India set for largest M&A deal today: Walmart to buy Flipkart for $15 bn
A day ahead of the announcement of the Walmart-Flipkart deal, the largest through the M&A route and marking the American firm’s real entry into India, both organizations were in waiting. The Flipkart campus at Bangalore’s Embassy Tech Village was dressing up for a town hall meeting with Carl Douglas McMillon, president and chief executive officer of Walmart Inc, while preparing to shed the life of a start-up. The Gurugram headquarters of Walmart India too was busy setting things up for a similar meeting with Doug, as the CEO of the Bentonville major is popularly known as.
Essar Steel lenders ask ArcelorMittal, Numetal to clear outstanding dues
The lenders of Essar Steel Ltd on Wednesday asked ArcelorMittal Netherlands NV and Numetal Mauritius to clear their outstanding dues in order to be considered as eligible resolution applicants for the beleaguered steel company. While the firms have not been provided an official notice yet, the creditors have asked them to table the solutions within next seven days, said two people close to the development. Both the companies made their presentations to the CoCon Wednesday discussing their eligibility in the first round of bidding.
World Bank arm seeks independent investigation into Educomp bankruptcy
An arm of the World Bank that’s one of the creditors of Educomp Solutions has sought a probe into the digital education company, for which Ebix Inc. made the highest offer after it filed for bankruptcy. The International Finance Corporation, a sister organization of the World Bank, submitted a petition to the National Company Law Tribunal on Friday asking it to probe if ‘preferential transactions’ reported by the media had any bearing on Educomp bankruptcy process and to initiate rebidding for the company if any wrongdoing was revealed.
ERA Infra: RBI’s dirty dozen now all in NCLT
The National Company Law Tribunal (NCLT) on Tuesday ordered the initiation of the corporate insolvency resolution process for Era Infra &Engineering under section 7 of the Insolvency and Bankruptcy Code (IBC). The debt-ridden realty firm, which owes lenders a little over Rs 10,000 crore, was referred to the NCLT by Union Bank of India. The company is promoted by Delhi-based industrialist Hem Singh Bhurana. PTI reported on April 14 that the Central Bureau of Investigation (CBI) had booked former chairman and managing director of Uco Bank Arun Kaul and others in connection with an alleged Rs 621-crore loan fraud which caused a loss of over Rs 737 crore to the bank.
PNB board faces a tough decision on ‘provisioning’
Punjab National Bank (PNB) will soon have to take a difficult decision over the quantum of provisioning that may have to be done for the ₹12,700-crore Nirav Modi-perpetrated scam that shook the banking system in February. This is because the PNB board is slated to meet on May 15 to approve its financial results for 2018-19, sources said. The bank, which is listed on the bourses, is yet to take a call on whether the provision for the alleged fraud should be staggered over two quarters or four quarters, said a bank spokesperson.
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