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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

Mumbai, Feb 10 () Indiabulls Real Estate (IBREL) on Monday reported a 75.69 per cent decline in consolidated net profit at Rs 49.27 crore for the quarter ended December 2019, mainly due to higher expenses.The company had reported a profit after tax (PAT) of Rs 202.4 crore in the corresponding quarter last fiscal, it said in a BSE filing.Total income for the period under review increased marginally by 2.33 per cent to Rs 1317.7 crore as compared to Rs 1,287.59 crore in Q3 FY2019.Total expenses of the company during the quarter increased 20 per cent to Rs 1201.28 crore from Rs 1,001.32 crore in the corresponding period last fiscal. "Of the total expenses, Rs 79.88 crore mentioned in other expenses include an impairment of on account of recoverability of certain financial assets," it said.During the quarter, the company sold its entire stake in Century, which indirectly owns Hanover Square property in London, and another subsidiary IPMT, UK, to Clivedale Overseas, an entiry owned by the promoter of IBREL for Rs 1836.93 crore or GBP 200 million.IBREL also executed definitive transaction agreement with Blackstone Group to divest its 100 per cent stake in its subsidiary Maraina Infrstructure. During the quarter, it also sold one of the commercial asset/development at Mumbai to Blackstone for a consideration of Rs 675 crore, it said. PSK MKJ

Indiabulls Real Estate posts 76% drop in Q3 net profit at Rs 49 cr

<ul><li>The BSE Sensex was trading 0.57% higher at 38,746.09.</li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex jumped over 200 points in early trade on Wednesday tracking positive cues from global markets and foreign fund inflows. The BSE Sensex was trading 0.57% higher at 38,746.09; while Nifty50 was up 0.56% at 11,448.95. SBI was the top gainer in the Sensex pack, rising around 2%, followed by L&amp;T, M&amp;M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto. On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank, and Infosys were among the top losers. These are the top stocks that are buzzing the D-street today. SBI shares up over 2% during the initial trade hours <div type="image" title="SBI August 19" msid="77627266" hostid="261"></div> State Bank of India shares gained over 2% after news surfaced that SBI is raising up to ₹10,000 crore in a bond sale. According to <a href="https://economictimes.indiatimes.com/markets/bonds/sbi-to-raise-up-to-rs-10000-crore-through-issue-of-tier-ii-bonds/articleshow/77625108.cms">reports</a>, it is this year’s first bond sale by the country’s biggest mass-lender and is expected to draw large domestic institutional investors, such as state-owned LIC and EPFO. Zee Entertainment shares gained over 4% <div type="image" title="Zee Enter" msid="77627333" hostid="261"></div> Despite posting 94.3 % fall in its net profit to ₹30.4 crore, Zee Entertainment shares were up 4%. The company has appointed Subhash Chandra as Chairman Emeritus and R Gopalan as Chairman of the board. Brokerage house Emkay believes that consistency and delivery will win back trust, they maintain ‘Hold’ rating with target at ₹190. Kotak also believes that this is a step in the right direction, but few more needed for further re-rating. Yes Bank shares advance 5% <div type="image" title="Yes bank August 19" msid="77627813" hostid="261"></div> Yes Bank shares soared 5% after the private sector lender repaid the central bank’s ₹35,000 crore out of the ₹50,000 crore of Special Liquidity Facility. It also divested more than 8% stake worth over ₹75 crore in CG Power and Industrial Solutions through open market transactions. Indiabulls shares opened 2% higher <div type="image" title="Indiabulls" msid="77627848" hostid="261"></div> Indiabulls was up 2% during the early trade hours after the Bengaluru-based realty firm Embassy Group signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity. Embassy Group already has around 14% stake in Mumbai-based IBREL, and the same will increase to 45% after the merger of assets of these two companies. RIL shares up 1% after Netmeds acquisition <div type="image" title="RIL August 19" msid="77627935" hostid="261"></div> Reliance Industries shares gained nearly 1% after its subsidiary Reliance Retail Ventures Limited (RRVL) had acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately ₹620 crore. ICICI gained 2% in initial trading <div type="image" title="ICICI Bank August 19" msid="77627981" hostid="261"></div> ICICI Bank shares soared 2% after the Chinese central bank, People’s Bank of China acquired a very small stake in ICICI Bank through the recently closed ₹ 15,000 crore share sale by the country’s second-largest private sector lender. Uflex shares gained 6% <div type="image" title="uflex August 19" msid="77628006" hostid="261"></div> The packaging materials and solution company Uflex shares touched 52-week high after it reported over two-fold jump in its consolidated net profit to ₹196.54 crore for the first quarter ended June 30 Dilip Buildcon shares gained 4% <div type="image" title="Dilip August 19" msid="77628035" hostid="261"></div> Dilip Buildcon shares gained 4% after the company said it has received a letter of acceptance (LoA) for a new project worth ₹1,334.95 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/ril-icici-bank-zee-ent-ruchi-soya-dixon-tech-cg-power-muthoot-finance-top-stocks-to-watch-today/slidelist/77625323.cms" data-type="tilCustomLink">Top stocks to watch today— RIL, ICICI Bank, Zee Ent, Ruchi Soya, Dixon Tech, CG Power, Muthoot Finance and more</a> <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms" data-type="tilCustomLink">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a>

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

The share price of <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Ltd depreciated by 14% to 204.40 in the early trade on Thursday, after Reserve Bank of India rejected Indiabulls' proposal to merge with the capital starved private sector lender Lakhsmi Vilas Bank (LVB). The shares of <keyword id="818048" type="DOMAIN" weightage="20" keywordseo="Lakshmi-Vilas-Bank-Ltd">Lakshmi Vilas Bank Ltd</keyword>. were trading 4.82% low at 25.65. Both LVB as well as IBHF informed the bourses late Wednesday evening about the RBI decision, but did not specify the reasons for the same, which however, for many was in the offing given the regulator's stated opposition to corporates and realty-focused entities entering the banking arena. The merger proposal had already received all other approvals, including those from the fair trade watchdog. Since the central bank has been opposed to the idea of bank promoters hailing from real estate and corporate sector for long, the regulatory call on the merger had assumed greater interest. The application for merger was made in May after both the parties agreed to the merger in April. Entering the banking space would have given IBHF access to cheap deposits and saved it from crisis like being faced by the shadow banks now, while the promise of capital infusion would have helped revive the fortunes of the Tamil Nadu based lender which was last month put under the prompt corrective action framework which puts a lot of curbs on its operations. "The Reserve Bank has informed us that the application for voluntary amalgamation of IBHF and Indiabulls Commercial Credit with LVB cannot be approved," LVB informed the exchanges. In a similar exchange filing, IBHF said it has also been informed by the RBI about the same and added that the decision ends the uncertainty of the past five months. To push the prospects of getting the Reserve Bank nod, the IBHF promoters led by Samir Gehlaut and Gagan Banga, had also offered to pare their <keyword id="525588" type="DOMAIN" weightage="20" keywordseo="holdings">holdings</keyword> to the levels of regulatory comfort from day zero of the merger and get it down further eventually and even also eschew Indiabulls branding from the new banking entity. In the run-up to the merger, Indiabulls had sold 15 percent stake in <keyword id="51993" type="DOMAIN" weightage="20" keywordseo="Indiabulls-Real-Estate">Indiabulls Real Estate</keyword> to the Bengaluru-based Embassy Group. IBREL also sold various properties to US-based private equity firm Blackstone as part of its exit plan. They had also promised additional capital infusion along with the merger, to take care of LVB's fragile buffer situation due to the higher bad loans. The low capital buffers had last month prompted the monetary authority to put LVB under restrictions called the prompt corrective action framework, which puts curbs on large size lending and branch expansion. For FY19, LVB's net NPAs stood at 7.49 percent, <keyword id="120758" type="ORGANIZATION" weightage="20" keywordseo="capital-adequacy-ratio">capital adequacy ratio</keyword> was at 7.72 percent and its return on assets was a negative 2.32 percent. It had reported a net loss of Rs 894.10 crore in FY19. The decision to put it under PCA had led to speculation that the RBI has decided to deny the permission, but governor Shaktikanta Das had last week clarified nothing should be read into the move. During the past five months, a complaint was also filed against LVB with the Economic Offences Wing of the Delhi Police for cheating and misappropriation of funds. Separately, IBHF is facing a public interest litigation in the Delhi High Court which had alleged that monies loaned by Indiabulls to various companies were routed back to its promoters through other entities. The group had called such allegations baseless which were leveled with the intent of stopping the merger process. Recently, the South-based lender's managing director and chief executive Parthasarthy Mukherjee had also quit midway through the merger process, leading to question marks over the merger. However, despite these setbacks, both the parties had sounded confident of pulling through. In its statement, IBHF said its board will be meeting next Monday to consider a share buyback. "The company will focus on its growth of the core business of housing finance," IBHF said, adding it will resume with its policy of paying quarterly dividends from here on. It has a networth of approx Rs 19,000 crore, healthy liquidity and cash balances of over Rs 18,000 crore as on date, Indiabulls added. The IBHF counter had closed the session with gains of 2.34 percent at Rs 240.30 on the BSE, while the LVB scrip shed 4.93 percent to close at Rs 27 while the benchmark rallied close to 650 points. (With PTI)

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NCLT withholds merger of Embassy group firms with Indiabulls Real Estate

PTI

Indiabulls Real Estate posts 76% drop in Q3 net profit at Rs 49 cr

PTI

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

Navdeep Yadav

Lakshmi Vilas Bank shares plummet as RBI stalls Indiabulls Housing merger

BI India Bureau

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