Insolvency resolution: Binani’s CoC vote on Ultratech offer on Monday
Even as the Dalmia Bharat-led consortium has moved the Supreme Court asking Ultratech Cement be disqualified to bid for the stressed assets of Binani Cement, the Rs 79.60 billion proposals will be put to vote on Monday by Binani Cement’s Committee of Creditors (CoC). “The NCLT (National Company Law Tribunal) has to be apprised about its order on June 4 and by then we need to select the successful bidder and issue a Letter of Intent. Hence, despite Dalmia Bharat moving the Supreme Court, we will put Ultratech proposal to vote,” said one of the leading lenders to Binani Cement.
Angel Investors cheer as new DIPP policy on funding gets less taxing
Angel investors have been exempted by the country’s income tax department, subject to certain conditions laid down by the Department of Industrial Policy and Promotion last month, providing significant relief to the early stage investor community. In its notification dated May 24, the Central Board of Direct Taxes stated, “The Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the approval granted by the Inter-Ministerial Board of Certification.”
ED imposed Rs 14-crore penalty on Videocon, 6 group companies in 2017
In May 2017, the Enforcement Directorate (ED), Mumbai levied a penalty of Rs 14 crore on Videocon, six group companies and promoter Venugopal Dhoot, following a reference from the Reserve Bank of India (RBI) which had examined these entities as part of a probe into conflict of interest allegations against ICICI CEO Chanda Kochhar in 2016. The ED penalty was on the ground that these companies had violated foreign exchange laws. An additional penalty of Rs 45 lakh was also imposed collectively on Venugopal Dhoot and on directors of Videocon and the six group companies.
Why SBI is not too keen to buy IDBI Bank’s toxic loans
The government is exploring an exercise to move a chunk of IDBI Bank’s stressed loans to the books of State Bank of India (SBI). Understandably, the top management at the country’s biggest lender is unhappy with the idea of toxic assets being foisted on them, sources told FE. The government, FE has learnt, would like SBI to ‘buy’ both non-performing assets (NPAs) and standard stressed loans — loans which are not NPAs yet but for which promoters have missed the repayment deadlines.
Non-disparagement pact: Transparency, corporate governance norms may be hit
The practice of companies entering into non-disparagement pacts with departing board members is raising questions related to transparency and breach of corporate governance norms for corporate India. Non-disparagement pacts are not inherently illegal and mostly visible in severance agreements and commercial contracts that involve senior executives, say HR experts. But presence of these provisions display a rising trust deficit between companies and departing directors, say proxy advisory firms.
New European laws push companies to update user policies
Prompted by new European privacy regulations, companies are rolling out updates of their policies to improve user privacy. Users are being flooded with email updates of the policies and the kind of data they will be sharing with their ecosystem partners. “Every single airport I visited while travelling through Europe on my vacation last year has sent an email about their privacy update,” said Sam kynadi, an MBA graduate. “I did use the airport WiFi at those places. The emails are good, but it has become a bit annoying now.
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