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Securities Appellate Tribunal

Dec 14, 2019, 09.43 PM IST

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SECURITIES APPELLATE TRIBUNAL

ArcelorMittal initiates Rs 42,000 cr payment for Essar Steel acquisition

ArcelorMittal has initiated payment for acquisition of debt-ridden Essar Steel for Rs 42,000 crore.

Jaypee homebuyers' body urges flat owners, bankers to vote for NBCC bid in insolvency process

On December 7, a committee of creditors (CoC) d...

Family feud at Gati may hinder share sale to Allcargo Logistics

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  • The SFIO and the CCI are among the institutions under the ministry that are well short of their respective sanctioned strength. In a report tabled in Parliament on Tuesday, the Standing Committee on Finance noted that the ministry's various regulatory entities are critically important for a smooth-functioning economy.

    The pack of PSU stocks has remained largely depressed amid a crippling slowdown.

    The government has recently appointed 28 more members in NCLT and 4 more members in NCLAT, said Union minister Anurag Singh Thakur in order to quicken the legal proceedings and reduce the pendency of cases. Additional members have been appointed and additional courts are being operationalised from time to time.

    A Committee of Creditors (CoC) on Saturday decided that home buyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.

    The Income Tax Appellate Tribunal had cancelled 6 Tata Trusts' registrations from October 31, 2019. If a charitable organisation’s registration is cancelled after June 1, 2016, it will have to pay exit tax. The Trusts’ argued that they surrendered their registrations on February 26, 2015, and that should be considered as the cancellation date.

    "The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement. Patanjali also said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India.

    No formal order/notification with regard to appointment of the new chairman has been issued so far. Justice Sunil Gaur, the retired Delhi High Court judge who had rejected the bail plea of former finance minister P Chidambaram in the INX media case, was reportedly tipped to be the new head of PMLA Appellate Tribunal.

    The Securities and Exchange Board of India has asked exchanges to detect Karvy-like cases beforehand.

    “The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.

    NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later the Singapore-based DBS Bank became dissenting creditor and approached NCLAT challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.

    A three-member bench headed by Chairperson Justice S J Mukhopadhaya also said the Enforcement Directorate will probe and ascertain whether the money paid by the promoters is not from proceeds of crime. The promoters of the company include absconding Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara.

    Rajesh Bhatia, Geeta Bhatia, Giridharilal S Bhatia and Hiten Trivedi are the officials from whom the ban is lifted.

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