Fortis battle may drag; TPG-Manipal, IHH await shareholder verdict
The takeover saga at Fortis Healthcare is far from over. A day after the Fortis board chose, after a 15-hour long deliberation, the fund infusion offer from the Hero Enterprise-Burman Family Office for the healthcare chain, other bidders in the fray have not laid down their weapons. The Manipal-TPG combine and Malaysia’s IHH Healthcare expressed their disappointment with the board’s choice, and indicated they would wait for the shareholders’ decision now.
Jaypee Infra faces liquidation as resolution eludes Realty Company
The threat of liquidation hangs over Jaypee Infratech after the Interim Resolution Professional (IRP) told the Supreme Court on Friday that the bankruptcy resolution process at the debt-laden realtor had failed to stitch together a revival plan before the clock ran out. According to the Insolvency and Bankruptcy Code, 2016, a resolution plan must be finalized and approved within 270 days of a company’s admission to the National Company Law Tribunal: That deadline ended Saturday.
SEBI asks listed firms to set up a panel to monitor unlisted outfits
As part of its ongoing efforts to usher in transparency and improve corporate governance, the Securities and Exchange Board of India has directed listed companies with a large number of unlisted subsidiaries to monitor their governance through a dedicated committee comprising members of the Board. This will have an impact on large conglomerates such as Reliance Industries, Aditya Birla Nuvo and Godrej Industries.
Renewable energy dispute: WTO sets up panel to resolve India-US row
The World Trade Organization (WTO) has set up a panel to resolve the dispute raised by India against the US with regard to the policies of eight American states in the renewable energy sector. India had alleged that the domestic content requirement norms imposed by these eight US states are inconsistent with global trade rules. As both the countries failed to resolve the issue in the bilateral consultation process, India had sought formation of dispute resolution panel.
No consensus on GST concession for digital payments
The Group of State Finance Ministers, which met here on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus. “We need some more data to arrive at a decision,” Sushil Kumar Modi, Deputy Chief Minister of Bihar and Chairman of the Group of Ministers, told media persons after the meeting. The second and final meeting is expected in 10 days. Amit Mitra, West Bengal Finance Minister, said international practices need to be studied. Punjab Finance Minister Manpreet Singh Badal suggested creating negative and positive lists for giving concessions.
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