NUSLI WADIA'S
DEFAMATION CASE FALLOUT OF CORPORATE DISPUTE: RATAN TATA
Tata
Sons former chairman Ratan Tata told the Bombay High Court Thursday that the defamation
case filed against him and other directors of the group by industrialist Nusli
Wadia was because of the fallout of a corporate dispute Ratan Tata and the
other directors earlier approached the high court, seeking to quash and stay
the proceedings initiated against them by a magistrate court in the 2016
criminal defamation case filed by Nusli Wadia. Abhishek Manu Singhvi, appearing
for Ratan Tata, on Thursday told a division bench of Justices Ranjit More and
Bharati Dangre that the entire case was filed with complete non-application of
mind The case is only a fallout of a corporate dispute between Ratan Tata and
Nusli Wadia, who is a strong supporter of Cyrus Mistry (former group chairman
of Tata Sons), Singhvi told the court. He further argued that what the
complainant, Wadia, has termed as defamatory is wrong and not defamatory per
se. The November 2016 letters and minutes of meeting that was circulated by
Tata Sons to its group companies only sought for Wadia's removal as he was
acting against the company's interest, Singhvi said. After hearing brief
arguments, the bench posted the petition for further hearing on June 10. Wadia
in his complaint before the magistrate claimed that Ratan Tata and others made
defamatory statements against him after they removed Cyrus Mistry on October
24, 2016 as the group chairman of Tata Sons. He was voted out by shareholders
at a specially convened general meeting between December 2016 and February
2017.
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FORMER RELIGARE CHIEF
ALLEGES SINGH BROTHERS CONSPIRED AGAINST HIM
Former
chief of Religare Enterprises Sunil Godhwani has alleged conspiracy of the
company's current management and erstwhile promoters Malvinder Singh and
Shivinder Singh against him. In a submission to the corporate affairs ministry,
he also said that an investigation should be started into the management change
that happened in February 2018. The ministry had sought a response from
Godhwani on a complaint filed against him in the case of Religare Enterprises,
which is under the scanner for alleged financial irregularities. Religare
Enterprises Ltd (REL) and Religare Finvest Ltd (RFL) have filed a complaint
against him. In the submission, Godhwani has claimed that the complaint is part
of a conspiracy hatched by the current management out of their ulterior motive
to cover up their nexus between the erstwhile promoters and the majority
shareholder of the company.
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WITH SC QUASHING RBI
CIRCULAR, POWER SECTOR SEES DEBT REJIG SCHEMES MAKING A COMEBACK
Power
sector players are expecting a return of the debt restructuring schemes and
revival of the Joint Lenders Forum designed to resolve potential bad debts This
follows the Supreme Court’s recent decision to quash the RBI circular of
February 12, 2018, on resolution of stressed assets. The return of the debt
restructuring schemes is expected to provide more flexibility to the power
generation companies in terms of their debt repayment schedule. Till the
February 12 circular came into existence, promoters of power generating
companies were gaming the system by colluding with bankers. The circular had
sought to rein in on such practices. However, now the promoters may have cause
for cheer with the return of debt restructuring schemes. All eyes are now on
the RBI to see how it would handle the Supreme Court verdict and frame a
revised circular as promised by the RBI Governor Shaktikanta Das recently.
Indications are that the central bank may not provide a major breather in its
new circular on resolution of stressed assets. However, there is a window of
opportunity for the power producers till the RBI makes its next move, said
industry representatives. The Supreme Court order has once again empowered the
banks to individually assess each stressed asset. The quashing of the February
12 circular means that the earlier schemes of debt restructuring will be valid,
Director-General of the Association of Power Producers, Ashok Kumar Khurana,
told. According to Khurana, banks can now once again opt for the schemes such
as Corporate Debt Restructuring, Sustainable Structuring of Stressed Assets or
S4A, Strategic Debt Restructuring, and Flexible Structuring of Existing Long-Term
Project Loans. The Joint Lenders Forum designed to resolve potential bad debts
can also make a come back, he added. According to the report of the High-Level
Empowered Committee to address the issues of stressed thermal power projects,
there are 34 stressed thermal power assets with a total capacity of 40,130 MW
in the country. Of these, 21,614 MW of assets do not have power purchase
agreements (off-take assurance) and 10,940 MW of assets do not have coal supply
assurances. The RBI circular had never really addressed the issues of stressed
assets in the thermal power generation sector. The proposed circular would have
resulted in just the ownership changing hands and the banks would have lost out
on some good recoverable assets, Harry Dhaul, Director-General of Independent
Power Producers Association of India, said. This will give a breather to banks
for power projects that would have otherwise been pushed into insolvency
resulting in massive haircuts on account of desperate recoveries. The banks can
also carry out a Swiss challenge to see if any other bidder is willing to pay
more than the agreed One Time Settlement amount proposed by the promoters. The
one-time settlement helps to fix a reserve price which the owner is willing to
pay and is usually based on sustainable debt level. The hanging sword of
pushing companies into the IBC framework for the 180 day default stands
withdrawn, giving banks a breather, Khurana said. But financial restructuring
is not the solution for reviving the stressed assets in the power sector, said
Dhaul.
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ADANI KEEN ON ACQUIRING JAYPEE INFRATECH ASSETS, APPROACHES
RP, COC
After failing to acquire
debt-laden Jaypee Infratech earlier, Adani group has again evinced interest in
taking over the cash-strapped real estate developer and has urged the committee
of creditors (CoC) to allow it to submit a resolution plan by April 27. In a
letter to JIL’s resolution professional (RP) Anuj Jain, Adani Infrastructure
and Developers (AIDPL) said it is interested in participating in the new
corporate insolvency resolution process (CIRP) and in implementing a turnaround
plan. AIDPL requested Jain and the CoC to provide it with the request for
resolution plan, evaluation matrix, information memorandum and access to
virtual data room. AIDPL is a wholly owned subsidiary of Adani Properties,
which is held by the Adani family. It is engaged in real estate and is the
holding firm for various real estate special purpose vehicles of the Adani
group. When contacted, a Adani group spokesperson did not offer any response.
The group assured Jain that it is committed to submitting a comprehensive
resolution plan that will address interest of all stakeholders and strengthen
as well as sustain the long-term future of JIL. Emphasising that the CoC should
also permit it to submit a resolution plan, Adani explained that under
regulation 36B of Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process Regulation for Corporate Persons) Regulations, 2016, the RP
with approval of CoC can extend the timeline of submissions. Quoting from a
2018 judgment by the National Company Law Appellate Tribunal (NCLAT) in a case
involving Bank of Baroda and Binani Industries, Adani pointed out that the
tribunal said that purpose of resolution is maximisation of value of assets of
the corporate debtor, and hence allowing it (Adani) would help maximise value
of Jaypee’s assets. Confirming that it meets the eligibility requirements for
the current CIRP, AIDPL said it is familiar with JIL and its business as well
as concerns raised by creditors and other stakeholders. Sources said JIL’s CoC,
which met on Tuesday, took up AIDPL’s request. The CoC noted that Adani’s letter
was a mere expression of interest. It added that since there was no concrete
offer by the firm, no further action was required at this stage. The next
meeting of CoC is expected on April 26, where the panel will discuss the
revised plans submitted by Suraksha. State-run NBCC is also expected to submit
its revised plan by April 25. The panel is likely to again meet on April 30
where it is expected to take up Adani’s new plan.
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ADANI POWER WITHDRAWS OFFER TO ACQUIRE KSK MAHANADI PROJECT IN
CHHATTISGARH
Gautam Adani-owned Adani
Power has withdrawn its offer to acquire the KSK Mahanadi project in
Chhattisgarh, stating that the acquisition is unviable as Uttar Pradesh Power
Corporation (UPPCL), one of its key customers, has decided to reduce tariffs
for the procurement of electricity. KSK Mahanadi defaulted on bank loans worth
Rs 21,760 crore as of March 2018. The lenders are now staring at a significant
write-off in the account as the company will be referred to the National
Company Law Tribunal (NCLT) for debt resolution. On average, banks are taking a
50 per cent haircut in debt resolution under the Insolvency and Bankruptcy
Code, 2016. According to a source close to the development, UPPCL has decided
to lower the power purchase tariff by 32 paise per unit from February 1, citing
KSK’s inability to supply electricity. KSK, in turn, has argued that it failed
to buy coal as several discoms had delayed payment for power supply. The source
said Adani Power had informed the lenders that it might consider making a bid
for KSK in the NCLT as and when the company was referred for debt resolution.
KSK Mahanadi has a partly operational 3,600-Mw thermal power plant in
Chhattisgarh. The 3,135-Mw power generated by KSK is supplied to the
distribution utilities in Andhra Pradesh, Tamil Nadu, Chhattisgarh, Gujarat,
and Uttar Pradesh. KSK has a 25-year power purchase agreement with Uttar
Pradesh to sell 1,000 Mw of power.
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NCLT OPTION BACK ON
TABLE FOR BELEAGURED JET AIRWAYS
Jet
Airways, which temporarily suspended operations on Wednesday, could be taken
through the bankruptcy process if none of the bids to save the airline turn out
to be feasible. The bids received for Jet Airways will be opened on May 10. If
none of them are accepted by the lenders then the airline will be taken to
National Company Law Tribunal, as per the process prescribed under the
Insolvency and Bankruptcy Code. That could mean certain liquidation. The NCLT
option is back on the table. If none of the bids are accepted, the airline will
face bankruptcy proceedings. The bids are the last chance to save the airline,
said an official.
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SEBI SLAPS RS 1 CR FINE ON 11 ENTITIES FOR MANIPULATIVE TRADE
Sebi Thursday slapped a
penalty of over Rs 1 crore on 11 entities for fraudulent and manipulative trading
in the shares of Emed.com Technologies. The regulator had conducted
investigation from August 2013 to June 2014 regarding the trading in the scrips
of Emed.com Technologies. During the probe, Sebi found that the entities were
connected to each other and had executed circular trades wherein they
transferred shares in off-market to certain entities and then purchased back
those shares in on-market, thereby giving misleading appearance of trading.
Besides, they contributed to positive last traded price (LTP) and establishing
of new high price (NHP) in the scrip, the Securities and Exchange Board of
India (Sebi) said. The group entities have contributed to the creation of
artificial volumes and inflated/ manipulated the price of the scrip and thus
violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices)
Regulations, the regulator noted. Accordingly, Sebi imposed a fine of Rs 10
lakh each on nine entities, including Pummy Garments Pvt Ltd, Sure Portfolio
Services, Steady Capital Advisory Services, and Supreme Multitrade Pvt Ltd.
While a fine of Rs 7.5 lakh each was imposed on Olympia Sales Agency and
Clarinete Realtor, totalling Rs 1.05 crore. PTI Besides, in a separate order,
Sebi levied fine of Rs 14 lakh on Sure Portfolio Services and Steady Capital
Advisory Services for failing to disclose the change in shareholdings in the
Emed.com Technologies to exchanges and the firm.
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RIL MOVES TOWER, FIBRE INFRA TO INVITS
Reliance Industries has completed
demerger of the optic fibre cable and tower infrastructure and moved it to
special purpose vehicles (SPV) and transferred the ownership of SPVs to
Securities and Exchange Board of India-approved Infrastructure Investment
Trusts (InVit), RIL said in its fourth-quarter earnings announcement. These
transactions senior company officials told reporters would bring down the
company’s net debt to Rs 1,54,000 crore from the earlier level of Rs 1,96,000
crore. RIL will continue to deleverage and InVit is a large transaction, said V
Srikanth, joint chief financial officer. However, he declined to comment if
stake sale in the refining and petrochemical business as reported to Saudi
Aramco in sections of the media will be part of the deleveraging plans.
Pursuant to a Composite Scheme of Arrangement among Reliance Jio Infocomm Ltd
(RJIL) and Jio Digital Fibre Private Limited (JDFPL) and Reliance Jio Infratel
Private Limited (RJIPL), RJIL has demerged its optic fiber cable undertaking to
JDFPL and transferred its tower infrastructure undertaking on a slump sale
basis to RJIPL. JDFPL has Fair Valued its Assets through reputed International
Valuer, it said. RIL, being a shareholder of RJIL, has received equity shares
and optionally convertible preference shares (OCPS) — equity shares of Rs 494
crore and Rs 77,158 crore through OCPS.Now that the assets have been
transferred, the SPVs will be managed independently and service its
liabilities, said Anshuman Thakur, head of strategy and planning of Jio.
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CAS ARE DOCTORS OF FINANCIAL HEALTH: CHANGOLE
Numbers are created by
humans and chartered accountants are the best people to handle these numbers,
said PS Changole. Prof Changole motivated the students to work on the path of
honesty and integrity. He said that figures of any business depict many views
and to understand perfect picture and financial health of any business, CAs act
like doctors Accounting system is totally based on statistics and analysis.
Statistics is the real game of numbers and numbers can prove everything in
every field and CAs are master of numbers. He further said the articleship
training is the best practical knowledge base training. While elaborating about
the advance IT training.
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PE/VC INFLOWS TO TOP
$65 BILLION MARK BY 2025: EY
The
investments by private equity players/venture capitalists are expected to cross
the USD 65- billion-mark by 2025 says a report. The country has received USD
35.8 billion in PE/VC investments in 2018, 37 percent higher than the previous
high of USD 26.1 billion in 2017, according to the data collated by advisory
firm EY Thursday. However, PE/VC exits almost doubled in value to USD 26
billion in 2018 compared to the previous high of USD 13 billion in 2017. While
the GDP has grown at 7.7 percent during the five fiscal 2018, PE/VC investments
have grown at an annual rate of 25.23 percent during this period, indicating
that PE as an asset class does better in larger economies. By our estimates,
there is a good chance that annual PE/VC investments can exceed USD 65 billion
by 2025, the report said. Deals are becoming larger and more complex. The year
2018 recorded 78 deals of value greater than USD 100 million, aggregating USD
26.2 billion and accounting for 73 percent of the total value of PE/VC
investments, it said. The report further said 2018 recorded a strong uptick in
startup investments on the back of some mega deals and was the best year for
the sector, surpassing the previous high of USD 4.8 billion in 2015. Credit
investments have emerged as a viable asset class for PE/VC funds to invest in
India. Stressed loans in the banking system are at an all-time high, prompting
regulatory and structural changes, providing an opportunity to PE funds to look
at distressed debt as part of their credit strategy, the report noted. In 2018,
there were 49 buy-outs worth USD 9.9 billion, surpassing all the previous highs
and almost equal to the value of buy-outs in the previous three years combined,
the report said.
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JET SUITORS ASK LENDERS TO SETTLE FOR 80% HAIRCUT
Jet Airways’ temporary
shutdown has significantly aggravated problems for the airline with potential
investors asking lenders to take an upto-80% haircut on their Rs 8,500-crore
debt. The bidders have also severely criticised the banks’ reluctance to
release emergency loans. The investors are ready to provide funds. However, the
lenders have made it overly challenging for any bid to work in the time frame required,
said a person close to the development. The lack of interim funding has forced
Jet to shut operations. The lenders see this as an opportunity to expedite the
sale process. But this does not allow time for adequate due diligence, he
added. The lenders, led by State Bank of India, selected Etihad Airways,
National Investment and Infrastructure Fund (NIIF), TPG Capital and Indigo
Partners as the qualified bidders. They have to submit binding bids by May 10.
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RIVALS SEE RUNWAYS OF OPPORTUNITY AS JET AIRWAYS SUSPENDS
OPERATIONS
The suspension of Jet
Airways flights has opened new opportunities for competition such as Air India,
SpiceJet, IndiGo and AirAsia India. These airlines are ready to fill in the
gap, especially in metros, by adding flights both to international and domestic
destinations. Air India chief Ashwani Lohani, for instance, has offered to take
five grounded B 777s of Jet on wet or dry lease, it is learnt. Lohani sent
across the offer to State Bank of India chairman Rajnish Kumar, who’s heading
the resolution process for Jet, in a communication dated April 17, as soon it
was clear that the Naresh Goyal-founded airline was getting grounded. Lohani
has expressed the wish to take the aircraft on lease, subject to approvals and
financial viability, to fly them to international destinations where Jet had
substantial capacity. Air India is looking at adding flights to London from
both Delhi and Mumbai, a route where fares have soared recently. Also on the horizon
are additional flights to Dubai and Singapore. SpiceJet too announced on
Thursday that it was launching 24 new flights connecting Mumbai and Delhi with
other cities in the country. Of these, 16 will connect Mumbai (apart from the
six it announced last week and which started operations on Thursday) and four
Delhi. The rest will connect the two metros with each other. The airline had
recently announced direct flights from Mumbai to Dubai, Hong Kong, Riyadh and
Bangkok among other international routes. It has also approached the government
for a no objection certificate for 22 additional aircraft it’s taking on dry
lease. According to aviation sources, SpiceJet has received 16 slots while
AirAsia India has got eight in Mumbai. In Delhi, out of the 200 slots, the
airport has given out around 50 to Jet’s competitors. IndiGo, the largest
airline in the country by passengers, is putting in additional 20 flights from
Mumbai in a phased manner. It already has over 97 domestic and five
international slots in Mumbai. Now, it has 20 more in the Mumbai airport. While
it did not comment on the slots, the IndiGo spokesperson said, we are happy with
our current order stream of 430 A320 Neos, of which we have already taken
delivery of 74 aircraft till April 17 2019.
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DON'T RESORT TO PREDATORY PRICING OF TICKETS: GOVT TELLS
AIRLINES
The Ministry of Civil
Aviation Thursday directed airlines to keep fares at affordable levels and not
indulge in predatory pricing, amid rise in ticket prices. Pradeep Singh Kharola
said the movement of airfares is being closely monitored. During a meeting with
representatives of airlines Thursday, Kharola said they have been strictly
advised not to resort to predatory pricing and keep the prices at affordable
levels. All airlines have assured us that they would not resort to predatory
pricing, he added. Airfares have risen amid reduced number of flights in the
wake of grounding of planes by Jet Airways. DGCA asked airlines to reduce fares
on 10 domestic routes to reasonable levels as ticket prices on these high
density routes had increased up to 30 per cent in the last one month.
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AIR INDIA’S SOS: NO FUNDS TO REPAY AND SERVICE RS 9,000 CR
DEBT IN FY20
Close on the heels of the
Jet Airways fiasco, state-owned Air India is staring at debt repayments of Rs
9,000 crore in the current fiscal year but sorely lacks the wherewithal to
service them, said people with knowledge of the matter. While yet another
government bailout could be its sole chance of survival, no decision is likely
until the elections are over and the next administration takes over, they said.
The ministry of civil aviation and the airline have escalated the concern to
the finance ministry, three government officials told. Principal payments of a
few loans are due this year but the airline does not have money to repay them,
said one of them. Either Air India defaults or prunes its operations and thus
costs to repay these loans. Representations have been made to the finance
ministry on the issue. Another aviation ministry official said that the
government had earlier ruled out any further fund infusions.
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REAL ESTATE FIRM OWNER COMES TO JET EMPLOYEES RESCUE, OFFERS
JOBS
A former Jet Airways cabin
crew member-turned-real estate consultant is offering jobs to his former
colleagues in the airline whose careers are at risk. I owe my handsomeness to
Jet Airways. Happy to recruit from my favourite airline, Amit Wadhwani said in
a Facebook post on Wednesday. Wadhwani runs Sai Estate Consultants in Mumbai.
The company is offering jobs to Jet employees in various sales, marketing,
quality assurance and other roles.
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RCOM PROMOTERS'
SHAREHOLDING DECLINES TO 22% IN JAN-MAR THIS YEAR
Reliance
Communications promoters' stake has come down to 22 per cent in January-March
2019 quarter, with family and group firms jointly losing more than half of the
equities, the telecom firm said Thursday. In the October-December 2018 quarter,
the promoters and promoter group of debt-ridden RCom had 53.08 per cent stake
in the company. In the third quarter of 2018-19, Ambani family members jointly
held 145.48 crore equity shares, which came down to 59.79 crore in last quarter
of the same fiscal, according to shareholding pattern disclosure made by the
firm. Shares held by promoter group firm Reliance Communications Enterprises
Private Limited dropped by almost half to 36.56 crore from 72.31 crore. The
disclosure shows that equity holding of Reliance Ornatus Enterprise and
Ventures and Reliance Wind Turbine Installators Industries came down to 9.2
crore and 85 lakh, respectively, from 30 crore shares held by each of them in
the third quarter. According to records, most of the pledged shares were sold
by lenders in January-March 2019 quarter. The company, which is reeling under
debt burden of around Rs 45,000 crore, has approached the National Company Law
Tribunal to invoke insolvency against it as the firm has been unable to sell
assets and pay back to lenders.
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RIL Q4 PROFIT UP 9.8%
Y-O-Y AT RS 10,362 CR, JIO FY19 NET AT RS 2,964 CR
Reliance
Industries on Thursday reported a record net profit of Rs 10,362 crore in the
March quarter as robust revenue from retail and telecom businesses offset
weaknesses in the core oil refining and petrochemical segment. Its net profit
in January-March, at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 per cent
higher than Rs 9,438 crore, or 15.9 per share, in the same quarter a year
earlier, the company said in a statement. RIL's revenue rose 19.4 per cent
during the year to Rs 154,110 crore. The Mukesh Ambani-promoted Reliance Jio
Infocomm posted a net profit jump of 310 per cent year-on-year in FY19 — from
Rs 723 crore in FY18 to Rs 2,964 crore. Its net profit during the January-March
quarter of 2019 stood at Rs 840 crore, compared with Rs 510 crore during the
same quarter a year earlier — a rise of 64.7 per cent. Profit from its retail
business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by
78.3 per cent to Rs 2,665 crore.
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LENDERS HOPEFUL OF
SUCCESSFUL BIDS FOR GROUNDED JET AIRWAYS
A
day after Jet Airways suspended all its flights after running out of money,
lenders to the carrier Thursday said they were reasonably hopeful that bidding
process for the airline will end successfully Lenders led by the State Bank of
India had declined to extend more funds to Jet, forcing it to suspend all its
flights. The lenders after due deliberations decided that the best way forward
for the survival of Jet Airways is to get the binding bids from potential
investors who have expressed EOI (Expression of Interest) and have been issued
bid documents on April 16, a statement by lenders said. A consortium of 26
lenders led by the SBI, with 51 per cent stake in the debt-trapped airline, has
invited bids from potential suitors. Lenders are reasonably hopeful that the
bid process is likely to be successful in determining the fair value of the
enterprise in a transparent manner, it said.
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SIP INVESTMENTS FLYING
HIGH: CONTRIBUTIONS SURGE 38% IN FY19 TO RS 92,693 CRORE
There
has been growing popularity of investing via Systematic Investment Plans, with
total amount invested through SIPs registering a robust 38% on-year jump to Rs
92,693 crore. Notably, the mutual fund industry has added about 9.13 lakh SIP
accounts each month on an average in FY2019, ICRA said in a recent report.
Notably, Maharashtra continues to remain the biggest contributor to total
industry AUM at a whopping 40.62% as at March-end. New Delhi remains the second
largest contributor (9.20%), with its share going up on a monthly basis, ICRA
noted. Karnataka (7.26%) and Gujarat (7.13%) maintained their third and fourth
positions, respectively. The total industry AAUM has surged to Rs 24.58 lakh
crore, up 1.36% on-month. AAUM from Maharashtra and New Delhi came in at
approximately Rs 10 lakh crore and Rs 2.26 lakh crore, respectively. Out of
total assets under management, proportionate share of equity-oriented schemes
has risen to 42.05% of the industry assets in the last month of the financial
year as against 41.07% in February 2019. Meanwhile, it came in at 52.32% in
March as against 54.12% in the previous month for Liquid and Debt oriented
schemes. Exchange Traded Funds (ETF) and Fund of funds (FoF) share stood at
5.18% in the month under review, noted ICRA. The total contribution from individual
investors has grown to 55.09% of the industry AAUM in March 2019 as against
53.54% in February 2019, according to AMFI data. Notably, this figure includes
HNIs. Institutional investors hold the balance 44.91%, out of which more than
90% is held by corporates and rest by banks and FIIs.
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UP-RERA FORMS A COMMITTEE TO MONITOR INTELLICITY BUSINESS PARK
Uttar Pradesh RERA
(UP-RERA) on Tuesday ordered formation of a committee to monitor the funds and
construction activity in Intellicity Business Park situated in Greater Noida.
R.D. Paliwal, UP-RERA conciliator has been appointed as the chairman of the committee.
Promoters of the company i.e. Manoj Kumar Choudhary, Anil Ram Sutar, Vikas
Bhagat and six home buyers will also be part of the committee. A representative
of those seeking refund has also been appointed in the committee. As of now we
have 49 pleas from those seeking refunds, said Balwinder Kumar, member,
UP-RERA. The authority in its order also said that the committee must come up
with a plan within one month as to how it intends to return money to those
seeking refund. It also ordered Ascot Projects and not Intellicity Business
Park to take care of the completion of the project. We are also looking to
bring-in co-developers to complete the project or to get required funds, said
Kumar. The decision was taken after some home buyers registered complaints in
UP-RERA against the company on Tuesday. The project was initially started by
Ascot Projects. However, in UP-RERA, the project is registered in the name of
Intellicity Business Park. After it got stuck, homebuyers started demanding
refund alleging that the project has been delayed and construction has stopped
completely. In January 2019, UP-RERA had ordered forensic audit of Ascot
Projects. The authority had also ordered the company to maintain status-quo on
the project. Flat owners were asked to form a home buyer's association. It also
served the company a show-cause notice as to why the project should not be
de-registered. Following the authority's order, Currie and Brown recently
presented its report on the project. According to the report, The builder had
received Rs 242 crore by selling units in the project and Rs 263 crore more was
yet to be received. The residential part of the project is 15 per cent complete
while the commercial part is only two per cent complete. Total cash outflows in
the project were Rs 131 crore. Amount estimated to be received from
unsold/un-launched inventory is Rs 1,010 crore, while the total cash out flows
in future is estimated to be Rs 781 crore. The audit report further said that
the Intellicity Business Park has done a breach of compliance by not filing
financial statement or returns since 2015 (as per Ministry of Corporate
Affairs). Several cases are pending against the company in NCLT, Supreme Court,
EoW, etc. In February 2019, the Income Tax department had also served a notice
to the company asking it to deposit Rs 56.25 crore for breach of IT compliance,
which has not been paid till date.
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JIO, BSNL DRIVE TELECOM
SUBSCRIBER GROWTH TO 120.5 CR IN FEBRUARY
The
country's telecom subscriber base grew marginally to 120.5 crore on account of
a net addition of customers by Reliance Jio and state-owned BSNL, according to
data published by telecom regulator Trai on Thursday. Both Reliance Jio and
BSNL jointly added a net of 86.39 lakh mobile subscribers but the rest of the
telecom operators jointly lost a net of 69.93 lakh wireless customers with
Vodafone Idea losing the biggest chunk of mobile connections, as per the data. The
number of telecom subscribers in India increased to 120.54 crore at the end of
February from 120.37 crore in January, according to the Telecom Monthly
Subscriber Report released by the Telecom Regulatory Authority of India (Trai).
The sector, dominated by wireless connection, recorded an increase in the
mobile services subscriber base to 118.36 crore in February from 118.19 crore
in January. Reliance Jio alone added 77.93 lakh customers, taking its total
subscriber base to 29.7 crore at the end of February. According to a television
commercial of the company, it has crossed 30 crore customer base now. BSNL
added around 9 lakh new mobile customers, taking its total subscriber base to
11.62 crore in February. BSNL is the only operator other than Jio that has
gained customers. Our performance shows that customers have faith in BSNL. The
country's biggest telecom operator Vodafone Idea lost 57.87 lakh mobile
subscribers, reducing its total customer base to 40.93 crore in February. It was
followed by Tata Teleservices that lost 11.47 lakh mobile customers, Airtel
lost 49,896 subscribers, MTNL 4,652 and Reliance Communication 3,611
subscribers. The broadband subscriber base in the country grew 1.89 per cent to
over 55 crore from 54 crore during the period. The wireless broadband
connections dominated the segment with 53.1 subscribers in February. Reliance
Jio led the market with 29.72 crore broadband customers. It was followed by
Bharti Airtel with 11.21 crore customers, Vodafone Idea 11 crore, BSNL 2.1
crore and and Tata Teleservices Group with 21.7 lakh broadband subscribers.
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FACEBOOK
UNINTENTIONALLY UPLOADED EMAIL IDS OF 1.5 MILLION NEW USERS
Facebook
Inc said on Wednesday it may have unintentionally uploaded email contacts of
1.5 million new users on the social media site since May 2016. The contacts
were not shared with anyone and the company is deleting them, Facebook told,
adding that users whose contacts were imported will be notified. Business
Insider had earlier reported that the social media company harvested email
contacts of the users without their knowledge or consent when they opened their
accounts. Facebook has been hit by a number of privacy-related issues,
including a glitch that exposed passwords of millions of users stored in
readable format within its internal systems to its employees.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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