Sebi gives suspected shell companies a chance to be heard
Two days after asking stock exchanges to act against 331 listed entities suspected to be shell companies, the Securities and Exchange Board of India (Sebi) seemingly softened its stance on Wednesday, giving the firms an opportunity to be heard. The markets regulator issued the second communique to the exchanges, asking them to look at the tax returns and financials of the companies for the past three years, two persons with direct knowledge of the matter said on condition of anonymity.
Tata group hiring bankers for team to sell or merge dozens of units
Nearly six months after his turbulent elevation to run India’s biggest conglomerate, Natarajan Chandrasekaran is assembling a team of dealmakers to refocus some of the group’s biggest businesses, expand its financial services and consumer businesses and sell or merge dozens of smaller units, according to interviews with senior executives. As many as one-third of the group’s 100-plus units could go as Chandrasekaran and his team try to balance the need to prune unprofitable businesses at the 149-year-old group with the Tata family legacy of social responsibility, according to officials who asked not to be named because the negotiations are private.
Daiichi moves Supreme Court to block Fortis sale
Daiichi Sankyo’s legal tussle to recover Rs 3,500 crore from former Ranbaxy promoters Malvinder and Shivinder Singh has taken a sharp turn, with the Japanese drug maker moving the Supreme Court to block the sale of promoter shares in Fortis Healthcare. Daiichi is appealing against a Delhi High Court order of June 21 that potentially gave the brothers a green light to enter into corporate transactions, provided they maintained the value of unpledged assets they disclosed to the court. These could be considered to pay Daiichi’s award, if it won its case to enforce it.
NCLT says no to Deloitte’s Vijaykumar V Iyer as IRP in Rs 44,000 crore Lanco Infratech case
The National Company Law Tribunal (NCLT) has turned down the appointment of Vijaykumar V Iyer of consultants Deloitte as an interim resolution professional (IRP) to resolve the Rs 44,000-crore Lanco Infratech default, putting an end to big firms taking up multiple assignments that they cannot do justice to.
An individual who is already an IRP for two other companies will not be able to find sufficient time to act as IRP for Lanco, which is already a complicated case, the Hyderabad bench of the NCLT said. The case has to be dealt with in a time bound manner hence it may not be possible if an individual takes up more cases, it said.
An individual who is already an IRP for two other companies will not be able to find sufficient time to act as IRP for Lanco, which is already a complicated case, the Hyderabad bench of the NCLT said. The case has to be dealt with in a time bound manner hence it may not be possible if an individual takes up more cases, it said.
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