Senior Advocate Mukul Rohatgi appearing for Numetal submitted that although ArcelorMittal has disposed of share before submitting its resolution plan in February, but it was a promotor of Uttam Galva till March 21 on NSE and March 23 on BSE records. “They (ArcelorMittal) continued as a promotor of the company notwithstanding of selling of their…
Why Ford is revamping iconic Detroit landmark Entrepreneurship is in Detroit’s DNA. It’s what turned it into one of America’s most iconic cities, known the world over as the heart of both the nation’s automobile industry and the birthplace of music’s “MoTown sound” genre. Now a new generation of entrepreneurs is committed to doing it…
Low-cost carrier Pobeda plans to launch transit flights from Moscow to Europe via Kaliningrad (I. Zarembo / Khrabrovo Airport) Khrabrovo Airport, which serves Kaliningrad, has reached an agreement with Aeroflots low-cost subsidiary Pobeda Airlines to set up hub operations through the Russian enclave. Khrabrovos general director Alexander Korytny explained in an interview to Interfax newswire…
Phoenixing by companies that deliberately go broke has a direct cost of up to $5bn a year on business, employees and government, including a whopping $3bn owed to other businesses, a PwC report says. Phoenixing is the deliberate and systematic liquidation of a company to avoid liabilities such as tax and employee entitlements then restarting…
Tata Steel is gearing up to acquire Bhushan Power & Steel, going through insolvency proceedings, if it gets the requisite approvals. Much like the Bhushan Steel deal, Tata Steel is keeping its financing arrangements ready and is sounding out people within the organisation for Bhushan Power & Steel. …
Phoenixing is costing the economy as much as $5 billion a year through unpaid wages, invoices and tax bills, a new report claims, as the Turnbull government intensifies its crackdown on dodgy company directors. The government’s Phoenix taskforce conducted about 340 reviews and audits in 2017-18, raising more than $270 million in tax liabilities and collecting…
REVEALED: Estranged husband of the New York socialite who fell down 27-story garbage chute to her death went bankrupt after ‘running multi-million dollar Ponzi scheme’ the same year they filed for divorce The husband of the New York City socialite who was found dead in her luxury building’s trash compactor was accused of running a…
Over a quarter of UK companies have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the last six months, according to new research. The research found the financial impact of the insolvency of another business was described as very negative by one in ten UK companies,…
Ken owed 188,500 after personally guaranteeing the borrowings of a failed furniture business. He had no hope of repaying the debt from the 2,165 a month he now earns as a lorry driver, of which 952 goes on maintenance payments for his three children. They live with his ex-wife while Ken, who is 49, lives…
Nick Aboud the former CEO of the failed Dick Smith retailer has gone from big boys toys to kids toys, taking on the role as CEO of Kidstuff a retail group who are currently expanding their physical store and online operations in Australia. During an exclusive interview with ChannelNews Aboud who spoke for the first…