The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed an appeal filed by Industrial and Commercial Bank of China (ICBC) and upheld the order of the National Company Law Tribunal (NCLT), Mumbai Bench, directing the bank to release a fixed deposit of ₹27.60 crore belonging to Reliance Communication Infrastructure Ltd. (RCIL).
The dispute revolved around whether ICBC could retain the FD under a lien to secure loans advanced to other Reliance Group companies, despite RCIL itself having no outstanding liability to the bank.
The facts date back to March 2017, when RCIL opened a fixed deposit with ICBC and simultaneously issued a lien letter authorising the bank to place a lien on the…
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An investor and alleged creditor in Ecsponent, the financially distressed, previously JSE-listed specialist financial services company now named Afristrat Investment Holdings, has thrown a spanner in the works of the company’s planned voluntary liquidation.
Pretoria pensioner Mariana de Bruin has applied to intervene and become a respondent in Afristrat’s voluntary liquidation application, resulting in the matter being removed from the court roll until her intervention application is finalised.
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Afristrat liquidation ‘an attempt to misattribute responsibility’ – ex MyBucks SA boss
Ecsponent linked company pays the former client it owed R433 000
Afristrat CEO George Manyere, Afristrat directors…
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Minister of Finance Enoch Godongwana and National Treasury now support the proposal by Minister of Electricity and Energy Kgosientsho Ramokgopa and Eskom that the latter temporarily take over electricity supply in struggling municipalities in order to curb their growing debt to the power utility.
This is despite questionable results in the two municipalities where the so-called Distribution Agency Agreements (DAAs) with Eskom are already in force.
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The South African Local Government Association (Salga), which represents municipalities, is opposed to the…
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Creditors owed over $26m in Melb-based packaging giant bust Herald Sun
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JONESBORO, Ark. (KAIT/Edited News Release) – With the holiday shopping season here, Arvest Bank is offering tips to help shoppers maximize their budgets.
According to a recent NerdWallet survey, holiday shoppers plan to spend an average of $1,107 for presents this season, and 74% said they plan to use credit cards for at least part of their gift shopping.
At the same time, the survey shows that 31% of shoppers who used credit cards last year still haven’t paid off their balances.
“It can be difficult to stick to budgets this time of year, which is why we tend to see a spike in credit card debt after the holidays,” said Terri Coleman, sales coordinator with Arvest Bank – North Arkansas. “Following a detailed budget and a plan to…
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Excelsior Capital Limited ( (AU:ECL) ) has shared an announcement.
Excelsior Capital Limited has reached an agreement with London City Equities Limited to withdraw its legal action in the Federal Court of Australia. As part of the agreement, Excelsior will undergo a company-managed liquidation process, which includes asset realization, liability payment, and a fully franked dividend distribution, culminating in its delisting from the ASX by June 2026. This resolution allows London City to save on legal expenses and focus on its investment portfolio, although the exact financial impact on London City remains uncertain.
More about Excelsior Capital Limited
Average Trading Volume: 4,749
Technical Sentiment Signal:…
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