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The Economic Times

NCLAT adjourns Byju’s case hearing to November 6

On September 26, the Supreme Court temporarily halted all meetings concerning Byju's insolvency proceedings, as Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, moved the apex court challenging its removal from the committee of creditors (CoC) by interim resolution professional (IRP) Pankaj Srivastava.

Business Standard

ICAI forms group on stress management; to introduce counselling help desk

Chartered accountants' apex body ICAI on Monday announced the setting up of a dedicated group to suggest more stress management measures and will also introduce a counselling help desk against the backdrop of the death of a chartered accountant due to alleged work pressure. The institute will also develop peer support networks where members can share experiences, seek advice, and collaborate to address challenges related to stress management. Chartered accountant Anna Sebastian Perayil recently died allegedly due to extreme work pressure. She worked with S R Batliboi, a member firm of EY Global. The dedicated group will work on introducing measures to improve work-life balance and for managing stress within the profession, ICAI said in a release. Also, a special counselling help desk will be introduced within ICAI's national call centre (9997599975) that will be dedicated to assisting members with stress management and work-life balance concerns. The Institute of Chartered Account

The Economic Times

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

Reserving its verdict on an appeal by US lender GLAS Trust Co LLC against the NCLAT’s order approving a settlement deal between Think & Learn Pvt Ltd, the parent of Byju’s, and the BCCI, the apex court questioned Byju's decision to settle the Rs 158 crore debt owed to the BCCI while leaving unpaid Rs 15,000 crore dues of other creditors, including Glas Trust.

Business Standard

Byju's insolvency case: SC reserves verdict on plea challenging NCLAT order

The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. A bench headed by Chief Justice D Y Chandrachud asked the insolvency resolution professional (IRP) to maintain status quo till the apex court delivers its judgement in the matter. The bench, also comprising Justices JB Pardiwala and Manoj Misra, considered the plea of US firm Glas Trust Company LLC and asked the IRP not to proceed with the committee of creditor's meeting to deal with the Byju's case. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. Observing that the National Company Law Appellate Tribunal (NCLAT) did not apply its mind while closing the insolvency proceedings against the ed-tech major, the bench had hinted that it may sen

The Economic Times

IATO seeks government support as foreign tourist arrivals yet to revive

India's apex inbound tour operators body IATO has called for immediate government assistance due to sluggish foreign tourist arrivals, which remain below 2019 levels. The lack of budgetary support for publicity abroad and withdrawal of incentives are cited as major reasons. IATO urges the government to restore and increase the budget for overseas promotion.

Business Standard

Indian real estate mkt to jump manifold by 2047, to touch $10 trn: Report

Housing demand in Indian real estate market continues to be strong with no signs of slowdown and there is a need to boost supply to meet the requirements, according to realtors' apex body CREDAI. The association said that housing sales in any particular quarter could fall due to lesser number of launches, but consumer demand that has surged post COVID pandemic remains intact. CREDAI is holding its flagship conference 'CREDAI NATCON' here during September 23-26 being attended by more than 1,100 delegates. When asked about estimated fall in sales during the current quarter, CREDAI National Chairman Manoj Gaur said the new launches have been lower in the September quarter. "There is no inventory. There is a huge demand for residential properties from good developers at right locations and attractive prices," Gaur told reporters here. He was replying to a query about PropEquity latest data which estimates 18 per cent fall in sales across nine major cities to 1,04,393 units during ...

Business Standard

India's gems, jewellery sector vulnerable to money laundering: FATF

The ease with which the trade of precious metals and stones can be used to move "large amounts" of funds without leaving an ownership trail shows this sector in India is vulnerable to be used as a tool for money laundering and terrorist financing, the Financial Action Task Force (FATF) has said. The Paris-headquartered global body said in its mutual evaluation report for India released on Thursday that the money laundering (ML) risks associated with the "smuggling and dealing" in precious metals and stones should be "further developed" given the size of this sector in the country. The report said there were approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country but its apex body-- Gems and Jewellery Export Promotion Council (GJEPC) only had 9,500 members. Certificate of being a GJEPC member along with tax registration is mandatory for undertaking import or export of gems trade in India. Currently, there are "shortcomings" in risk understanding, particula

Business Standard

Gaurs Group to invest Rs 1,600 crore to build luxury flats in Ghaziabad

Realty firm Gaurs Group will invest around Rs 1,600 crore to develop a new luxury housing project in Ghaziabad, Uttar Pradesh, as part of its plan to expand business amid strong demand. The company has already launched and sold all 1,216 apartments in this project 'Gaur NYC Residences', which is spread over 12-acre land in Ghaziabad. "We have sold the entire 1,200 units within three days of launch. The total sales value we generated was Rs 3,100 crore," Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said. Gaur, who is also Chairman of realtors apex body CREDAI, highlighted that there was a huge demand for this project and the company received more than 3000 expressions of interest from customers who wanted to purchase. "For transparency, we allotted the flats through lottery conducted live on YouTube platform," Gaur said. When asked about project cost, he said the total investment will be around Rs 1,600 crore and out of that Rs 1,200 crore would be on pure constructi

Business Standard

Fada announces appointment of C S Vigneshwar as new president for 2024-26

The Federation of Automobile Dealers Associations (FADA) on Wednesday announced the appointment of C S Vigneshwar as its President for 2024-26 period. The decision was taken at the 315th Governing Council Meeting, held immediately after the 60th annual general meeting, FADA said in a statement. Vigneshwar is the Managing Director of Anaamalais Toyota based out of Coimbatore, Tamil Nadu, and has other dealerships of Volvo Eicher Commercial Vehicles (VECV) and Ather Energy, it added. He has been a council member of FADA for the last 12 years. Besides, Vigneshwar has been a member of the Apex Consultative Committee of VECV for the last 16 years and a part of the Toyota Dealer Council for 11 years and served as the Head of the Toyota India Service Dealer Council for 7 years, the statement said. FADA said its governing council also elevated Sai Giridhar, MD of Saisha Motors Pvt Ltd (Dealer for Skoda Volvo Cars & MG Motors) based out of Jaipur, as Vice President and Amar Jatin Sheth, ..

The Economic Times

ICICI-Videocon Case: Apex court notice to Kochhars

The Supreme Court has requested responses from Chanda Kochhar, former MD of ICICI Bank, and her husband Deepak Kochhar regarding the CBI's appeal against a Bombay High Court ruling that deemed their arrest illegal in the Rs 3,250-crore Videocon loan fraud case. The High Court had criticized the CBI for what it saw as an abuse of power in the arrests and confirmed interim bail for the Kochhars.

Business Standard

SC directs Sahara to deposit Rs 1,000 cr, allows JV to develop Mumbai land

The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore. The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis. "We grant 15 days' time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis," it said. The bench added, "The Rs 1,000 .

Business Standard

ICSI launches framework for sustainable, responsible investment practices

Company secretaries' apex body ICSI has come out with a framework to promote sustainable and responsible investment practices that seek to help institutional investors and service providers. The ICSI Guiding Principles on Stewardship (IGPS) is a framework of ethical stewardship practices to empower institutional investors and service providers, it said in a release. The framework outlines best practices for responsible investment, encompassing environmental, social, and governance factors. It aligns with the global trend and offers much needed guidance towards sustainable and responsible investing, the Institute of Company Secretaries of India (ICSI) said in the release. The framework was launched at the institute's Middle East Conference in Abu Dhabi, UAE on Wednesday.

The Economic Times

Byju's insolvency case: NCLT rejects US lenders' plea to stop CoC proceedings

The Bengaluru bench of NCLT said it cannot stop the Committee of Creditors (CoC) meetings, as the apex court has allowed its constitution. It has deferred the matter between the US lenders and the troubled edtech's insolvency resolution professional.

Business Standard

SC issues notice to HP on Adani Power's plea seeking Rs 280 cr refund

The Supreme Court on Monday sought response from Himachal Pradesh on a plea filed by Adani Power Limited seeking a refund of Rs 280 crore along with interest from the state government in connection with two hydropower projects in Kinnaur district. On July 18, a division bench of the high court had overturned the decision of a single bench to return the amount of Rs 280 crore to Adani Power. An apex court bench of Justices M M Sundresh and Aravind Kumar issued notice to the Sukhvinder Singh Sukhu government on the appeal filed by Adani Power challenging the high court order. Adani Power has moved the top court against the high court judgment. "It will be crucial to mention here that the Council of Ministers (of Himachal government) had decided to issue the refund vide decision on September 4, 2015. Admittedly, the State on its volition had decided to refund the said monies to the petitioner (Adani Power). "However, the petitioner has remained out of pocket without any reason and at

Business Standard

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

The Economic Times

Centre expects hit of over Rs 1 lakh crore from apex court order allowing retrospective mining levies

The Centre expected mining companies to face a financial burden exceeding Rs 1 lakh crore due to a Supreme Court order allowing states to levy additional taxes retrospectively. The mining industry predicted even more substantial impacts, especially in Odisha and Jharkhand, with potential inflationary effects on the entire value chain.

The Economic Times

SC to mull listing of Vi's curative petition on AGR dues

The Supreme Court will soon decide on the listing of Vodafone Idea Ltd's curative petition related to adjusted gross revenue (AGR) dues. The company's new backers are seeking to know its exact liability towards AGR dues, citing DoT's errors in computing the final demand. The apex court had previously rejected Vodafone Idea's petition for rectification of alleged errors in the calculation of AGR dues payable by the company.

Business Standard

Cargo traffic across 12 major Indian ports surges 6.8 % to 69.8 MT in June

Cargo traffic across 12 major Indian ports rose 6.8 per cent to 69.08 million tonnes (MT) in June from 64.69 MT in the year-ago month, with ten ports showing positive growth while the remaining two witnessed a decline. Jawaharlal Nehru Port in Maharashtra recorded the highest growth in cargo handling at 15.12 per cent during the reporting month, followed by Cochin Port with 15.12 per cent, Kamarajar Port (10.70 per cent), Deendayal Port (8.57 per cent) and New Mangalore Port (8.53 per cent), according to the data released by the major ports' apex body Indian Ports Association (IPA). The 12 major ports are Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port. According to the IPA, VO Chidambaranar Port's cargo traffic grew 7.73 per cent and Paradip Port 7.41 per cent growth, respectively, during the previous month. SMP Kolkata Port ...

The Economic Times

Members agree to turn GPAI into apex body for AI

Under India's chairmanship, the global partnership on artificial intelligence (GPAI) has agreed on a new vision to become a central body for AI matters. The integration with OECD aims to bring all members on equal footing. The focus is on responsible AI development and global policy-making.

The Economic Times

Look-alike, sounding similar drugs likely to face strict action

Earlier, in January India's Drug Technical Advisory Board (DTAB), India's apex drug advisory body, deliberated on the issue of same brand name (including look-alike and sound-alike ones) for different category of products and it suggested that to ensure patient safety, the manufacturing and marketing of different drugs with same brand name should "not be allowed."