Corporate affairs secretary Injeti Srinivas said that the helpline was set up was a major step to address the concerns of various claimants, according to a government release. The helpline was an initiative by the IEPFA with the help of Common Services Centre (CSC) e-Gov SPV under the IT and electronics ministry.
Finance minister said the verdict had reinforced the credibility of the insolvency code.
Assocham president BK Goenka said the government had made efforts to make credit available to the industry but banks dragged their feet on it. He also highlighted that India needed more development finance institutions to fund long term infrastructure projects as commercial banks did not have the risk appetite to fund such projects.
Distribution of resolution booty has been a key factor behind extended litigation, delaying major cases.
CCI chairman Ashok Kumar Gupta said discounting, including selling below cost, is used by businesses to create a market. “Below cost doesn’t necessarily mean predatory pricing. However, we then have to ascertain whether they have become large enough and should they continue with deep discounting?” he said.
A government official said a notification would be issued soon to put into effect the proposed changes, although relaxation of norms on financial filings for startups would require an amendment to the Companies Act.
The National Pension Scheme was first notified for all government employee joining service from Jan 1 2004 and was later extended to all Indian citizens on a voluntary basis from May 2009.
The SEC has initiated a probe against the company following the complaint that has alleged 'unethical practices' by the top management of Infosys, listed in India and the US.
Bakshi’s counsel said that he is withdrawing his application to be allowed to travel abroad since "he doesn't want to give an impression that he wants to run away or anything; he is a law abiding citizen."
The Ministry of Corporate Affairs and the Enforcement Directorate have locked horns over attachment-of-assets issue of Bhushan Power and Steel. While ED claims its right to do so under PMLA, the ministry (MCA) asserts that the case is under IBC.
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