Anil Ambani, four others resign as Reliance Communications directors
NEW DELHI: Reliance Communications (RCom) Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing. The chief financial officer of the debt-ridden company Manikantan V has also resigned, the filing said. “Shri Anil D Ambani, Smt. Chhaya Virani, Smt. Manjari Kacker have […]
Don’t copy-paste arguments from Chidambaram’s case: Supreme Court to ED on Shivakumar’s bail
NEW DELHI: The Supreme Court on Friday dismissed the Enforcement Directorate’s plea challenging the Delhi High Court order granting bail to Karnataka Congress leader DK Shivakumar in a money laundering case. A bench comprising Justices RF Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate (ED), to […]
NCLT asks Kwality lenders to reconsider Haldiram’s Rs 145 crore revised offer
NEW DELHI: The National Company Law Tribunal (NCLT) has directed the lenders of Kwality Ltd to reconsider the revised Rs 145-crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm. The Delhi-based bench of the tribunal has also extended the Corporate Insolvency Resolution period by another three weeks and directed the Committee of Creditor […]
INX Media case: Delhi High Court says Chidambaram played key role, denies bail
NEW DELHI: The Delhi High Court Friday denied bail to former finance minister P Chidambaram in the INX Media money laundering case filed by the ED, saying prima facie allegations against him are serious in nature and he played active and key role in the offence. Justice Suresh Kait said that wrong message will be […]
IPL 2020: CSK releases Billings, Mohit; frees Rs 14.56 crore in auction budget
NEW DELHI: Three-time IPL champions Chennai Super Kings on Friday released England cricketers Sam Billings and David Willey besides three Indian players ahead of next month’s auction. The team announced on Twitter the decision to release wicketkeeper-batsman Billings and all-rounder Willey along with former World Cupper Mohit Sharma, Dhruv Shorey and Chaitanya Bishnoi. CSK goes […]
AGR woes: Airtel, Voda Idea post a combined Rs 74,000 crore loss in Q2
NEW DELHI: Vodafone Idea and Bharti Airtel on Thursday reported a whopping combined loss of nearly Rs 74,000 crore in the September quarter as the leading telecom players were hit by statutory dues arising from a recent Supreme Court ruling. While Vodafone Idea posted a loss of Rs 50,921 crore — the highest-ever quarterly loss […]
Supreme Court paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore
NEW DELHI: The Supreme Court on Friday paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors. A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors […]
GMR’s loss widens to Rs 457 crore in Q2
NEW DELHI: GMR Infrastructure Limiteds consolidated net loss for the quarter ended September 30 widened to Rs 457 crore against Rs 334 crore in the July- September period last fiscal, a filing with the bourses said Thursday night. The consolidated gross revenues for the quarter under discussion was Rs 2,018 crore. It was Rs 1,904 […]
Another whistleblower guns for Infosys’ CEO Salil Parekh: Report
NEW DELHI: Another whistleblower from global software major Infosys accused its Chief Executive Officer (CEO) Salil Parekh of committing misdeeds and urged the Chairman and the board of directors to act against him on the volatile complaints. “Though it is a year and 8 months since Parekh joined the company, he operates from Mumbai in […]
No claimants for dormant Swiss accounts of Indians; some may get liquidated soon
NEW DELHI/ZURICH:No claimants have come forward for about a dozen dormant Swiss bank accounts linked to Indians, leaving the funds lying in these accounts at the risk of getting transferred to the Switzerland government. The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get […]
IdeaForge joins hands with EM3 Agriservices to double farmers’ income in India
NEW DELHI: IdeaForge and EM3 Agriservices, both market leaders in their respective domains, have partnered to democratize precision agriculture and bring real-world benefits to farmers in India. The partnership will enable them to leverage each other’s strengths of technology and wide reach to offer robust agritech solutions to farmers that will accelerate the march towards […]
Gujarat purchases aircraft worth Rs 191 crore for Chief Minister, VIP travel
NEW DELHI: The BJP government in Gujarat has finally purchased a new aircraft worth Rs 191 crore for use by Chief Minister (CM) Vijay Rupani and other dignitaries like Governor and deputy CM, formally wrapping up the delayed procurement process launched five years ago. The swanky two-engine ‘Bombardier Challenger 650’ would be delivered in the […]
No interest in buying stake in Air India, only IndiGo: Qatar Airways
NEW DELHI: Qatar Airways has no interest in buying a stake in Air India, its CEO said on Thursday, as the government plans roadshows in Singapore and London to entice investors for the Indian national carrier”s disinvestment. Qatar Airways CEO Akbar Al Baker added that he is interested in buying a stake in IndiGo but […]
India approves special window for funding of stalled affordable, middle-income housing projects
NEW DELHI: The Union Cabinet chaired by Prime Minister of India Narendra Modi on Wednesday approved the establishment of a ‘Special Window’ fund to provide priority debt financing for the completion of stalled housing projects that are in the Affordable and Middle-Income Housing sector. For the purposes of the fund, the government shall act as […]
India would need around 2,400 new aircraft in next 20 years, Boeing
NEW DELHI: To cater to growing travel demands, India would need around 2,400 aircraft in the next 20 years and around 85-90 per cent of them would be narrow-body, a senior executive of global aerospace giant Boeing said on November 6. Indian airlines currently have around 600 aircraft in their fleet. While narrow-body planes are […]
China’s Vivo expands mobile production capacity in India to 33.4 million units per year
NEW DELHI: Smartphone maker Vivo India on Wednesday announced expansion of mobile manufacturing facility to 33.4 million units per annum and increased headcount to close to 10,000 people. The company is also planning to start the next phase of mobile manufacturing expansion from mid-2020 under which it plans to increase headcount by another 5,000 persons […]