Recently, the Reserve Bank of India (RBI) introduced the ‘Resolution of Stressed Assets – Revised Framework’, replacing the regime of voluntary restructuring for Indian banks. Since restructuring had become the default go-to option for banks and defaulting borrowers, this move, which puts banks under very stringent disclosure and deadline schedules, has created a significant stir…
KUALA LUMPUR: Sixteen companies and 15 individuals were declared bankrupt after failing to settle RM8.18 million in arrears to the Inland Revenue Board (IRB). In a statement today, IRB said the 16 companies had a total of RM4.86 million tax arrears while the balance was owed by the 15 individuals. Based on the list provided,…
Embattled department store chain Myer has hired a senior British department store retailer, former House of Fraser chief executive John King, as its new chief executive. Mr King, 55, takes the helm from Richard Umbers, who was forced to step down with immediate effect in February after unveiling Myer’s third profit downgrade in less than a…
Mumbai: Tata Steel, which emerged as the successful bidder for stressed alloy maker Bhushan Steel in the bankruptcy process, is raising up to Rs 17,000 crore in loans from a consortium of about six private and foreign financiers, said three people with direct knowledge of the matter. The company is in talks with lenders including…