India business news headlines 9th March 2019
NCLT has admitted the plea of ICICI Bank to initiate insolvency proceedings against Punj Lloyd for defaulting on a loan of Rs.853.83 crores. The plea was earlier opposed by SBI in June 2018 on the grounds that Punj Lloyd had several ongoing projects.
NCLAT has directed Delhi bench of NCLT to decide on JSW Steel’s bid for Bhushan Power by 31st March. It has also directed to hear the representative of Sanjay Singal, promoter of Bhushan Power, who has offered to settle all the dues of the lenders.
Under UDAN scheme, 4 airlines will start operating flights from Ghaziabad to 8 small towns from mid-May. Flights from Hindon airport, Ghaziabad, will connect to Hubli, Jamnagar, Shimla, Kalburgi, Kannur, Nashik, Faizabad and Pithoragarh.
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Ola is in talks with Hyundai Motor for investing around US$ 300 million. Hyundai had earlier lead Rs.100-crore funding round in Revv.
PNB Scam – Nirav Modi is reportedly living in London’s West End and has started a new diamond business. The UK Daily Telegraph published a video and interview with Nirav Modi.
Reliance Industries is planning to increase the number of Reliance Trends fashion stores across India to 2,500 from the current 557 over the next five years. It is also planning to integrate them with its e-comm business.
NCLAT has allowed withdrawal of Liberty House bid for Amtek Auto’s ARGL on the plea of a resolution professional of Amtek. Liberty House had emerged as the top bidder for ARGL but didn’t submit the required bank guarantee.
ED is reportedly investigating Philip Morris International and Godfrey Phillips, its Indian partner, for alleged violation of laws in India. Philip Morris allegedly paid manufacturing costs to Godfrey Phillips for years to make its Marlboro cigarettes.
FLY Leasing which grounded 3 Boeing 737s on lease to Jet Airways has threatened to redeploy the planes if the airlines don’t get approval for a restructuring plan within this month.
Jet Airways may get emergency funding if the promoters infuse Rs.750 Crores. A plan to convert part of their debt into equity has reportedly been approved by the lenders.
NCLT has approved resolution plan of Rs.5050 Crores submitted jointly by Reliance Industries and JM Financial for Alok Industries, which has a debt of around Rs.29,500 Crores.
RBI has imposed a fine of Rs.71 Crores on 36 banks for not upgrading their SWIFT platform.
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