ICICI Bank, Chanda Kochhar gets Sebi notice in Videocon loan case
The Securities and Exchange Board of India has issued a show-cause notice to ICICI Bank and its chief executive officer Chanda Kochhar for alleged violation of disclosure requirements under securities law in the case involving Videocon Group and NuPower Renewables, a firm run by her husband Deepak Kochhar. The regulator has initiated adjudication proceedings against Chanda Kochhar and ICICI Bank, the private lender said in an exchange filing on Friday evening.
IBC not being used to full extent; CoCs need to do more: M S Sahoo
Objective of the bankruptcy law is to resolve insolvency and revive an asset for collective good and not to maximize value for a chosen few, Insolvency and Bankruptcy Board of India chairman M S Sahoo said today, urging committee of creditors to do more for all stakeholders. The head of the regulatory oversight board for the nascent Insolvency and Bankruptcy Code, 2016 (IBC), rued that we are not making best use of the code.
Lenders move NCLAT for early hearing in Essar Steel case
Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays. The NCLAT had on May 22 ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility.
Electro Steels seeks exemption from Sebi for filing Q4, FY18 results
Electro steel which undergoing insolvency resolution process, has sought exemption from the markets regulator Sebi from filing its financial results for the quarter and year ended on March 31, 2018. In a regulatory filing, Electro steel (ESL) expressed its inability in filing mandatory disclosures due to “mismatch of liabilities of the company in its books of account and those admitted by resolution professional of the company…(i.e. from July 21, 2017 to April 17, 2018) in terms of the Insolvency and Bankruptcy Code, 2016”.
Rationale for treating MSME promoters differently: IBBI chief
Insolvency and Bankruptcy Board of India (IBBI) chairman MS Sahoo on Friday said there was a “rationale” for treating promoters of micro, small and medium enterprises (MSMEs) differently from the promoters of larger companies. “When a big company goes into liquidation, it is the MSMEs that take a hit because, often, they have only one buyer for their goods. MSMEs are treated differently everywhere, and there is a rationale for it,” Sahoo said on the sidelines of a conference organized by FICCI.
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