Trade unions have called on government to absorb Bosasa, now trading asAfrican Global Operations Group,workers after the company announced it would enter voluntary liquidation as a result of FNB and Absa closing its accounts. The company issued a statement on Monday, saying that 4500 workers would lose their jobs. “It is with deep regret that…
In the wake of the Hayne Royal Commission final report, the concept of shareholder primacy is now being examined, writes AICD Communications Executive Shelley Dempsey. Experts and directors react to the report here and discuss how to focus on more long-term non-financial measures. After the findings of the Hayne Royal Commission final report, robust debate…
Outcome of 16th Committee of Creditors Meeting Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. We give below outcome of the 16th Meeting of the CoC: The Committee of Creditors reviewed the resolution plans submitted by the resolution applicants and decided to give final opportunity to each…
This is to inform you that the public announcement made pursuant to order passed by the Tribunal under Section 13 of Insolvency Code has published in Free Press Journal, Mumbai Edition Newspaper , Navakal Mumbai Edition Newspaper and Janadesh Silvasa Edition Newspaper on Friday February 15, 2019. Copy of Free Press Journal Mumbai Edition Newspaper…
IBBI, established in October 2016 under the IBC, has regulatory oversight over the insolvency professionals/agencies/entities and information utilities The Insolvency and Bankruptcy Code (IBC), 2016, will soon have provisions dealing with individual insolvency and bankruptcy, said MS Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI). Sahoo on Friday said the first priority would…
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP). Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or seeking other roles in the value chain, in the country and in…
Notice of 16th Committee of Creditors Meeting Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. With reference to the subject cited above, I would like to bring to your kind notice that the 16th Meeting of the Committee of Creditors (COC) of the Company is scheduled to…
The Insolvency and Bankruptcy Code 2016(IBC) will prevail over the Prevention of Money Laundering Act 2002(PMLA), and hence no attachment can be ordered under PMLA against the assets of corporate debtor undergoing insolvency process. This was held by the National Company Law Tribunal, Mumbai bench, allowing an application moved by Resolution Professional of Sterling SEZ…
An investigation into collapsed app-development darling Appster has revealed serious concerns about the companys financials, operation and management, with former clients and employees labelling its work dross and its founders devious. Appster was one of Australias premier app-development companies and a poster child of the Australian startup scene, headed up by young founders Mark McDonald…
Sub: Implementation of the Resolution Plan / Capital Reduction This is in continuation of our earlier intimation dated 05th February 2019 regarding resolution plan which was approved by NCLT, Chennai vide its order dated 01st February 2019 under the Provisions of IBC, 2016. Pursuant to the Resolution Plan a capital reduction is proposed and the…