4 September 2019: The National Company Law Appellate Tribunal (NCLAT) has set aside a lower court order to liquidate debt-ridden Sterling Biotech, allowing its promoters to take back control of the company once they make full payment to the lenders…. Read More ›
Corporate Governance
DNA: Lenders fail to attach Sterling Biotech’s overseas assets
22 August 2019: Banks have failed to take adequate safeguards to protect the loans extended to Sterling Biotech by attaching the oil assets of the promoters in Nigeria. Instead of carrying out a prior examination on how this could be… Read More ›
LM: Lights out for CG Power as serious lapses are revealed
20 August 2019: The board of Gautam Thapar-promoted CG Power and Industrial Solutions Ltd said the company will restate accounts after discovering “significant accounting irregularities” and governance lapses, sending its shares plunging by the maximum daily limit of 20% on… Read More ›
LM: The Jaypee jigsaw: Filling the final pieces
31 July 2019: It will be over someday soon, but, hopefully, not before it has taught a lesson to everyone involved—the government, the judiciary, homebuyers, and the promoters of Jaypee Infratech Ltd (JIL), an arm of the Manoj Gaur-run Jaiprakash… Read More ›
MC: NCLAT agrees to hear pleas of IL&FS auditors against impleadment
30 July 2019: The National Company Law Appellate Tribunal (NCLAT) has said it would hear the pleas of auditors of IL&FS — Deloitte Haskins & Sells LLP and B S R Associates LLP — against an order passed by NCLT… Read More ›
ET: United Bank of India reports fraud against Visa Steel
30 July 2019: State-owned United Bank of India has reported fraud against Visa Steel for misappropriation of bank funds, while the lender has booked Rs 105 crore net profit for the quarter ending June. UBI Managing Director Ashok Kumar Pradhan… Read More ›
ET: Subramanian Swamy’s letter sends Indiabulls Housing stock tumbling
29 July 2019: Share of Indiabulls Housing Finance slumped over 7 per cent in Monday’s trade after BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the group of Rs 1 lakh crore fraud. The company has denied… Read More ›
IE: Supreme Court cancels registration of Amrapali group for diverting homebuyers’ money
23 July 2019: The Supreme Court Tuesday cancelled the registration of all Amrapali group of companies under the Real Estate Regulatory Authority and the lease of its properties granted by Noida and Greater Noida authorities. The court also asked the Enforcement… Read More ›
IE: DHFL auditors raise red flags around financial numbers, loans
23 July 2019: Flagging concerns over financial numbers of housing finance company DHFL, auditors of the debt-ridden firm said there were irregularities in granting of certain loans as well. The auditors had raised several red flags around the audited numbers… Read More ›
MC: IL&FS: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasnkaran & 2 independent directors
18 July 2019: The NCLT has given a go-ahead to government to prosecute Deloitte and BSR Associates for their failure to detect and report the scams that took place across the now-bankrupt IL&FS group and 21 other entities, when they… Read More ›
