But the government then introduced an amendment to the Insolvency and Bankruptcy Code. Under the new rule, promoters of bankrupt firms, whose accounts had been nonperforming for a year, could no longer buyback their own assets. There was a small window of opportunity through which the promoters could bid but they would have to regularise their accounts by clearing the interest dues of one year. … [Read more...] about Defaulting promoters attempt to stall bankruptcy proceedings on technical ground
Non binding bid
Increased competition met falling input prices which resulted in a sharp fall in tariff rates for renewables. Falling rates were a curse rather than a blessing for the sector. Renewable power producers put up a brave face in the tough scenario as the market was getting bigger. However, it was the state electricity boards (SEBs) that spoilt the party for the renewable energy sector. … [Read more...] about Is it labour pains for the wind power sector?
In a letter to the SEBI in July 2019, Gangwal had highlighted the issue, and said that “various RPTs with the IGE Group were executed without seeking audit committee approval…without seeking competitive bids from third parties and various RPTs with the IGE Group have been signed with retrospective effect (backdated)”. … [Read more...] about SEBI finds undisclosed related party transactions at IndiGo in preliminary enquiry
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The pessimism relating to disinvestment has its genesis in the way in which stake sales have been conducted. Most of the time, it is a case of one public sector entity buying another one which is truly an internal transfer. Rarely do we have an IPO (initial public offer) of high magnitude where the public gets to buy the majority shares or a direct strategic sale to a private company. VSNL was the first to go for a public offer in FY2000. The ETF (exchange-traded fund) route chosen in the past couple of years has been different and effective, but for the big ticket sales, the government has preferred to do the stake sale within its own agencies. … [Read more...] about Quality of disinvestment has a lot of room to cover