Tag: NCLT
13 Results
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Tata Steel to raise Rs 16,500 cr debt to fund Bhushan acquisition
Domestic giant Tata Steel on Tuesday said it will raise Rs 16,500 crore through debt instruments to fund Rs 32,500 crore acquisition of Bhushan Steel Ltd (BSL). The remaining amount will be raised through internal resources, it said. The banks, according to industry experts, are expected to take a whopping haircut of about 30-35 percent …
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May 23, 2018 -
Fortis to demerge hospitals business into Manipal
Fortis Healthcare has announced plans to demerge its hospitals business (Fortis Hospitals) into Manipal Hospital Enterprises Private Limited (Manipal Hospitals). According to a statement issued on late Tuesday night, the company said that the proposed transaction is subject to shareholders’ approval, creditor’s approval, applicable regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and …
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March 28, 2018 -
‘Legal profession demands strict discipline’
Mukul Kumar Shrawat, member (judicial,) National Company Law Tribunal, Mumbai, was born in Kanth, a town of Uttar Pradesh’s Moradabad district in 1955. His family belongs to Meerut and he pursued his graduation and a law degree from Meerut College. In 1979, he married Mamta Shrawat of Bulandshahr. They have two children, a son Gaurav, …
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March 18, 2018 -
Union Bank of India’s Q3 net loss at Rs 1,250 cr
State-run Union Bank of India on Saturday reported a net loss of Rs 1,250 crore for the third quarter of 2017-18, against a net profit of Rs 104 crore in the corresponding period of 2016-17. “Net loss for October-December 2017 stood at Rs 1,250 crore. This includes investment depreciation of Rs 700 crore and Rs …
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February 4, 2018 -
‘Steel industries face difficulties in iron ore supply’
“Steel Industry is facing difficulties in iron ore supply as iron ore price has gone up by about 100 per cent” said Mr Naveen Jindal, chairman of JSPL while noting that except three steel companies all other have become insolvent and gone to NCLT. If iron ore prices are not brought down, the remaining three …
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February 2, 2018 -
JSW may offer Rs 30,000 cr for Bhushan Steel
In a bid to give tough competition to competitors, JSW Steel is expected to double its bid value for debt-laden Bhushan Steel, a source privy to the development said. The last date to submit the bids now is February 3, 2018. On January 24, the insolvency resolution professional (IRP) of Bhushan Steel had extended the deadline …
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January 28, 2018 -
SC stays NCLT order allowing Centre to take over Unitech Ltd
The Supreme Court stayed the December 8 order of the company law tribunal NCLT allowing the Centre to take over the management of embattled realty firm Unitech Limited. A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the statement of Attorney General K K Venugopal that the …
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December 13, 2017 -
SC to hear plea against takeover of Unitech management by government
The Supreme Court will hear, on Tuesday, a plea by real estate major Unitech challenging the proposed takeover of the management of the indebted company by the government. The bench of Chief Justice Dipak Misra, Justice A.M.Khanwilkar and Justice D.Y Chandrachud directed the hearing of Unitech’s plea along with other other matters after Attorney General …
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December 12, 2017 -
‘Indian banks exploring various means of recapitalisation’
Recapitalisation is a major issue for state-run banks owing to the massive non-performing assets (NPAs), or bad loans, accumulated by them and they are now exploring various sources of raising capital, according to a leading public sector bank (PSB). “Banks’ capitalisation is a major issue for PSBs. We have to make high provisions, also now …
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September 14, 2017 -
Sebi eases rules for lenders buying stake in distressed companies
Markets regulator Sebi has notified relaxed norms for stake purchase in distressed listed companies by lenders, exempting them from making open offers for shareholders. The relaxation will be subject to certain conditions, including shareholders’ approval of the stake acquisition by way of special resolution. The Sebi decision comes against the backdrop of the government and …
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August 16, 2017 -
NCLT approves RCOM-Aircel merger, Brookfield deal
The National Company Law Tribunal (NCLT) on Monday passed an order allowing the Aircel-Reliance Communications merger and also the Brookfield Towers sale to proceed. According to sources, the tribunal overruled objections of Bharti Infratel, GTL and Ericsson. The NCLT also allowed Reliance Communications (RCOM) tower arm 51 per cent stake sale to Brookfield for Rs …
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August 14, 2017 -
NCLT dismisses Mistry’s waiver plea
An apex corporate tribunal on Monday dismissed a plea filed by Cyrus Mistry's investment companies to waive off a regulatory bar on them, so that they can continue their legal suit against the Tata Sons. Besides, the main petition which was filed against Tata Sons was also rejected. The National Company Law Tribunal (NCLT) here …
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April 17, 2017 -
NCLT has not granted any interim relief to Mistry: Tata Sons
Tata Sons on Thursday said the National Company Law Tribunal (NCLT) has not granted any interim relief to its ousted Chairman Cyrus Mistry. "The National Company Law Tribunal today (Thursday) did not grant any interim reliefs," Tata Sons said in a statement. "The parties have been directed to file replies and rejoinders in a fixed time table …
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December 22, 2016