MUMBAI The fierce competition in India’s telecommunications sector has claimed another victim: Aircel, the Indian unit of Malaysia-based Maxis Communications. Aircel said on Feb. 28 that it had filed for bankruptcy in the local courts. The move by the last surviving small telecom operator signals that the end may be near for industry consolidation. Aircel’s…
THE mining arm of entrepreneur Beny Steinmetzs business interests, BSG Resources (BSGR), has been put into voluntary administration in order to protect its assets ahead of potential legal action it faces, said Reuters citing Dag Cramer, a director of BSGR. BSGR is caught up in legal disputes in relation to the vast Simandou iron ore…
The company, known as SixCap, was placed into insolvent liquidation last month in the British Virgin Islands where it’s incorporated, according to a statement dated Feb. 26 from appointed liquidator Baker Tilly. Investors and creditors were told they’re collectively owed more than $143 million, according to a Wednesday report by Singaporean newspaper The Business Times.…
Binani Cement is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). Photo: Bloomberg New Delhi: The Competition Commission of India (CCI) on Wednesday unconditionally approved the proposed acquisition of Binani Cement Ltd by Rajputana Properties, subsidiary of Dalmia Bharat Cement Ltd. Binani Cement is currently undergoing a corporate…
Liberty House, part of Sanjeev Guptas global industrial group GFG Alliance, said it has emerged as the successful highest bidder for Amtek Auto Pvt Ltd., paving the way for the formers entry into the Indian market. Liberty House…is set to make a dramatic entry into India after being chosen as preferred H1 bidder for Amtek…
Simon Mundy March 7, 2018 Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under Indias new insolvency system. Bhushan, a mid-sized Indian steelmaker with annual revenue of around $2bn, was put into bankruptcy proceedings last year after…
Customers who ordered products from failed reseller Warehouse1 may not receive refunds after the company entered liquidation two weeks ago with $3.8 million in claimed debts. The company, which operated an online store as well as a brick-and-mortar retail store in Melbourne, entered liquidation on 20 February, appointing SV Partners as liquidators. In the weeks leading up…
Irish virtual mobile network iD Mobile, whose parent company is Carphone Warehouse, has been placed into provisional liquidation. The network has been operating since 2015 and Dixon’s Carphone invested ‘substantial resources’ to establish iD mobile and has continued to support the business. The company released a statement today that said: “Despite a compelling consumer mobile proposition…
Saudi Arabia is changing its bankruptcy laws in a move that should help the country diversify its economy away from oil. The change, which came from King Salman in February, will undoubtedly help boost much-needed foreign investment in the kingdom. Thats because, up until now, there has not been a satisfactory way to deal with…
Grocery delivery service Aussie Farmers Direct will close immediately after falling into voluntary administration today, with administrators saying more than 100 franchisees and 260 staff will be affected by the collapse. The company launched in 2005 as a home delivery service for dairy and juice products across Victoria, before expanding to Queensland, New South Wales,…