Reliance Industries Ltd plans to shut a 330,000 bpd crude unit at its India market-focused oil refinery in western Gujarat state for 2-4 weeks for routine maintenance from mid-June, two industry sources with knowledge of the matter said on Friday.
The Supreme Court has stayed a National Company Law Appellate Tribunal order to reopen past books of Infrastructure Leasing and Financial Services and some of its group companies, but the new management at IL&FS wants the court to vacate its order, people familiar with the development told ET.
Following an NCLAT order, the Reserve Bank of India (RBI) has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS.
For several months now, the Ruias who led Essar Steel towards financial ruin by borrowing too much, have been trying to trip and/or sabotage a resolution of its humongous loan default. First, they tried to get back into the game by indirectly bidding for the company through Numetal.
All parameters performed well in the last fiscal and we expect to keep it up in the new fiscal as well”, says Praveer Singh, CEO & Managing Director, Tata Power Co. Ltd. During an interview with Swati Khandelwal, Zee Business, Singh said that “220 MW
Shares of Siemens Ltd. fell over 3 percent after its parent Siemens AG approved the spin off of its gas and power business into a separate entity. More than 45 percent of Siemens India revenue will be impacted by this restructuring, Jonas Bhutta, analyst at Philip Capital Industrials, said.
Surya Sarathi RayEven as the National Company Law Appellate Tribunal (NCLAT) hears the matter relating to the distribution of upfront payment plan of Rs 42,000 crore by ArcelorMittal between the financial and operational creditors of the bankrupt Essar Stee
State-owned ONGC on Tuesday said it continues to have strong financial position and sufficient funds to meet current and future capex needs, as it sought to allay concerns over its finances after successive acquisitions and government demands drained out its surplus.
After getting it wrong in not allowing RBI to order banks to classify their loans to IL&FS as NPAs, the NCLAT appears to have finally seen sense. NCLAT has now said that while the loans can be classified as NPAs, the banks must make no attempt to recover their loans till further orders.
The Serious Fraud Investigation Office (SFIO) has arrested former chief financial officer of Bhushan Steel Nittin Johri for fraudulent activities, including filing false documents with various banks, according to sources.