City Sanjiv Financial News

Rajeev Thakker, CIO,PPFAS MF, says “ at a time when US bond yields are around 4 to 5% and threatening to go higher and for longer, I do not think one should be really looking at hitting sixes right now. People have made a good amount of returns in the last few years, not the last two years, but maybe from a five-year perspective. I think it is time to be more conservative in terms of the future outlook. I do not think it is a time to be very aggressive in terms of investing.” The PMS started with an AUM of less than Rs 500 crore, Is it worth Rs 20,000 crore now? Equity scheme is Rs 45,000 crore. So, Rs 45,000 crore of equity and you started in 2012? 2013.

disconnected on the subscriber's request are not allocated to new subscribers for at least 90 days, the Telecom Regulatory Authority of India (TRAI) has told the Supreme Court. The apex court was hearing a petition raising concern about alleged misuse of data, after a mobile number gets disconnected or deactivated due to non-usage.

Regen Powertech Pvt Ltd (RPPL) has sought the Supreme Court’s view on whether the bankruptcy courts can direct consolidation of the insolvency proceedings of two companies, whose businesses are allegedly inter-twined and inter related, for speedy recovery of dues. A Bench led by Justice Sanjiv Khanna sought response from the resolution professional and others on an appeal by the SBI-led Committee of Creditors questioning the National Company Law Appellate Tribunal’s (NCLAT) decision directing consolidation of CIRPs of RPPL and its wholly-owned subsidiary Regen Infrastructure and Services Pvt Ltd (RISPL) and also setting aside of the approved resolution plan of RPPL. The CoC argued that the appellate tribunal’s jurisdiction cannot extend into entering upon merits of the business decision made by the CoC in its commercial wisdom, the appeal said, citing the insolvency law committee’s March 26, 2018 report that specifically decided not to address the issue of group companies. The RPPL lenders in April 2021 approved the resolution plan of RPPL by 94.08 voting percentage and its total claim is for Rs 1306.40 crore. The CoC of RPPL had opposed the consolidation while the CoC of RISPL had given a conditional consent for consolidation. Legal experts also say that the issue “requires an authoritative determination” by the SC as this plea of consolidation of insolvency proceedings applying group company doctrine is arising in several cases before the bankruptcy courts. “The IBC is silent on this aspect but the facts in some cases are very compelling where there is siphoning of funds.

Supreme Court has pulled up the Securities and Exchange Board of India (Sebi) for issuing a show cause notice to a company after ten years of conducting an investigation for an alleged securities law violation. The case relates to the misuse of funds raised through preferential allotment of shares by Alps Motor Finance. The court has directed Sebi to hold an inquiry against its officers on why the delay happened and submit its report. Securities lawyers said this is probably the first time the apex court has asked Sebi to hold an inquiry against its officers for inordinate delay in issuing show cause notices.

Enforcement Directorate's (ED) powers to arrest and attach property involved in money laundering under PMLA required any reconsideration. A special bench headed by Justice Sanjay Kishan Kaul said the remit was «limited» as a three-judge bench had already addressed some issues related to the Prevention of Money Laundering Act (PMLA). «The issue now is whether anything requires reconsideration,» said the bench, also comprising Justices Sanjiv Khanna and Bela M Trivedi.

₹3,800 crore for the transaction, one of the two people cited above said on the condition of anonymity. Aquapharm’s owners are looking to raise ₹4,000 crore- ₹4,400 crore from the stake sale, the two people said. Others in the fray for the Pune-based company include Tata Chemicals Ltd and RP-Sanjiv Goenka Group company PCBL Ltd.

ITC has turned a new leaf in recent years, as its strategy to derive higher revenue from its consumer business is bearing fruit, bit by bit. Registered in Calcutta as the Imperial Tobacco Company, the FMCG major has always relied on its cigarettes and leaf tobacco business for a major chunk of its revenues. ITC’s true diversification move might have begun with the launch of its hotel in Chennai in 1975, including a failed attempt at the financial services business, but it wasn’t until August 2001 that the tale of the FMCG behemoth came to be. Having relied on its cigarette business since 1910, ITC has increasingly sought to earn more from its ‘cleaner’ consumer goods products.

Battery-swapping solutions provider SUN Mobility on Thursday said it has partnered with electric vehicle fleet operator Bluwheelz to deploy over 16,000 EVs in the next 12 months. Under the partnership, the companies are looking to deploy over 15,000 electric two-wheelers and 1,000 electric three-wheelers in all metropolitan cities through the next 12 months, SUN Mobility said in a statement.

Supreme Court on Thursday posed a volley of questions to the CBI and the Enforcement Directorate about the Delhi excise policy 'scam' and asked the anti-money laundering agency how a case was made out against former deputy chief minister Manish Sisodia. The top court said merely because some lobby or pressure groups had sought a certain policy change does not imply there was corruption or commission of crime unless an element of bribery was involved. A bench of Justices Sanjiv Khanna and SVN Bhatti grilled both the federal agencies over the alleged involvement of Sisodia in the corruption and money laundering cases, and remarked those cases won't «stand two questions» before the trial court.

Supreme Court Thursday said it was only asking a «legal question» from the Enforcement Directorate about a political party, Aam Aadmi Party, not being made an accused in the Delhi Excise Policy «scam» case despite being an alleged beneficiary. On Wednesday, the top court asked the ED to explain why the AAP was not made an accused in the money laundering case related to the alleged scam. A bench of Justices Sanjiv Khanna and SVN Bhatti clarified its observation after senior advocate Abhishek Singhvi, appearing for former Delhi deputy chief minister Manish Sisodia, said the court's question made headlines in newspapers and TV channels that AAP will be made an accused.

Supreme Court has said resolution professionals (RPs) do not have the power to file appeals against the decisions of bankruptcy courts as they are «neutral» persons appointed to assist the tribunals. The top court's observation could help speed up insolvency resolutions, legal experts said.

Supreme Court on Wednesday asked the Enforcement Directorate (ED) to explain why the political party (Aam Aadmi Party), which was allegedly the beneficiary of the Delhi Excise Policy 'scam', has not been made an accused in the money laundering case. The ED has claimed the AAP used Rs 100 crore received as kickback from various stakeholders for its campaign in the 2022 Goa assembly elections.

Sun Pharmaceutical: The drug major will buy out local partner Indi Pharma from its Mexican arm for over ₹75 crore. The company has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75%. Adani Green & Adani Energy: Abu Dhabi conglomerate International Holding Company on Thursday said it will sell its stake in two of India's Adani Group companies, a move that comes as billionaire Gautam Adani's business continues its battle against fraud allegations, Reuters reported.

MRF Ltd. The case relates to the National Company Law Appellate Tribunal's (NCLAT's) December order asking the CCI, India's anti-monopoly watchdog, to reconsider and recalculate the fine it imposed on tyre companies over alleged cartelisation and price manipulation. A bench led by Justice Sanjiv Khanna issued notice on Monday to the CCI, and also tagged the MRF's appeal with that of the one that the CCI had made, ET has reported.

Supreme Court Judge SVN Bhatti on Wednesday recused himself from hearing former Andhra Pradesh chief minister N Chandrababu Naidu's petition for quashing the FIR in the alleged scam in the state's Skill Development Corporation. As soon as the matter came before a bench of Justices Sanjiv Khanna and SVN Bhatti for hearing, the former said, «My brother has little difficulty in hearing this matter.

LandCraft Retail has leased a commercial property owned by actor Salman Khan on Linking Road in Mumbai at a rental of ₹1 crore per month to open a new gourmet store, replacing Food Hall owned by debt-ridden Future Group. The new chain — Food Square — will compete with RP Sanjiv Goenka-owned Nature's Basket and Reliance Freshpik. «We are farmer-entrepreneurs-founders ourselves, running large-scale aquaponics and sustainable soil-based farms in different parts of Maharashtra for more than five years,» said Mayank Gupta, managing director and co-founder of Food Square. He added that the current valuation of the Indian gourmet food market at $1.3 billion with an annual compounded growth rate of 20% «makes it a promising arena». Salman Khan had bought the Linking Road property for nearly ₹120 crore a decade ago to build a commercial premise.Future Retail had leased the space in 2017 for five years at a monthly rental of ₹80 lakh, which was renewed last year for ₹90 lakh.

Naina Desai, widow of late art director Nitin Desai, seeking a review of the National Company Law Appellate Tribunal (NCLAT) order allowing bankruptcy proceedings against their company. Nitin Desai had been found dead in his Karjat studio on August 2, a day after the NCLAT dismissed his plea against initiation of insolvency proceedings, prompting calls for an investigation. “We do not find any good ground and reason to interfere with the impugned judgement and hence the appeal is dismissed,” a two-judge bench of justices Sanjiv Khanna and SVN Bhatti said in a short order Friday. The apex court's dismissal clears the ground for recovery proceedings against ND's Art World Pvt Ltd, the company promoted by Nitin and Naina Desai, which owes Edelweiss Asset Reconstruction Co.

invest in India, asserted Hindustan Unilever's former chief executive Sanjiv Mehta on Thursday. «I have not seen interest in India among global corporations as I see today, India is at an inflection point,» Mahta, who retired from the FMCG major in June said. «The world is conspiring to make India win,» Mehta, who was speaking at an event organised by Institute of Supply Chain Management, added. India missed out on the first two industrial revolutions due to colonial rule, and was very weak economically when the third industrial revolution happened, the 63-year-old business leader said, adding that the fourth industrial revolution will be a major factor contributing to India's growth and progress. Stating that HUL has a healthy operating margin, Mehta said the company commands a valuation of over USD 75 billion because the return on capital employed is in three digits. He added the company is more valuable than global companies like Colgate Palmolive and Reckitt Benckiser Group as well. When asked about how to anticipate events like the pandemic, Mehta said the Covid pandemic was not unpredictable and scientists had indeed predicted it. The board of the company's parent Unilever had discussed a zoonotic disease like Covid in its risk assessment exercises, but never thought that it will happen and hence did not develop the risk mitigation plans around it. The rising temperatures and the kind of food we are consuming make us susceptible to diseases, Mehta said. He asked supply chain professionals to create organisations which have adaptability, agility and resilience. (With PTI inputs)

His appointment follows the announcement in August that Waystone’s acquisition of Link Fund Solutions was still on schedule to close later this year.

Supreme Court Tuesday refused to entertain a plea by disgraced self-styled godman Asaram, serving life term in a rape case, for suspension of sentence. A bench of Justices Sanjiv Khanna and SVN Bhatti told senior advocate Devadatt Kamat, appearing for Asaram, that the court is not inclined to entertain the petition and asked him to prepare for arguing the appeal before the high court against the life sentence awarded to him on April 25, 2018 by the Jodhpur trial court. Kamat, while pleading the preacher's case, submitted he has been in jail for around 10 years and the high court has erred in not considering the aspect of his ill health. «You should prepare for a regular appeal which is to come up for hearing before the high court,» the bench said, adding it is inclined to dismiss his appeal filed against the Rajasthan High Court order of July 7, 2022. Kamat requested the court to not dismiss the appeal and said he is willing to withdraw it. The bench then allowed him to withdraw the plea and said if Asaram's regular appeal against the conviction and sentence is not taken up for hearing expeditiously, he will be at liberty to file a fresh application for suspension of sentence before the high court. On July 7, 2022, the high court while noting that it is Asaram's third attempt to seek suspension of sentence, had dismissed his plea saying, "...looking to the nature and gravity of the allegations, and considering the fact that the appeal itself is ripe for hearing, we are of the opinion that the appellant (Asaram) does not deserve indulgence of bail.

Reserve Bank of India to file an affidavit indicating whether its circulars mandate banks to furnish/supply documents that are signed at the time of granting of loans and if the lenders are under obligation to inform the borrowers in writing about any interest rate fluctuations and also give yearly statement of their loan accounts to them. A Bench led by Justice Sanjiv Khanna while seeking RBI’s response in four weeks observed that “there has to be a complete transparency.” The apex court was hearing a Punjab National Bank’s appeal against the Punjab and Haryana High Court’s judgment that quashed the PNB’s demand notice issued to Guru Nanak Engineering Works under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi Act) and asked the lender to classify its NPA account as standard and also refund interest. The SC Bench while staying the HC order allowed Sarfaesi and DRT proceedings to continue in accordance with law. “The impugned judgment is wholly unjustified. It will paralyze the entire debt recovery system because such kinds of judgments lead to uncertainty in the entire banking industry,” the lender argued. The PNB argued that overcharging of interest was a pure question of fact.