NCLT Kolkata bench orders Binani lenders to consider UltraTech plan
The Kolkata bench of the National Company Law Tribunal on Wednesday ordered the resolution professional of Binani Cement to accept the revised offer of Rs 79.60 billion from UltraTech Cement and place it before lenders for their consideration. This can potentially set a precedent for lenders to negotiate with an unsuccessful bidder for maximization of value under the Insolvency and Bankruptcy Code. The tribunal also provided scope to the Dalmia Bharat-led consortium to raise its bid over UltraTech revised offer.
PSB slippages may widen after new rules
Axis Bank, a major private lender, reported slippages of Rs 165.4 billion during the March 2018 quarter, a major chunk of which came from the corporate segment on account of new rules about non-performing assets (NPAs) issued by the Reserve Bank of India on February 12, 2018. This could be a precursor to even larger slippages in public sector banks (PSBs), given their bigger exposure to large corporate and the pool of stressed assets.
SC asks directors of Unitech Ltd to give details of personal assets
The Supreme Court on Wednesday directed all the directors of Unitech Ltd and its subsidiaries to furnish details of their personal assets and warned them that if Rs 1 billion was not deposited by May 11, their assets would be auctioned. A bench headed by Chief Justice Dipak Misra also said that the unencumbered properties of the real estate firm would be auctioned to realize the dues of the hassled homebuyers.
RBI policy relatively insulated from global monetary policy: Staff paper
Monetary policy in India is largely independent of spillovers from unconventional global monetary policy, says a paper from Reserve Bank of India (RBI) staff. “Heightened sensitivity of foreign exchange and equity markets to global spillovers notwithstanding, there is no strong evidence of domestic monetary policy losing traction because of global spillovers,” said the paper. It is authored by Michael Patra, Sitikantha Pattanaik, Joice John and Harendra Behera.
SC hearing: Government told to justify passing of Aadhaar Act as money Bill
The Supreme Court on Wednesday questioned the government’s justification to pass the Aadhaar Act as a money Bill in 2016. The five-judge Constitution bench led by chief justice Dipak Misra posed the question after attorney general KK Venugopal defended passing of the Aadhaar law as a money Bill in Parliament. The AG said the Aadhaar Act was in pith and substance a money Bill, as the Act provided for targeted delivery of subsidies, benefits and services, the expenditure for which was incurred from the Consolidated Fund of India.
Sebi probes plunge in IndiGo shares
The Securities and Exchange Board of India (Sebi) is looking into a plunge in shares of InterGlobe Aviation Ltd just before the company announced the departure of its top executive Aditya Ghosh, two people aware of the matter said. The market regulator is also checking if InterGlobe, which flies India’s largest airline IndiGo, disclosed the resignation news in time, and if there are any violations of insider trading rules, these people said on condition of anonymity.
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