IBBI Amends Regulation to Boost Value of Stressed Companies Undergoing Insolvency
In a move that will provide better market-linked solutions for stressed companies, watchdog IBBI amended its regulations to allow sale of one or more assets of an entity undergoing insolvency resolution process, besides other changes.
Also, the Committee of Creditors (CoC) can now examine whether a compromise or an arrangement can be explored for a corporate debtor during the liquidation period.
The Insolvency and Bankruptcy Board of India (IBBI) amended the regulations with the objective to maximise value in resolution.
Jawahar Goel Quits as Dish TV Director
Paving the way for Yes Bank to take charge of Dish TV India board, Jawahar Lal Goel tendered his resignation from Dish TV India's board and ceased to be the Chairman of the company. The resignation comes within days of the company announcing that Goel would not seek a reappointment to the board.
Yes Bank, which holds about 25 per cent stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues.
The Goels own only 6 per cent stake in the company and lost control over the company after banks seized the promoter's pledged shares.
RBI Introduces Compliance Function for UCBs in Tier-3 and 4 Categories
To further strengthen the corporate governance framework of urban co-operative banks (UCBs), the Reserve Bank of India (RBI) is introducing certain principles, standards and procedures for compliance function in such entities under Tier-3 & 4 categories.
The compliance function is an integral part of effective governance, along with internal control and risk management processes. UCBs under Tier-3 and Tier 4 categories shall treat the guidelines as a set of minimum guidelines only and accordingly frame their own guidelines taking into account their corporate governance framework, the scale of operations, risk profile, organisational structure and code of conduct, etc.
Essentially, the compliance function would ensure strict observance of all statutory and regulatory requirements for these banks. UCBs with deposits of more than Rs 1,000 crore fall under the Tier-3 & 4 categories.
Sep 19, 2022
India Stands Fourth in Global Crypto Adoption Index 2022
A Chainalysis 2022 Global Crypto Adoption report revealed that for the second consecutive year, Vietnam ranked first in cryptocurrency adoption with an overall index ranking of 1.000, and India stood at 4th with an index score of 0.663.
Interestingly, the report cited that overall crypto adoption has slowed down worldwide in the bear market, but remains above pre-bull market levels.
Senior IAS B.V.R. Subrahmanyam Appointed as Next CMD, ITPO
B.V.R. Subrahmanyam (lAS) was appointed as the new Chairman & Managing Director of the India Trade Promotion Organization (ITPO). He will be replacing L.C. Goyal. The Appointments Committee of the Cabinet approved the appointment of Subrahmanyam. Subrahmanyam is a 1987 batch Indian Administrative Services officer of Chhattisgarh cadre.
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He also has a management degree from London Business School. Subrahmanyam worked in the PMO between 2004–2008 and March 2012–March 2015, serving under Prime Minister Manmohan Singh and Narendra Modi. In between his PMO stints he worked with the World Bank.
Federal Bank Ranks 63rd in Best Workplaces in Asia 2022
Federal Bank was ranked 63rd on the Best Workplaces in Asia 2022 and became the only bank in India to be listed by Great Place to Work, the global authority on workplace culture.
The list was based on over one million survey responses across Asia and West Asia, representing the experience of over 4.7 million employees in the region.
This recognition was based on confidential survey data assessing employee experiences of trust, innovation, company values and leadership. Companies are also evaluated on how well they are creating For All workplace experience, inclusive of all employees no matter who they are or what they do.
Govt . Permits Invoicing, Payment and Settlement of Trade in Rupee
The commerce ministry allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency.
In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP.
DGFT is an arm of the ministry which deals with export and import related matters.
Adani Group Overtakes Tatas to be India's most Valued Conglomerate
Gautam Adani's group of companies overtook the ones under the Tata umbrella and became India's most valuable conglomerate.
The market value of the Ahmedabad-based group is for its nine listed firms starting with the family name Adani and also for the Ambuja Cements and ACC.
In comparison, Tata Group has 27 listed companies, of which Tata Consultancy Services (TCS) accounts for 53 per cent of the conglomerate's market capitalisation. The Mukesh Ambani group has nine listed companies.
IDFC FIRST Bank and WhatsApp Enable FASTag Recharge through 'Payments on WhatsApp'
WhatsApp users can now recharge FASTag directly through the app. IDFC FIRST Bank announced the launch of its integration with payments on WhatsApp. The service is available within IDFC FIRST's WhatsApp chatbot.
The Minister of State for Electronics and Information Technology (MeitY), Rajeev Chandrasekhar, will inaugurate India's first lithium cell manufacturing facility at Tirupati, Andhra Pradesh.
"The inauguration of this plant will be a step in the direction for realizing Prime Minister Modi's vision of making India the global hub of electronic manufacturing," Chandrasekhar said.
The unit has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs. 165 crore. It is located in one of the two electronics manufacturing clusters set up in the temple town, by Prime Minister Narendra Modi in 2015.
At present, India imports 100 percent of its lithium-ion batteries, either as cells or as battery packs, the latter being sold exactly as is, after passing a few government-mandated torture test, primarily from China, South Korea, Vietnam and Hong Kong.
SIAM Appoints Vinod Aggarwal as New President for 2022-23
Automotive industry body Society of Indian Automobile Manufacturers (SIAM), elected Vinod Aggarwal, MD & CEO, Volvo Eicher Commercial Vehicles Ltd (VECV), as its new president for the fiscal year 2022-23.
Aggarwal, who was the Vice President of SIAM succeeded Kenichi Ayukawa, Executive Vice Chairman & Whole Time Director, Maruti Suzuki India.
The members of SIAM also elected Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility as the Vice President of SIAM for FY2023.
Sep 18, 2022
India Emerges as Sri Lanka's Top Lender in 2022
India emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank.
The Asian Development Bank followed India with USD 360 million in loans. They account for 76 per cent of total disbursements from January to April 2022.
Between 2017 and 2021, China was the largest bilateral lender to Sri Lanka. In 2021, China had provided USD 947 million.
Two-wheeler Maker Eicher Motors Joins Rs. 1-trn Market Capitalisation Club
Two-wheeler-maker Eicher Motors Ltd joined the Rs. 1 trillion market capitalisation club during the intra-day trade.
Eicher Motors rolls out the 350cc Bullet and other brands of higher capacity bikes.
Eicher Motors also holds majority stakes in the commercial vehicle joint venture with Volvo - VE Commercial Vehicles.
In the two-wheeler segment, Eicher Motors has been on the upswing with sales going up.
Adani Ports Signs Agreement with SPMK to Enhance Haldia Dock's Capacity
HDC Bulk Terminal Ltd (HBTL), a wholly owned subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ), signed the concession agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for mechanisation of berth no. 2 at Haldia Port. APSEZ was selected as a successful bidder by SMPK earlier in February.
The agreement signed marked APSEZ's first project in West Bengal.
As per the Concession Agreement signed between SMPK and HBTL, the special purpose vehicle (SPV) formed to implement the project will get the rights to design, build, finance, operate, maintain and manage the bulk terminal with a capacity of 3.74 million tons per annum for a concession period of 30 years at Haldia Dock Complex, Haldia.
Sep 17, 2022
Vedanta Ltd Bags Two Coal Commercial Mines in E-auction in Odisha
Vedanta Ltd emerged as the highest bidder for two coal mines in Odisha on the second day of commercial coal mines auction.
The government put on sale 10 coal mines under the commercial coal mine auction.
The blocks were auctioned under the second attempt of the fourth round of commercial coal mine auction.
Both the coal mines are fully explored and have Peak Rate Capacity (PRC) of 20 million tonnes per annum.
IndusInd Bank Re-appoints Sumant Kathpalia as MD & CEO for 3 Years
IndusInd Bank approved the re-appointment of Sumant Kathpalia as Managing Director and Chief Executive Officer for three years with effect from March 24, 2023, the private lender informed exchanges.
The re-appointment is subject to approval from the lender's shareholders and the Reserve Bank of India.
Kathpalia was appointed as MD & CEO of IndusInd Bank in March 2020.
Prior to joining IndusInd Bank, Kathpalia had stints with Citibank, Bank of America and ABN Amro.
Sep 16, 2022
CSB Bank Appoints Pralay Mondal as MD & CEO
The Reserve Bank of India approved the appointment of Pralay Mondal as the Managing Director and Chief Executive Officer of CSB Bank for three years.
Mondal was the deputy managing director of the bank since February 17, 2022 and was subsequently appointed as interim MD & CEO with effect from April 1, 2022.
Mondal started his stint in CSB Bank in September 2020 as the president of retail, SME, operations and IT and was involved in building up the retail franchise distribution and branches.
Canara HSBC Life Insurance Launches iSelect Guaranteed Future Plan
Canara HSBC Life Insurance launched iSelect Guaranteed Future. The iSelect is an individual, non-linked, non-participating, savings and protection life insurance plan over the company's digital platform. The project targets new-age customers who are most active on the internet and prefer digital platforms.
The product offers guaranteed benefits with the flexibility to choose plan options, premium amount, premium payment term, Policy term, and premium payment mode basis the customer's saving needs.
Andhra Pradesh, Odisha Attract Maximum Industrial Investment in 2022
Andhra Pradesh topped the charts for attracting maximum industrial investment in the country. Andhra Pradesh attracted investments from several tech giants in the first seven months of 2022.
The latest statistics of the Department for Promotion of Industries and Internal Trade (DPIIT), a central government agency, revealed that by the end of July 2022, India got an industrial investment worth Rs. 1,71,285 crore. Andhra Pradesh topped the list with Rs. 40,361 crore, followed by Odisha with Rs. 36,828 crore.
Andhra Pradesh and Odisha combinedly bagged 45 per cent of total investment.
Tata Consumer Appoints David Atkinson to Head its UK, Ireland Business
Tata Consumer Products (TCP), the FMCG arm of Tata Group, announced the appointment of David Atkinson as Senior Vice President and Head of its UK and Ireland business.
In his new role as Country Head, Atkinson would be responsible for leading the business and teams in the UK and Ireland.
Atkinson, who comes with over two decades of experience, joined TCP from Hain Daniels Group, where he served as Managing Director, Grocery.
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