Minority shareholders have to take a back seat as the National Company Law Tribunal’s focus has been on insolvencies, which has impacted its other duties, namely the oppression and mismanagement jurisdiction, write Aditya Vikram Bhat and Aadith Sridhar

ON9 January 2009, the Blackberrys of corporate lawyers, accountants, law enforcement officers and corporate executives started buzzing with forwards of a letter said to have been written by Ramalinga Raju, the then CEO of Satyam Computer Services. In summary, Raju admitted in the letter to inflating reported revenues and manipulating numbers in the financial statements of Satyam without the knowledge of its board.

Over the next few days, fingers also pointed towards…

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Vedanta’s spokesperson swiftly rebuffed the claims, stating, “All business activities of VSPL have been transparently disclosed and are in line with statutory norms. Loans between VSPL and Vedanta Ltd were executed in full compliance with applicable laws, corporate governance standards and both Vedanta Ltd and VSPL have consistently reported accurate loan terms, interest rates and collateral.” The company urged stakeholders to rely solely on verified disclosures and audited financials.

Helen McLaughlin, a Tatton constituent, met with MP Esther McVey in London as part of the Act Now Change Forever Climate Lobby, which saw thousands gather outside Parliament to urge action on climate change, debt, and nature.

The event, organised by The Climate Coalition, was the largest of its kind in more than a decade and brought together supporters from across the UK.

Ms McLaughlin said: “I was pleased to raise the topic of debt justice with Esther McVey MP, and ask her to support the Debt Relief Bill.

“I would urge other constituents to get involved in the campaign, speak with their MPs and sign the debt justice petition.”

This year’s mobilisation was supported by CAFOD, the Catholic Agency for Overseas…

SINGAPORE – After 13 years, Proof & Company Spirits – the Singapore-based distribution arm of independent spirits company Proof & Company – has entered provisional liquidation.

It cited closures in the food and beverage scene as a reason for its decision to close.

“The decision follows a period of mounting challenges for the F&B and hospitality industry in Singapore, including the closure of some of the company’s longest standing restaurant and bar customers,” the company said in a statement on July 21.

It told The Straits Times that 16 staff in Singapore will lose their jobs as a result of the closure.

The distributor, which most recently had an annual turnover of $7 million in Singapore and $34 million globally, has been…

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The insolvency plea of the Hyderabad-registered automotive spare parts manufacturer, which made aluminium alloy wheels for global automakers, was admitted in the NCLT on January 23, 2017, and its resolution plan approved by the Committee of Creditors (CoC) on June 24. The plan, cleared by the NCLT a few weeks later, was a precursor to the headline-grabbing defaults by the so-called “Dirty Dozen” companies whose cases were subsequently taken to the IBC. The list included ABG Shipyard, Amtek Auto, Essar Steel, Jaypee…

The National Company Law Tribunal (NCLT), Kochi Bench of Shri Vinay Goel (Judicial Member) and Smt. Madhu Sinha (Technical Member) has held that once claims are filed before the Liquidator, the Liquidator is obligated under Section 40 of the IBC to either accept or reject them. The Liquidator cannot direct the claimant to approach the Adjudicating Authority without first applying his mind, as such conduct amounts to a serious procedural lapse.

Helrom, a German company specialising in the rail transport of semi-trailers, has filed for preliminary insolvency proceedings, Director of Sales Bruno Weissmann said on LinkedIn. The cause behind this is “an unsuccessful financing round”.

By PwC

PwC’s Global insolvency year in review 2024 presents a detailed analysis of insolvency trends across major global economies. While the report includes Africa-focused content developed by PwC Africa colleagues – covering South Africa, Ghana and Kenya – the following summary highlights the key insights related to South Africa.

The South African economy has faced ongoing challenges, including rising inflation, energy crises, high unemployment, regional political uncertainty, and global economic uncertainty, all of which have impacted businesses across multiple industries. In this overview, we explore key corporate insolvency trends, dynamics affecting corporate South Africa, the sectors under the most pressure, and some of the…

The Supreme Court today(July 21) dismissed civil appeals filed by the Board of Control for Cricket in India (BCCI) and Riju Ravindran challenging the National Company Law Appellate Tribunal (NCLAT) judgment holding that the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of Think and Learn Pvt Ltd (the company running Byju’s) needed approval from 90 percent of the Committee of Creditors.

A bench comprising Justice JB Pardiwala and Justice R Mahadevan heard the matter. Senior Advocate KK Venugopal and Senior Advocate Guru Krishna Kumar appeared for Riju Ravindran, the suspended director and promoter of Think and Learn Pvt Ltd. Solicitor General Tushar Mehta appeared for BCCI.

The appeal has been filed…