The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday dismissed Reliance Communications Ltd’s (RCom’s) plea seeking a refund of nearly ₹325 crore from Swedish telecom equipment maker Ericsson.Ericsson India Pvt. Ltd., part of the ₹550 crore that the Reliance Group paid in 2019 to purge a Supreme Court contempt order.

The tribunal held that the payment did not violate insolvency norms and was made solely in compliance with the Supreme Court’s directions, not through any insolvency-linked settlement.

“We do not find any merit in the contention of the applicant that the money paid to Ericsson pursuant to the NCLAT stay order is required to be refunded… The petitions filed by the Resolution Professional of…

43

LAGOS – As G20 leaders met in Johannesburg last month, they faced a grim reality: many developing-country governments are spending more than they can afford on debt service. To keep funds flowing to foreign creditors, policymakers have been forced to cut spending on education, health care, and infrastructure. These countries have so far avoided default, but at the expense of their own development.
The fact that governments across Africa, Asia, and Latin America must close hospitals and cancel school-lunch programs to service their debt is not only a moral failure; it is also a strategic one.

A world where countries cannot invest in sustainable growth and development will struggle to achieve stability, prosperity, and…

President Donald Trump is considering eliminating federal taxes paid by millions of Americans on gambling winnings. 

Newsweek contacted the White House via email outside of regular business hours for further comment.

Why It Matters

Trump’s latest remarks on potentially eliminating federal taxes on gambling winnings come as part of a broader campaign to overhaul the U.S. tax system, building on recent legislative developments such as the One Big Beautiful Bill Act (OBBBA). 

With a significant portion of Americans participating in gambling annually, any change to the current tax policy on winnings could have substantial repercussions for taxpayers, government revenues, and the federal deficit. 

The considerations also draw attention amid…

Australian jewellery retailer Secrets Shhh has been placed into administration, with a sales process underway in order to find a potential buyer.

Kate Warwick, Kelly Trenfield and John Park of FTI Consulting were appointed as joint and several administrators of the retailer’s parent company, Secrets International Pty Ltd, on Wednesday.

Secrets International and its other subsidiaries – including Secrets Wholesale, Secrets Shhh Leasing, Secrets Shhh Franchising, Secrets Shhh Retail Leasing, Secrets Online, Simudia and Secrets Leasing – are all subject to the voluntary administration.

Secrets Shhh is known for its affordable jewellery range as an alternative to luxury items – selling sustainably-sourced, laboratory grown and…

William Hill owner Evoke has said it could be sold after launching a review, as the gambling giant prepares to be hit hard by Budget changes to gambling taxes.

The company, which also owns 888, said its directors are undertaking a review of strategic options, “including but not limited to a potential sale of the group”.

It added that the sale of some of its assets or business units is also an option.

The company said the potential sale follows an update on the day of the autumn Budget last month, when Labour announced plans to increase gambling taxes.

Debt-laden Evoke had said changes to online gaming duties and a new online sports betting tax would see its duty costs rise by up to £135 million a year from 2027.

In the Budget, the…

Key Points from the Announcement

• Keppel Ltd. has officially placed three of its wholly-owned subsidiaries under members’ voluntary liquidation.
• The affected entities are:
  • Keppel Enterprise FinHub Pte. Ltd.
  • Keppel Enterprise Services Pte. Ltd.
  • Keppel People Services Pte. Ltd.
• This corporate action was disclosed on 10 December 2025.

Details for Shareholders and Investors

• The companies involved are all wholly-owned subsidiaries of Keppel Ltd., indicating that the parent company holds 100% of their shares.
• The process is a members’ voluntary liquidation, which typically means it is a solvent winding-up where assets will be distributed to shareholders after liabilities are settled.
• Keppel Ltd. has clarified that…

Gandhinagar, Dec 10 (KNN) The National Company Law Tribunal (NCLT), Ahmedabad, has held that an insolvency application cannot be dismissed merely on allegations of fraud or malicious intent unless supported by clear and cogent evidence.

Section 65 Requires Proof of Mala Fides

While admitting insolvency proceedings against Turnrest Resources, the NCLT held that Section 65 of the Insolvency and Bankruptcy Code (IBC) applies only when fraud or mala fides are proven with evidence, not mere allegations.

Case Background

The proceedings arose from a petition filed by HDFC Bank Ltd on July 11, 2025, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Turnrest Resources for a default of Rs 30.5…