Battle for Essar Steel: JSW plans to go solo if fresh bids are allowed
JSW Steel may go it alone as the committee of creditors (CoC) for Essar Steel decides to consider a fresh round of bids altogether. JSW Steel is pointing towards a part of the NCLT order, which was uploaded on Saturday, which says “in the option no. 1, it has been suggested to initiate a new process for inviting bids from all interested parties (starting with initiation of new expression of interest) and follow the entire process as per new request for proposal as approved by the CoC, which were not considered as viable and appropriate by the CoC keeping in view of the time constraint.
ICICI Bank may face probe over non-disclosures in NuPower deal
Probe agencies are examining if ICICI Bank should have declared three companies — Pacific Capital Services; Supreme Energy Private Ltd (SEPL) and Pinnacle Energy — as related parties. These companies were involved in transfers of shareholdings in NuPower Renewable Private Limited (NRPL), a company owned by Deepak Kochhar, husband of Chanda Kochhar, the bank’s CEO. Probe agencies are exploring the possibility that such non-declaration could violate provisions of the Companies Act, 2013. Section 184 of the Act stipulates that every director of a company (both public and private) shall disclose their interest in third parties.
Government is working on new labor law protecting dignity of workers
The government has drafted a new labor law, with the overriding objective of ensuring workers’ dignity and well-being at the workplace. The draft code on occupational safety, health and working conditions (OSH) proposes to make the workplace free from hazards that can cause injury or occupational disease for the workers. The OSH code, the last among the proposed four aimed at amalgamating 44 extant central labors Acts, also makes it mandatory for establishments having at least 10 employees furnish to every worker an appointment letter.
IBC process: What happens to foreign assets?
The ongoing insolvency proceedings against Binani Cement will not only determine the sanctity of out-of-court settlements but also test how the Insolvency and Bankruptcy Code (IBC) deals with the foreign assets of companies going through the National Company Law Tribunal (NCLT)-driven process. According to experts, there is a lack of clarity on the overseas assets of sick companies under the IBC, which could add to the uncertainty once the assets in India are sold.
Fugitive Economic Offenders Ordinance seeks to plug loopholes in existing laws
The jury is still out on whether the Centre did the right thing by bringing in a new legislation — Fugitive Economic Offenders Bill — to deal with high-profile offenders who indulge in ‘loot and scoot’ crimes. After all one can argue that the existing Prevention of Money Laundering Act (PMLA) could have been strengthened to achieve the desired outcomes. However, the Centre certainly seems to have learnt its lessons as it went about plugging the loopholes in the earlier enactments through the new Fugitive Economic Offenders Ordinance 2018, which is the first Ordinance from the Modi-led Government this year.
Delhi High Court issues notice to RBI, Centre on bitcoin ban
The Delhi High Court has issued a notice to the Reserve Bank of India after an appeal was filed to scrap a notification that barred banks from supporting bitcoin related transactions. Admitting a petition of Ahmadabad-based crypto currency exchange Coin Recoil (Kali Digital Eco-Systems Pvt Ltd), the Delhi High Court issued a notice to Reserve Bank of India, the Union of India through Secretary, Ministry of Finance and GST Council. The next hearing in this case is on May 24.
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