The National Company Law Tribunal (NCLT) will consider admitting an insolvency case against Reliance Communications (Rcom) filed by Tech Mahindra on 2nd of November. The IT company had filed an insolvency petition for a recovery of Rs 8.2 crore from the Anil Ambani owned telco and its two units, few days after Rcoms deal with…
opinion By Henry Boyo Barely eleven years ago, Nigeria was compelled by pressure, from International creditors, particularly the London and Paris club, to ‘voluntarily’ part with almost $12.4bn allegedly owed, so that another $18bn debt could be written off, from the country’s total external debt of about $30bn. Notably, the debt write-off was, primarily, the…
By Njiraini Muchira In 2013, Nakumatt Holdings launched its in-store packaged goods under the Blue Label. Its management believed this was a milestone in its efforts to dominate the retail sector in the region. Managing director Atul Shah was categorical that customers would no longer be held to ransom by suppliers, as its products were…
The finance director of Switzerlands LafargeHolcim is leaving after less than two years in the job in the latest management upset at the worlds largest cement group. Ron Wirahadiraksa, who joined LafargeHolcim from Philips in December 2015, had decided to pursue opportunities outside the group, the company announced on Monday without giving more details. His…
The finance director of Switzerlands LafargeHolcim is leaving after less than two years in the job, in the latest management upset at the worlds largest cement group. Ron Wirahadiraksa, who joined LafargeHolcim from Philips in December 2015, had decided to pursue opportunities outside the group, the company announced on Monday without giving more details. He…
LONDON (Reuters) – European shares rose on Monday, with Germanys DAX touching a record high and Spains IBEX its highest for a week, as political risk concerns over Catalonia eased a day after a demonstration in Barcelona against independence. Following four consecutive weeks of gains, the pan-European STOXX 600 rose 0.2 percent while the DAX…
Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 (Code) of India. The Regulation coming into existence with an aim to revitalise and resolve the sick companies and bring it back to a better financial condition, has gained a lot of recognition in the present market condition. Among other features, one of…
CLIVE Palmers fortune is set to suffer a blow after a judge ordered his flagship company to pay a $US17.6m debt to a Singaporean exploration business. Mr Palmers company Mineralogy wanted the Supreme Court to declare it did not have to pay BGP Geoexplorer any money over a debt owed to it by another of…
HYDERABAD: The National Company Law Tribunal (NCLT), in a rare move, decided to reject the insolvency petition filed by a corporate in the ‘interest of the nation’ despite the company and lenders pleading liquidation while claiming to have explored available options. Rejecting the petition filed by Anrak Aluminium, a joint venture between India’s Penna Cement…
Two news stories with a partypoker flavour including Fedor Holz winning another poker tournament as well as appearing on one of the worlds top podcasts, and is Boris Becker deep in debt, or does he have a plan? Fedor Holz has added another hit to his jukebox of poker memories. The German star defeated 50…