Alok Industries: Kotak Mahindra Bank flags huge haircut in resolution plan
Posted on 4th August 2018 |
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| Kotak Mahindra Bank on Friday raised the issue of financial creditors suffering due to the huge haircut proposed in the resolution plan submitted by the Reliance Industries-JM Financial ARC combine for Alok Industries at the National Company Law Tribunal’s (NCLT) Ahmedabad bench. The tribunal will hear all the cases related to Alok Industries on September 6 and 7. Alok Industries owes its lenders Rs 29,614 crore and the Reliance Industries-JM Financial ARC combine had offered Rs 5,050 crore for the company, which translates into an 83% haircut for the lenders, the legal counsel for Kotak Mahindra Bank said. While the resolution professional for Alok Industries, Ajay Joshi, has filed an application for the approval of the resolution plan, Kotak Mahindra Bank has filed an intervention application against it. Kotak Mahindra Bank’s legal counsel argued that as per the resolution plan, the financial creditors will receive only 18% of their total debt to the company. The bank has lent about Rs 170 crore to Alok Industries and it is likely to recover only Rs 20-22 crore if the plan is approved. During the hearing, all parties urged the bench to take up the matter on an urgent basis since the committee of creditors is incurring a huge cost amounting to Rs 1.5 crore daily. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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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. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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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. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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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). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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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. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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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. |
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