Rs 6-billion IDBI Bank-Aircel fraud case: Lens on independent directors
The case filed by the Central Bureau of Investigation (CBI) in connection with the Rs 6-billion IDBI Bank-Aircel fraud case has again put a spotlight on independent directors (IDs), supposed to important gatekeepers of corporate governance at listed entities. Individuals serving as IDs on boards of listed companies have been named in the CBI’s First Information Report (FIR). Sources say the companies in question could be considering their ouster.
NCLAT directs status quo in Electro steel sale case
The National Company Law Appellate Tribunal (NCLAT) today directed that status quo be maintained in the case pertaining to the sale of debt ridden Electro steel Steels to Vedanta Ltd. NCLAT direction came over a petition filed by Renaissance Steel which saw its resolution application being rejected by the Committee of Creditors (CoC) of Electro Steels. A two member bench of the tribunal headed by Chairman Justice S J Mukhopadhaya admitted Renaissance Steel’s plea and issued notices to Vedanta and its lenders.
IDBI Bank gets NCLT nod for insolvency proceedings against Essar Projects
The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of ₹969 crore. As per the submissions made by IDBI Bank before the Tribunal, the account of EPC Constructions, which executes engineering, procurement and construction projects, was declared a non-performing asset on December 31, 2014 under RBI guidelines.
Telecom Commission clears framework for Net telephony
The Telecom Commission on Tuesday cleared the recommendations made by the Telecom Regulatory Authority of India (Trai) on the regulatory framework for internet telephony services in the country. The development allows internet telephony services to be offered by an operator to its subscribers who may be using internet of other access service providers. Telecom Commission (TC) has accepted all recommendations made by Trail except the one which talks about mobile numbering series for such apps, telecom secretary Aruna Sundararajan told reporters after the TC meeting.
Economic revival seen as April GST mop-up crosses 1-lakh cr
Riding on improved compliance and an upswing in economic activity, GST revenues came in at a record 1, 03,458 crore in April (for March 2018 economic activity), official data released on Tuesday showed. The average monthly GST collection so far has been 89,885 crore. The collections in April — the highest-ever since the GST launch in July 1 last year — were also bolstered by the ‘March effect’, when companies generally pump up sales to boost their annual performance.
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