Insolvency claims: On debt, Lanco keeps it in the family
Posted on 31st January 2018 |
.jpg) |
| Firms linked to Lanco Infratech — some of them subsidiaries — have registered claims of a whopping Rs 7,164.5 crore with the resolution professional (RP) of the company, documents reveal. This claim is bigger than that of all other operational creditors put together. In other words, there is a chance that Lanco will get back — via these enterprises — a chunky amount during the recovery process. Moreover, documents show that an amount of Rs 4,324.65 crore or 60%, of the claims has so far been admitted by the RP. The data relate to January 16 and are still being updated. Lanco Infratech owes banks Rs 43,502 crore and reported a loss of Rs 890 crore on Rs 1,635 crore in revenues in FY17. Last August, the Hyderabad bench of the National Company Law Tribunal allowed an insolvency case against Lanco Infratech following an application by IDBI Bank under the Insolvency and Bankruptcy Code. According to the documents, the RP has rejected claims worth Rs 2,687.71 crore from Lanco-linked companies while the rest are being verified. The total claim by all operational creditors put together is Rs 13,448 crore, of which Rs 5,366 crore have been admitted. Among the related companies, the largest claim admitted is that of Lanco Babandh Power for an amount Rs 1,318 crore, followed by that of Lanco Vidarbha Thermal for Rs 975 crore and Lanco International for Rs 710 crore. Other noteworthy operational creditors include Adani Power which had claimed Rs 693 crore from Lanco Infratech, of which the RP has rejected Rs 676 crore. An amount of Rs 23.4 crore has been claimed by statutory authorities and has been fully admitted by the RP. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for Insolvency claims: On debt, Lanco keeps it in the family |
|
|
|
