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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

<ul><li>In a regulatory filing on Tuesday, <keyword id="39881" type="COMPANY" weightage="20" keywordseo="HDIL">HDIL</keyword> said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and <keyword id="1726468" type="PERSON" weightage="20" keywordseo="Harsha-Vardhan-Reddy">Harsha Vardhan Reddy</keyword> were found to be ineligible. </li><li>The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31.</li><li>Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. </li></ul> Adani Properties, <keyword id="221687" type="DOMAIN" weightage="20" keywordseo="Sunteck-Realty">Sunteck Realty</keyword> and <keyword id="9697928" type="COMPANY" weightage="20" keywordseo="suraksha-asset-reconstruction-ltd">Suraksha Asset Reconstruction Ltd</keyword> are among the companies which have submitted Expressions of Interest (EoI) to acquire the insolvent Housing Development and Infrastructure Limited (HDIL). In a regulatory filing on Tuesday, HDIL said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and Harsha Vardhan Reddy were found to be ineligible. "The Resolution Professional has received 6 (Six) EOI from interested parties," it said. The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31. Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. "After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL," it said. HDIL is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional, Abhay N. Manudhane appointed by <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, <keyword id="7469048" type="PERSON" weightage="20" keywordseo="mumbai-bench">Mumbai Bench</keyword>. Shares of HDIL on the BSE surged on the development. Currently, its shares on the BSE are at Rs 3.16, higher by 4.98 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-valued-itself-at-1-billion-hurun-unicorn-startups-list-bumps-it-up-to-3-billion-but-founder-says-valuation-doesnt-matter/articleshow/77347721.cms">Zerodha valued itself at $1 billion, Hurun unicorn startups list bumps it up to $3 billion but founder says valuation doesn't matter</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

Adani and Sunteck Realty show interest in acquiring HDIL

<ul><li>Shares of private sector lender Yes Bank tanked more than 12% in early trade on Monday as a Reserve Bank of India (RBI)-mandated three-year lock-in for investors ended today.</li><li>In March 2020, RBI had imposed a reconstruction scheme and superseded Yes Bank’s board due to a steady decline in the lender’s financial position.</li><li>The institutional investors who came to the rescue of Yes Bank were mandated by RBI to hold 75% of their shares in Yes Bank, bought as part of the rescue plan, until March 13, 2023. SBI was to hold at least a 26% stake till March 2023.</li><li>Yes Bank’s financials have been improving since the crisis in 2020. The bank reported a net profit in FY22, its first full-year of profit since FY19.</li></ul>Shares of private sector lender Yes Bank tanked more than 12% in early trade on Monday as a Reserve Bank of India (RBI)-mandated three-year lock-in for investors – who had infused funds into the struggling private-sector lender in 2020 in exchange for an equity stake – ended today. At 12:54 a.m, Yes Bank shares had recovered some of the losses to trade at ₹15.75, lower by 4.55%. Meanwhile, the benchmark indices were also under pressure with all sectoral indices in the red. The Sensex and the Nifty were down 0.5% each while the Nifty Bank index fell 0.80%. For context, in March 2020, the Reserve Bank of India (RBI) had imposed a reconstruction scheme and superseded Yes Bank’s board due to a steady decline in the lender’s financial position, which struggled to raise adequate capital to make provisions for potential non-performing assets. As part of the reconstruction scheme, a consortium of 10 institutional investors led by State Bank of India (SBI) had infused ₹10,000 crore in Yes Bank to bail out the lender. Besides SBI, Axis Bank, IDFC First Bank and ICICI Bank are the other major banks that took part in the bailout. The institutional investors were mandated to hold 75% of their shares bought as part of the rescue plan for three years until March 13, 2023. RBI had also asked SBI to hold at least a 26% stake in Yes Bank till March 2023. As of December 31, SBI held 26.14% stake, IDFC First Bank had 1%, Axis Bank had 1.57% and ICICI Bank held a 2.61% stake in Yes Bank. Meanwhile, LIC held a 4.34% stake in the private-sector lender. In December 2022, Yes Bank concluded the sale of stressed assets to JC Flowers Asset Reconstruction Company on loans worth ₹48,000 crore, which led to a substantial reduction in the bank’s gross non-performing assets. Also, Yes Bank’s financials have been improving since the crisis in 2020. The bank reported a net profit of ₹1,066 crore in FY22 after a net loss of ₹3,462 crore in the previous fiscal year. In fact, FY22 was the first full-year of profit since FY19. In Q3 FY23, Yes Bank said it has recorded a "sustained improvement" in non-performing asset ratios. The gross non-performing asset (GNPA) ratio stood at 2% in the December quarter, as against 14.7% last year. The net NPA ratio came down to 1%, as compared to 5.3% in Q2 FY23. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-stocks-rally-after-group-prepays-2-15-billion-margin-linked-loans/articleshow/98601176.cms">Adani stocks rally after group prepays $2.15 billion margin-linked loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a>

Yes Bank shares tank over 12% as 3-year shareholder lock-in period ends

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 class="summary-list"><li>The West froze $300 billion in Russian central-bank assets after Moscow invaded Ukraine in 2022.</li><li>Now, G7 leaders are set to discuss how to seize those assets to fund reconstruction in Ukraine.</li></ul>The Russian state news agency RIA reported on Sunday that the country would <a target="_blank" href="https://ria.ru/20240121/rezervy-1922573388.html">retaliate against the West</a> in equal measure if it confiscated Moscow's frozen assets to help Ukraine.The news agency's warning came amid reports that leaders of the <a target="_blank" href="https://www.reuters.com/world/us-proposes-g7-explore-ways-confiscate-300-bln-russian-assets-ft-2023-12-28/">Group of Seven</a> were set to discuss how to legally seize <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/europe/what-where-are-russias-300-billion-reserves-frozen-west-2023-12-28/">$300 billion</a> in Russian central-bank assets to fund <a target="_blank" rel="" href="https://www.businessinsider.com/ukraine-reconstruction-war-eu-consider-interest-frozen-russian-assets-rebuild-2023-6">reconstruction in Ukraine</a>.The European Union, G7 countries, Australia, and Switzerland collectively held $288 billion worth of direct investments into Russia's economy at the end of 2022, RIA reported, citing national statistics of the Western countries.RIA's report implies the West has almost as much to lose as Russia does if Moscow retaliates. Business Insider could not independently verify RIA's claims.Russia has been hitting back against suggestions that its seized assets be used to fund the rebuilding of Ukraine.The Kremlin spokesperson, Dmitry Peskov, told reporters on December 29 that Russia had a <a target="_blank" href="https://tass.com/economy/1727957">list of foreign assets</a> it would seize in retaliation if the West were to move on Russia's frozen assets.He has called the notion of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/russia-admits-it-cant-access-nearly-half-foreign-currency-reserves-2022-3?r=US&amp;IR=T">seizing Russian assets</a> "<a target="_blank" rel="noopener nofollow" href="https://www.reuters.com/world/kremlin-says-g7-using-russias-reserves-ukraine-would-be-outright-theft-2022-05-17/">outright theft</a>."Meanwhile, there are international concerns about the legality of seizing the frozen Russian assets. Such a move could <a target="_blank" rel=" nofollow" href="https://www.businessinsider.com/us-eyes-using-300-russia-frozen-assets-help-ukraine-backfire-2023-12">undermine the international financial system</a>, legal and foreign-relations experts say. It could also erode trust in the US dollar and the euro as reserve currencies.Russia's potential retaliatory seizure of assets could make it even more difficult for foreign companies to <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-putin-kremlin-scrutinizing-western-companies-corporate-exit-departure-2023-12">exit the Russian market</a>.The New York Times reported in December that the Kremlin was already scrutinizing and micromanaging nearly every <a target="_blank" href="https://www.nytimes.com/interactive/2023/12/17/world/putin-companies-economy-boycott-elites-benefit-ukraine-war.html">corporate exit plan</a> before approving it.

Russia is threatening to retaliate against the West in equal measure if it confiscates Moscow's frozen assets to help Ukraine 

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani Group, are on the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The <keyword id="17234676" type="General" weightage="50" keywordseo="resolution-professional-of-future-retail-ltd" source="Orion">Resolution Professional of Future Retail Ltd</keyword> (<keyword id="658389" type="General" weightage="80" keywordseo="frl" source="Orion">FRL</keyword>), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include <keyword id="17234674" type="General" weightage="50" keywordseo="whsmith-travel-ltd" source="Orion">WHSmith Travel Ltd</keyword>, Sahara Enterprises, Century Copper Corp, Greentech worldwide, <keyword id="1726468" type="General" weightage="50" keywordseo="harsha-vardhan-reddy" source="Orion">Harsha Vardhan Reddy</keyword>, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and <keyword id="17234675" type="General" weightage="50" keywordseo="universal-associates" source="Orion">Universal Associates</keyword>. Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan. Earlier this month, the Mumbai-based NCLT bench granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP). On March 23, 2023, creditors of FRL invited new EoIs whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. Earlier, it had received EoIs and finalised 11 prospective bidders, including Reliance and <keyword id="15486694" type="General" weightage="50" keywordseo="april-moon-retail" source="Orion">April Moon Retail</keyword>, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of FRL as a whole, including its shareholding interest in the subsidiaries. Under the second option, FRL's business has been distributed into five clusters and PRAs can bid for "any individual cluster or any combination of clusters". "Having regard to the complexity and scale of operations of FRL, the resolution professional has, in consultation with and prior approval of the <keyword id="230701" type="General" weightage="50" keywordseo="coc" source="Orion">CoC</keyword> of FRL, categorised the business of the corporate debtor in five clusters," as per the new EoI. CIRP was initiated against FRL by its lender Bank of India following loan defaults. Under the Insolvency &amp; Bankruptcy Code, EoI was invited from prospective bidders on October 4, 2022. FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday, and Foodhall. At its peak, FRL was operating more than 1,500 outlets in nearly 430 cities. It was part of the 19 Future group companies operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. However, lenders had rejected the takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon. Last year in August, stock market regulator Sebi ordered a forensic audit of the accounts of FRL for the financial years 2019-20, 2020-21 and 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-resources-cuts-gross-debt-by-usd-1-billion/articleshow/99731225.cms">Vedanta Resources cuts gross debt by USD 1 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/five-popular-investments-under-80c-in-2023-24/articleshow/99732870.cms">5 popular deductions you can claim under Section 80C in 2023-24</a>

Future Retail insolvency process: 48 cos selected as eligible prospective bidders

<ul><li>Key stocks that <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> bought during March include Reliance Industries, Infosys and HDFC.</li><li>Inflows into equity mutual funds have been constantly rising with it reaching 12-month high in March 2023.</li><li>The net assets under management (AUM) of the mutual fund industry stood at ₹39.42 lakh crore as on March 31, 2023.</li></ul>As inflows into equity mutual funds continue to rise, mutual funds were able to deploy ₹20,700 crore in the Indian secondary market, said a report by Nuvama Institutional Equities (previously known as Edelweiss Institutional Equities). Inflows into equity mutual funds have been constantly rising with it reaching 12-month high in March 2023 at ₹20,534 crore. They were at ₹15,685 crore in February and ₹12,546 crore in January, according to AMFI, the regulatory body for the mutual funds sector. The net assets under management (AUM) of the mutual fund industry stood at ₹39.42 lakh crore as on March 31, 2023. Key stocks that mutual funds bought during March include Reliance Industries, Infosys and HDFC, as per Nuvama. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions by MFs in large cap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key deductions by MFs in large cap </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cements </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SRF </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Healthcare Institute </td></tr></tbody></table>(Source:Nuvama Institutional Equities) MF bets on mid caps pay off A recent analysis of the <a href="https://www.businessinsider.in/personal-finance/news/super-20-equity-funds-that-have-managed-to-not-only-beat-benchmarks-but-delivered-the-best-returns-in-the-last-one-year/articleshow/99388892.cms">Value Research report shows </a>most funds in the list of top 20 best performing mutual funds in the last one year were from the mid cap category that have higher returns. Note that interest in <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">mid caps has been growing </a>in the last three quarters as it saw inflows of ₹14,632 crore at a time when large-cap funds witnessed inflows worth less than half of it at ₹6,392 crore in the last three quarters. Here are stocks under the mid and small cap category that mutual funds bought and sold in March, 2023. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Smallcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Smallcap by MFs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kirloskar Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zydus Wellness </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sona BLW Precision </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Patanjali Foods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data Patterns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quess Corp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Biocon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">National Aluminium Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divgi TorqTransfer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalpataru Power </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra CIE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Container Corporation of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table>(Source:Nuvama Institutional Equities) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-sees-4-7-revenue-growth-in-fy24-after-it-misses-its-own-fy23-revenue-guidance/articleshow/99467637.cms">Infosys sees 4-7% revenue growth in FY24 after it misses its own FY23 revenue guidance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mfs-hit-1-year-high-in-march-on-robust-sip-and-thematic-fund-investments/articleshow/99466043.cms">Inflows into equity MFs hit 1-year high in March on robust SIP and thematic fund investments</a>

You Searched For "national asset reconstruction company ltd" and got 10 results

RBI imposes penalties on three housing finance companies for non-compliance with directions

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Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

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Future Retail insolvency process: 48 cos selected as eligible prospective bidders

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Mutual funds deploy ₹20,700 crore in March with huge buying in RIL, Infosys & HDFC

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