Mukesh Ambani-led Reliance Industries (RIL) today reported a 9.8 per cent increase in net profit for the quarter ended March to Rs 10,362 crore primarily on account of strong operating performance in Petrochemicals, Retail and Digital services.
Essar Steel’s operational creditors with claims of over Rs one crore Wednesday alleged that the committee of creditors of the debt-ridden firm has been “monopolised” by its financial lenders and sought equal treatment on par with them.
Jindal Steel and Power Ltd has levelled a series of charges against Arun Kumar Jagatramka, former promoter of Gujarat NRE Coke, including diversion of funds while refuting allegations made by the latter in a letter to market regulator Sebi.
ArcelorMittal, which surpassed the one-time settlement offer of Essar promoters for 2×600 MW Mahan thermal power project in Madhya Pradesh, will submit its bid by April 22. The bid will then be opened for Essar to match the offer, bankers close to the development told FE.
Naveen Jindal’s Jindal Steel and Power Ltd seems to be facing trouble from Arun Kumar Jagatramka, the erstwhile promoter of under-liquidation Gujarat NRE Coke.
Former managing director and CEO of Infrastructure Leasing & Finance Services Ltd (IL&FS), Ramesh C Bawa, has been arrested in Delhi by the Serious Fraud Investigation Office (SFIO) today (13 April) for his alleged role in suspected irregularities which triggered a default crisis at the company, reports The Indian Express.
The National Company Law Tribunal (NCLT) will conclude hearing on Bhushan Power and Steel (BPSL) insolvency case by April 15. Insolvency resolution process for the company was admitted by the principal bench of the NCLT on July 26, 2017 on a plea of Punjab National Bank.
The Supreme Court refused on Friday to entertain a petition filed by Vedanta group firm Sterlite Copper seeking access to its closed smelter plant in Tuticorin in Tamil Nadu to carry out maintenance activities.
In what may delay its plans to enter India, the Supreme Court on Friday halted ArcelorMittal from making Rs 42,000 crore payment to Essar Steel’s lenders, Bloomberg reported. The apex court also directed to maintain status quo with respect to the NCLT’s last order, the report added.
Delays in the sale of assets under India’s bankruptcy law are becoming a key challenge for bidders who cannot wait indefinitely because of funding constraints, according to JSW Steel Ltd.