Disproportionate impact on public shareholders Reliance Infrastructure has expressed that the ASM framework has a disproportionate impact on its public shareholders, especially retail investors. The company said during lower-circuit periods, shareholders often struggle to exit their investments at reasonable market prices. It also noted that their holdings could lose value by a nearly fixed percentage…
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was ”only round tripping of money” and not ”any genuine financial transaction”. In a strongly worded…
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New Delhi, Jun 7 (PTI) Reliance Infrastructure Limited on Sunday said that it has sought a review of the insolvency-related surveillance framework, under which trading in the company’s stock is allowed only once a week. Reliance Infrastructure Limited, in a statement, said it has submitted a formal representation to the Securities and Exchange Board of…
Reliance Infrastructure Ltd has approached the Securities and Exchange Board of India (SEBI), the NSE and the BSE, seeking a review of the surveillance framework applicable to companies linked to proceedings under the Insolvency and Bankruptcy Code (IBC). In a formal representation submitted to the market regulators and exchanges, the company has requested a review…
The move comes after the owners, brothers Michael and David Shabsels, were reported to have emptied the company of its cash. After disclosing that its owners had emptied its cash reserves, US summer camps company Simad Holdings (TASE: SIMD) reported on Friday that it had filed for chapter 11 protection in New…
The high court passed orders attaching properties of the different group companies, including RHC Holdings, which was a debtor to Ligare Aviation. The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the…
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was “only round tripping of money” and not “any genuine financial transaction”. In a strongly worded…
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was “only round tripping of money” and not “any genuine financial transaction”. In a strongly worded…
NCLAT has set aside insolvency proceedings against Ligare Aviation, ruling that Religare Enterprises” loan was ”round-tripping of money,” not genuine financial debt. New Delhi, Jun 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare…