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Modi govt throws battered telcos a Rs 42,000-cr lifeline

The deferred amounts to be paid by telcos will be without increase in the time period, the FM said.

Mumbai High Court

Nov 21, 2019, 04.12 AM IST

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MUMBAI HIGH COURT

DHFL stares at insolvency proceedings

The government notified the Insolvency and Bankruptcy Rules, 2019, to provide a generic framework for insolvency and liquidation proceedings of systemically important financial service providers, other than banks.

DHFL stares at insolvency proceedings

In the case of DHFL, bankers want mutual funds on board to ensure that no entity takes a unilateral dec...

Bombay HC refuses interim protection from arrest to Gautam Navlakha

Navlakha was given interim protection from arrest since August last year ...

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  • Amid the impasse over government formation in Maharashtra, Governor Bhagat Singh Koshyari has the discretion to consider all equations and combinations and call each party one by one to stake claim, say legal experts.

    SC said that the government must clear all appointments to the superior courts within six months of any recommendation being sent to it even as the law ministry issued a formal notification appointing Justice Akil Kureshi as the Tripura High Court Chief Justice after much delay.

    Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance AMC had moved the Bombay High Court seeking a direction to DHFL to disclose all its assets and liabilities and also to temporarily prevent it from making payments/disbursements to secured and unsecured creditors.

    Weighed down by heavy debt, the Videocon group with 13 operating companies, was sent to bankruptcy court last year and a resolution is pending. But now the Videocon Group employees union, which has been on a chain sit-in since the past 72 days, has decided to stage a sit-in at the residence of Venugopal Dhoot, the group chairman, from Thursday seeking pending salaries.

    In letters to the State Bank of India and Union Bank of India, DHFL has sought the lenders’ help to resume repayments to depositors, a process now on hold after a Bombay High Court order. The home financier has cited its adequate cash balance to repay its depositors. DHFL had written letters to SBI’s chairman Rajnish Kumar and Rajkiran Rai G, MD and CEO of UBI.

    The GVK Group raised over Rs 7,600 crore to reduce debt and acquire a 23.5% stake in MIAL.

    Counsel for DHFL challenged the maintainability of the petition, arguing that the trustees of the bondholders had already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for the recovery of dues on behalf of the debenture holders and hence this plea could not be entertained.

    This clarification has come a day after Congress General Secretary Priyanka Gandhi termed the company a defaulter and slammed the UP government for investing the employee provident fund money in such a firm. Priyanka had asked that whose interest was being served by investing Rs 2,000 crore of the employees' hard-earned money in such a company.

    On a spreadsheet, resolution for Dewan Housing appears simple enough.

    The Supreme Court said it will hear the pleas challenging the Bombay High Court order that rejected clearance to coastal road project in Mumbai due to lack of proper scientific study.

    The suit alleged that the company was facing continuous "targeted and malafide actions" in the wake of an engineered payment default crisis at one of its subsidiaries, the National Spot Exchange Ltd (NSEL).

    The bench continued its stay on further felling of trees. Green activists insist that Aarey must be protected as a forest, as a buffer for Mumbai.

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