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.
Maratha march in Mumbai ends on a happy note as Fadnavis announces sops
Thousands and hundreds of people from Maharashtra on Wednesday participated in a protest march in Mumbai, seeking reservations in jobs and education for the Maratha community. The silent protest march began at 11 a.m. and will conclude around 5 p.m. at Azad Maidan. A large number of police personnel will keep watch over Mumbai, while people march on streets to participate in the Maratha Kranti Morcha. This is likely to be the last rally for the Maratha community, which has been demanding reservation in government jobs and education.
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.
‘Raymond’ man Vijaypat Singhania says he is now penniless, courtesy his son Gautam
Once among the country’s richest men, Vijaypat Singhania, who gave the nation its early taste of locally-made fine dressing through Raymond — a brand he built and nurtured for over 20 years — is now left ‘hand-to-mouth’, in his own words. More shocking than this is his claim that the person responsible for his penniless condition is none other than his son Gautam Singhania, to whom he had handed over the control of Raymond.
Vijaypat Singhania recently filed a petition in Bombay High Court seeking possession of a duplex in the 36-storey JK House on Malabar Hill, Mumbai Mirror reported. In the petition, Vijaypat had accused Raymond Ltd of not handing over the possession of the house to him despite repeated reminders. Vijaypat Singhania also claimed that Gautam Singhania is running Raymond like a personal fiefdom.
Aadhaar may become the gatekeeper to Dalal Street soon
Aadhaar may soon become mandatory for buying shares and mutual funds. The government and the Securities and Exchange Board of India (Sebi) are planning to link Aadhaar to financial market transactions to try and curb sharp practices such as conversion of black money into white through the stock market.
Two people familiar with the development said the government has realised that the permanent account number (PAN) may not be enough to plug tax leaks. Top Sebi officials have informally sounded out select market intermediaries about the possibility of linking Aadhaar to financial market transactions, a top official with a financial services firm familiar with the development said.
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Article: Impact of Insolvency and Bankruptcy Code on Compliance & Disclosures
Article: RERA-Last opportunity for the registration of ongoing projects
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