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With the suspension of powers of the board of directors of Lanco Infratech Limited under the insolvency resolution proceedings, the results of the company will be submitted by Savan Godiawala, who has been appointed as the interim resolution professional.
The company had earlier informed the stock exchanges that the company board of directors would meet on August 11 to finalise first quarter results.
This development comes in the backdrop of the National Company Law Tribunal, Hyderabad branch initiating the Corporate Insolvency Proceedings (CIRP) as per the provisions under the Insolvency and Bankruptcy Code, 2016. On August 7, based on the application fi…
A class action will seek to recoup as much as $100 million in GST that may have been incorrectly charged on the sale of apartments in the ACT.
International litigation funder IMF Bentham, which is working with Corrs Chambers Westgarth, announced the law suit to the ASX on Tuesday morning.
It has lodged a statement of claim with the Federal Court in NSW that alleges Belconnen Lakeview, a company in the Hindmarsh Group, charged and collected GST on the sale of 352 units in Altitude Apartments when no GST was payable.
But the problem may have been more widespread, with IMF Bentham having identified 25 residential developments sold by a range of developers in the ACT that may fit the same criteria.
Legal experts have mixed opinions on the insolvency proceedings against the Jaypee Infratech with regard to the safety of buyers investments.
A section of experts said that the insolvency proceedings against the Jaypee Infratech following the National Company Law Tribunal (NCLT) order will benefit around 30,000 homebuyers and it would give them a chance to get back their investment. But homebuyers will have to represent themselves properly with required documents before NCLT.
Another section is of the opinion that if Jaypee Infratechs assets are not adequate to pay off the bank loans, buyers will be in trouble.
The insolvency proceedings are a blessing in disguise for homebuyers because Jaypee Infratech was unable to deliver flats or refund…
Greens senator Scott Ludlam . Photo: Alex Ellinghausen
The co-deputy of the Greens, Scott Ludlam, has resigned from Parliament after discovering he was ineligible to stand at last year’s federal election.
Senator Ludlam, who was first elected to the Senate a decade ago, made the bombshell announcement in Perth on Friday afternoon.
The Western Australian, who was born in New Zealand but left when he was a child, recently discovered he remains a dual citizen with that country, meaning he was actually disqualified from running for office at the 2007, 2013 and 2016 elections.
“I apologise unreservedly for this mistake,” the outgoing senator said.
“This was my error, something I should have checked when I first nominated for preselection in…
The Reserve Bank has warned construction activity could begin to decline as the number of residential building approvals falls from its peak in 2016.
The message, released in the minutes of the central bank’s August meeting on Tuesday, comes a week after BIS Oxford Economics forecast a 31 per cent fall in the level of dwellings being built, from a peak of 230,000, to 160,000 within the next three years.
MUMBAI: The National Company Law Tribunal (NCLT) on Monday admitted proposals for the merger between Aircel and Reliance Communications‘ wireless business, as well as the latter’s sale of its tower business to Canada’s Brookfield.
The Anil Ambani-owned telco’s shares were up nearly 19% intraday, closing 16.1% higher on Monday at Rs 24 a piece on the Bombay Stock Exchange.
An NCLT bench comprising judges BSV Prakash Kumar and V Nallasenapathy dispensed with the need for a creditors meeting to vote on the proposals. The hearing for final approval of the proposals was set for September 13.
The merger and sale of towers, if and when they happen, would help reduce RCom’s debt of nearly Rs 45,000 crore by as much as 60%. However, bot…
CEO of Ogilvy PR Kieran Moore moderates the following session on growth through adversity from Mumbrella360, in which the panelists lay out how a series of career and personal setbacks impacted their lives irrevocably.
Studio 10 host Jessica Rowe kicks off the session by discussing how her TV career collapsed after she was fired by Nine while on maternity leave:
I recall after having a meeting with various lawyers who told me they were ready to muscle up for a fight, I had a six-week-old baby at home. I remember coming home, I was all dressed up in my armour of makeup and business suit, and I remember lying on my front lawn while my mum patted my head because I felt like my world had fallen apart.
Less than 10 days ago, Corporation Bank, another financier to the Amrapali Group, had announced the auction of the groups IT office in Noida Sector 62 in a bid to recover a loan worth Rs 9.10 crore for the construction of that property.
With the Allahabad bench of the National Company Law Tribunal (NCLT) admitting IDBI Banks insolvency petition against Jaypee Infratech, fear among home investors continues to escalate, even as the top management of another builder group, Amrapali, submitted their passports to the district administration in an effort to assure buyers that they will not escape abr…
The Department of Human Services signed three contracts with the CSIRO’s Data61 this year to help fix problems with its controversial Centrelink robo-debt data matching and debt notice program.
CSIRO digital chief Dr Dave Williams had briefly indicated during June budget estimates that the science and research organisation was helping DHS look at “methodologies of assessing which customers should complete online complaints”.
In responses to questions on notice published late last week, the CSIRO revealed Data61 had signed three separate short-term contracts with the department since January this year.
According to the judgment, the realization of the property of the former president of Ogni Moskvy bank will begin in the nearest future.
Maria Roslyak, daughter of ex-vice-mayor of the capital and earlier head of Ogni Moskvy bank is declared bankrupt according to the decision of Arbitration court of the capital.
The statement on bankrupt recognition was given by Moscow bank Razvitiye-Stolitsa, to which, as it appeared, Roslyak owes about 25 million rubles ($417 thousand), RIA Novosti reports.
It is noted that realization of the property will be conducted within six months, Evgeniy Semchenko is appointed the financial managing director of Ogni Moskvy. He will have…
What law caught out senators Scott Ludlam, Larissa Waters, Matthew Canavan, Malcolm Roberts and Barnaby Joyce?
Section 44 of the Constitution sets out restrictions on who can be a candidate for federal parliament. Five subsections make clear what disqualifies people, but its article one that tripped up the two Greens, government minister Matt Canavan, One Nation senator Malcolm Roberts and deputy prime minister Barnaby Joyce.
It rules out anyone with allegiance, obedience, or adherence to a foreign power, or is a subject or a citizen or entitled to the rights or privileges of a subject or citizen of a foreign power.”
The general idea being that you need to give yourself wholeheartedly to your country and not have any mixed all…
Less than 10 days ago, Corporation Bank, another financier to the Amrapali Group, had announced the auction of the groups IT office in Noida Sector 62 in a bid to recover a loan worth Rs 9.10 crore for the construction of that property.