MCA seeks clarifications from Jet Airways’ auditors on results announcement
The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results, sources said. The board of crisis-hit Jet Airways — which is working on ways to reduce costs amid financial woes — on August 9, deferred the matter of consideration of the unaudited financial results for the June quarter. Sources said the ministry is seeking clarifications from the auditors of Jet Airways on delay in announcement of results. The auditors are believed to have issues regarding the airline being a going concern, they added.
SC directs auction of Kolkata Unitech plots
The Supreme Court on Tuesday directed the Justice SN Dhingra committee to auction two unencumbered plots of land in Kolkata that belong to developer Unitech. Candor Investment is interested in buying both the plots for Rs 116 crore, Ranjit Sinha and Abhinav Agrawal, counsels for Unitech, informed the court. Candor Investment, which managed property for London-based Unitech Corporate Parks plc, was bought by Brookfield Asset Management in 2014. The committee headed by the former Delhi High Court judge was formed to identify and auction unencumbered properties of the company. Sale proceedings will be used to refund homebuyers and other parties.
Amrapali submits Rs 5,647-crore property details in Apex Court
The Amrapali Group on Tuesday submitted details of all encumbered and unencumbered properties to the Supreme Court, with its affidavit claiming the value of the realizable assets at Rs 5,647 crore. The company also proposed to complete and sell commercial space worth Rs 1,040 crore within two years. Sale proceedings of this could then be used to complete the development of projects falling under Category A and B. According to the company, Rs 205 crore would initially be required to complete 11,403 flats in Category A projects and another Rs 637 crore for 9,715 apartments in Category B projects.
NCLT to pronounce orders on Lanco’s liquidation plea on Aug 27
The National Company Law Tribunal (NCLT) here is likely to deliver its judgment on August 27, on the application filed by the Interim Resolution Professional (IRP) of Lanco Infratech Limited for the liquidation of the company. The IRP had earlier filed a petition before the Hyderabad bench of NCLT for the liquidation of the company as the Committee of Creditors (CoC) rejected the revised bid by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. According to a regulatory filing by Lanco, Employee Welfare Association of Lanco also filed a petition before the tribunal seeking to know why the resolution plan was rejected.
Sebi deadline for FPIs to give list of beneficial owners extended till Dec
In a relief to FPIs, markets regulator Sebi on Tuesday extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. The regulator, in April, had asked Category II and III foreign portfolio investors (FPIs) to provide list of their beneficial owner (BO) in a prescribed format within six months. Now, in a circular issued on Tuesday, Securities and Exchange Board of India (Sebi) said it has extended the deadline to provide such list to December 31, 2018.
Lenders set to drag debt-ridden JP Associates to insolvency tribunal
With the Reserve Bank of India (RBI) rejecting the plea for starting insolvency proceedings against debt-ridden JP Associates, lenders will take the ailing company to the National Company Law Tribunal (NCLT). Bankers said ICICI Bank, lead lender for the ailing JP Associates, had approached the RBI to make an exception in this case as banks had already finalized a restructuring plan and also partly implemented it. Given the Supreme Court directive in JP Infratech case, the RBI has preferred not to accede to the request. The process of divesting the cement business is almost through. The restructuring plan for real estate and engineering procurement construction (EPC) businesses may be reopened, they said.
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