cr from Vodafone IdeaFranklin Templeton Mutual Fund has said it received a payment of nearly Rs 149 crore from Vodafone Idea Ltd as interest on its securities i...
- Unitholders of Franklin’s six shut debt schemes to get Rs 2,918 croreMumbai SBI Funds Management (SBI MF), the court-appointed liquidator, will distribute the sixth tranche of ₹2,918.50 crore to Franklin Temp...
- Dues by ailing firms to Centre, states extinguish if not part of resolution plan under IBC: SCThe apex court said the principal objects of IBC is to provide for "revival of the Corporate Debtor and to make it a going concern" and rem...
- Sebi comes out with operational framework for defaulted debt securitiesThe regulator has asked exchanges, depositories and debenture trustees to put in place necessary systems and infrastructure for implementat...
- Reliance Communications Ltd lays out debt resolution planRCom, controlled by businessman Anil Ambani, last week said it will seek fast-track resolution through India's National Company Law Tribuna...
- UPL raises $300 mn with huge investor responseThe bond-sale has obtained six times higher subscription signalling a strong demand for Indian papers among overseas investors.
- RBI asks select banks to retire high cost debtInvestors who may have bought them from the secondary market at a higher price may incur losses as these bonds may be retired on a par, sou...
- Opinion: How to respond to the side-effects of demonetisationThe net effect is that black money held in high denomination currency that is extinguished will end up as government revenue as if it had b...
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