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Markets during the last week saw wild gyrations with the first three days seeing a sharp dip followed by a more than equally sharper rise and then yet another dip, to be back on neutral ground. Friday was a nothing day and markets ended marginally up. The week ended with a small negative bias and in what could be termed a highly volatile week. BSESENSEX lost 30.54 points or 0.05 per cent to close at 58,803.33 points while <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> lost 19.45 points or 0.11 per cent to close at 17,539.45 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.20 per cent, 0.29 per cent and 0.38 per cent respectively. BSEMIDCAP gained 1.37 per cent while BSESMALLCAP was up 1.35 per cent. The <keyword id="91748" type="General" weightage="50" keywordseo="indian-rupee" source="Orion">Indian Rupee</keyword> gained 6 paisa or 0.08 per cent to close at Rs 79.80 to the US Dollar. Dow Jones continued to remain under pressure and lost on four of the five trading sessions. It lost 964.96 points or 2.99 per cent to close at 31,318.44 points. It is now down 13.81 per cent on a year-to-date basis. On a similar comparison, the Indian benchmark indices are up about one percent. India is now the world's fifth largest economy. It squeezed out the United Kingdom. GST collections for the month of August were at 1,43,612 crore. This is the sixth consecutive month that the collection is at Rs 1.40 lakh crore or higher. The primary market sees the issue from <keyword id="7111922" type="General" weightage="50" keywordseo="tamilnad-mercantile-bank-limited" source="Orion">Tamilnad Mercantile Bank Limited</keyword> tapping the markets with its fresh issue of 1,58,40,000 equity shares in a price band of Rs 500-525. The issue would raise Rs 792- 831.6 crore at the price band. The issue opens on Monday the 5th of September and closes on Wednesday the 7th of September. On Friday, the company completed allocation to anchor investors of 71,28,000 shares at Rs 510. In the last couple of years, one doesn't recall that the anchor book or allocation has been made at a price lower than the top end. Coming to the bank's performance, it is a 100-year-old private bank dominant in the state of <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>. In terms of business as much as 75 per cent comes from the state of Tamil Nadu. The next chunk of business comes from the states of Maharashtra, <keyword id="37102" type="General" weightage="80" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Karnataka and Gujarat which contribute about 16 per cent. The bank has grown very significantly during the Covid-19 pandemic. Its EPS has doubled from 2019-20 to 2021-22 from Rs 28.61 to Rs 42.34 and finally to Rs 57.67. It has a decent asset quality as well. Its gross NPAs were at 1.69 per cent while net NPAs were at 0.95 per cent for the year ended March 2022. The shares which are being offered at a price band of Rs 500-525 have a PE multiple of 8.67-9.10 times its FY 22 earnings. In terms of book value, the same is at Rs 374.41, which makes the issue at 1.4 times price to book. Looking at the allotment of anchors, it becomes clear that effectively the new price band is now Rs 500-510 and shares would be allotted at Rs 510. Readers may apply for the shares of the bank considering its fundamentals and pedigree, considering it's a 100-year-old bank. There may be limited upside on listing and investors should apply only for the medium term. Considering its peer group, the bank is adequately priced. There is a change introduced in the bidding process for IPOs with effect from 1st September. Bids made would have to be blocked by the end of the day before the final subscription figures are announced. This is in relation to the hue and cry that was raised where one saw thousands of applications not being banked post being bid. It was also noticed that issues which were subscribed at the end of the bidding time were actually undersubscribed post the final figures. This would put an end to bidding by investors who wanted to eat the cake and have it. Coming to the markets in the week ahead, we would see volatility continuing. While FPIs were buyers largely on most days in August, this is not the case in September and they were sellers as well. Things are not the best in US markets and the 75 basis points hike in the meeting to be held on September 20-21 is a foregone conclusion. What and how the markets react would be based on the commentary post the meeting outcome. Our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be final resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. The strategy for the week would be to continue selling on rallies and buying on sharp dips. Markets are in a trading zone and they need to make up their mind where they are headed in the medium term. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/former-tata-sons-chairman-cyrus-mistry-killed-in-a-road-accident/articleshow/93984352.cms">Former Tata Sons chairman Cyrus Mistry killed in a road accident</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">‘We shared a laugh last month on a park bench in London’, says former head of strategy at Tata Sons</a>

After a volatile week expect markets to remain rangebound says Arun Kejriwal

New Delhi, Jan 2 () The hearing of Registrar of Companies' plea, seeking modifications in National Company Law Appellate Tribunal's (NCLAT) judgement in which Cyrus Mistry was reinstated as the executive chairman of Tata Sons, has been adjourned till Friday.
 A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the Ministry of Corporate Affairs to submit details of the definition of private and public companies under the rules of the Companies Act.
 The bench has also asked for clarification on the paid up capital requirement for the same.
 Meanwhile, the counsel appearing for Tata Sons informed the appellate tribunal that the company has moved the Supreme Court against its order passed on December 18.
 However, the petition is yet to be listed, the counsel added.
 In its plea, the Registrar of Companies (RoC), which functions under the Ministry of Corporate Affairs, has also sought to be impleaded as a party in the two petitions and deletion of the words "illegal" and "with the help of the RoC" used by the NCLAT in its 172-page-long judgement.
 NCLAT, on December 18, directed the USD 110-billion Tata group to reinstate Cyrus Mistry as the executive chairman of Tata Sons.
 The tribunal had termed the appointment of N Chandrasekaran, as "illegal" following the October 2016 sacking of Mistry as Tata Sons' executive chairman. It had also directed the RoC to reverse Tata Sons' status from a 'private company' to a 'public company'.
 In its urgent application, which was mentioned on December 23, just five days after the NCLAT's judgement, RoC Mumbai has asked the appellate tribunal "to carry out requisite amendments" in Para 186 and 187 (iv) of its judgement "to correctly reflect the conduct of the RoC Mumbai as not being illegal and being as per the provisions of the Companies Act".
 Besides, it has also urged "to delete the aspersions made regarding any hurried help accorded by the RoC Mumbai to Tata Sons, except what was statutorily required" in para 181 of the order.
 "The instant application is being filed for seeking impleadment of the applicant (RoC) in company appeal.., and for further seeking amendments in the judgement dated December 18, 2019, passed there in by this appellate tribunal due to factual and legal errors, which are apparent in the body of the aforementioned judgement," the petition said.
 In the order, the appellate tribunal has also quashed the conversion of Tata Sons - the principal holding company and promoter of Tata firms - into a private company from a public firm and had termed it as "illegal".
 The tribunal has said that the action taken by the RoC to allow the firm to become a private company was against the provisions of the Companies Act, 2013, and 'prejudicial' and 'oppressive' to the minority member (Mistry Camp).
 "The company (Tata Sons) shall be recorded as 'public company'. The RoC will make corrections in its record showing the company as 'public company'," the NCLAT had said.
 In its judgement, the tribunal had said the action of Tata Sons board to hurriedly change the company from 'public' to 'private' without following the procedure under law, with the help of the RoC before filing of the appeal suggests that the nominated members of 'Tata Trusts' who have affirmative voting right over majority decision of the board and other members, acted in a manner 'prejudicial' to the members, including minority members (Shapoorji Pallonji Group) and others as also 'prejudicial' to the company.
The RoC also said it has acted in "bonafide manner" in converting the status of Tata Sons as "there was no stay granted by this appellate tribunal on the operation of the judgement dated July 9, 2018 of Mumbai, NCLT, at the time when this intimation was filed by Tata Sons Ltd".
 In its petition, the RoC had asked "to carry out the requisite amendment in paragraphs ... of the judgement dated December 18, 2019, to correctly reflect the conduct of RoC Mumbai as not being illegal and being as per the provisions of the Companies Act along with the rules".
 Months after Mistry was sacked, Tata Sons had received its shareholders' nod in September 2017, to convert itself into a private limited company from a public limited company, thereby absolving it of the need to take shareholder consent in taking crucial decisions, which could be passed with just the board's approval.
 Tata Sons was initially a 'private company', but after insertion of Section 43A (1A) in the Companies Act, 1956, on the basis of average annual turnover, it assumed the character of a deemed 'public company' with effect from February 1, 1975, the order said. KRH ANS
ANS

NCLAT adjourns RoC plea on Tata Mistry case till Friday

New Delhi, Dec 18 () The NCLAT on Wednesday Tata Sons chairman Cyrus Mistry's plea challenging his removal from the post.

The following is the chronology of the developments that took place in the Tata-Mistry case before the National Company Law Appellate Tribunal (NCLAT) and Mumbai-bench of National Company Law Tribunal (NCLT).

October 24, 2016: Cyrus Mistry ousted as Tata Sons chairman, Ratan Tata named as an interim Chairman of the group.

December 20, 2016 : Two Mistry family backed investment firms, Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd, move the NCLT Mumbai, alleging oppression of minority shareholders and mismanagement by Tata Sons. They also challenged Mistry's removal.

January 12, 2017 : Tata Sons names N Chandrashekaran as Chairman, the then TCS Chief Executive Officer and Managing Director.

February 6, 2017 : Mistry removed as a director on the board of Tata Sons, holding company of Tata group firms.

March 6, 2017 : NCLT Mumbai sets aside plea of the two investment firms of Mistry family over maintainability issue, citing they didn't meet the criteria 10 per cent ownership in a company for the filing of a case of alleged oppression of minority shareholders under the Companies Act.

The Mistry family owns 18.4 per cent stake in the closely-held Tata Sons but the holding is less than 3 per cent if preferential shares are excluded.

 
April 17, 2017: NCLT Mumbai also rejects plea by the two investment firm's plea seeking waiver in the criteria of having at least 10 per cent ownership in a company for filing case of alleged oppression of minority shareholders.

April 27, 2017: The investment firms move the NCLAT, challenging NCLT order which rejected their petitions over maintainability. They also challenged rejection of their waiver plea.

September 21, 2017: NCLAT allows pleas by the two investment firms seeking waiver in filing case of oppression and mismanagement against Tata Sons. It, however, dismissed Mistry's other petition on maintainability saying the firms do not have more than 10 per cent in Tata Sons.

The appellate tribunal directs the Mumbai-bench of the NCLT to issue notice and proceed in the matter.

October 5, 2017: Two investment firms approach the principal bench of NCLT at Delhi, seeking transfer of the matter from Mumbai to Delhi citing likelihood of bias. 

The principal bench reserves order on the plea of the two investment firms.

October 6, 2017: The Principal bench of NCLT dismisses the pleas and imposed a cost of Rs 10 lakh on the two investment firms, which was to be shared by both.

July 9, 2018: NCLT Mumbai dismisses pleas of Mistry challenging his removal as Tata Sons chairman as also the allegations of rampant misconduct on part of Ratan Tata and the company's Board. NCLT said it found no merit in his allegations of mismanagement in Tata group firms.

August 3, 2018: The two investment firms approach the NCLAT against the order of the NCLT dismissing his plea challenging his removal as chairman of the company.

August 29, 2019: The NCLAT admits petition filed by Cyrus Mistry in his personal capacity and decided to hear along with the main petitions filed by the two investment firms.

May 23, 2019 : The NCLAT reserves its order after completing the hearing in the matter.

December 18, 2019 : The NCLAT restores Mistry as executive chairman of Tata Sons, but suspended its implementation for four weeks in order to provide time for Tatas to appeal.  KRH  RKL BAL
BAL

Chronology of events in Tata-Mistry fight before NCLT, NCLAT

New Delhi, Jan 5 () Tata Sons Private Limited (TSPL) is likely to mention in the Supreme Court on Monday its petition challenging the NCLAT decision restoring Cyrus Mistry as the executive chairman of the group and saying the verdict "undermined corporate democracy" and the "rights" of its board of directors.
A lawyer associated with the matter said the petition would be mentioned for urgent hearing.
The petition is likely to be mentioned by senior advocate Abhishek Manu Singhvi, who was the lead counsel for the Tata Group in the National Company Law Appellate Tribunal (NCLAT).
Meanwhile, Mistry has come out with a statement saying he is not interested in returning to the Tata Group and the decision was made in the interests of the Group, whose interests are far more important then the interests of any individual.
"To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.
"I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty year history of a seat at the Board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons," he said.
He said in the last three years, both in conduct and in their statements to the world at large, Tata Group's leadership has shown scant respect for the rights of minority shareholders. It is time the Group's management introspects and reflects on its conduct as it embarks on future actions, Mistry added.
"I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees," he said.
TSPL, formerly known as Tata Sons Limited, in its petition, has sought "setting aside of the impugned judgment in toto" of NCLAT, alleging it was "completely inconsistent with the annals of corporate law" and reflected "non-appreciation of facts", which was "untenable in law".
The NCLAT, in a big relief to Mistry and Cyrus Investment Pvt Ltd, on December 18 restored him as the executive chairman of TSPL and ruled that the appointment of N Chandrasekaran as the head of the holding company of the USD 110-billion salt-to-software conglomerate was illegal.
It held the group's chairman emeritus Ratan Tata's actions against Mistry were oppressive and the appointment of a new chairman was illegal.
It, however, stayed the operation of its order with respect to Mistry's reinstatement for four weeks to allow TSPL to file an appeal in the top court.
In its appeal, filed through Karanjawala &amp; Co, TSPL sought a stay on NCLAT's verdict as an interim relief.
"In other words, far from putting an end to the alleged acts complained of, the judgment (of the NCLAT) has sown the seeds for a never-ending discord and conflict between the shareholders of the appellant (TSPL), creating a recipe for an unmitigated disaster," it said.
The plea raised questions of law and said the order restoring Mistry to his "original position" as the executive chairman of TSPL for the "rest of the tenure" was illegal as his tenure "stood extinguished in March 2017".
The plea termed "illegal" NCLAT's declaration that Chandrasekaran's appointment as the chairman of TSPL was wrong and claimed he was appointed "in accordance with the articles and duly approved by the board and shareholders".
It alleged the NCLAT granted reliefs to Mistry which were not even sought.
"Respondent nos 1 (Cyrus Investment Pvt Ltd) and 2 specifically pleaded before the NCLAT that they are not seeking reinstatement of Mistry. The tenure of Mistry as the chairman and director of Tata Sons expired in March 2017 and thus, for good reason, the respondents did not seek such reinstatement," the plea said.
"Mistry was replaced as the chairman of Tata Sons on October 24, 2016, by the majority of its board of directors (all directors voted in favour of the replacement, except one who abstained from voting and the remaining one was Mistry himself) for loss of confidence and the impugned judgment, by restoring Mistry to the position as chairman, has undermined corporate democracy and rights of the board of directors," the plea said.
It said Mistry was removed following the procedure applicable to corporate appointments, as envisaged in law.
The plea alleged it was nobody's case that Mistry's removal had resulted in any serious prejudice being caused to the working of Tata Sons and it "violated law or any contract".
The NCLAT also quashed the conversion of Tata Sons into a private company from a public firm.
It directed Tata Sons to not take any action against Mistry, whose family owned some 18 per cent interest in the company. The remaining 81 per cent is held by Tata Trusts and Tata Group companies, along with Tata family members.
Mistry, the scion of the wealthy Shapoorji Pallonji family, had in December 2012 succeeded Ratan Tata as the executive chairman of Tata Sons, a post that also made him the head of all Tata group-listed firms such as Tata Power and Tata Motors.
In an overnight coup, he was removed as the chairman of Tata Sons in October 2016. Along with him, the entire senior management too was purged and Ratan Tata was back at the helm of affairs, four years after he took retirement. RKS SKV SKV ABH
ABH

Tata Sons to mention in SC plea against NCLAT decision restoring Cyrus Mistry as executive chairman

<keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>’s removal as <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman came as a shocker for many and for some people, the move was already on the cards. 
 
When the board members met on Monday, the suggestion to remove Mistry from the top spot led to unprecedented scenes. 
 
As per reports, Mistry’s ouster was not listed on the agenda at all. 
 
According to a <a href="http://profit.ndtv.com/news/corporates/article-exclusive-the-volatile-boardroom-coup-that-led-to-cyrus-mistrys-ouster-1478551?pfrom=home-lateststories">NDTV’s exclusive report</a>, Mistry's removal led to acrimonious, unprecedented scenes inside the boardroom. Of the nine-member board, six voted in favour of his removal, two abstained. Mistry, as the ninth member, refused to be part of the process. 
 
An insider told NDTV that removal of Mistry was brought up as a 'residuary' item, under the 'any other items' category, listed at the end of every board agenda. 
 After the meeting got over, Tata Sons sent out a press release, announcing removal of Mistry and <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>’s comeback as interim Chairman. 
 
"The board in collective wisdom and on recommendations of principle shareholders took a decision to change for long-term of interests of Tata Sons and Tata Group," a Tata Sons spokesperson said. 
 After the news broke, Mistry protested and <keyword id="6371516" type="CITY" weightage="20" keywordseo="Shapoorji-Pallonji">Shapoorji Pallonji</keyword> termed the move as illegal. They are going to challenge the decision in Bombay High Court. 
 
Mistry said as per Tata’s rules and regulations, a 15-day notice has to be given before bringing such an item before the Board, a timeframe, he said, in which he could have made a case for himself. 
 
NDTV reported that the Board said to have told him "we have legal opinion" in support of the decision. Mistry asked to see the opinion; the board reportedly told him "this was not a court hearing". 
 
Another board insider told NDTV that the decision to remove Mistry has been weeks, perhaps months, in the making. The decision, he said, "was not based on pique", but entirely on Mistry's dismal performance as CEO. 
 
The insider told NDTV Mistry's ouster was a "guillotine" approach. 
 
Mistry was appointed as Tata Sons Chairman in 2012.

Here’s what happened inside the boardroom meeting that led to Cyrus Mistry’s removal as Tata Sons Chairman

Ousted <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons&amp;sortorder=effectivedate">Tata Sons</a>’ chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry&amp;sortorder=effectivedate">Cyrus Mistry</a> has now moved a petition at the <keyword id="6396354" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal">National Company Law Appellate Tribunal</keyword>. This move made by Mistry is to clear his position of maintainability of the case and stall <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> shareholders meeting, which is to be held on February 6 and is called to vote out Mistry from the board. 
 <keyword id="6396355" type="UNKNOWN" weightage="20" keywordseo="NCLAT">NCLAT</keyword> judges, however, did not pass an order on Tata Sons shareholder meeting on Feb 6 and clear its position of maintainability of the case before starting his arguments on the main petition, so that he could appeal against any adverse decision. 
 
Recently, hearing of the petition filed by Mistry's family firms against Tata Sons was adjourned for two weeks by NCLAT at the request of Mistry's counsel C Aryama Sundaram. 
 
According to the two-member bench comprising of B.S.V. Prakash Kumar and V. Nallasenapathy, Mistry firms' refusal to argue the main petition was disobedience of the court. The judge has called the next hearing on Feb 13 and 14. 
 
"The roadmap of the hearing was already laid out of Dec 22, 2016 and Jan 18, 2017. There was time in between but the petitioner had not appealed on any order. It was obvious that matters had been dealt with. Therefore the argument is unmeritorious. Hope that the petitioner (Mistry firms) will argue after two weeks, failing which the petition will stand dismissed," Justice Kumar told ET. 
 
Mistry’s counsel- Sundaram wanted the NCLT judges to pass an order on <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Sons+shareholder&amp;sortorder=effectivedate">Tata Sons shareholder</a> meeting on Feb 6 and clear its position of maintainability of the case before starting his arguments on the main petition, so that he could appeal against any adverse decision. 
 
"We were very particular that an order should be passed on it either way rather than keep it pending, otherwise Feb 6th will come and go," Sundaram told the press on Tuesday after the hearing. "Now we may want to take other remedies against the order and that is why we asked for an adjournment. Today the bench indicated that the interim application (against holding Tata Sons shareholder meeting) was refused and rejected."

Mistry seeks to stall Tata Sons shareholding meeting, files petition

<keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> recently decided to take bitter feud between him and <keyword id="472891" type="COMPANY" weightage="20" keywordseo="Tata-Groups">Tata Groups</keyword> to the court filing a petition against the group. However, no interim relief was given to petitioners by <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> in its first hearing on the case of oppressive conduct against <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 The judge also issued a stay preventing any interim application being filed in any of the other courts. The more than two hour long hearing saw lawyer A Sundaram charge allegations against <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> and Tata Sons. The date of the next hearing was fixed for 31st of January and 1st of February. 
 The Mistry’s coucel said that he shouldn’t be removed from the board of Tata Sons; there should not be any securities which results in the dilution of the present paid up equity capital held by the petitioners in Tata Sons. The council also said that there should not be any change in Articles of Association unless allowed by the court. They also spoke about irregularities in <keyword id="86568" type="COMPANY" weightage="20" keywordseo="Air-Asia">Air Asia</keyword> and how on 24th of October , Mistry wanted to discuss the <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> report that highlighted these irregularities. Sundaram also said that the then chairman wanted to propose a framework of governance but instead he got removed. 
 
They also linked Tata Sons and Ratan Tata with the Rs 22 crore fraudulent transactions alleged to have been carried out in the conglomerate's joint venture airline AirAsia India. It said as part of the transactions, the salt-to-software conglomerate at the behest of Tata, had dealings with Hamid Reza Malakotipour, an alleged sanctioned global terrorist. On both allegations, they have cited the report by Deloitte which conducted a forensic investigation on AirAsia India. 
 
Sundaram also tabled accusations against Ratan Tata of insider trading and the influence of Lord Bhattacharya in decisions of the group. 
 
The judicial member BSV Prakash Kumar asked petitioners why they Mistry had not raised these issues earlier and also asked them to show proof of these accusations. 
 
Tata Sons was represented by Abhishek Manu Singhvi. 
 
Mistry- the former chairman of Tata Sons, was ousted on 24th October.

No interim relief to Cyrus Mistry’s family companies for now, says law tribunal

<ul><li>As more and more cases of sexual harassments in India have come to light through the <keyword id="5901457" type="UNKNOWN" weightage="20" keywordseo="MeToo">#MeToo</keyword> movement, the Indian government is setting up a <keyword id="6955125" type="UNKNOWN" weightage="20" keywordseo="4-judge-bench">4-judge bench</keyword> to address them.</li><li><keyword id="42851" type="PERSON" weightage="20" keywordseo="Maneka-Gandhi">Maneka Gandhi</keyword> has also asked for extending the statute of limitations for reporting harassment to be increased to 10-15 years rather than just 3 months. </li><li>The ministry has also set up alternative methods of registering a complaint, in case victims don’t want to reach out to their respective Internal Complaints Committees.</li></ul>The #MeToo movement in India seems to finally be tipping towards action with the Maneka Gandhi, the minister of Women &amp; Child Development, stating that public hearings will be conducted to hear these cases of <keyword id="46530" type="PERSON" weightage="20" keywordseo="sexual-assault">sexual assault</keyword> and harassment. 
	<div type="twitter" handle="MinistryWCD" handlename="Ministry of WCD" image="http://pbs.twimg.com/profile_images/766154364780183554/z5kahjEt_normal.jpg" favoritecount="22" retweetcount="16" status="The Ministry will be setting up a committee of senior judicial &amp; legal persons as members to examine all issues ema… https://t.co/dpNdkfzp3a" createdat="1539338947000" id="1050689817183281152"></div>



 A bench of four retired judges will be put in place by the ministry to hear out the cases that have surfaced during the #MeToo movement. The ministry’s also set up a dedicated portal for women to make their complaints, in case they don’t want to go to the Internal Complaints Committee (ICC), called ‘She-Box’. According to the notice by the Ministry of Women and Child Development, complainants can also reach out via email or tweet directly using the hashtag #HelpMeWCD. 
	<div type="twitter" handle="MinistryWCD" handlename="Ministry of WCD" image="http://pbs.twimg.com/profile_images/766154364780183554/z5kahjEt_normal.jpg" favoritecount="33" retweetcount="22" status="Official statement of Union Minister Smt. @ManekaGandhiBJP on #MeTooIndia movement. #SexualHarassmentAtWork… https://t.co/3EHmTjUyou" createdat="1539340344000" id="1050695676835708928"></div>



 Gandhi’s also written to the law ministry to increase the time for reporting sexual assault to 10-15 years later. Currently, India’s laws against <keyword id="16048" type="ORGANIZATION" weightage="20" keywordseo="sexual-harassment">sexual harassment</keyword> entailed in the POSH Act only allow victims to report harassment within 3 months of it happening. She added that “You will always remember the person who did it...Anger at sexual molestation never goes away.” 
	<div type="twitter" handle="MinistryWCD" handlename="Ministry of WCD" image="http://pbs.twimg.com/profile_images/766154364780183554/z5kahjEt_normal.jpg" favoritecount="33" retweetcount="20" status="“I believe in the pain and trauma behind every single complaint. Cases of #SexualHarassmentAtWork must be dealt wit… https://t.co/tzLPjfCtkj" createdat="1539338947000" id="1050689814645727232"></div>



 The movement in India was started by a female stand up comedian, who accused Utsav Chakraborty of sending across unsolicited photos of his genitals. A frequent collaborator with All India Bakchod (AIB), India’s prominent comic collective, Chakraborty was fired. Even Tanmay Bhat, the CEO of AIB, stepped down in lieu of inaction despite knowing about the events that had transgressed. A number of women have spoken up there after calling out many eminent Bollywood personalities, including Sajid Khan, Subhash Ghai, Nana Patekar and Alok Nath, the supposed Babuji (elder) in the industry. Allegations have also been levelled against the junior minister at the Ministry of Foreign Affairs, the political editor at Hindustan Times and a senior Tata Motors executive.

India is setting up a judicial bench to hold public hearings on #MeToo cases

<ul><li>The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian indices were trading flat on Wednesday after hitting a record high on Tuesday led by the losses in heavyweights HDFC, HUL, TCS and RIL. The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of November 18, 10:00 am These are the top stocks in news today. Lakshmi Vilas Bank hits 20% lower circuit The shares of Lakshmi Vilas Bank were locked in a 20% lower circuit a day after the government placed the bank under a one-month moratorium and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. DHFL locked in 5% upper circuit The shares of cash strapped Dewan Housing Finance Corp (DHFL) were locked in a 5% upper circuit <a href="https://www.livemint.com/companies/news/adani-surprise-sparks-new-auction-for-dhfl-11605571146578.html">after news reports surfaced</a> that lenders are likely to call for fresh bids as the Adani Group unexpectedly offered a higher price for the company’s assets. Wipro sheds 1% The shares of IT giant Wipro shed nearly a percent after its shareholders have approved its up to ₹9,500 crore share buyback plan. The board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore. Tata Motors shares soar ahead of Tata vs Mistry case hearing The shares of Tata Motors soared over 4% ahead of Tata vs Mistry case hearing scheduled today. Tata Motors also recorded a strong festive boost during the Diwali season. DLF opens 3% higher The shares of DLF soared 3% after the company was recognised to be listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. IIFL Securities up over 6% The shares of IIFL Securities gained over 6% after the company announced that its board would meet on November 20 to consider the share buyback proposal. Mahanagar Gas gains 3% The shares of Mahanagar Gas were up 3% after brokerages reiterated ‘buy’ rating for its stocks. CLSA has raised its target to ₹1,310 per share from ₹1,299 earlier. Nirmal Bang has set the target price at ₹1,072. SEE ALSO:<a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms" data-type="tilCustomLink"> IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-updates-and-news-india-in-talks-with-moderna-for-94-5-effected-covid-19-vaccine/articleshow/79255463.cms" data-type="tilCustomLink">COVID-19 vaccine latest updates: Sinovac’s CoronaVac safe, early trial results show that vaccine triggers immune response</a>

Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

New Delhi, Feb 16 () Telecom operators <keyword id="6354287" type="COMPANY" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>, Vodafone Idea and <keyword id="6359475" type="DOMAIN" weightage="20" keywordseo="tata-teleservices">Tata Teleservices</keyword> are likely to make payment for adjusted gross revenue (AGR) dues on Monday to avoid stringent punitive action from the Telecom Department, according to an official source. The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (<keyword id="16054" type="ORGANIZATION" weightage="20" keywordseo="DoT">DoT</keyword>) of making only partial payment, as per their representatives. "Airtel, Vodafone Idea and Tata Teleservices have said that they will make payments on Monday. DoT will take action after evaluating the amount paid by them," an official source told . Earlier on Friday, Bharti Airtel offered the DoT to pay Rs 10,000 crore by February 20, but a DoT official said that the department can't grant any extension. Vodafone Idea on Saturday said that it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business. Telecom operators are collectively liable to pay Rs 1.47 lakh crore in AGR dues as per the Supreme Court order dated October 24, 2019. The deadline to pay the amount ended on January 23, but none of the telecom operators, except Reliance Jio, paid the amount. Even state-owned BSNL and MTNL did not pay the dues. As per the last available estimates, Airtel owes nearly Rs 35,586 crore, including licence fee and spectrum usage charges, to the government. Vodafone Idea is staring at dues worth Rs 53,000 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fee. Tata Teleservices owes around Rs 13,800 crore, BSNL Rs 4,989 crore and MTNL Rs 3,122 crore. Out of Rs 1.47 lakh crore, around Rs 1.13 lakh crore is likely to be recovered, as other companies, which are liable to pay AGR dues, have folded up their businesses. <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> and Aircel are going through insolvency proceedings. The apex court on Friday came down heavily on the Telecom Department for not taking steps to recover statutory dues, estimated to be around Rs 1.47 lakh crore from operators. The DoT issued fifth and final notice to telecom operators on February 14 for making payment on the same day, but none of the companies paid the dues. When asked about telecom operators having sought time to assess the amount they have to pay, the DoT official said that the court gave them three months to do so and even after missing January 23 deadline telecom operators had sufficient time to calculate their dues. "Before the due date, DoT has sent telecom operators 4 notices and reminders to pay to avoid punitive action under license condition. After court order on modification plea, telecom players are not left with any excuse to delay the payment and the DoT can take action against them without serving any further notice," the source said. The apex court pulled up telecom operators and the government on non-payment of AGR dues despite its order. It has asked managing directors and directors of the company to be present in person before court on the next hearing, scheduled for March 17, in case there is violation of its order in the AGR case. Public sector companies, that do not sell telecom services, owe DoT around Rs 2.65 lakh crore, with GAIL India alone owing around 65 per cent of the total amount. However, these PSUs have the option to approach court for a legal recourse.

Airtel, Vodafone and Tatas are expected to cough up spectrum dues on Monday

New Delhi, Feb 16 () Telecom operators Bharti Airtel, Vodafone Idea and Tata Teleservices are likely to make payment for adjusted gross revenue (AGR) dues on Monday to avoid stringent punitive action from the Telecom Department, according to official sources. The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives. "Airtel, Vodafone Idea and Tata Teleservices have said that they will make payments on Monday. DoT will take action after evaluating the amount paid by them," an official source told . Earlier on Friday, Bharti Airtel offered the DoT to pay Rs 10,000 crore by February 20, but a DoT official said that the department can't grant any extension. Vodafone Idea on Saturday said that it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business. Telecom operators are collectively liable to pay Rs 1.47 lakh crore in AGR dues as per the Supreme Court order dated October 24, 2019. The deadline to pay the amount ended on January 23, but none of the telecom operators, except Reliance Jio, paid the amount. Even state-owned BSNL and MTNL did not pay the dues. As per the last available estimates, Airtel owes nearly Rs 35,586 crore, including licence fee and spectrum usage charges, to the government. Vodafone Idea is staring at dues worth Rs 53,000 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fee. Tata Teleservices owes around Rs 13,800 crore, BSNL Rs 4,989 crore and MTNL Rs 3,122 crore. Out of Rs 1.47 lakh crore, around Rs 1.13 lakh crore is likely to be recovered, as other companies, which are liable to pay AGR dues, have folded up their businesses. Reliance Communications and Aircel are going through insolvency proceedings. The apex court on Friday came down heavily on the Telecom Department for not taking steps to recover statutory dues, estimated to be around Rs 1.47 lakh crore from operators. The DoT issued fifth and final notice to telecom operators on February 14 for making payment on the same day, but none of the companies paid the dues. When asked about telecom operators having sought time to assess the amount they have to pay, the DoT official said that the court gave them three months to do so and even after missing January 23 deadline telecom operators had sufficient time to calculate their dues. "Before the due date, DoT has sent telecom operators 4 notices and reminders to pay to avoid punitive action under license condition. After court order on modification plea, telecom players are not left with any excuse to delay the payment and the DoT can take action against them without serving any further notice," the source said. The apex court pulled up telecom operators and the government on non-payment of AGR dues despite its order. It has asked managing directors and directors of the company to be present in person before court on the next hearing, scheduled for March 17, in case there is violation of its order in the AGR case. Public sector companies, that do not sell telecom services, owe DoT around Rs 2.65 lakh crore, with GAIL India alone owing around 65 per cent of the total amount. However, these PSUs have the option to approach court for a legal recourse. PRS RVK

Airtel, Voda Idea, Tata Tele likely to pay AGR dues on Monday: DoT sources

New Delhi, Feb 19 () The Department of Telecom is still working on final adjusted gross revenue dues that service providers have to pay as it has detected variation in accounting practices adopted by different circle offices, according to official sources. The licence finance wing of the telecom department (DoT) on February 3 issued a letter with guidelines to all controller General of Communication Accounts to reconcile AGR dues and asked them to give 15 days time to operators for the submission of appeals and documents related to deductions they make in the final payment, sources said. The letter was a follow up to a previous note sent by the licence finance wing on December 4 and a follow-up on December 13 to the circles for re-verification of debit voucher reports (DVR). "The department has been facing a challenge in carrying out the revised assessments due to various issues related to DVRs. Telecom operators, including Airtel and Vodafone Idea, have challenged many DVRs. "Also, circle offices have not adopted uniform practice in accounting. The DoT has asked them to re-verify DVRs at the earliest in the light of Supreme Court judgement," an official source said. Telecom operators have been submitting two separate audited details of deduction towards interconnection usage charges and roaming fee to the DoT. In one set, deductions have been claimed by telecom operators on a paid basis while on an accrual basis on the other. "DoT noticed that many Controllers of Communication Accounts have been cherry picking the figures claimed by telecom operators in their final DVRs. In some cases, DoT guidelines regarding deduction verification issued in 2014, 2015 and 2016 have not been followed. There have been cases where one CCA has allowed one kind of deduction and another has disallowed," the source said. According to estimates prepared by the DoT, Airtel owes nearly Rs 35,586 crore, including licence fee and spectrum usage charges, to the government. Vodafone Idea is staring at dues worth Rs 53,000 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fee. Tata Teleservices owes around Rs 13,800 crore, BSNL Rs 4,989 crore and MTNL Rs 3,122 crore. While the deadline to make AGR payment ended on January 23, 2020 as per Supreme Court order, the DoT has been following up with circle offices to verify DVRs of 10 years starting from 2006-2007 which involve around millions of entries in a quarter and then start verification for 2017-18 and 2018-19.The DoT on December 13, 2019, gave 15 days time to submit the re-verified accounts but the same could not be done in absence of uniform guidelines. "The headquarters will also need time to check DVRs once they are submitted by the circle office. Thereafter notice will be sent to telecom operators for submitting appeals and documents related to claims that are not admissible," the source said. The apex court on February 14 came down heavily on the telecom department for not taking steps to recover statutory dues, estimated to be around Rs 1.47 lakh crore, from operators including Bharti Airtel, Vodafone Idea, Tata Teleservices, among others. Of Rs 1.47 lakh crore, around Rs 1.13 lakh crore is likely to be recovered, as other companies, which are liable to pay AGR dues, have shut down their businesses. Reliance Communications and Aircel are going through insolvency proceedings.Of the total demand raised, Bharti Airtel, Vodafone Idea and Tata Group have made part payment of about Rs 10,000 crore, Rs 2,500 crore and Rs 2,197 crore, respectively.The next hearing of the case is listed for March 17. PRS MRMR

You Searched For "final hearing of tata mistry case" and got 12 results

After a volatile week expect markets to remain rangebound says Arun Kejriwal

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Chronology of events in Tata-Mistry fight before NCLT, NCLAT

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BI India Bureau

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India is setting up a judicial bench to hold public hearings on #MeToo cases

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Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

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Airtel, Vodafone and Tatas are expected to cough up spectrum dues on Monday

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Airtel, Voda Idea, Tata Tele likely to pay AGR dues on Monday: DoT sources

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DoT still working on final calculation of pending AGR dues

PTI

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