Bill replacing IBC ordinance to allow promoters of insolvent companies more time to repay dues – Economic Times

NEW DELHI: The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code (IBC), ET has learnt. The changes proposed in the Bill…

9. Florida takes over troubled comp insurer – Business Insurance

More than 8,600 employers nationwide spent part of November and December looking for a new workers compensation insurer. The need for replacement coverage came after the Florida Department of Financial Services declared insolvent and subsequently took over Fort Lauderdale, Florida-based Guarantee Insurance Co. An article about the proceedings was the ninth most read Workers Compensation…

How Sebi plans to ease compliance for insolvent companies – Financial Express

The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. (Reuters) The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companiesespecially with regard…

Reliance Communications asset sale speeds India telecom shakeout – Nikkei Asian Review

MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate. Close Anil Amban, chairman of Reliance Communications,…