A regional trial court has issued an order to liquidate the assets of the Uniwide group, declaring as insolvent the former high-flying retailer which was still pleading for a chance to undergo corporate rehabilitation. In an order dated Nov. 23, the RTC of Parañaque Branch 258 issued an order to liquidate Uniwide Sales Inc., Uniwide…
Shares of telecommunications companies rose, but not by as much as the broad market, as traders rotated into economically sensitive areas. Continue Reading Below In a highly unusual move, China Development Bank, a policy bank which often helps fund Chinese companies’ investments overseas, late last week filed a petition for Indian carrier Reliance, also known…
Slams canard, says ordinance levels thefield for applicants New Delhi, November 27: In defence of its recent insolvency ordinance, the government has asserted that the entire effort is aimed at disqualifying errant promoters while providing for a level-playing field for all prospective resolution applicants, including the promoters. There is no merit in the contention in…
BSE had sought clarification from Reliance Communications after market hours yesterday with respect to news that China Development Bank has filed an insolvency case against it. China Development Bank has filed a case against Reliance Communications (RCom) under the Insolvency and Bankruptcy Code, becoming the first lender to move court against the debt-laden telecom company.…
MUMBAI: For Indias overwhelmingly complex legal system, the Insolvency and Bankruptcy Code (IBC) is billed as the silver bullet that would help lenders recover about Rs 9 lakh crore of sticky loans. But the law has an unwanted side effect loss of jobs. Since IBC was used by lenders to slice through the thicket of…
The debt woes of one of Indias leading wireless carriers Reliance Communications have deepened this week thanks to an unlikely new source of pressurea leading state-owned Chinese bank. It emerged late Monday that China Development Bank, a policy bank which often helps fund Chinese companies investments overseas, had late last week filed a petition for…
The debt woes of one of India’s leading wireless carriers Reliance Communications have deepened this week thanks to an unlikely new source of pressure — a leading state-owned Chinese bank. Continue Reading Below It emerged late Monday that China Development Bank, a policy bank which often helps fund Chinese companies’ investments overseas, had late last…
CASH-strapped tennis legend Boris Becker is taking his ex manager to court as the pain of his bankruptcy begins to bite. Former mentor Sascha Rienne has been called to appear before the courts in Cologne in January accused by sporting ace Boris of failing to properly pay him for lucrative personal appearances. Splash News Becker, who…
Shares of Reliance Communications fell sharply by over 9% in early trade today amid reports that China Development Bank has filed insolvency case against the telecom firm, which the company has denied. The stock tanked 8.61 per cent to Rs 12.20 on BSE. At NSE, shares of the company dived 9.36 per cent to Rs…
RCom shares fall on Tuesday Reliance Communications (RCom) Ltd’s shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company. China Development Bank (CDB) filed an insolvency petition against Reliance Communications to the National Company Law Tribunal to recover about 114.6 billion rupees ($1.8 billion), reports…