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<ul><li>The regulator has initiated insolvency proceedings against two SREI companies</li><li>Reserve Bank of India has appointed Rajneesh Sharma, ex-chief general manager at Bank of Baroda as the administrator of the companies that defaulted.</li><li>Srei group spokesperson told Business Insider earlier that its dues to lenders amounted to ₹28,000 crore. </li></ul>Kolkata based Srei Group companies enter insolvency proceedings as the Reserve Bank of India (RBI) has taken the leash away from board of directors of Srei Infrastructure Finance and Srei Equipment Finance after the company defaulted on loan repayments. Rajneesh Sharma, the former chief general manager at Bank of Baroda as the administrator of the two Srei group companies. Some of the biggest lenders to the group that is known for funding infrastructure projects include UCO Bank, Canara Bank, Bank of India and Axis Bank among other public sector and private banks, based on two people aware of the development, who <a href="https://www.businessinsider.in/finance/banks/news/srei-group-may-leave-4-billion-dollar-hole-in-axis-bank-uco-bank-and-canara-bank/articleshow/86389825.cms">spoke to Business Insider requesting anonymity</a>. <div type="image" title="srei infra" height="900" width="1200" msid="86754361" hostid="261"></div> The bank officials cited above say that the group owes ₹30,000 crore, whereas the company, which disputed the figure, earlier told Business Insider that the amount due to the lenders is ₹28,000 crore (about $4 billion). The group had sought one-year standstill, protection from legal proceedings, but the lenders had reportedly rejected the proposal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/thanks-to-remdesivir-kwality-pharmas-stock-is-up-from-59-to-over-922-in-just-over-nine-months/articleshow/86750890.cms">Thanks to Remdesivir, Kwality Pharma’s stock is up from ₹59 to over ₹922 in just over nine months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/supreme-court-says-a-death-certificate-need-not-mention-covid-19-to-claim-governments-50000-ex-gratia/articleshow/86750225.cms">Supreme Court says a death certificate need not mention COVID-19 to claim government's ₹50,000 ex gratia</a>

RBI has taken two Srei companies out of board control after payment defaults

<keyword id="112947" type="General" weightage="100" keywordseo="srei" source="Orion">SREI</keyword> Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs 13,110 crore, during the erstwhile management of the company, run by Hemant Kanoria and <keyword id="260027" type="General" weightage="50" keywordseo="sunil-kanoria" source="Orion">Sunil Kanoria</keyword>. In the unaudited financial results of the company for the quarter ending September 30, the transaction auditor has pegged the alleged value of the fraudulent transactions at Rs 13,110 crore. Before this, the company had reported fraudulent transactions of around Rs 5,100 crore, through two separate disclosures on the stock exchange. The administrator of the bankrupt company, which is going through <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> driven resolution process, has appointed BDO India LLP as the transaction auditor. In the latest disclosure, the company has said that the "transaction auditor has indicated that there are transactions amounting to Rs 13,110 crore which are fraudulent in nature under section 66 of the IBC, including transactions amounting to Rs 1,283 crore determined as undervalued transactions". The administrator has filed applications before the <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword> bench of the NCLT for adjudication. In another disclosure, the company has informed that the Committee of Creditors has extended the last date for the submission of the resolution plan by the prospective resolution applicants to November 25, from November 15. Last week, NCLT approved the extension of the deadline for the completion of the resolution process to January 5, 2023. Insolvency-bound Srei Equipment Finance Ltd., along with its promoter Srei Infrastructure Finance, is being run by an administrator, which is looking into the day-to-today affairs of the companies since October 2021. After DHFL, SREI was the second financial services group that was referred by the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> for an NCLT-driven resolution process, by superseding the boards of two Srei companies in October 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-singapore-tech-layoffs-are-impacting-indians/articleshow/95503709.cms">How Singapore tech layoffs are impacting Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-eases-to-20-month-low-of-8-39/articleshow/95503880.cms">Wholesale inflation eases to 20-month low of 8.39%</a>

SREI Equipment Finance auditor reports fraudulent transactions to the tune of ₹13,110 cr

New Delhi, Mar 19 () Ansal Properties and Infrastructure Ltd on Thursday said it has challenged an NCLT order that allowed insolvency proceedings against the company for default."The company has filed an appeal against the aforesaid order before NCLAT, which has been partly heard today and part of the matter has been adjourned for tomorrow morning, the 20th March, 2020," said Ansal Properties and Infrastructure in a regulatory filing.On March 17, the National Company Law Tribunal (NCLT) has allowed a plea to initiate insolvency proceedings against realty firm Ansal Properties and Infrastructure Ltd and appointed an interim resolution professional replacing the board of the company.A two-member bench of Delhi-based NCLT has allowed the plea of two of its flat buyers claiming default."... the present petition being complete and having established the default in payment of the financial debt for the default amount being Rs one lakh, the petition is admitted," the NCLT said.It has also appointed Amrapal as the interim resolution professional replacing the board of the company.The NCLT order came over a plea by two flatbuyers, who had jointly booked a unit measuring 3,764 sq ft project against a total consideration of Rs 1.62 crore at Sushant Golf City in Lucknow. One of them has also booked a separate unit in the same project.As per the clauses of the two agreements between them in September, 2014, Ansal Properties and Infrastructure undetook to complete it within two years from the date of commencement of construction on receipt of sanction plan from the authority.As per the project summary available on the website of RERA, it was to start from September 2015 and as per the agreements, the flat buyers were supposed to get possession in next two years.However, Ansal Properties and Infrastructure failed to complete the projects and abandoned it in the midway.After this, home buyers, who are now a financial creditor of the company following amendments in the IBC has approached NCLT. KRH KRH MRMR

Ansal Properties challenges NCLT direction to initiate insolvency proceedings

New Delhi, Jan 10 () Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR &amp; Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&amp;FS.
 The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. 
 The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing &amp; Financial Services (IL&amp;FS).
 Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and whether there is a fraud or not has to be tried on merit when the appeal is contested.
 The counsel said it is not relying solely on the SFIO report but also on the findings of the RBI's Inspection report.
 The auditor firms have said that the SFIO's interim report is not admissible and argued that they are not associated with IL&amp;FS Financial Services (IFIN) anymore.
 The government's financial fraud probe agency SFIO had recommended necessary action against the auditors and also a detailed internal investigation by the RBI to identify reasons for the delay in detecting the lapses. RSN MKJ

NCLAT reserves order over NCLT's jurisdiction to implead auditors in IFIN case

New Delhi, Jan 26 () Providing a major relief to Raheja Developers, the National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings against the NCR-based real estate firm and handed over the management of the company back to its board of directors.
Earlier, on August 20 last year, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against the company over the plea filed by one of its flat buyers citing delay in the project and appointed an interim resolution professional.
Setting aside it, a three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya said that delay in the project was not because of the real estate firm but caused due to absence of clearance by the competent authorities, which was beyond its control and the NCLT "failed to appreciate the fact".
"If the delay is not due to the 'corporate debtor' but force majeure, it cannot be alleged that the 'Corporate Debtor' (Raheja) defaulted in delivering the possession," said the NCLAT.
The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".
The NCLAT said that Raheja Developers had offered possession of flats to the buyers but they wanted refund of the amount with more interest and refused to take the actual amount in terms of flat buyer's agreement.
"We have no other option but to set aside the impugned order dated August 20, 2019. The application preferred by 1st and 2nd respondents under Section 7 of the 'I&amp;B Code' is dismissed," said the NCLAT.
It further said: "The appellant 'corporate debtor' (Raheja Developers) is released from all the rigours of 'moratorium' and is allowed to function through its board of directors from immediate effect".
The NCLAT also directed the interim resolution professional, appointed by the NCLT for the resolution of the company to hand over the assets and records to the board of directors.
Appellate tribunal's order came over a petition filed by Navin Raheja, chairman cum managing director of the company, challenging the order of the NCLT.
Navin Raheja has also submitted a time-frame of completion of the project through an affidavit before the NCLAT on which it said: "We expect that the corporate debtor will stick to the time-frame given before this appellate tribunal.
The appellate tribunal also said that some intervention applications have been filed in this matter, but it is not taking it forward.
"It is to be noticed that there is intervention application filed by L&amp;T Infrastructure Finance Co and L&amp;T Finance and some other interveners, but we have not deliberated on their claim, as on merit we have allowed the appeal," it said.
Flat buyers are now treated as financial creditor of the company after recent amendments in the Insolvency &amp; Bankruptcy Code (IBC).
The matter is related to a residential project, Raheja Sampada developed by Raheja Developers, in which the original petitioners had booked flats.
Raheja Developers had issued a joint allotment letter on August 3, 2012 and executed a flat buyer's agreement. As per the agreement, possession was to be delivered within a period of 36 months, which was not fulfilled. The buyers had moved the NCLT claiming default.
According to the real estate firm, there was no default from its part as the handing of possession was subject to provisioning of the infrastructure by the government in the area and it has received the occupation certificate in 2016. KRH MKJ

NCLAT sets asides insolvency proceedings against Raheja Developers

<ul><li>Benchmark index <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> crossed the 62,000 points mark for the first time since December last year. </li><li>Tata Motors, L&amp;T, Asian Paints were amongst the top gainers in morning trade on Tuesday. </li><li>Overall, financial services, auto and FMCG stocks, helped Sensex begin FY24 on a positive note with gains of 3.52% in the last one month. </li><li>Robust buying by foreign institutional investors (FII) in April and May till date have also aided the rally in Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>. </li></ul>India’s benchmark index Sensex crossed the 62,000 points mark for the first time since December last year, led by gains in Tata Motors, L&amp;T and Asian Paints, among others. Overall, financial services, auto and FMCG stocks, helped Sensex begin FY24 on a positive note with gains of 3.52% in the last one month. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.90% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.29% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.78% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.25% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.54% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.78% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.34% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.38% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.21% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Unilever </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.29% </td></tr></tbody></table> Source: BSE, as on May 9, 2023 Amongst the top gainers in the last one month are Bajaj Finance, Nestle India, Kotak Mahindra Bank, Tata Motors and ITC, with 1 month returns ranging between 11% to 15%. Robust buying by foreign institutional investors (FII) in April and May till date have aided the rally in Sensex and Nifty. While FIIs bought equities worth ₹5,712 crore in April, their buying in May stands at ₹7,652 crore till date. “There are three prominent factors which are driving the ongoing rally in the market: One, better-than-expected strength of the US economy and the increasing confidence that the US will succeed in avoiding a bad recession. Two, strong buying by FIIs who have been continuous buyers during the last eight trading days. Three, fundamental support to the rally from macro indicators such as robust GST collections, improving PMI, high fuel consumption and good credit growth,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. However, the current rally might not last for long, according to analysts. “These positives along with a rising rupee can sustain the rally and take the market higher. But the valuation comfort which was there at the beginning of this rally a month ago is no longer there. This can cap the upside to the market even though the momentum is currently with the bulls,” Vijayakumar added. Gold prices edged up to ₹60,900 per 10 grams while silver stood at ₹77,100 per kilogram. Crude oil prices gained as well, with Brent crude prices hovering at $76.8 per barrel. <cmsannotation type="cmsannotation" annotationid="Global cues mixed" comment="subhead" text="Global cues mixed">Global cues mixed</cmsannotation> Cues in global markets were mixed, with investors focusing on the US banking sector. While Dow Jones closed 0.17% lower, S&amp;P 500 ended on a flat note. The tech-heavy Nasdaq, on the other hand, gained 0.18%. Asian markets were also similarly mixed, with Taiwan Weighted remaining flat. Nikkei 225 was up 0.77%, while Shanghai Composite gained 0.36%. On the other hand, Hang Seng was down 0.4% while KOSPI fell 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="146847" type="General" weightage="20" keywordseo="mankind-pharma" source="Orion">Mankind Pharma</keyword>: Shares of the condom maker’s ₹4,362 crore IPO will debut on exchanges today. The grey market premium of the company’s stock stood at ₹100 indicating a strong listing gain. <keyword id="6358032" type="General" weightage="80" keywordseo="spicejet" source="Orion">SpiceJet</keyword>: The low cost carrier has received a notice from the National Company Law Tribunal (NCLT) as the Ireland based company Aircastle is looking to begin insolvency proceedings against it. PNB Housing Finance: Punjab National Bank has infused ₹498 crore in the rights issue of PNB Housing Finance. <keyword id="333824" type="General" weightage="80" keywordseo="upl" source="Orion">UPL</keyword>: Agriculture solutions provider UPL reported 42% decline in net profit at ₹792 crore for March quarter from ₹1,379 crore last year. Meanwhile, revenue grew 4% to ₹16,569 crore from ₹15,861 crore last year. Kansai Nerolac: The company’s board has approved bonus issue in the ratio 1:2. With this, the authorised share capital will increase from ₹66.5 crore to ₹85 crore. Earnings today: Lupin, Nazara Technologies, Reliance Infrastructure, Matrimony.com, Apollo Tyres, Birla Corporation, Castrol India, Chalet Hotels, Nuvoco Vistas Corporation, Eveready Industries India, Godrej Agrovet, SRF and Westlife Foodworld among companies to release their March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a> <a href="https://www.businessinsider.in/stock-market/news/rail-vikas-nigam-marks-a-strong-journey-in-2023-share-price-of-68-to-140/slidelist/100069014.cms">From ₹68 to ₹140, this multibagger stock marks a strong journey in 2023</a>

Sensex crosses 62,000 mark for the first time since December; Tata Motors, L&T amongst top gainers

New Delhi, Nov 29 () Following are the top business stories at 1825 hours:
 
DEL57 BIZ-GDP
India's GDP growth further dips to 4.5 pc in July-Sept
New Delhi: India's economic growth slipped further to hit an over six-year low of 4.5 per cent in July-September, according to official data released on Friday.
 
DEL50 BIZ-INFRA
Core sector output shrinks 5.8 pc in Oct 
New Delhi: Output of eight core infrastructure industries contracted by 5.8 per cent in October, indicating the severity of economic slowdown, according to the government data released on Friday. 
 
DEL62 BIZ-LD-GOLD-HALLMARK
Mandatory hallmarking for gold jewellery/artefacts from Jan 15, 2021: Paswan
New Delhi: Hallmarking of gold jewellery and artefacts will be made mandatory across the country from January 15, 2021 to ensure purity of the precious metal, Consumer Affairs Minister Ram Vilas Paswan announced on Friday.
 
DEL47 BIZ-LD STOCKS
Benchmark indices off record highs ahead of Q2 GDP numbers
Mumbai: Benchmark indices Sensex and Nifty on Friday retreated from record highs as investors scrambled to book profits in recent high-flying stocks amid fears that India's second quarter GDP numbers may slip further. 
 
BCM13 LD-RBI-DHFL-NCLT
In a first, RBI sends DHFL to NCLT for debt resolution
Mumbai: The Reserve Bank on Friday sent the troubled mortgage lender Dewan Housing Finance (DHFL) for bankruptcy proceedings, making it the first financial services
player to go NCLT for a possible debt resolution.
 
DEL6 BIZ-CEA-CORPORATE TAX
Cut in corporate tax rate important for investments: CEA Subramanian
New Delhi: Chief Economic Adviser KV Subramanian on Friday said that the government recognised the need to cut the corporate tax to boost investments. 
 
DEL51 BIZ-RUPEE-CLOSE
Rupee slips 12 paise to 71.74 against US dollar ahead of GDP data
Mumbai: The Indian rupee on Friday settled 12 paise lower at 71.74 against the US dollar, tracking heavy selling in domestic equities and growth concerns ahead of the release of GDP data.
 
DEL60 BIZ-RSQ-FARMER-SUICIDE
No provision to provide assistance to family of farmers who committed suicide: MoS Agri
New Delhi: There is no provision in government's existing policy to provide assistance to family of farmers who committed suicide, Minister of State for Agriculture and Farmers Welfare Parshottam Rupala said in Rajya Sabha on Friday.
 
DCM35 RSQ-ASEAN FTA
India-ASEAN FTA review could include further liberalisation of trade in goods
New Delhi: The proposed scope of the review of the free trade agreement between India and ASEAN could include issues like customs procedures, further liberalisation of trade in goods and exchange of data, Parliament was informed on Friday.
 
DCM13 BIZ-RAJAPAKSA-ASSOCHAM
Rajapaksa's visit has potential to boost bilateral trade, investments with Sri Lanka: Assocham
New Delhi: Sri Lankan President Gotabaya Rajapaksa's visit to India has the potential to impart momentum to bilateral trade and investment ties while leveraging huge geo-cultural commonalities between the two nations, Assocham said on Friday.

DCM9 BIZ-FORBES-AMBANI
Mukesh Ambani 9th richest on Forbes' real-time billionaires list
New Delhi: With a net worth of USD 60 billion, Reliance Industries chief Mukesh Ambani has been ranked the 9th richest person globally, according to 'The Real-Time Billionaires List' of Forbes, that was topped by Amazon Founder and CEO Jeff Bezos. 
 
 
 
 
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Business highlights

New Delhi, Feb 11 () The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&amp;FS group companies.The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations.Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018.In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal.Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services and Infrastructure Development Corporation of Assam are the nine companies."For the remaining 105 domestic group entities, extend the scope and operation of the order passed by this tribunal on October 15, 2018 for an additional period of 270 days from the date on which the resolution framework is approved by this tribunal, to enable the new board to successfully complete the resolution of IL&amp;FS Group," as per the affidavit.Passing an interim order on October 15, 2018, the NCLAT had stayed all proceedings against IL&amp;FS group companies, whose total debt is Rs 94,215 crore.Besides, the MCA has asked to approve the composition of the Creditors' Committee of five SPVs of IL&amp;FS Transportation Networks (ITNL) constituted in accordance with the resolution framework, which includes all financial creditors, including IL&amp;FS group companies that have provided financial debt.It has also asked NCLAT to "direct that voting by the Creditors' Committee of these 5 ITNL Sale SPVs be held expeditiously to consider and vote on the H1 bid value and that the New Board may be permitted to proceed with the resolution process of these 5 ITNL Sale SPVs under the supervision of Justice D K Jain and NCLT". According to the affidavit, IL&amp;FS has an aggregate debt of Rs 94,215 crore, in which Rs 10,173 crore (around 10.79 per cent) is collectively from public fund creditors as pension funds, provident funds, employee welfare funds, gratuity funds and army group insurance funds etc.Rs 44,075 crore debt, which is 47 per cent, is collectively from the commercial banks, the affidavit said.Moreover, the aggregate debt of its four key holding companies -- Infrastructure Leasing &amp; Financial Services (IL&amp;FS), IL&amp;FS Financial Services, IL&amp;FS Transportation Networks Ltd (ITNL) and IL&amp;FS Energy Development Company Ltd (IEDCL) - is almost 51 per cent, which is Rs 48,000 crore.Besides, these four companies also provided loans to other IL&amp;FS group entities accounts to Rs 26,154 crore, which is around 80 per cent of the total loan provided by the group.According to the government, in the absence of any group insolvency framework currently exisiting under Indian law, the resolution of the IL&amp;FS group, which is spread across multiple jurisdictions and business verticals, is a taste case for "Group Insolvency" in India and represents a "watershed moment" in the relatively recent and evolving IBC laws.IL&amp;FS group comprised of 302 entities, of which 169 entities are incorporated in India and 133 entities outside. KRH MKJ

Govt seeks additional 270 days to complete resolution for 105 IL&FS group companies

<ul><li>Ahead of the debt resolution process of troubled infra lender <keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword>, a number of well-known companies are trying to get their voices heard in the insolvency proceedings. </li><li>These include <keyword id="52088" type="COMPANY" weightage="20" keywordseo="British-Airways">British Airways</keyword> and the Indian subsidiary of <keyword id="49855" type="COMPANY" weightage="20" keywordseo="philips">Philips</keyword>, which have reportedly filed petitions in the NCLAT wishing to be recognised as financial creditors of IL&amp;FS. </li><li>Their contention is that their provident funds had invested in bonds and debt instruments issued by the cash-strapped infrastructure lender. </li></ul>Ahead of the debt resolution process of troubled infra lender Infrastructure Leasing &amp; Financial Services (IL&amp;FS), a number of well-known companies across the world are trying to get their voices heard in the insolvency proceedings. These include <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/british-airways-philips-others-want-a-say-in-ilfs-resolution-plan/articleshow/68607657.cms">British Airways and the Indian subsidiary of Philips</a>, according to media reports. Both companies, along with nearly a hundred others, have reportedly filed petitions in the National Companies Law Appellate Tribunal (NCLAT) wishing to be recognised as financial creditors of IL&amp;FS. Their contention is that their provident funds had invested in bonds and debt instruments issued by the cash-strapped infrastructure lender, and therefore, they stand to benefit from participation in the resolution process as a stakeholder. IL&amp;FS had around <a href="https://www.businessinsider.in/after-idbi-bank-lic-now-has-to-bail-a-huge-infrastructure-lender-out/articleshow/65840416.cms">₹940 billion</a> in outstanding loans at the end of 2017-18, ₹573 billion is in the form of loans to Indian banks - most of which are state-run. Around <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/british-airways-philips-others-want-a-say-in-ilfs-resolution-plan/articleshow/68607657.cms">₹150-200 billion</a> has come from the provident funds of companies like BA and Philips India. The infrastructure lender, which invests in government projects like highways, ports, bridges and dams, reached its current state of high debt and illiquidity owing <a href="https://www.businessinsider.in/after-idbi-bank-lic-now-has-to-bail-a-huge-infrastructure-lender-out/articleshow/65840416.cms">to a lack of regulatory oversight and inadequate due diligence</a> before spending on projects. As the prospects for the infrastructure and power sector declined following the financial crisis of 2008-0, the company’s projects were either stalled or faced huge cost overruns. Hence, the returns for IL&amp;FS’s subsidiaries dried up and its debts continued increasing. To make matters worse, the company’s directors allegedly <a href="https://indianexpress.com/article/business/companies/ex-directors-of-ilfs-get-notice-for-laundering-fraud-payoffs-5611134/">laundered funds and sanctioned investments</a> in projects without guarantees. In a bid to pay off its debts and avoid bankruptcy, the company has been selling of a range of assets, including its <a href="https://www.businessinsider.in/indias-largest-infrastructure-lender-is-selling-its-renewable-energy-assets-to-avoid-defaulting-on-its-debts/articleshow/66864194.cms">renewable energy business</a> and <a href="https://www.businessinsider.in/ilfs-has-no-option-but-to-sell-its-profitable-financial-services-unit-as-it-tries-to-avoid-bankruptcy/articleshow/65898283.cms">financial services unit</a>. The sales are part of a resolution plan that a government-appointed committee, led by <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword>, submitted to the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT), a special insolvency court, on 31 October. SEE ALSO: <a href="https://www.businessinsider.in/indias-largest-infrastructure-lender-is-selling-its-renewable-energy-assets-to-avoid-defaulting-on-its-debts/articleshow/66864194.cms">India’s largest infrastructure lender is selling its renewable energy assets to avoid defaulting on its debts</a> <a href="https://www.businessinsider.in/top-ilfs-execs-swindled-money-meant-for-employees-says-indias-serious-fraud-investigation-office/articleshow/67893939.cms">Top IL&amp;FS execs swindled money meant for employees, says India's Serious Fraud Investigation Office</a> <a href="https://www.businessinsider.in/ilfs-has-no-option-but-to-sell-its-profitable-financial-services-unit-as-it-tries-to-avoid-bankruptcy/articleshow/65898283.cms">IL&amp;FS has no option but to sell its profitable financial services unit as it tries to avoid bankruptcy</a>

Even British Airways and Philips stand to lose money in India's biggest financial scandal of 2018

New Delhi, Feb 27 () Following are the top business stories at 1850 hours: DCM47 BIZ-VODA IDEA-MINIMUM-PACKAGR-hit Voda Idea wants govt to put in place floor data, call tariffsNew Delhi: Vodafone Idea has demanded fixing minimum tariffs for mobile data at Rs 35 per GB, around 7-8 times of current prices, and for calls at 6 paise per minute along with monthly charges from April 1 to enable it pay statutory dues and make its business sustainable. DCM25 BIZ-RBI-CRR-CREDIT-EXEMONCRR-exempted loans: RBI says deduction only on incremental lendingMumbai: Following some banks seeking clarity on the computation of CRR to be exempted for incremental lending to three specified retail loans, the Reserve Bank has said that the deduction is available only on the equivalent incremental credit to these segments. DEL85 BIZ-LD STOCKSMarkets slump for fifth day on coronavirus woes, F&amp;O expiryMumbai: Equity indices reeled for the fifth straight session on Thursday, pressured by a sell-off in bank, IT and energy counters, as the global markets grappled with fears of the coronavirus outbreak turning into a pandemic. DCM46 BIZ-SEBI-GITANJALISebi imposes Rs 5 cr fine on Mehul Choksi, Gitanjali Gems, another individualNew Delhi: Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms.DCM17 BIZ-VODAIDEA-GOVTNot in sound financial state; can meet liabilities only with govt support: Voda Idea New Delhi: Troubled Vodafone Idea has written to the telecom department expressing its inability to pay full AGR dues unless the government takes urgent measures, including allowing staggered payment, reduction in levies and implementation of floor prices in the crisis-ridden sector. DCM28 BIZ-CORONAVIRUS-CHICKENSALES'Chicken sales down 50%, prices by 70% in India on coronavirus rumour'New Delhi: Chicken sales in India have come down over 50 per cent and prices by 70 per cent in the last one month as speculation swirled on social media that chicken causes coronavirus disease, denting both demand and prices, a top Godrej Agrovet official said on Thursday. DEL90 BIZ-RUPEE-CLOSERupee settles 6 paise higher at 71.59 against US dollarMumbai: The Indian rupee finished 6 paise higher at 71.59 (provisional) against the US dollar on Thursday amid easing crude oil prices and weakening of the greenback overseas. DCM18 BIZ-ECONOMY-ANIL AGARWALLight at end of tunnel, Indian economy will bounce back, says Anil AgarwalNew Delhi: Indian economy will soon bounce back from its worst showing in 11 years as a steep cut in taxes will help attract investments and the massive infrastructure spending revives economic activity, mining baron Anil Agarwal said.DCM5 BIZ-NCLAT-FLIPKARTNCLAT sets asides insolvency proceedings against FlipkartNew Delhi: The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. DCM16 BIZ-NEW ZEALAND-INDIANew Zealand for bilateral trade pact with India if New Delhi does not join RCEPNew Delhi: New Zealand on Thursday said it will look forward to a bilateral trade agreement with India in case New Delhi does not join the China-backed mega trade deal RCEP. DCM48 BIZ-LD HPCL-ONGC-ACQUISITIONONGC, HPCL buy out bankers in Petronet MHB for Rs 371 crNew Delhi: State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) have bought out lenders in Petronet MHB Ltd, the firm that owns a petroleum product pipeline in Mangalore, for about Rs 371 crore. SHWSHW

New Delhi, Dec 8 () With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector.
The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates.
"There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner.
The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures.
In recent times, there has been a spate of actions against auditors, including against PwC in the Satyam case and against Deloitte and BSR in the IL&amp;FS matter.
The Supreme Court recently stayed an order by the Securities Appellate Tribunal, which held that Sebi lacked powers to bar auditors, after the capital markets regulator contested a SAT ruling that had quashed a two-year ban on PwC in connection with the Rs 7,800-crore Satyam scam.
In the IL&amp;FS case, the NCLT had launched proceedings against the company's erstwhile auditors but the Bombay High Court later granted a stay. Besides, some auditors were recently arrested by the Economic Offences Wing of the Mumbai Police in the NSEL matter, though they were released subsequently on bail.
Some auditors, including in the case of IL&amp;FS matter, have also come under the scanner of the Serious Fraud Investigation Office (SFIO), while National Financial Reporting Authority (NFRA) is looking into alleged accounting lapses at Infosys.
The regulatory and government officials have often pointed out that auditors are supposed to be the conscience-keepers of a company and it is their duty to ring the alarm bells even at the slightest hint of a financial wrongdoing.
Within the auditor community, there is a growing feeling that the globalised businesses of the clients they serve call for the latest audit techniques and processes and their absence can be seen as a major obstacle in delivering on the audit mandate.
A robust IT infrastructure is the another biggest gap area that the domestic audit firms are looking to address through global tie-ups.
"Lack of a strong technology infrastructure has been an area of concern for Indian audit firms in carrying out audit for their clients. An effective IT infrastructure at the auditor's end calls for a substantial investment and a global tie-up or getting associated with a multinational network can help significantly on that front," said an audit committee head at a Nifty-50 company.
At the same time, the prevailing macro-economic environment is creating multiple challenges for the industry, while a negative narrative that has got built around the audit profession is making the things worse, experts said.
Vijay Gupta, ex-central council member of the ICAI, said, "Global tie-ups provide local audit firms access to better processes and practices already undertaken by the global partner, thereby building a much-needed bandwidth to serve the clients".
He cited the resource constraints faced by local firms as crucial for pushing them towards global tie-ups, and said the aim is to have a better IT infrastructure to create a more robust audit framework.
"The liability mechanism for auditors is an area that needs to be duly addressed. Drastic actions are being taken against auditors even in the absence of being proven guilty," said an auditor working with a leading firm.
He said a complete ban on any audit firm has a much larger impact on the industry and on people working in it.
On the other hand, officials at regulatory and enforcement agencies have been saying that audit firms tend to put the blame on individuals after finding themselves in the dock for their alleged role in frauds.
Experts opine that availability of trustworthy financial information on performance of companies is important for proper functioning of a market economy, but the entire auditing system has got into a precarious situation as questions are being raised around integrity of auditors.
Serious concerns arise if auditors' independence is compromised or when trust reposed in them gets betrayed as independent audits are fundamental to taking informed and correct investment decisions.
Experts feel that it is important to facilitate a business-friendly environment for corporates as well as for professionals in India and therefore it is vital that Indian laws and regulations on professional services keep pace with the changing market dynamics. BJ
BAL

Audit firms eye global tie-ups to upgrade skills, build bandwidth

<ul><li>After the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> struck down the central bank’s February 12th circular on bad loans, the pressure was on the RBI to reframe the order within its authority and ensure momentum in insolvency proceedings did not wane. </li><li>At a press conference following the RBI’s decision to slash rates again, Governor <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> confirmed that the central bank would formulate new guidelines for bad loan resolution. </li><li>Das added that pending resolution cases with the NCLT would not be affected as they had been referred to the bankruptcy tribunal prior to the apex court’s decision.</li></ul>After the Supreme Court struck down the central bank’s February 12th circular on bad loans, many thought this would derail the process of debt resolution. The pressure was on the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) to reframe the order within its authority and ensure momentum in insolvency proceedings did not wane. At a press conference following the RBI’s decision <a href="https://www.businessinsider.in/the-reserve-bank-of-india-has-cut-interest-rates-for-the-second-time-in-two-months/articleshow/68717846.cms">to slash rates again</a>, Governor Shaktikanta Das confirmed that the central bank would formulate new guidelines for bad loan resolution. "Supreme Court order has not taken away any power from the RBI. The powers are still vested with the RBI. It has to be exercised in a certain manner. We will exercise the power which the Parliament has given us and see that resolution is done faster" Das said. This was in line with earlier comments from Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> who sought to<a href="https://www.thehindubusinessline.com/news/sc-ruling-on-rbis-february-12-circular-will-not-impact-ibc-arun-jaitley/article26726054.ece"> allay concerns</a> that the decision-making powers of the RBI with respect to bankruptcy cases had been compromised. Jaitley had said that the central bank would come up with a “fresh set of ideas”. Das added that the ‘major cases’ would not be affected as they had been referred to the bankruptcy tribunal prior to the apex court’s decision. The February 12th circular that was struck down had given banks a 180-day period for the resolution of bad loans over ₹20 billion and required banks to recognise loans of at least ₹50 million as having gone bad even in the event of a one-day default. The rationale behind the circular was to tighten the noose on cash-strapped companies and force banks to account for bad loans immediately As a result of the SC verdict, around 75 large borrowers will also be let off the hook. Furthermore, India’s banks won’t have to categorise around ₹1.8 trillion worth of loans to 34 coal-based thermal power plants as “non-performing”. The relief also extends to ₹840 billion worth of loans to companies in other sectors such as sugar, shipping and infrastructure. It will have to be seen if and how this will change after the new guidelines from the RBI. SEE ALSO: <a href="https://www.businessinsider.in/indias-supreme-court-order-against-the-rbi-will-be-a-huge-relief-for-75-borrowers-with-loans-worth-over-2-4-trillion/articleshow/68683088.cms">India's Supreme Court order against the RBI will be a huge relief for 75 borrowers with loans worth over ₹2.4 trillion</a> <a href="https://www.businessinsider.in/the-reserve-bank-of-india-has-cut-interest-rates-for-the-second-time-in-two-months/articleshow/68717846.cms">The Reserve Bank of India has cut interest rates for the second time in two months</a>

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