In order to send across a message to the credit rating agencies after the implosion of IL&FS, the Securities and Exchange Board of India may pass an order against them in the next two months.The markets regulator can only impose a maximum monetary penalty of Rs 1 crore against ICRA, CARE and India Ratings under the section in which action has been taken."SEBI has initiated action against credit rating agencies under Section 15HB but can only impose monetary penalty," a source told Moneycontrol.Close SEBI had sent show-cause notices to rating agencies and started adjudication under Section 15HB. In this section, SEBI can put only a monetary penalty in between Rs 1 lakh to maximum Rs 1 crore. Under this Section, SEBI cannot bar any credit rating agency. related news Fraud-hit CG Power asks firms linked to promoter Gautam Thapar to return Rs 3,300 cr JSW Steel output falls 13 pc to 12.54 LT in October SEBI had rejected consent applications for all three … [Read more...] about IL&FS crisis fallout: SEBI takes a dim view of role of credit rating agencies, may fine them only Rs 1 crore
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Moneycontrol NewsFortis Healthcare got a second downgrade of its loans within a week, this time from Care Ratings, which lowered ratings on borrowings worth Rs 853 crore.The rating agency cited concerns over liquidity position after a disclosure by the company about advances extended to promoters, specifically the Singh brothers.The loans included Rs 53 crore loans of Fortis Healthcare's subsidiary Escorts Heart Institute and Research Centre.Close “The revision in ratings assigned to the bank facilities and short-term instruments of Fortis Healthcare Ltd (FHL) takes into account the impact on FHL’s liquidity profile given the disclosure made by the company on significant advances extended to related parties,” Care said in a statement. related news Aditya Birla Fashion and Retail Q2 net loss at Rs 2.35 crore Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction VA Tech WABAG posts consolidated Q2 profit at Rs 23.89 Crore This was … [Read more...] about Fortis gets second rating downgrade on loans this week
The government is working on plans to help the Naresh Goyal-led Jet Airways stay afloat through a management change."Banks are trying to work out a way to revive Jet Airways through a change in management," said a top official on condition of anonymity.Banks are also trying to revive the airline to protect the interests of consumers and creditors, the official said.Close Aviation Secretary Pradeep Kharola, State Bank of India (SBI) Chairman Rajnish Kumar and Principal Secretary in the Prime Minister's Office Nripendra Misra attended a meeting with Finance Minister Arun Jaitley to take a stock of the situation. related news Fraud-hit CG Power asks firms linked to promoter Gautam Thapar to return Rs 3,300 cr IL&FS crisis fallout: SEBI takes a dim view of role of credit rating agencies, may fine them only Rs 1 crore JSW Steel output falls 13 pc to 12.54 LT in October "The government has given us no direction. We have taken a decision in commercial interest. The … [Read more...] about PMO, FinMin and SBI in a huddle as Jet Airways hits deep air pocket
The government may be considering bringing in a partner in public-private partnership (PPP) mode to revive the Rs 600-crore Integrated Vaccine Complex (IVC) at Chengalpattu, Tamil Nadu, that’s struggling with a cash crunch and non-viability issues, sources privy to the information told Moneycontrol.“It will remain as a government company, we will be giving the facility, and they will operate the facility and share the profits, that is the arrangement we are looking,” said a top executive of HLL Biotech Ltd (HBL) to Moneycontrol.“The government thinking was, why should we be in the business of running a vaccine company, which should be left to the entrepreneurs,” an executive at HBL who didn’t want to be named told Moneycontrol.Close Getting a partner may not be easy, as Moneycontrol learned from sources that the government had reached out to various vaccine makers including public and private ones to strike a deal, but none had evinced … [Read more...] about Exclusive | 10 years on: How govt’s Rs 600cr vaccine complex failed to take-off
Moneycontrol News Fortis Healthcare's decision to buy the entire India portfolio of assets held by Singapore listed Religare Health Trust (RHT) aimed at simplifying the current structure hints at speeding up of possible stake sale.As per the definitive agreement – Fortis has agreed to buy the Indian portfolio of assets at an enterprise value of Rs 4,650 crore. A debt to the tune of Rs 1,152 crore of RHT will be transferred to Fortis balance sheet, as part of the deal.Fortis said the proposed acquisition is aimed at consolidating the entire Indian portfolio.Close “With the unwinding of the current structure, it would also make it easier for investors and other stakeholders to better understand the Company's business and financial performance,” Fortis said in a statement. related news Aditya Birla Fashion and Retail Q2 net loss at Rs 2.35 crore Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction VA Tech WABAG posts consolidated … [Read more...] about Does Fortis Healthcare restructuring hint at possible sale?