TATA Sons shareholders back move to become a private company
Shareholders of Tata Sons Ltd on Thursday voted in favour of the Tata group holding firm becoming a private company in the first annual general meeting (AGM) under the chairmanship of N. Chandrasekaran. The move was opposed by the Mistry family, represented by a proxy. The family owns an 18.4% stake in Tata Sons. Cyrus Mistry, the ousted chairman of Tata Sons, has opposed the move to take the holding company public because it will restrain the ability of his family firms to sell their stake. With the shareholders approving Tata Sons’ plan, the Mistry firms will now need the approval of the company’s board to sell their shares. The Mistry firms will likely challenge this legally.
Delhi airport allows UDAN flights from Hindon air base
GMR Infrastructure Ltd-run Delhi airport has acceded to a government request to allow UDAN flights to operate from the Hindon Air Force Station, near Ghaziabad, starting from the winter season. Aviation secretary R.N. Chaubey had said in August that the aviation ministry had asked capacity-constrained Delhi airport to allow alternative airports to host subsidy-backed flights to remote towns in smaller planes, under the new UDAN regional aviation scheme.
SBI Life Insurance IPO subscribed 58% on Day 2
The initial public offering (IPO) of SBI Life Insurance Co. Ltd was subscribed 58% on Thursday, the second day of the share sale, according to data from the stock exchanges. As of 5pm, the portions reserved for institutional investors and retail investors were subscribed 1.58 times and 0.37 times, respectively. The portion of shares reserved for high net worth investors was subscribed only 8%. The Rs8,400 crore IPO will close on 22 September.
NCLAT grants waiver to Mistry on plea against Tata Sons
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed Cyrus Investments Private Limited and Sterling Investments Private Limited a waiver to pursue their case of oppression and mismanagement against multinational conglomerate Tata Sons. A bench headed by Justice S J Mukhopadhaya allowed the Mistry companies the relief of waiver, but dismissed the other appeal on maintainability saying that the firms did not possess more than 10 per cent of shares in Tata Sons — a requirement for filing the case, unless waiver is otherwise granted (Section 244 of the Companies Act 2013).
TRAI gives more time for views on spectrum auction
The telecom regulator has extended the deadlines for stakeholder comments and counter-comments on its discussion paper seeking views on the timing, pricing and quantum of spectrum to be sold in the next round of auctions, which could see 5G airwaves making a debut. It has now sought comments and counter-comments by October 9 and October 16 instead of the earlier September 25 and October 3 deadlines, following requests from stakeholders.
Supreme Court denies bail to Unitech MD Sanjay Chandra
The Supreme Court once again refused to grant bail to Unitech managing director Sanjay Chandra, insisting he could not be freed without ensuring that the interests of 16,300 home buyers in 61 of the developer’s projects were protected. The court also asked Unitech’s customers to decide whether they wanted the apartments they had booked or a refund of their money. “How can we give wings to your soul when you did not bother about the tears of the home buyers?” Chief Justice Dipak Misra asked with a poetic flourish on Thursday.
Supreme court warns BCCI officials of ‘very serious consequences’
The Supreme Court on Thursday warned three top BCCI officials who had appeared before it on Thursday of “very serious consequences” if they did not assist the process of implementation of the Lodha Committee recommendations. A three-judge bench headed by Chief Justice of India Dipak Misra noted that the “obstinate behaviour” of the three officials acting BCCI President C K Khanna, acting secretary Amitabh Choudhary and treasurer Aniruddh Chaudhry was creating problems in carrying out court-monitored reforms in the cricketing body.
Unitech yet to hand over 16 thousand flats, SC denies bail to MD
Adopting a non-negotiable approach to protect homebuyers, the Supreme Court refused to release Unitech managing director Sanjay Chandra on interim bail on Thursday after learning the realtor had not delivered 16,299 flats, for which it had received Rs 7,816 crore. “Every individual’s liberty is precious. But in this case, the court has to strike a balance between one individual’s liberty and the tears of 16,299 homebuyers, who have been running after a mirage for years after investing their hard-earned money in projects undertaken by Unitech. When you are seeking wings of liberty, the court cannot close its eyes to the tears of 16,299 flat-buyers,” the CJI-headed bench said.
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