NEW DELHI, Aug 28: Bankruptcy-bound Ruchi Soyas promoters have sold 1.06 crore shares, worth 3.18 per cent stake, through open market transactions, the debt-ridden edible oil firm said in a regulatory filing.
Ruchi Soyas promoter entity Disha Foundation Trust sold these shares on August 24.
After sale of these shares, the promoters stake in the company has come down to 38.88 per cent from 42.06 per cent, the filing said.
Ruchi Soya, which is facing insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
In December 2017, Ruchi Soya Industries…
Read the full article at: http://www.dailyexcelsior.com/ruchi-soyas-promoters-sell-1-cr-shares-worth-3-18-stake-open-mkt/
A real estate agency that stole $220,000 in client funds before collapsing has been fined just $7,500 after being convicted on 12 charges, but the prosecuting agency insists the matter is far from resolved.
Austpride, which formerly traded as Real Estate Masters in the Perth suburb of Cannington, was convicted last week of 12 counts of unlawful use of trust account funds, after 12 withdrawals totalling $220,742 were made between August and December 2015.
Of those withdrawals, three found their way into the credit card accounts of the wife of the agencys manager and another family member.
Three more charges were also laid for failing to adequately reconcile the trust account for October, November and December 2015.
Austpride is now in liquida…
Read the full article at: https://www.mybusiness.com.au/management/4855-company-fined-7k-after-220k-client-theft
Force India team principal Otmar Szafnauer said the team came within days of collapsing before going into administration and being bought by new owners.
Szafnauer said described how close the team came to being declared insolvent, which would have forced it to close its doors.
It was pretty close, he told media including RaceFans last weekend. I think some of the creditors had legal actions to go down the insolvency route as opposed to the administration route.
The significant difference is [with] insolvency you close the doors and you sell the assets and youre done. Whereas [with] administration the administrator tries to find a solution for the company to keep it going. And we were very close to insolvency rather than administration. It w…
Read the full article at: https://www.racefans.net/2018/08/29/force-india-f1-team-days-closing/
The Kyneton Football Netball Club is calling for community support to help them overcome a $200,000 debt.
The debt has amounted following the club’s recession in 2013 where the club was forced to pull the senior football side from the Bendigo Football League while costs from upgrading the netball courts, lights and scoreboard in recent years has also added up.
The senior team has voted to delay their payments until the club sorts out its finances after donating their payments from the Round 17 game against Castlemaine back.
So far they’ve received a $5000 donation from the Kyneton Racing Club, $1000 from the Midland Express and $1500 Jellig Craig.
Kyneton club president Karen O’Sullivan telling the Midl…
Read the full article at: https://www.hit.com.au/news/bendigo/kyneton-fnc-calling-for-community-help-to-reduce-debt
The company also wrote down the value of its international business by $120 million.
Mr Boeghetti said the accounting adjustments were non-cash and did not affect the fundamentals of Virgins underlying business.
We are confident in the performance of the Groups underlying business and that long-term benefits from our growth plans will be delivered, he said.
Mr Borghetti said the company expected to be profitable at both an underlying and statutory level in the current half-year, even with fuel costs set to be $85 million higher.
Virgins fleet simplification and other business restructuring costs ran at $148.5 million in 2018, meaning the company would have ran at a net loss even without the accounting impairments.
Domestic growth
Virgin said i…
Read the full article at: https://www.brisbanetimes.com.au/business/companies/virgin-australia-falls-deeper-into-red-with-653-million-loss-20180828-p500bz.html
Virgin Australia has reported its sixth consecutive full-year loss, falling deeper into the red with a $653 million after-tax loss in 2018 compared to a $185 million loss a year ago.
On an underlying level, which strips out the impact of Virgin’s three-year business restructuring and turnaround plan, the airline reported a $109 million profit, up from a $3.7 million loss in 2017.
Virgin Australia has reported its sixth consecutive full-year loss.
Photo: James Alcock
Virgin chief executive John Borghetti said it was the group’s strongest underlying result in a decade, and was driven by record-high earnings in its domestic business.
“Todays financial results show that the business is in a good position to achieve sustainable profitability g…
Read the full article at: https://www.smh.com.au/business/companies/virgin-australia-falls-deeper-into-red-with-653-million-loss-20180828-p500bz.html
Popular Moseley pubs the Prince of Wales and the Dark Horse were run by the company, in addition to the British Oak, in Stirchley.
The operation of these pubs has not been affected by the liquidation.
A wine bar Cheval Blanc traded for just 16 months, a short-lived operation that caused financial problems for the pubco.
The company went into creditors’ voluntary liquidation on 7 June, after owing £364,177 in tax.
HM Revenue and Customs had asked the Insolvency and Companies List to have the pubco wound up.
Judge Catherine Addy ordered the petition to be dismissed without cost after HMRC counsel asked following the voluntary liquidation.
Keith Marsden ran the pub company before retiring to focus on recovery from illness and handing the busines…
Read the full article at: https://www.morningadvertiser.co.uk/Article/2018/08/28/Birmingham-Humble-Pub-Company-liquidated-after-more-than-360-000-tax-debts
Tally Advisor, which launched in August 2018, is an automated debt manager that determines the fastest way to pay down your debt and takes action for you. Brown compares it to a robo-advisor but, instead of managing your investment portfolio, it manages your debt.
“Robo-advisors have become increasingly popular for the ease and simplicity they bring to managing your investment portfolio through automation,” Brown writes in a press release. “When we started Tally, we wanted to bring a similar value to a broader range of people who are dealing with the most widespread financial issue today: credit card debt.”
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Read the full article at: https://www.cnbc.com/2018/08/28/robo-advisor-for-the-99-percent-aims-to-help-you-pay-off-debt-faster.html