Lodha Developers Ltd has been directed to deposit Rs 520.80 crore as security in relation to an ongoing case in the Supreme Court against V Hotels Ltd, which the company acquired last year through an insolvency process.

In a regulatory filing on Wednesday, Lodha Developers Ltd informed that this matter is related to proceedings initiated by the Enforcement Directorate (ED) against the erstwhile promoter of V Hotels Ltd (VHL). This was in relation to a transaction of Rs 520.80 crore, allegedly routed through VHL before the start of the insolvency process.

Lodha expects that the matter will be heard expeditiously in the apex court and the deposit will be released.

In April last year, Lodha Developers Ltd announced the takeover of VHL through…

Three THHE directors, led by Jauhari Hamidi, had asked the court to declare that they retained residual powers—both individually and collectively—to oppose the winding-up petition filed by Global Mariner Offshore Services Sdn Bhd and two other creditors.

Justice Atan Mustaffa Yussof Ahmad, however,…

Three THHE directors, led by Jauhari Hamidi, had asked the court to declare that they retained residual powers—both individually and collectively—to oppose the winding-up petition filed by Global Mariner Offshore Services Sdn Bhd and two other creditors.

Justice Atan Mustaffa Yussof Ahmad, however,…

Malik Beasley seems destined to be the ultimate cautionary tale in the NBA. A player with $60M in career earnings, with a massive contract on the table, managed to find himself so far in debt that his dentist was garnishing his wages, which may have contributed to Beasley becoming embroiled in an alleged point shaving scandal.

If this sounds like something so convoluted it’s out of a movie, you wouldn’t be wrong. So let’s break down what exactly happened with Malik Beasley, from a $40M free agent offer, to now potentially being out of the NBA.

A pattern of financial mismanagement began with a loan

A report from The Detroit News detailed how Beasley’s financial problems appeared to begin when he was playing for the…

A total of P1.834 billion worth of land amortization debt has been condoned for Agrarian Reform Beneficiaries (ARBs) in Negros Island Region (NIR).

This relief covers 8,860.15 hectares of land and was formalized through the distribution of 19,244 Certificates of Condonation with Release of Mortgage (CoCrom) freeing 11,179 ARBs from decades of agrarian debts.

Department of Agrarian Reform (DAR) Secretary Conrado Estrella III personally led the distribution ceremony held at the Manuel Y. Torres Memorial Coliseum and Cultural Center in Bago City. The event included the turnover of land titles generated under the New Lands Program and the Support to Parcelization of Lands for Individual Titling (Project SPLIT).

Among the beneficiaries was…

International commodities trader Glencore has started negotiations with the British government to determine the future of its crude oil supply contract with the Lindsey refinery, recently placed under administration.

Increased economic and energy risk

The Lindsey refinery, with a refining capacity of 113,000 barrels per day, was previously owned by the Prax Group, which was declared insolvent earlier this week. The simultaneous insolvency of Prax and its parent company directly impacts several hundred…

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A 21-year-old man was brutally murdered in Santo Amaro da Imperatriz, in Greater Florianópolis, due to gambling-related debts. According to the Santa Catarina Civil Police, the crime was solved in less than 24 hours by the DEIC Robbery and Anti-Kidnapping Division.

The victim was lured on Friday night (13) by an acquaintance, under the pretext of receiving payment of a debt. However, upon arriving at the agreed location, she was held captive by three men, forced to make bank transfers and ask friends for money. The kidnappers also used the victim’s credit card for several purchases.

Hours later, the group took the young man to a rural and isolated area near the Rio do Braço, where he was executed with a shot. The police…

Nikolay Kolev, 72, was the director of Kaicony 2 Limited when it applied for a bounce Back Loan (BBL) in September 2020.

The Bounce Back Loan Scheme was a UK government program established to provide financial support to businesses during the COVID-19 pandemic.

Mr Kolev signed a BBL agreement on behalf of Kaicony for an amount of £50,000 declaring that its turnover was £210,000