Aware Financial News

Lenders to Bengaluru-based wood panel and laminates maker Associate Decor are awaiting the go-ahead from the National Company Law Tribunal (NCLT) more than three years after they approved a bid for the company, in what is an example of legal issues plaguing the seven-year-old Insolvency and Bankruptcy Code (IBC). Tanzania-based METL was declared the preferred bidder by lenders led by Union Bank of India (UBI) in March 2020. Its offer of ₹245 crore for the ₹604 crore debt of the company meant a recovery of 40% for lenders.

sexual assault complaint related to recent accusations against Russell Brand. During the weekend, Russell Brand, the comedian, actor, and TV host, faced allegations of rape, sexual assault, and emotional abuse between 2006 and 2013. These allegations emerged from a joint investigation by The Times, The Sunday Times, and Channel 4 Dispatches. Brand vehemently denied all accusations. A Scotland Yard spokesperson conveyed awareness of the allegations reported by The Sunday Times and Channel 4 Dispatches. The Met received a report on Sunday, September 17, about a sexual assault claim dating back to 2003 in Soho, central London. The police are providing support to the woman involved and maintaining contact with her. Scotland Yard emphasized its engagement with The Sunday Times on September 16 and subsequent efforts to ensure that potential victims of sexual offenses know how to report incidents to the police. They urged anyone who believes they may have been a victim of a sexual offense, regardless of when it occurred, to come forward. In the wake of the exposé published on September 16, the BBC, Channel 4, and Banijay UK, where Russell Brand worked during the alleged period, initiated their independent internal investigations. Channel 4, where Brand gained fame as the host of Big Brother's Big Mouth, disclosed via an email to its staff that it is probing whether anyone within the network had knowledge of the alleged behaviors.

wage hike. This is the first time UAW has launched a simultaneous strike against all three automakers, according to the Financial Times. The strikes led to factory shutdowns in Michigan, Ohio, and Missouri.

telecom components to discourage imports and build a robust domestic supply chain as it aims to transform the country into a fully integrated global telecom gear manufacturing hub. The Department of Telecommunications (DoT) is examining a proposal to impose an initial 10% import duty from January and raise it further to 15% by October next year on packaging items, antennae, WiFi switches, plastic/metal housing items, wires/cables, USB ports/connectors, power adaptors and other electrical/mechanical items, among telecom components, said officials aware of the matter. The import duties on these parts and timelines for their implementation are being considered under the government's Phased Manufacturing Programme (PMP) to drive local production and enhance value addition, the officials said. The PMP aims to lend more depth to India's telecom gear manufacturing ambitions by initially incentivising local production of low value accessories and eventually high value components.

Nick Bolton is stepping up his campaign against Magellan Financial’s Global Fund, writing to a select group of unitholders last week and asking them to join him to force the company to the negotiating table.

operation in Kokernag area of Anantnag continued for the sixth day on Monday with armed forces firing mortar shells to flush out the terrorists. The search operations continued despite the inclement weather with heavy rainfall. The forces have recovered a charred body from the cave hideout and its DNA sample is likely to be compared with the family members of Uzair Khan, commander of The Resistance Front, an affiliate of LeT. Officials suspect this group could be bigger with a few more members «who are well aware of the high-altitude jungle warfare». The forces claim this is the most technologically advanced operation, in which heron drones and AI-based robots are being used.

NEW DELHI : State-run Coal India Ltd and India’s largest hydropower company NHPC Ltd may join hands to explore the possibility of converting abandoned or closed mines into pump storage projects (PSP). A person aware of the development said the coal ministry under its plan to set up PSPs at “de-coaled areas", where all the coal has been mined, has directed Coal India to partner with NHPC and other related agencies.

The GBP/USD is in focus ahead of this week’s key events: FOMC and BoE rate decisions. We also have UK CPI and retail sales, as well as global PMI figures to look forward to this week. The BoE could deliver a final 25 bps hike, while the FOMC is seen holding policy unchanged. I think the cable could be heading towards the low 1.20s.

ELDG holders will get is access to the Rewards Club. It offers free nightly stays at luxurious hotels.

Japan recently announced that it is considering a proposal to take away bank cards from those over 65 to take a stab at reducing financial scams that their older population is currently grappling with. In today’s rapidly-evolving digital landscape, it’s all too easy to underestimate the profound impact of cyber threats on our lives. Many of us operate under the assumption that we are safe and well-informed, immune to the dangers that seem distant and abstract. But it’s when these perils strike close to home that their seriousness truly comes to light. I’m not referring to another wave of a virus, but rather the insidious realm of Cyber Fraud.

committee of creditors (CoC) to Future Retail (FRL) have extended the voting period for the third time to decide the winning bidder to acquire the debt-laden company. The timeline has now been extended till September 30 as lenders are still undecided whether to approve a very low offer from SpaceMantra or allow liquidation of FRL as there isn't enough time to seek fresh bids. The decision was taken on Saturday after the second timeline ended on September 15, three people familiar with the developments said.

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of Russian ships for transporting oil and gas. “The government has been asking oil companies to buy ships....But where are the ships available," said one of the two people, adding that despite poor availability, large oil companies are likely to locate and procure them.

National Company Law Appellate Tribunal (NCLAT) granted a stay on initiating bankruptcy proceedings against Ind-Swift Ltd, an affiliate company of Ind-Swift Laboratories, which is selling a part of its pharma business to the Piramal-Bain-backed India Resurgent Fund for ₹1,650 crore, shows a court document. Ind-Swift was admitted for corporate insolvency on September 12 on a petition by trader creditor Allcare Containers claiming overdues of ₹3.12 crore, according to an order passed by the Chandigarh National Company Law Tribunal (NCLT). Last week, the NCLAT stayed the insolvency process till October 30 after the company said that it had settled the principal dues of Allcare but needed time to negotiate the terms of interest payment. Ind-Swift has a 16% stake in Ind-Swift Laboratories, which is selling its active pharmaceutical ingredients and contract research and manufacturing services businesses to the India RF-linked entity, first reported by ET on July 21. The company officially announced the deal on September 6, stating that its board had approved a proposal to sell these two businesses to Synthimed Labs, a portfolio company of the India RF for ₹1,650 crore.

cashless is preferred by more and more people. Which is why having cash — and coins — is also growing as the latest personal monetary policy statement among the currency cognoscenti.

NEW DELHI : The Union government is working on a production-linked incentive (PLI) scheme worth ₹12,000 crore for heavy machinery used in mining and construction, two people aware of the development said. The heavy industries ministry is currently seeking industry inputs on product coverage, implementation and quantum of incentives, the people said on condition of anonymity. The scheme size may vary between ₹8,000 crore and ₹12,000 crore, but discussion on this is yet to conclude.

NEW DELHI : Micron Technology Inc. intends to build several semiconductor assembly and packaging units in India in addition to its proposed fabrication unit, minister of state for electronics and information technology Rajeev Chandrasekhar said, as the US-based company takes a long-term view of the country as a market and manufacturing destination for semiconductors. The minister said Micron’s first investment in India catalyzed the transition of fence sitters willing to consider the country as a serious part of their semiconductor assembly and eventually manufacturing plans; therefore, it was in the government’s interest to ensure that the company’s first plant is operational and functional at the earliest.

₹250 crore in revenues within three years. “We aim to pioneer and expand the gut health category in India, which has been an unexplored segment. We are unravelling the same by helping people get to the root cause of core health issues and holistically solve it," Keshav Biyani, the co-founder of The Good Bug, said.

Jo Google kar sakta hai, wah tera bhagwan nahin kar sakta (What Google can do, your God cannot), whose video went viral on the internet. Parents of some students of the school staged demonstrations before the institution terming the play as an affront to sanatan dharma. They said the teacher who wrote the play belonged to a different faith and had purposely insulted their religion.

G20 summit successfully concluded in New Delhi last week, it managed to generate some positive headlines for India globally. Even India’s staunchest critics had to concede that contrary to their expectations, New Delhi managed to pull off a successful summit at a time when geopolitical and developmental fault-lines have been sharpening by the day. Despite the absence of Chinese President Xi Jinping and Russian President Vladimir Putin (and perhaps because of it), a large part of the world agreed and put its stamp on India’s global developmental priorities.

Buddhism have also helped modern policymakers strengthen India's soft power by developing cultural ties that are felt throughout South, Southeast, and East Asia, The Bhutan Live reported. India, the place of origin of Buddhism, has a close spiritual connection to the faith. Scholars and priests travelled throughout far-off nations on pilgrimages while carrying the Buddha's teachings during the height of India's supremacy.

airports and airlines can help them become eco-friendlier and give the aviation sector a sustainable boost of growth, a new study by Indian Institute of Management (IIM), Lucknow and University of Liverpool has found. Led by IIM Lucknow, the study sheds light on how airlines and airports can collaboratively achieve sustainable growth through various agreements.