SC stays reopening of IL&FS books ordered by NCLAT

SC stays reopening of IL&FS books ordered by NCLAT

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.

Siemens Drops As Parent Approves Gas And Power Business SpinOff

Siemens Drops As Parent Approves Gas And Power Business SpinOff

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.

IL&FS saga: NCLAT acts sensibly on RBI

IL&FS saga: NCLAT acts sensibly on RBI

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.