A petition has been filed before the NCLT, Chennai bench, by a Resolution Professional (petitioner) over his arbitrary removal by bankers for trying to conduct an audit of a corporate debtor (CD) to whom Rs 400 crores were given by five banks, led by the Indian Overseas Bank.
The petition has been filed by CA Venkatasivakumar and is likely to come up for hearing at the National Company Law Tribunal on February 20.
The issue in question is whether bankers having 75% majority voting can remove a Resolution Professional who is doing his work as per the Insolvency and Bankruptcy Board of…
Read the full article at: https://www.thenewsminute.com/article/are-psu-banks-trying-kill-insolvency-law-petitioner-approaches-nclt-76691
19 February at 10:05
Taobao is the Chinese equivalent of Ebay and this is not the first time that investigations have found the patron to be devoid of the funds and the China Securities Regulatory Commission has declared that an investigation is under way into illegal practices from his holding company Shenzhen Jie Ande, who are reported to have failed to disclose his bankruptcy.
Li bought the Rossoneri for around 740M last year, bringing to an end the era of Silvio Berlusconi after 30 years.
Li however, had to tak…
Read the full article at: http://www.calciomercato.com/en/news/milan-19827
It now seems that his debt woes could be working in favour as he continues to live rent-free in a sprawling $13.5 million oceanfront compound at Sapphire Beach, north of Coffs Harbour, with his partner and two young children.
Nathan Tinkler smashed the mid north coast record in 2008 when he purchased Noorinya for $11.5 million from Microsoft pioneer Jaybe Ammons.
Photo: Supplied
Mortgage documents for the private beachside compound, owned by Mr Tinklers company Noorinya Holdings, reveal a $606 million mortgage in 2012 to Credit Suisse.
The global financial firm is reportedly still owed more than $420 million by Mr Tinkler.
Bankruptcy trustee, John Melluish from Ferrier Hodgson, previously told the media he was unable to seize Mr Tinklers prop…
Read the full article at: https://www.brisbanetimes.com.au/politics/nsw/bankrupt-nathan-tinkler-living-large-in-13-5-million-mansion-20180219-p4z0ul.html
Reckitt Benckiser, the British household goods company, has reported flat sales growth for 2017 but vowed that its sluggish performance would not continue.
Like for like revenues at the Cillit Bang and Clearisil maker were unchanged on 2016, the company said. But it also reported 2 per cent revenue growth on this underlying basis for the final quarter of the year, with performance boosted by its takeover in June of US baby milk group Mead Johnson.
Reckitt, which issued two sales warnings last year and was hit by a severe cyber attack, has been restructured by chief executive Rakesh Kapoor into two business units – one focused on health and…
Read the full article at: https://www.ft.com/content/7c6824d0-1545-11e8-9376-4a6390addb44
Natarajan Chandrasekaran is blunt about what his main priority was when he took over as the head of Tata 12 months ago: I needed to stop the bleeding in major areas. He inherited the reins at Indias biggest business group following one of its darkest episodes: the high profile sacking in late 2016 of his predecessor Cyrus Mistry, who launched a bitter public attack on his former employer alleging serious governance breaches strongly denied by Tata as he sued over his dismissal.
As chairman of Tata Sons, the groups holding company, Mr Chandrasekaran set about getting the group back on track. He sealed the resol…
Read the full article at: https://www.ft.com/content/b2c39d0c-1194-11e8-940e-08320fc2a277
Shares in real estate listings business Domain have rallied despite the company reporting a half-year loss.
In its first result since spinning off from Fairfax Media, Domain posted a statutory net loss of $3.4 million in the first half of the financial year, as restructuring costs weighed on the result.
On a pro-forma basis, profit fell 8 per cent to $24.7 million while revenue rose 12.5 per cent to $183.3 million.
Investors appeared to welcome the result, with shares closing 4.5 per cent higher at $3.00.
‘No nasty surprises’
“I think it reflects relief that there aren’t any nasty surprises in the result,” Morningstar analyst Gareth James told the ABC.
Domain…
Read the full article at: http://www.abc.net.au/news/2018-02-19/relief-rally-for-domain-shares-as-ceo-search-continues/9461238?section=business
Late last year, amid a barrage of public debate and media attention, U.S. president Donald Trump signed into law what has been widely recognized as the most sweeping U.S. tax legislation in more than 30 years. The move sparked a phenomenon in which practically everyone was thinking, and talking, about taxes.
A pervasive event such as passage of the Tax Cuts and Jobs Act provides opportunities to bring an often overlooked but essential discipline to the forefront of the corporate leadership agenda: integrating tax considerations into business decisions. If there are two enduring certainties for companies, they are restructuring and taxes. And although restructuring, reorganizing, realigning or whatever other term you assign it is…
Read the full article at: https://www.strategy-business.com/article/The-Tax-Savvy-Company-Restructuring?gko=ec029
Employees of enormously popular Brisbane doughnut chain Doughnut Time are taking the company to Fair Work over unpaid wages.
As many as 35 workers across the companys 15 Australian stores allege theyre owed more than $70,000 in pay, the Courier Mail reports.
Its the latest in a series of blows for Doughnut Time owner Damian Griffiths, who lost control of Alfred & Constance and Limes Hotel in late December; and whose Bubbles Bar and Bistro company went into liquidation at the start of this month, after it earlier sold Les Bubbles the restaurant as a going concern to Doughnut Time CEO and Managing Director Dan Strachotta.
The Doughnut Time staff claim the money is owed on unpaid shifts with some employees missing up to three weeks…
Read the full article at: https://www.broadsheet.com.au/brisbane/food-and-drink/article/doughnut-time-under-fire-unpaid-wages
The tribunal rejected Era Infras objection that since several company petitions had been filed before the Delhi high court with a prayer for winding up the corporate debtor and were pending, no insolvency proceedings could proceed before the tribunal. Photo: iStockphoto
New Delhi: The National Company Law Tribunal on Friday decided to move ahead with insolvency proceedings against Era Infra Engineering Ltd initiated by Union Bank of India for recovery of Rs681.04 crore, along with an overdue external commercial borrowing of $11.97 million, as on 31 May 2017.
Let all the petitions be listed for hearing before the Principle Bench.., the 30-page NCLT order signed by President M.M Kumar and members R. Varadharajan and Deepa Krishnan reads.
Th…
Read the full article at: http://www.livemint.com/Politics/OlQedHqORIpC8xVPYCH2mN/NCLT-to-proceed-with-insolvency-proceeding-against-Era-Infr.html
When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million.
His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1 million.
Yet just six years earlier his wealth was estimated at $1.13 billion by BRW magazine, making him Australias youngest billionaire.
There was the private jet, helicopters, a fleet of luxury cars, thoroughbred horse studs, mansions and two sports teams – Newcastles Knights and Jets.
Read the full article at: http://www.smh.com.au/nsw/bankrupt-nathan-tinkler-living-large-in-13-5-million-mansion-20180219-p4z0ul.html
Late last year, amid a barrage of public debate and media attention, U.S. president Donald Trump signed into law what has been widely recognized as the most sweeping U.S. tax legislation in more than 30 years. The move sparked a phenomenon in which practically everyone was thinking, and talking, about taxes.
A pervasive event such as passage of the Tax Cuts and Jobs Act provides opportunities to bring an often overlooked but essential discipline to the forefront of the corporate leadership agenda: integrating tax considerations into business decisions. If there are two enduring certainties for companies, they are restructuring and taxes. And although restructuring, reorganizing, realigning or whatever other term you assign it is…
Read the full article at: https://www.strategy-business.com/article/The-Tax-Savvy-Company-Restructuring
By Helen Oji With Agency Report
Nigeria sold $2.5 billion of Eurobonds as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt.
Africa’s biggest economy on Thursday issued $1.25 billion of 12-year securities with a yield of 7.14 percent and a separate 20-year tranche, also $1.25 billion, at 7.7 percent, the finance ministry said on Twitter. Investors placed more than $11.5 billion of orders, according to the ministry.
The sale completes a program of increasing foreign debt to help reduce the burden of double-digit yields on local-currency bonds. Nigeria says the extra funds will be used to improve infrastructure and help revive the economy after it contracted in 2016 for the firs…
Read the full article at: http://allafrica.com/stories/201802190051.html