Ultratech Cement made an offer to take over loan defaulter Binani Cements for Rs 7,266 crore, posing a challenge to the nascent bankruptcy resolution process.
UltraTech said it has entered into an agreement with Binani Industries to buy 98 pc stake in its debt ridden subsidiary BCL which is going through insolvency proceedings.
Nearly 25 percent of the overseas branches of the public sector banks (PSBs) suffered losses in 2016-17, the government informed Parliament today.
Tightening the noose around wilful defaulters, the govt has asked banks to 'name and shame' such borrowers by publishing their photos and other details in newspapers.
More than 9,000 cases are under consideration of the National Company Law Tribunal (NCLT), including over 2,500 cases of insolvency, according to the government.
The IBC (Amendment) Ordinance was promulgated on Nov 23, 2017, following which wilful defaulters were barred from submitting resolution plan.
Debt resolution of Bhushan Steel, largest among the steel companies undergoing the process, will be a credit positive for its lenders, Moody's Investor Services said.
The number of wilful defaulters, who did not repay loans to PSBs despite the capacity to do so, rose by 1.66 pc to 9,063 in the April-Dec period of the current fiscal.
IndusInd Bank has invoked 6 crore pledged shares, which make up about 4.32 percent stake, of the crisis-hit Jaypee Infratech.
Telecom operator Aircel said it has filed for bankruptcy as the company has been facing "troubled times" in "highly financially stressed" industry.
Provident Housing Ltd enters Goa with Adora de Goa an Integrated Resort distric
Project is expected to deliver a Sales Volume of close to Rs 1000 cr over the next 5 years
Group is entering into a management contract with The Park Hotels
Rare Enterprises Buys 3 Cr Shares At Rs 18.37/Sh
Attracts 26 bidders for 51% stake quoting bids between Rs 8000-10,000 Cr
Firms such as ITC, Patanjali Ayurved, Emami Group and Aion Cap are among the bidders
Bidders are bullish on the sector after Govt raise import duties on certain vegetable oils
The govt announced in the budget a hike in import duty to 30-35%
TPG Cap and Manipal Health are eyeing controlling stake in the co
Likely to lead to 2 simultaneous open offers leasing to premium offers to attract investors
Will have to buy at least 26% stake through Voluntary open offer as part of takeover code
A 26% shareholding will automatically trigger the mandatory open offer for additional 20%
Business Standard Reports
TRAI issues show-cause notice to co
Seeks details of non-transparent, discriminatory tariffs to consumers
Have to respond till Mar 25
Action to depend on if tariff reported to regulator or not
Notice first one after TRAI issued tariff order on predatory pricing
Economic Times Reports