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Singh brothers' feud is a wake-up call for corporate governance in dysfunctional family-run companies.
The latest twist in the family feud between the Singh brothers, scions of what used to be the Ranbaxy empire, involves a criminal complaint by Malvinder against his brother Shivinder and Gurinder Singh Dhillon, head of the Radha Soami Satsang, a spiritual order, which comes soon after an economic offence complaint against Sunil Godhwani, a man handpicked by Dhillon as a trusted financial adviser. Read More
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Ericsson case: Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks.
The Supreme Court held Anil Ambani in contempt for not paying Ericsson’s dues worth Rs 550 crore despite having the money to do so, threatening to send the businessman to jail for three months if he didn’t cough up what was owed in four weeks. The stock tumbled after the decision. The Rs 118 crore already deposited by RCom with the top court will be paid to Ericsson in a week, said the bench led by Justice RF Nariman. Read More
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A Brief Overview of the Insolvency and Bankruptcy Code.
India has been admonished and berated for having fallen behind in terms of the development of its corporate economy. In recent years, however, numerous initiatives have been taken to revamp the corporate sector in terms of legal, procedural and ritualistic practices in India. The goods and services tax, the Amended Arbitration and Conciliation Act, labour reform and most essentially the prelude of the Insolvency and Bankruptcy Code, 2016 marked the improvement within the sector. The Insolvency and Bankruptcy Code has by far been the most crucial and essential piece of legislation that was needed in India’s statutory books. Considering the large number of non-performing assets (NPAs) that the Indian banking system has been afflicted with, the Insolvency and Bankruptcy Code serves as an amalgamated mechanism for dealing with corporate insolvency in India. The desideratum of the Code is to enable effectualness within the insolvency and bankruptcy law regime disentangling the commercial and judicial aspects of insolvency and bankruptcy process. Read More
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After IBC war Ruias & ArcelorMittal talk deal for Hazira port & power plant.
Essar Group has discussed the sale of its captive port and power plant in Hazira, Gujarat, for Rs 8,500-10,000 crore with ArcelorMittal, multiple people aware of the discussions said. In a sign that the London-based steelmaker has gained an upper hand in the race to buy out Essar Steel, a team led by the group’s director strategy and M&A, Vikash Saraf, visited London to negotiate with chairman Lakshmi Mittal and son Aditya for the sale. According to officials present, they were also joined. Read More
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Govt set to appoint 36 members for NCLT courts.
The inordinate delays in resolving bankruptcy cases are set to fall dramatically in the next few quarters as the government bolsters legal and technical members in National Company Law Tribunals with 36 officers, more than doubling the bench strength. In the last 18 months, less than a quarter of the bankruptcy cases saw a resolution. The government is expected to finalize 36 such appointments before the Election Code of Conduct kicks in, two people with the direct knowledge of. Read More
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