Moratorium under IBC would override FEMA provisions: HC

Bankruptcy

Kolkata: Observing that the Insolvency and Bankruptcy Code (IBC) prohibits initiation of suits or continuation of pending suits or proceedings against the corporate debtor following the initiation of Corporate Insolvency Resolution Process (CIRP), Calcutta High Court quashed notices issued by the Enforcement Directorate (ED) under the Foreign Exchange Management Act (FEMA) against a Kolkata-based jewellery…

Meet Anil Ambani’s sons, Jai Anmol Ambani and Jai Anshul Ambani, brains behind revival of bankrupt Anil Ambani

Bankruptcy

Home Viral Meet Anil Ambani’s sons, Jai Anmol Ambani and Jai Anshul Ambani, brains behind revival of bankrupt Anil Ambani, they studied from… Anil Ambani’s both sons Anshul and Anmol are focused on expanding their father’s enterprises while restoring investor confidence. Here’s how they revived bankrupt Anil Ambani. Late visionary entrepreneur Dhirubhai Ambani’s younger son,…

Hudson’s Bay Company illegally slashes workers’ commissions during liquidation

Bankruptcy

TORONTO—Unifor is calling out Hudson’s Bay Company (HBC) for unilaterally slashing workers’ commission pay during its retail liquidation—a move that violates collective agreements and reduces workers’ income as they prepare for mass termination. The union has been informed that commission-based pay will be eliminated as of April 20 for members working in cosmetics departments, as…

Shivinder Singh, ex-promoter of Ranbaxy and Fortis, files for personal insolvency as billionaire heir’s fall from grace deepens

Bankruptcy

However, the Singh brothers surprised everyone when they sold their stake in Ranbaxy at its greatest ebb to Japanese drugmaker Daiichi Sankyo in 2008 for $4.6 billion (approximately ₹59,700 crore today), ensuing much media attention, especially for the price that it fetched.  They then used the proceeds from the sale to aggressively expand Fortis Healthcare.…