Aurobindo Pharma to buy Sandoz US units for $900 million
Aurobindo Pharma said on Thursday it was acquiring a dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US from Sandoz Inc, USA, a Novartis division, for $900 million in an all-cash deal. The transaction positions Aurobindo as the second largest dermatology and largest generics company in the US by prescriptions. The nearly 300 products will complement its portfolio. In a statement, the company said the cash transaction would be financed through a fully- committed debt facility.
CoC went against NCLAT order by allowing JSW Steel to change plan parameters, says Tata Steel
Tata Steel on Thursday alleged before the National Company Law Appellate Tribunal (NCLAT) that the committee of creditors went against its interim order by allowing JSW Steel to change the basic parameters of its already submitted resolution plan in the case of Bhushan Power and Steel. It said that the August 6 order of the appellate tribunal, while allowing a revised plan to be submitted by the bidders in fray for the bankrupt company, had said that the basic parameters should not be changed. Senior counsel Abhishek Manu Singhvi, appearing on behalf of Tata Steel, said following the appellate tribunal’s August 6 order, Tata Steel only filed an ‘additional plan’.
SEBI sends officials overseas to study cryptocurrencies, initial coin offering
Markets regulator Sebi has sent its officials to foreign countries to study initial coin offerings and cryptocurrencies, a move that will help in understanding of the systems and mechanisms. Cryptocurrencies are digital units in which encryption techniques are used for trading and these ‘currencies’ operate independently of a central bank, while initial coin offerings are equivalents of initial public offerings in stock markets. The regulator has organized study tours to Japan’s Financial Services Agency; the UK’s Financial Conduct Authority, and Swiss Financial Market Supervisory Authority, “to study initial coin offerings and cryptocurrencies,” Sebi said in its in annual report for 2017-18.
Parliamentary panel wants RBI to relax capital adequacy norms for PSBs
A parliamentary committee has urged the Reserve Bank of India (RBI) to relax the capital-adequacy norms for at least nine out of 21 public sector banks (PSBs) that may free up capital up to Rs 5.34 trillion, helping the expansion of lenders. The standing committee on finance, in its latest report, has criticized the capital-adequacy requirements set by the RBI and termed them “stringent.” The committee noted that the Basel framework required the application of capital standards to “internationally active banks.”
IDBI Bank moves NCLT against Reliance Naval’s 1,250 crore loan default
IDBI Bank Ltd has approached the dedicated bankruptcy court against Reliance Naval and Engineering Ltd for defaulting on loans totaling more than 1,250 crore. Reliance Naval, part of Anil Ambani-controlled Reliance Group, is a private shipbuilder with licence and contracts to build warships. The state-run bank has approached the Ahmedabad bench of the National Company Law Tribunal (NCLT) against Reliance Naval to initiate a resolution process against the company.
Banks decide to refer all stressed power loans to insolvency courts
Banks have decided to refer massive bad loans in the power sector to bankruptcy courts, three people aware of the development said, dashing hopes of an early resolution through bilateral deals. The lenders decided against quicker one-time settlements and outright sales, partly due to a lack of consensus and partly to avoid possible legal scrutiny of such decisions at a later date, according to the people cited above, who spoke on condition of anonymity. “We were informed today by lenders that they have decided to refer all stressed power assets to the National Company Law Tribunal (NCLT),” said an executive with a company, which had submitted a bid for a distressed power plant.
Not all hip implants faulty, everyone won’t be compensated: J&J
The Indian orthopedics unit of global pharma giant Johnson and Johnson (J&J) will work out a compensation plan for patients affected by its faulty hip implants in consultation with the Indian government, a top company executive said in an interview. The implant, known as DePuy ASR (where ASR stands for Acetabular Surface Replacement), was sold in India by DePuy International, a unit of J&J, and has come under severe scrutiny of government agencies after a Mint investigation published on 23 August exposed the sufferings of patients who had to go through revision surgeries.
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