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New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">Apple has increasingly used its own silicon chips</a> in its devices in recent years.</li><li>Two Apple execs told The Indian Express that the company has a "tremendous strategic advantage" in doing so.</li></ul>Apple says it has a "secret weapon" in its approach to making the chips that power many of its devices.The iPhone giant has been increasingly relying on <a target="_blank" class="" href="https://www.businessinsider.com/apple-chip-testing-lab-video-iphone-mac-silicon-2023-12">its own chips</a> for new devices, and two of the company's execs recently explained why they feel that gives it an edge.Tim Millet, Apple's vice president of platform architecture at Apple, and Tom Boger, Apple's vice president of Mac product marketing, <a target="_blank" class="" href="https://indianexpress.com/article/technology/tech-news-technology/exclusive-top-execs-explain-apple-chip-philosophy-9670865/">spoke with</a> The Indian Express about the company's silicon chipmaking approach."We don't make a bunch of chips and then decide where we are going to put them," Boger said. "We design our chips from the ground up for our products, and that is a tremendous strategic advantage that we have."The company also benefits from making chips strictly for its own use rather than being a traditional chip-maker that sells to other companies, Millet said."Folks who do make money that way have the burden of adding margin on top of whatever they buy," he told The Indian Express.Apple began making its own chips in 2010, starting with the A4 chip, which was used in the first-generation iPad as well as the iPhone 4. The company has increasingly turned to its own semiconductors in subsequent years — a strategy that gave it more control. However, it also came with added R&amp;D costs and <a target="_blank" class="" href="https://www.businessinsider.com/apple-m1-chip-risk-moving-away-from-intel-macbook-pro-2020-11">impacted the nature of its contracts with chipmakers like Intel</a> and Imagination Technologies.<div type="image" title="Apple M4" height="1356" width="2396" msid="115428143" hostid="261" sizebytes="94872"></div>Apple's latest chips, the M4 Pro and M4 Max, were introduced last month for the Mac.Millet said Apple silicon takes advantage of "three major components, the architecture, the design, and the process technology.""Our fourth tool, really our secret weapon, I think, is our ability to co-design these amazing chips with the system teams and the product designers as they are imagining possibilities," he told The Indian Express.Apple CEO Tim Cook announced in 2022 that <a target="_blank" class="" href="https://www.businessinsider.com/apple-tim-cook-america-us-made-chips-first-time-decade-2022-12">the company would start using chips made in the US for the first time in nearly a decade</a>, sourcing chips from Taiwanese chipmaker TSMC's Arizona plant and becoming "the site's largest customer."The decision came amid President Biden's efforts to boost domestic chip production and lessen reliance on chips manufactured abroad. The <a target="_blank" rel="" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a> he signed into law in 2022 set aside $52.7 billion for American semiconductor research, development, manufacturing, and workforce development, including <a target="_blank" rel="" href="https://www.businessinsider.com/trump-taiwan-china-semiconductor-chips-us-economy-trade-biden-election-2024-7">$39 billion</a> in manufacturing incentives for chip production stateside.<a target="_blank" class="" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">TSMC began producing chips for Apple</a> at one of its Phoenix, Arizona, plants earlier this year, sources familiar with the matter confirmed to BI.

Apple exec explains the company's 'secret weapon' when making its own chips

<keyword id="19950639" type="General" weightage="20" keywordseo="edtech" source="keywords">Edtech</keyword> major Byju's on Friday said that it has not received any formal intimation of any petition being filed in the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) by select investors over its rights issue. Byju's key investors -- Prosus, General Atlantic, Sofina and <keyword id="20124152" type="General" weightage="20" keywordseo="peak-xv" source="keywords">Peak XV</keyword> -- have moved the tribunal against the embattling edtech major over its $200 million rights issue, according to investor sources. The company told IANS that "it cannot comment on rumours on the same". "The Indian regulations stipulate due process for conducting an EGM, intimation of petitions being filed in NCLT, etc. But certain shareholders prefer to manufacture a media spectacle as opposed to following due process," the company spokesperson said. If such a petition has been filed, "the company shall respond to the same as per applicable law and due process," the spokesperson added. According to investor sources, the VC firms have cited "suppression of investor rights and mismanagement of the company". The four investors filed the petition before the Bengaluru bench of the tribunal, according to sources. This is the first time Byju's investors have legally moved against the rights issue. The edtech company said earlier this week that the rights issue by its parent company Think &amp; Learn Pvt. Ltd to raise $200 million at a 99 per cent valuation cut was fully subscribed. "Investors have sought relief on declaring the rights issue as void, and declaring the founders and the management as unfit to run the company," according to investor sources. The investors said the company's management has not shared "relevant financial information with the investor group". The battle between Byju's and investors intensified after the edtech major said the company's co-founder and CEO <keyword id="19901244" type="General" weightage="20" keywordseo="byju-raveendran" source="keywords">Byju Raveendran</keyword> and Board members will not attend the extraordinary general meeting (EGM) called by select investors to oust its CEO on Friday which was underway. --IANS na/prw

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

Expanding the scope of its hearing in the <keyword id="19980518" type="General" weightage="20" keywordseo="Patanjali" source="keywords">Patanjali</keyword> Ayurved case, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="266" meta.entityid="Supreme Court">Supreme Court</keyword> on Tuesday took a stern view of <keyword id="20610549" type="General" weightage="20" keywordseo="misleading-advertisements" source="keywords">misleading advertisements</keyword> by FMCG firms and asked three Union ministries to inform it about the steps they have taken to curb the practice which takes "public for a ride" and adversely affects their health. The court passed the order after Yoga guru Ramdev and his aide Balkrishna of Patanjali Ayurved Ltd. told a bench of Justices Hima Kohli and Ahsanuddin Amanullah that they have issued unqualified public apology in as many as 67 newspapers over misleading advertisements and are willing to issue additional advertisements expressing their contrition. The bench said the public apology published in newspapers were not on record and asked those to be filed within two days. It posted the matter for April 30 for further consideration. While hearing the Patanjali case, the apex court said the implementation of the relevant provisions of the Drugs and Magic Remedies (Objectionable Advertisements) Act, the Drugs and Cosmetics Act and the Consumer Protection Act and the related rules also needed a closer examination. It said the issue was not limited to Patanjali but extended to all Fast-Moving Consumer Goods (FMCG) firms which have been issuing "misleading advertisements and taking the public for a ride, in particular affecting the health of babies, school-going children and senior citizens who have been consuming products on the basis of the said misrepresentation". "We must clarify that we are not here to gun for a particular party or a particular agency or a particular authority. This is a PIL, and in the larger interest of the consumers, public should know which way they are going and how and why they can be misled, and how authorities are acting to prevent it," the bench said. The court asked the Union ministries of consumer affairs, information and broadcasting, and information technology to explain what action they have taken to prevent the misuse of consumer laws. It also sought an explanation from the Centre over an August 2023 letter issued by the Ministry of Ayush to the licencing authorities of all states and Union Territories and drug controllers of Ayush asking them to not initiate any action under rule 170 of Drugs and Cosmetics Rules, 1945. The bench also asked the <keyword id="20083252" type="General" weightage="20" keywordseo="Indian-Medical-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Medical Association" meta.hostid="266" meta.entityid="Indian Medical Association">Indian Medical Association</keyword> (IMA), the petitioner in the Patanjali advertisements case, to "put its house in order". It said several complaints have been made about alleged unethical acts by members of the IMA who prescribe highly expensive medicines and line of treatment. The bench also ordered impleading the National Medical Commission (NMC) as a respondent in the matter for effective assistance to the court. At the outset, senior advocate Mukul Rohatgi, appearing for Ramdev and Patanjali Ayurved Ltd managing director Balkrishna, told the bench they have issued on Monday unqualified apology for the "lapses" on their part. "Where? Why it is not filed?" the bench asked. Rohatgi said it was issued on Monday in 67 newspapers across the country. When the court asked the senior advocate why did the respondents wait for a whole week before publishing the public apology, Rohatgi said, "Its language had to be changed". The court also quizzed him about the size of advertisements. "Is it the same size of advertisements that you normally issue in newspapers?" it asked Rohatgi, who submitted "It costs tens of lakhs (of rupees)". The bench ordered that the apology published be filed on record and added it wanted to see the actual advertisement published in newspapers. "The said advertisements are not on record. It is submitted that the same have been collated and shall be filed in the course of the day with copies to counsel for the parties. Needful shall be done within two days with copies to counsel for the parties," it said. The counsel said additional advertisement shall be issued by Ramdev and Balkrishna tendering unqualified apology for the lapses on their part. The bench said it was necessary to implead the three central ministries in order to examine the steps taken to prevent the abuse of the Drugs and Magic Remedies (Objectionable Advertisements) Act and rules, the Drugs and Cosmetics Act and the Consumer Protection Act. It said these ministries shall file affidavits enunciating the action they have taken to prevent the misuse/abuse of these statutes along with the relevant data since 2018. The bench said licencing authorities of all states and UTs shall also be impleaded as co-respondents in the matter. The bench told the IMA's counsel that while they are pointing fingers at Patanjali, "the other four fingers are also pointing at you (IMA)". On April 16, the apex court had warned Ramdev and Balkrishna against any attempt to "degrade allopathy" and permitted them to tender a "public apology and show contrition" within a week in the contempt proceedings in the misleading advertisements case against Patanjali Ayurved Ltd. The apex court is hearing a plea filed in 2022 by the IMA alleging a smear campaign against the Covid vaccination drive and modern systems of medicine. Ramdev and Balkrishna had earlier tendered an "unconditional and unqualified apology" before the top court over advertisements issued by the firm making tall claims about the medicinal efficacy of its products. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Supreme Court expands Patanjali misleading ads hearing to include FMCG companies

<ul class="summary-list"><li>The European Union wants to sanction three Chinese companies for supporting Russia, according to reports.</li><li>It's also sizing up firms based in Hong Kong, India, Serbia, and Turkey, per Bloomberg and the FT.</li></ul>The European Union wants to sanction three Chinese companies due to their ties to Russia, according to reports by <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-12/eu-proposes-curbs-on-three-chinese-firms-for-aiding-russia">Bloomberg</a> and <a target="_blank" href="https://www.ft.com/content/183af737-ef65-4cea-9b27-06c384a5accd">the Financial Times</a>.It’s also sizing up a business based in India and firms from Hong Kong, Kazakhstan, Serbia, Sri Lanka, Turkey, and Thailand, the outlets said, citing a draft proposal that hasn’t been made public yet.The EU reportedly wants to ban companies from doing business with the listed parties, which it believes could be aiding the Kremlin in its war in Ukraine.Member states voting through the plan would mark the first time that the trading bloc has imposed restrictions on Chinese and Indian businesses since Russia invaded its neighbor in February 2022.In the aftermath of that attack, the EU, the US, and other Western countries rushed to sanction Moscow, by cutting Russia’s banks out of <a target="_blank" href="https://www.businessinsider.com/what-is-swift-sanctions-russia-ukraine-invasion-global-banking-system-2022-2">the SWIFT payments system</a> and <a target="_blank" href="https://www.businessinsider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2">capping oil prices</a>. The EU alone has imposed 12 sanctions packages over the past two years.Meanwhile, China and India are yet to roll out similar restrictions and have instead stepped up their <a target="_blank" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">purchases of Russian crude</a>.In April 2023, European Commission president Ursula von der Leyen <a target="_blank" href="https://www.eeas.europa.eu/delegations/china/president-european-commission-ursula-von-der-leyen-visits-china_en?s=166">traveled to Beijing</a> to warn China’s leader Xi Jinping not to support Russia’s war efforts."This visit is taking place in a challenging and increasingly volatile context, in particular because of Russia's war of aggression against Ukraine," she said in a <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_23_2147">press conference</a>. "China's position on this is crucial for the European Union.""We also count on China not to provide any military equipment, directly or indirectly, to Russia. Because we all know, arming the aggressor would be against international law. And it would significantly harm our relationship," von der Leyen added.

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

<ul class="summary-list"><li>A salvage company has lost a legal battle with South Africa over $43 million in shipwrecked silver.</li><li>The company claimed it was due a salvage fee from the country for hauling up the treasure.</li></ul>A company that hauled 2,364 silver bars from a shipwreck on the ocean floor has lost a legal case with the South African government over the treasure.A UK Supreme Court judgment, seen by Business Insider, ruled that salvage company Argentum Exploration doesn't have a salvage fee claim for recovering $43 million of silver from the wreck of the SS Tilawa.Argentum Exploration is majority-owned by British hedge fund manager Paul Marshall.The Tilawa was sunk by a Japanese submarine under mysterious circumstances just off the Seychelles Islands in 1942, killing 280 people and sending its silver cargo to the bottom of the Indian Ocean.The ship had been transporting the silver from Bombay to South Africa, where it was to be used to mint coins.The BBC <a target="_blank" href="https://www.bbc.co.uk/programmes/w3ct4xg2">has dubbed the ship "the Indian Titanic."</a>In 2017, Argentum Exploration sent specialist salvage vessels a mile and a half down to the site to gather the silver. It was then brought to the UK, where the legal battle over salvage fees unfolded.Although the silver belongs to South Africa, Argentum Exploration said that it was entitled to a claim for salvage. In international maritime law, salvage companies can make such a claim even if they weren't commissioned by the legal owners.But South Africa said it was immune from that law.The case turned on the question of whether the silver was in commercial use at the time it was lost — which would have removed the country's immunity.While earlier rulings sided with Argentum, on Wednesday the UK's Supreme Court disagreed.The judgment said that "cargo sitting in the hold of a ship is not being used for any purpose, commercial or otherwise."The case illustrates the complex and often high-stakes international legal wranglings that surround shipwrecks and precious salvage, <a target="_blank" href="https://www.businessinsider.com/treasures-lost-at-sea-kept-by-finders-or-us-government-2022-12">as Business Insider's Katherine Tangalakis-Lippert previously reported</a>.In their ruling, the judges also noted that the two parties had arrived at a private settlement last month, without giving details."The parties have agreed that we should nevertheless hand down the judgment and we are satisfied that it is appropriate to do so," they wrote.The settlement is subject to a non-disclosure agreement, Ross Hyett, managing director of Argentum Exploration, told BI. He added that the ruling was "an important judgment clarifying the law on sovereign immunity."Marshall, Argentum's majority owner, also co-owns <a target="_blank" href="https://www.businessinsider.com/britain-anti-woke-gb-news-ceo-interview-angelos-frangopoulos-2021-3">GB News, a self-styled anti-"woke" news outlet</a> in the UK in the mold of Fox News.Hyett told BI that Marshall had no input into the running of Argentum, or its dealings with the South African government.

A company that hauled $43 million in silver bars from the 'Indian Titanic' wasn't even given a salvage fee by a court

Singapore: <keyword id="20036942" type="General" weightage="100" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="83" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="83" meta.entityid="Vistara">Vistara</keyword> with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="83" meta.entityid="Air India">Air India</keyword>, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="83" meta.entityid="Tata Group">Tata Group</keyword> and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and <keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword> received to-date, represent a significant development towards the completion of the proposed merger," the airline said in the filing to the Singapore Stock Exchange. The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months. "At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024," it added. According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024. The merger, which will create one of the biggest airline groups, was approved by the National Company Law Tribunal (NCLT) in June. In March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal. Prior to that in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions. "SIA will make the necessary announcement(s) upon completion of the proposed merger or in the event that there are other significant developments," the filing said on Friday.

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

The <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword>, Chandigarh bench, has withheld the merger of realty firm <keyword id="252055" type="General" weightage="80" keywordseo="embassy-group" source="Orion">Embassy Group</keyword>'s certain residential and commercial projects with <keyword id="51993" type="General" weightage="50" keywordseo="indiabulls-real-estate" source="Orion">Indiabulls Real Estate</keyword>. Mumbai-based Indiabulls Real Estate (<keyword id="406465" type="General" weightage="80" keywordseo="ibrel" source="Orion">IBREL</keyword>) said it will decide on the next course of action after reading the full judgement and will explore all options, including filing an appeal against the order of the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword>) before the appellate tribunal. In August 2020, Bengaluru-based realty firm Embassy Group entered into a definitive agreement to merge its certain residential and commercial projects with IBREL through a cashless scheme of amalgamation. Embassy Group will become the promoter of the merged entity. Through a regulatory filing, IBREL informed that "the sanction to the merger of NAM Estates Pvt Ltd (NAM Estates) and Embassy One Commercial Property Developments Pvt Ltd (Embassy One) into IBREL has been withheld by the National Company Law Tribunal, Chandigarh Bench". IBREL said the merger scheme has already been sanctioned by the NCLT, Bengaluru Bench, which has jurisdiction over NAM Estates and Embassy One, on April 22, 2022. "However, the NCLT, Chandigarh Bench, which has jurisdiction over IBREL, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger. "IBREL strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner and had accordingly addressed the same before the NCLT," the company said in the filing. IBREL said it will await the detailed order to further evaluate the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh Bench, before the National Company Law Appellate Tribunal (NCLAT) at the earliest. The merger has already received overwhelming support from 99.9987 per cent of its shareholders who voted on the same and has also received approval from other regulators, it added. "IBREL's board shall be meeting over the next day to chalk out its plan and strategy to move forward and shall communicate the same to all its stakeholders," the filing said. In February 2021, the Competition Commission of India (CCI) approved the proposed merger of Embassy Group firms -- NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd -- with IBREL. At present, Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies. Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects. Under the terms of the agreement, IBREL's shares are valued at Rs 92.5 per share. IBREL has a land bank of 3,280 acre, near major metropolitan cities. It has a presence in six cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Jodhpur, Vadodara, Vizag and Indore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/end-of-covid-emergency-to-affect-sales-of-diagnostics-cos-globaldata-report/articleshow/100103557.cms">End of Covid emergency to affect sales of diagnostics cos: GlobalData report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/jamtara-global-indian-whatsapp-users-flooded-with-spam-calls/articleshow/100103446.cms">'Jamtara Global': Indian WhatsApp users flooded with spam calls</a>

NCLT withholds merger of Embassy group firms with Indiabulls Real Estate

Even though the Wadia group has approached the <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword>) voluntarily to protect their leased planes from being repossessed, there exists the risk of other interested groups bidding for <keyword id="120816" type="General" weightage="80" keywordseo="go-airlines" source="Orion">Go Airlines</keyword> (India) Ltd, said Supreme Court advocate. "The risk of some other interested group making a bid for Go Airlines that may be attractive for the creditors is always there. Go Airlines might have gone to NCLT voluntarily with an intention to retain its assets, but the risk of facing rival bids does hang over the promoters heads like the Damocles sword," D. Varadarajan, Supreme Court advocate specialising in corporate laws, told IANS. The purpose of NCLT is to resolve the issues fast, he added. Queried about the firewall that the promoters have built around Rs 7,100 crore-turnover Go Airlines against rival bids before landing in NCLT, <keyword id="663643" type="General" weightage="50" keywordseo="kaushik-khona" source="Orion">Kaushik Khona</keyword>, Chief Executive Officer told IANS in an interview: "The process of NCLT and the IBC (The Insolvency and Bankruptcy Code) will be followed once the application is admitted. The question (takeover bids) is hypothetical to be addressed." <keyword id="3722377" type="General" weightage="100" keywordseo="khona" source="Orion">Khona</keyword> said the airline promoters - the Wadia group - are interested to be in the business and the purpose of approaching the NCLT is to retain the aircraft as the lessors are taking action to repossess them. He also said the idea of promoters rebidding for the airlines was not thought of while approaching the NCLT. The insolvency petition is not a ruse to get loan write offs. "We have not asked the banks to take a haircut (write off a portion of their loan," Khona said. According to reports, the airline has a total liability - dues to banks, other creditors, vendors etc. - of about Rs 11,463 crore. The Indian government owned Central Bank of India said its outstanding exposure to Go Airlines as on March 31, 2023 is Rs 1,305 crore and an additional amount of Rs 682 crore sanctioned under the Emergency line of credit guaranteed by the Government of India. The airlines have defaulted on its payment dues to aircraft lessors and others but not to the banks and the account has not been classified as a non-performing asset (NPA) by the bankers. With nearly 50 per cent of its A320neo fleet grounded, India's third largest airline Go Airline has approached NCLT for resolution under Section 10 of the IBC. The airline said it has approached the NCLT, "...due to the ever-increasing number of failing engines supplied by Pratt &amp; Whitney's International Aero Engines, LLC, which has resulted in GO FIRST (airline brand) having to ground 25 aircraft (equivalent to approximately 50 per cent of its Airbus A320neo aircraft fleet) as of May 1, 2023." The petition is being heard by NCLT for admission. According to Khona, if the petition is admitted by the NCLT then there will be a moratorium and the appointment of an Interim Resolution Professional (IRP) will be automatic. In its petition, Go Airlines has suggested the name of a person to be appointed as the IRP and Khona said it is for the NCLT to decide on that. Khona also said the airline had got enquiries for leasing for more aircrafts. He said the aircrafts will be up in the air in 7/8 days once the petition is admitted. Citing FY23 revenue of about Rs 7,100 crore Khona said even with a reduced fleet size the airline was able log such a revenue. "We want more aircrafts on wet lease or dry lease," he said. In its petition, Go Airlines has suggested the name of a person to be appointed as the IRP and Khona said it is for the NCLT to decide on that. As to the funds to restart operations, Khona said the airline is yet to draw the balance of Rs 208 crore of the Rs 1,500 crore sanctioned under the Emergency Line Credit Guarantee Scheme (ELCGS). According to Khona, the airlines need about Rs 17-18 crore per day for its operations as the trade partners may provide the needed items - fuel and others - on cash and carry basis. On the availability of pilots to fly the aircraft as many have started attending interviews held by rivals Khona said: "I have the pilots to fly all the 54 aircrafts. We have a huge fleet of pilots." Khona said the majority of the pilots have not left the company even during the Covid-19 period and added that it takes about six months for a pilot to fly an aircraft after joining a rival. He did agree that the salaries for the ground staff have been paid while the April salary for the professional and others is pending. Khona does not want to think about the chance of NCLT not admitting the insolvency petition as IBC wants every business to be up and running and in the case of airlines up and flying. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rise-in-premium-amount-for-life-insurance-biggest-concern-for-consumers-hansa-research/articleshow/100098587.cms">Rise in premium amount for life insurance biggest concern for consumers: Hansa Research</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona

<ul><li>Google has made some changes to Android in line with a directive issued by the <keyword id="97393" type="General" weightage="50" keywordseo="competition-commission-of-india" source="Orion">Competition Commission of India</keyword>.</li><li>The changes come right after the Competition Commission of India (CCI) imposed a penalty of ₹1,337.76 crores on Google for abusing its dominant position in markets related to the Android mobile device ecosystem.</li><li>Here are the changes that Google has announced.</li></ul>In the wake of penalties imposed by the Competition Commission of India (CCI), <keyword id="45395" type="General" weightage="20" keywordseo="Google-India" source="Orion">Google India</keyword> is bringing some significant changes to the Android ecosystem in India. Some changes will likely impact Google’s Android arrangements with original equipment manufacturers (OEMs). The changes announced on Wednesday will allow other manufacturers to build forked Android variants (devices without <keyword id="963171" type="General" weightage="50" keywordseo="google-play" source="Orion">Google Play</keyword> services), which are different variants without core Google services. In addition, Google will provide Indian users with an option to choose a default search engine when they set up their Android phones. This means that users will no longer have Google as the default search engine option, which is the case right now. Sharing this information in a blog post, Google said, “We take our commitment to comply with local laws and regulations in India seriously. The Competition Commission of India (CCI)’s recent directives for Android and Play require us to make significant changes for India, and today we’ve informed the CCI of how we will be complying with their directives.” The move comes days after the country’s apex court ‘<keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword>’ upheld stringent antitrust directives, forcing Google to change how it markets its mobile operating system. Earlier, the Competition Commission of India (CCI) imposed a penalty of ₹1,337.76 crores on Google for abusing its dominant position in markets related to the Android mobile device ecosystem. CCI also ordered an investigation into Google's unfair business practices for abusing its market-dominant position in 2019. Following the CCI order, the <keyword id="6396354" type="General" weightage="20" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) directed the company to pay a fine, but Google appealed against the order. The tribunal rejected the appeal and directed the company to pay the penalty imposed by CCI. <cmsannotation type="cmsannotation" annotationid="Here are key changes that Google has planned" comment="subhead" text="Here are key changes that Google has planned">Here are key changes that Google has planned</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Say no to the suite of pre-loaded Google apps" comment="subhead" text="Say no to the suite of pre-loaded Google apps">Say no to the suite of pre-loaded Google apps</cmsannotation> The very first change is that OEMs will be able to license individual Google apps for pre-installation, meaning OEMs will no longer be forced to pre-install the suite of Google apps on their devices, which is the case right now. <cmsannotation type="cmsannotation" annotationid="Power to choose a default search engines" comment="subhead" text="Power to choose a default search engine">Power to choose a default search engine</cmsannotation> Now, Android users in India will have more customization options as they can now choose their default search engine. According to Google, the screen will soon appear when a user sets up a new Android tablet or smartphone in India. It is unclear if existing Android users can remove Google as the default search engine. <cmsannotation type="cmsannotation" annotationid="Smartphones without Google services" comment="subhead" text="Smartphones without Google services">Smartphones without Google services</cmsannotation> The third change notes that Google is updating the Android compatibility requirements. This will introduce changes for partners to build forked variants of devices, meaning devices without Google Play services and devices can have their app store. <cmsannotation type="cmsannotation" annotationid="More power to developers" comment="subhead" text="More power to developers">More power to developers</cmsannotation> The next update will allow app developers to choose an alternative billing system alongside Google Play’s billing system. Till now, Google has insisted that app developers use the Play billing system, which also means they have to give a 30 percent commission to Google for any digital purchase. <cmsannotation type="cmsannotation" annotationid="More transparency" comment="subhead" text="More transparency">More transparency</cmsannotation> Google has updated and made changes to the Android installation flow and auto-updating capability for sideloaded apps and app stores while ensuring that users understand the potential security risks. <cmsannotation type="cmsannotation" annotationid="Access to online resources" comment="subhead" text="Access to online resources">Access to online resources</cmsannotation> Google is now expanding its online resources, such as Help Center articles and FAQs. this will provide more detail on services provided by Google Play and how and when the Google Play service fee is applied. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a> <a href="https://www.businessinsider.in/tech/news/apples-mixed-reality-headset-could-feature-full-body-facetime-avatars/articleshow/97300580.cms">Apple's Mixed Reality headset could feature advanced hand tracking and may work as a second display for Mac</a>

You Searched For "Indian company law" and got 11 results

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

PTI

Apple exec explains the company's 'secret weapon' when making its own chips

Sarah Jackson

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

IANS

Supreme Court expands Patanjali misleading ads hearing to include FMCG companies

PTI

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

George Glover

A company that hauled $43 million in silver bars from the 'Indian Titanic' wasn't even given a salvage fee by a court

Mia Jankowicz

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

PTI

NCLT withholds merger of Embassy group firms with Indiabulls Real Estate

PTI

Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona

IANS

Google makes changes to Android and Google Play services in India after CCI setback

Rahul Verma

Inside the company that has discovered the ultimate cash cow: teenage athletes

Joseph Bien-Kahn

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