Essar Steel lenders said to mull higher payout to Standard Chartered
Posted on 17th March 2019 |
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| Mumbai: Lenders to bankrupt Essar Steel Ltd are considering increasing a payout to Standard Chartered Plc to expedite the sale of the company to ArcelorMittal, according to people with knowledge of the matter. The move by the lenders is part of an attempt to complete Essar Steel's sale by the end of March, the people said asking not to be named as the information is not public. Standard Chartered has filed a plea to National Company Law Appellate Tribunal (NCLAT) opposing a decision by a lower court to sell Essar Steel to ArcelorMittal, world’s largest steel producer. Standard Chartered is opposing the sale to ArcelorMittal as it faces losing a substantial part of monies it has extended to Essar under the deal, according to people familiar with the matter. The National Company Law Tribunal (NCLT) last week approved ArcelorMittal’s offer to buy Essar Steel after months of court battles. Standard Chartered declined to comment. State Bank of India didn’t respond to an email seeking comment. A committee of creditors (CoC) to Essar Steel, led by State Bank of India, will consider distributing nearly ₹3,000 crore ($43 million) to Standard Chartered and operational creditors, the people said. While the exact amount that would go to the UK lender isn’t decided, the amount that the committee had previously agreed to pay the bank was only ₹4,200 crore, the people said. |
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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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