One of the main issues with the erstwhile Board for Industrial and Financial reconstruction (BIFR) was that the cases were taking ages to be resolved. During its life of 29 years, BIFR has managed to turn around some companies but a significant number of sick companies managed to turn only sicker. The Government dissolved it…
MUMBAI: Markets regulator Sebi today said it plans to amend norms pertaining to minimum public shareholding and other provisions as well as put in place additional disclosure requirements for listed corporates undergoing insolvency resolution process. After approval from its board today, Sebi has come out with a discussion paper on compliance with Sebi Regulations by…
NEW DELHI: The Securities and Exchange Board of India (Sebi) is set to hold its board meeting on Wednesday. The capital markets regulator is likely to discuss a host of issues, including ways to strengthen algo trading, amendments to rules on angel funds, mutual funds, buybacks, and takeovers. Let’s check what could be in store.…
International law firm DWF has appointed litigation partner Ricky Cannon to its debt recovery and finance litigation business in its Glasgow office in Scotland. It has also hired Neale Tosh as an associate in the same team. Both joined from Brodies where they both concentrated in business disputes and asset recovery. Cannon has a particular…
THREE companies formerly involved in prominent Bendigo cafes have been placed in voluntary liquidation, echoing the events of four years ago. A liquidator was appointed to Bath Lane Cafe Pty Ltd, The Green Olive Pty Ltd, and Cafe Au Lait (Vic) Pty Ltd on March 22. Bath Lane Cafe is trading under new a owner, who purchased the cafe in October. When I bought…
Heralded Australias largest department store, Myer, has ruled out a voluntary administration, following struggling sales, and its recent $476 million half-year loss the biggest in company history. Myer is actively hunting for a new CEO, following the departure of Richard Umbers in February. Umbers joined the retailer in 2015, and was involved in the $600 million…
MUMBAI: The National Company Law Tribunal has ordered liquidation of two Rotomac group companies — Global and Exports — whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLTs Allahabad chapter. The initial period of 180 days expired on March 19 this year, but the…
Dominic Chappell, the former bankrupt who bought the failed retailer BHS for £1, is facing a ban on serving as a company director but previous owner Philip Green will avoid a similar fate following an investigation into the chains collapse in 2016. The Insolvency Service, a UK government agency, said on Tuesday that it intends…
In a move that could change the relationship between real estate developers and homebuyers, the Insolvency Law Committee has called for treating realty customers as financial creditors and the money raised from such people for housing projects as financial debt. This is significant as the status of financial creditors to homebuyers – if given –…
The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported. The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April…