SEBI had received complaints dated October 6, 2022 and May 12, 2023 in respect of the preferential allotments made by Brightcom Group (BGL) during FY 20 and FY 21. Such issues totalled Rs 867.78 cr. Complaints were related to – Related party allotments; Siphoning off of the money raised; and Improper disclosures on utilisation of … Read more
India’s power ministry has requested the Central Electricity Regulatory Authority to initiate the process of coupling the country’s three power exchanges; Indian Energy Exchange (IEX), Power Exchange of India (PXIL) and Hindustan Power Exchange (HPX). to ensure a uniformity in price discovery of energy at trading platforms. this is expected to translate into better transparency, … Read more
Like many others, Greaves Cotton has been riding on the EV boom; through it’s subsidiary Greaves Electric Mobility (GEM). Now, Government through Ministry of Heavy Industries (MHI) vide its letter dated 25th May 2023, has alleged that GEM failed to adhere to Phased Manufacturing Programme Guidelines. Consequently – It has proposed to deregister GEM from … Read more
National Financial Reporting Authority (NFRA) has directed Mahindra Holidays to “thoroughly and proactively” review its accounting policies and practices in respect of segment reporting. What’s the background and what exactly is this all about? NFRA order is passed in the wake of Delhi High Court’s order of January 18, 2023 following a writ filed by … Read more
Released by the US Trade Representative (USTR) on January 31, 2023, the 2022 Notorious Markets List identifies 39 online and 33 physical markets globally that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy. In India, IndiaMart is the only ‘online’ marketplace named in the list. Rest 4 are all offline … Read more
Bombay High Court has quashed the write off of Rs 8,500 crore additional Tier-1 (AT1) bonds issued by Yes Bank (YBL); write off was part of a restructuring plan to rescue the Bank in March 2020. “It appears that administrator exceeded his powers and authority in writing off AT-1 bonds after the bank was reconstructed … Read more
Paytm Payments Services Ltd (PPSL) is a subsidiary of One97 Communications Ltd (OCL), the parent of Paytm. OCL had proposed to transfer the payment aggregator (PA) services business undertaken by it to PPSL in December 2020 to comply with the guidelines of the banking regulator. However, the RBI had rejected its application. The company had … Read more
As per the newspaper reports, debenture holders have approached NCLT invoking insolvency proceeding against Peninsula Land (PL). Plea is due to default by one of the SPVs of PL on it’s payment obligations towards the debenture holders in July 2021. Debenture holders had invoked corporate guarantees worth Rs 117 crore provided by PL. As per … Read more
Spicejet has informed that it has settled with Airports Authority of India (AAI) and has cleared all the ‘principal’ dues. Financial difficulties of the airline are widely known. It has been defaulting/ delaying on most of it’s financial commitments. It was moved to ‘cash and carry system’ in airports run by the AAI. Spicejet has … Read more