DEBT RELIEF
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
Vi needs 2.2x ARPU jump to meet payout obligations
Vi’s ARPU, they said, needs to jump 2.2x to around Rs 320 by FY27—from Rs 146 now—even if the cash-strapped telco sees a 50% cut in its adjusted gross revenue (AGR) liability to Rs 35,000 crore via a favourable Supreme Court verdict on its curative plea. As per company data, Vi’s total AGR dues were pegged at Rs 70,320 crore in the quarter to March 2024.
Relief for 20,000 homebuyers! Suraksha Group finally takes over Jaypee Infratech via insolvency process
According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
Vi fundraising may not click until new govt comes online
Vi’s lenders are seeking clarity on future equity conversions by the government, as well as the outcome of the telco’s curative plea in Supreme Court over an earlier order on its arrears based on adjusted gross revenue. These issues, according to bankers, will ultimately determine the cash-strapped company’s future regulatory payment obligations, especially after the moratorium on the payment ends next year.
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Vodafone Idea’s AGR dues to plunge 46% if SC verdict on curative petition is favourable: Analysts
Vodafone Idea's AGR dues may drop by 46% to Rs 38,400 crore with relief on curative petition, analysts say. Vi seeks waiver of penalty component in AGR demand. Payment reduction could provide cash flow relief, but challenges remain with significant payouts ahead. Management hopeful for Supreme Court relief on AGR calculation errors. Financial restructuring and strategic partnerships planned for Vi's future growth.
Can a collaborative approach break the credit rating impasse?
The GSDR report sheds light on ongoing discussions with Credit Rating Agencies (CRAs) regarding their approach to various debt restructuring options. It underscores the need to find ways to better integrate CRAs into the debt relief process paving the way for sustainable solutions for LMICs.
Vedanta: How an old-age biz is trying to deliver a new-age baby
The complete acquisition of AvanStrate positions Vedanta in the display panel market, with plans to build its own display glass plant in Gujarat. The company is also eyeing partnerships for a potential chip plant. Vedanta's foray into electronics manufacturing, spearheaded by Agarwal's son-in-law Akarsh K. Hebbar, aligns with its core business of metals and mining.
Bond buyback: Govt proposes, market disposes, over price
At a buyback auction of government bonds last week, the RBI accepted bids worth only ₹10,512.99 crore versus ₹40,000 crore worth of securities the government had offered to repurchase, with the central bank rejecting most bids.
China is raising bullet train fares as debts and costs balloon
China raises bullet train fares to address rising costs and debts, impacting public services, state-owned enterprises, and international trade. The country shifts focus to high-tech manufacturing amid concerns over debt sustainability and global competition.
Is Congress aware of cost of implementing Rahul Gandhi's 'Khata Khat' schemes: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman questioned Congress' understanding of the costs associated with social welfare schemes, including the proposed Rs 1 lakh transfer to women below the poverty line. She highlighted the BJP government's improved fiscal management compared to the UPA era, despite challenges like the Covid-19 pandemic. India's debt-to-GDP ratio is relatively low compared to other economies.
NCLT approves Chemhub's resolution plan for Pancard Clubs
Chemhub Tradelink's plan for Pancard Clubs, approved by NCLT, involves Rs 8,900 crore debt claims with 8% recovery for creditors. The resolution process included bidders like Ashdan Properties and Vijay K. Oswal, with oversight from Deloitte and representation by Nausher Kohli.
Dream11 gets relief from insolvency resolution process
NCLAT freed Sporta Technologies from CIRP after rejecting Reward Solutions' petition linked to a ₹7.61 crore default, aligned with Section 10A guidelines under the Insolvency and Bankruptcy Code, 2016. The tribunal overturned NCLT Mumbai's order regarding Dream11 insolvency.
Govt ends easy tax relief for Mauritius-based FPIs
This limitation on third-party countries will be a concern, along with the new requirement to demonstrate that tax relief is not one of the principal purposes of the investment, said experts.
Joe Biden plans to cancel student loan debt, 23 million Americans may be impacted
President Biden's student debt relief plans target 23 million Americans, including up to $20,000 debt cancellation. Despite challenges, the administration continues efforts for loan forgiveness, with a focus on benefiting as many borrowers as possible.
China reaffirms financial support for Sri Lanka
China has said it would continue to support Sri Lanka, as the crisis-hit island nation's prime minister on Saturday wrapped up a visit to Beijing to try to finalise a debt restructuring deal. China had agreed "in principle" to restructure Sri Lanka's debt in December, but neither Colombo nor Beijing had given details and the two are yet to finalise an agreement.
Priyanka Gandhi slams govt over 'rising debt'
Congress leader Priyanka Gandhi Vadra slammed the BJP-led Centre on Saturday over its proposal to borrow more than Rs 14 lakh crore, asking why is the government "drowning the people in debt" when instead of relief being provided to them, the "burden of unemployment, inflation and economic crisis" is increasing. In her budget speech last month, Finance Minister Nirmala Sitharaman proposed to borrow Rs 14.13 lakh crore by issuing dated securities to meet a revenue shortfall in the next financial year starting April 1.
Maldives President Mohamed Muizzu seeks debt relief from India after insisting on withdrawal of military personnel
Muizzu seeks debt relief from India, appreciates aid and emphasizes national security. He expedited projects and achieved results through discussions, amid demands for repatriation of Indian military personnel and strategic importance of Maldives' proximity to India.
Supreme Court reserves order on Kerala government plea seeking interim relief over financial issues
Supreme Court reserved order on Kerala government's plea against Centre over borrowing powers, with discussions on Finance Commission recommendations and negotiation suggestions for resolving the dispute.
‘From debt relief for nature to the biggest environmental beneficiaries paying more for its preservation, policy can help restore ecology’
"We must remember that you can impose a policy — but local individuals have a lot of agency. If conservation actions don’t offer local development, they are likely to fail. Impactful conservation actions tend to be much more consistent with local development benefits."
Debt relief platform Freed raises $7.5 million in funding round led by Sorin Investments
This is the second equity infusion into the company after Freed raised a $2.8 million pre-series A round in 2022 from a bunch of angel investors and Multiply Ventures.
Debt relief platform Freed raises $7.5 million led by Sorin Investments
This is the second equity infusion into Freed after it raised a $2.8 million pre-Series A round in 2022 from a bunch of angel investors and Multiply Ventures.
Sebi may offer FPIs relief on stricter disclosures
The board may also discuss another proposal to allow alternative investment funds (AIFs) to pledge their shares in infrastructure sector investee companies in a bid to allow these investment vehicles to engage in leverage.
ITAT grants partial relief to ICICI Bank
The Mumbai bench of Income Tax Appellate Tribunal allowed ICICI Bank to avail ₹1,855 crore bad debt write-off as deduction. It dismissed the bank's appeal seeking ₹502-crore worth long-term capital loss allowance for 2015-16. The tribunal upheld PCIT's decision to declare an excess deduction of ₹159 crore as erroneous.
US President Joe Biden announces more student debt relief as payments resume after coronavirus pandemic pause
Republicans have fought Biden's plans on student debt, but Wednesday's announcement comes as they're consumed by infighting on Capitol Hill. Hard-right Republicans forced a vote that ousted Rep. Kevin McCarthy, R-Calif., as House speaker, leaving the chamber in chaos.
U.S. President Joe Biden to announce $9 billion more in student debt relief
USA-BIDEN/Biden to announce $9 billion more in student debt relief
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