Sunny Verma

Neeraj Singal was sent to judicial custody until August 14. Bhushan Steel has been acquired by a Tata Group company under the Insolvency and Bankruptcy Code.

On February 12 this year, the RBI had issued a ‘Revised Framework for Resolution of Stressed Assets’ that stipulates that default of even a single day in payment of interest or principal amount would trigger a formulation of resolution plan by the committee of creditors.

While UCBs are registered as cooperative societies supervised by the Registrar of Cooperative Societies, the RBI regulates and supervises the banking functions of UCBs under the provisions of Banking Regulation Act, 1949.

These bonds have a life of 15 days from the date of issue and no payment is made to any payee political party depositing them after expiry of the validity period.

The Bill replaced the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, which was approved by President Ram Nath Kovind last month. A total of Rs 4 lakh crore worth of stressed assets are currently undergoing resolution under the IBC.

State Bank of India, Punjab National Bank, Indian Overseas Bank, IDBI Bank and Bank of India are among the state-owned banks leading the process of scaling down overseas operations.

While the Finance Ministry is learnt to have said that it will pay the principal, the Railways has communicated that it will not be able to bear the yearly interest and associated charges.

LIC meets the RBI requirements of acquiring a banking company and it should pass through the “filter tests” of the RBI, said a senior government official.

In the wake of US sanctions, India may explore the possibility of reviving the rupee-rial arrangement to import oil from Iran that it has used in the past.

Preferential allotment is a process by which allotment of shares is done in bulk by the company to a select group of investors.

Sources said the MHA has voiced concerns that ICBC — the world’s largest bank by total assets — has employed more than the authorised number of Chinese nationals at its existing Mumbai branch.

On May 27, 2018 through a filing with the stock exchanges, Manpasand Beverages Ltd informed that the company’s statutory auditors have resigned with effect from May 26 and that the company has appointed a new auditor.

He said natural gas and ATF are “two easier candidates for inclusion” under GST, but the timing will have to be determined by the GST Council. Edited excerpts:

State-owned LIC plans to buy a controlling stake in IDBI Bank. While LIC will get the bank that it has been wanting and the government will have completed a disinvestment, should an insurer be using policyholders’ money to buy a controlling stake in a troubled bank?

In a clarification to stock exchanges on Monday, HDFC said it “had no meeting with the management of PNB Housing Finance Limited and is not looking to acquire any stake” in the company.

PNB’s Gross NPAs ratio jumped to 18.38 per cent of gross advances at the end of March 2018, up from 12.53 per cent a year ago. Its net NPAs also soared to 11.24 per cent.

The government is looking to disinvest its holding in the lender.

Out of the 87 cases that went in for liquidation, in 76 cases, resolution value was less than the liquidation value of the companies, while in 11 cases it was more than the liquidation value.

Despite repeated requests by the Ministry to relax the default norms, the central bank refused to budge. The rate hike has now ruffled feathers in the government.