Today Sector News – 15.10.2018
* BANKING: Reserve Bank of India Deputy Governor Viral Acharya has rebutted criticism over the
imposition of prompt corrective action on some banks, and insisted that there must be no dilution in this process to ensure complete restoration of health of these lenders.
* CORPORATE: The National Company Law Tribunal has decided to entertain a plea by Videocon Group founder Venugopal Dhoot seeking to consolidate separate insolvency proceedings, initiated by lenders led by STATE BANK OF INDIA against 15 of his companies, under a single court.
* FINANCE: The board of Infrastructure Leasing & Financial Services has initiated the process of replacing nominee directors on the boards of various subsidiaries. The National Company Law Tribunal has reserved its order on a plea filed by the government to stop creditors from enforcing mortgage on loans given to Infrastructure Leasing & Financial Services and its subsidiaries.
- The government is exploring the option of the National Highways Authority of India acquiring
incomplete projects of Infrastructure Leasing & Financial Services to provide some liquidity to the debt-laden company. Infrastructure Leasing & Financial Services was unable to service its obligations in respect of a letter of credit of 10.25 mln rupees due Oct 12.
- In a likely blow to the government and the newly constituted board of Infrastructure Leasing &
Financial Services, the Mumbai bench of the National Company Law Tribunal has rejected a plea for a threemonth moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 subsidiaries.
* POWER: The Supreme Court will take up the Gujarat government's petition, seeking to implement a highpower committee's recommendations aimed at salvaging imported-coal-based power projects in the state, on Oct 29.
* STEEL: VTB Capital on Friday petitioned the Supreme Court that it be allowed to bid for the assets of Essar Steel alone. ArcelorMittal has got a binding offer from Liberty House Group to acquire its steel manufacturing facilities in the Czech Republic, Romania, Macedonia and Italy.
* TAXATION: The government has disposed 92.68% of the total integrated goods and services tax refund claims.
* TELECOMMUNICATION: India's phone companies are staring at a cumulative annual hit of 55-60 bln rupees after the government doubled import duty on multiple telecom network products to 20% to help shore up the rupee. The telecom department has restricted enrolment of test subscribers on network of a new mobile operator to 5% of its network capacity during trial phase and testing period to maximum six months.
- The telecom sector is likely to experience three more quarters of losses, hurt by high levies and
"unsustainable tariffs," Cellular Operators Association of India director general Rajan Mathews said.
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imposition of prompt corrective action on some banks, and insisted that there must be no dilution in this process to ensure complete restoration of health of these lenders.
* CORPORATE: The National Company Law Tribunal has decided to entertain a plea by Videocon Group founder Venugopal Dhoot seeking to consolidate separate insolvency proceedings, initiated by lenders led by STATE BANK OF INDIA against 15 of his companies, under a single court.
* FINANCE: The board of Infrastructure Leasing & Financial Services has initiated the process of replacing nominee directors on the boards of various subsidiaries. The National Company Law Tribunal has reserved its order on a plea filed by the government to stop creditors from enforcing mortgage on loans given to Infrastructure Leasing & Financial Services and its subsidiaries.
- The government is exploring the option of the National Highways Authority of India acquiring
incomplete projects of Infrastructure Leasing & Financial Services to provide some liquidity to the debt-laden company. Infrastructure Leasing & Financial Services was unable to service its obligations in respect of a letter of credit of 10.25 mln rupees due Oct 12.
- In a likely blow to the government and the newly constituted board of Infrastructure Leasing &
Financial Services, the Mumbai bench of the National Company Law Tribunal has rejected a plea for a threemonth moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 subsidiaries.
* POWER: The Supreme Court will take up the Gujarat government's petition, seeking to implement a highpower committee's recommendations aimed at salvaging imported-coal-based power projects in the state, on Oct 29.
* STEEL: VTB Capital on Friday petitioned the Supreme Court that it be allowed to bid for the assets of Essar Steel alone. ArcelorMittal has got a binding offer from Liberty House Group to acquire its steel manufacturing facilities in the Czech Republic, Romania, Macedonia and Italy.
* TAXATION: The government has disposed 92.68% of the total integrated goods and services tax refund claims.
* TELECOMMUNICATION: India's phone companies are staring at a cumulative annual hit of 55-60 bln rupees after the government doubled import duty on multiple telecom network products to 20% to help shore up the rupee. The telecom department has restricted enrolment of test subscribers on network of a new mobile operator to 5% of its network capacity during trial phase and testing period to maximum six months.
- The telecom sector is likely to experience three more quarters of losses, hurt by high levies and
"unsustainable tariffs," Cellular Operators Association of India director general Rajan Mathews said.
