Shell companies tag: SAT stays Sebi order against J Kumar, Prakash Industries
The Securities Appellate Tribunal (SAT) on Thursday stayed a 7 August Securities and Exchange Board of India (Sebi) directive against J. Kumar Infraprojects Ltd and Prakash Industries Ltd labelling them suspected shell companies. Stock exchanges will now have to lift trading restrictions on these companies and allow regular trading of their shares. J Kumar and Prakash Industries shares will resume trading on Friday, BSE said in a late evening notice.
RBI halves dividend payout to government to Rs30,659 crore
The Reserve Bank of India (RBI) said on Thursday that it would pay Rs30,659 crore as a dividend to the government, less than half the surplus it transferred the previous year, potentially affecting the government’s fiscal math this financial year. In the budget for 2017-18, finance minister Arun Jaitley had pegged dividend income from RBI, public sector banks and financial institutions at Rs74,901 crore. With public sector banks still struggling to make profits because of the heavy stressed asset load on their balance sheets, the bulk of this dividend would have been expected from RBI.
NCLT to decide on RCom-Aircel merger on August 14
The National Company Law Tribunal is set to pronounce its decision on Monday on whether or not to consider the proposal of merger between Reliance Communications’ wireless business and Aircel. Shares of RCom closed 4.9 per cent lower at Rs 21.20 on the BSE on Thursday, the day when a bench comprising Justices BSV Prakash Kumar and V Nallasenapathy said they would deliver the decision on August 14.
ONGC may raise Rs 25,000 crore via bonds, loans in first ever debt issue to fund HPCL buyout
Oil and Natural Gas Corp. plans to tap the debt market for the first time, an opportunity that may be hard to pass up for bond bulls. India’s largest state-run energy producer may sell bonds and take out loans of as much as $4 billion to pay for the purchase of the government’s $5.2 billion stakes in Hindustan Petroleum Corp. and bankroll $4.5 billion of projects, according to company executives with knowledge of the matter. Given the company’s credit metrics — it has 130 billion rupees ($2 billion) of cash on its books and a long-term rating that’s a notch above the government — the issuance will be bought by investors are drawn to one of the world’s fastest growth rates and Prime Minister Narendra Modi’s economic policies.
Yogi Adityanath government suspends 11 officials, transfers 7 in Uttar Pradesh
Uttar Pradesh Chief Minister Yogi Adityanath has ordered to suspend 11 officials and transfer of seven others for alleged dereliction of duty. According to a state government spokesperson, the order was issued by UP CM on Thursday while chairing a review meeting, when he was listening to replies given by officials on public grievances, PTI reported.
Banking Regulation Bill gets Rajya Sabha nod
The Rajya Sabha on Thursday passed the Banking Regulation (Amendment) Bill, which empowers the Reserve Bank of India to issue instructions to the banks to act against major defaulters. The Bill, earlier passed by the Lok Sabha, will replace the Banking Regulation (Amendment) Ordinance, 2017.
PF account to be automatically transferred on job switch
From next month, your PF account will be transferred automatically when you change your job, chief provident fund commissioner V P Joy has said. Joy, who is pushing a slew of initiatives in the Employees’ Provident Fund Organisation (EPFO) to make it more worker-friendly, said the premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.
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