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    DEFAULTERS

    Sebi mandates email as default mode for dispatching CAS by depositories, Mutual Fund-RTA

    ​Markets regulator Sebi on Tuesday mandated email as a default mode of dispatch of 'Consolidated Account Statement', which provides an account of securities traded by an investor, by depositories and Mutual Fund-Registrar and Transfer Agents (MF-RTAs).

    CBI issues new warrant against Vijay Mallya in loan default case

    Finding merit in the CBI's case and relying on the evidence submitted by the agency, the court held that it was prima facie evident that there were "false rosy projections about the profitability equity infusion", by KAL. The loans, however, were diverted for the purposes other than those avowed thereby causing a wrongful loss of Rs 141.91 crore on account of default on loans and an additional wrongful loss of Rs 38.30 crore on account of conversion of loans to CCPS /CRPS shares.

    Sri Lanka reaches deal on debt restructuring with bilateral creditors including India, China and France

    Sri Lankan President Ranil Wickremesinghe announced a debt restructuring deal with India, France, Japan, and China, a critical step in economic recovery after the 2022 debt default. Under an IMF bailout program, the agreement is expected to revive stalled foreign projects. Sri Lanka declared bankruptcy in 2022 due to economic mismanagement, COVID-19 impacts, and tax cuts. The deal defers loan payments until 2028 and extends repayment until 2043. Supporters celebrated the announcement in Colombo as it promises to restart crucial infrastructure projects.

    EPFO lowers penal charges on employers defaulting on PF, pension and insurance deposits

    The notification issued by the ministry of labour and employment said the penal charges across three schemes of EPFO will be uniform and at the rate of 1% per month or 12% per annum from the date of notification as against 25% per annum until now for default period of six months and above. This will reduce the penal burden on employers.

    NCLT orders insolvency proceeding against Supernova project developer Supertech Realtors

    NCLT orders insolvency proceedings against Supertech Realtors for defaulting Rs 168.04 crore to Bank of Maharashtra in the Supernova project.

    Adani Electricity cuts power supply of 100 homes in Mumbai. Here's why

    According to Adani Electricity, these defaulters are among the highest in any colony within their service areas, with outstanding bills accumulating over the years due to interest and penalties. A similar incident occurred in 2019 when power was cut off after residents stopped paying their bills, expecting developers to settle the dues once redevelopment projects were completed.

    • Adani Electricity cuts power supply of 100 homes in Mumbai. Here's why

      According to Adani Electricity, these defaulters are among the highest in any colony within their service areas, with outstanding bills accumulating over the years due to interest and penalties. A similar incident occurred in 2019 when power was cut off after residents stopped paying their bills, expecting developers to settle the dues once redevelopment projects were completed.

      NCLT to hear insolvency plea filed by Engine Lease Finance against SpiceJet on August 2

      The National Company Law Tribunal (NCLT) has sent a notice to SpiceJet following an insolvency plea initiated by Engine Lease Finance BV, an aircraft engine lessor involved with the financially troubled airline.

      NCLT admits personal insolvency plea against Rajkumar Dhoot of Videocon

      The NCLT in Mumbai has admitted SBI's application against Rajkumar Dhoot of Videocon Group for a Rs 5,353-crore default by Videocon Industries, where Dhoot was a personal guarantor.

      NCLT rejects JAL's claim of liquidity crunch due to delay in govt approvals, litigations

      JAL has submitted that it is an "asset rich company", even after sale of cement plants to resolve the loans under Bucket 1 and Bucket 2A, assets like Real Estate Business - Noida and Greater Noida (about 11,000 flats) will remain with the company. Besides, it had other assets such as two 5 Five Star Hotels/Resort in Delhi, and one in Agra, two Golf Courses in Noida and Greater Noida, a Formula One Sports Complex and Cricket Stadium with Real Estate.

      Engine Lease Finance files fresh insolvency plea against SpiceJet

      Engine Lease Finance is the latest of engine lessors that have approached courts accusing SpiceJet of defaulting on payments and seeking repossession of engines.

      NCLT admits Srei's insolvency plea against Supreme Infrastructure BOT

      The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.

      RBI looks at asset reconstruction companies amid a flood of allegations

      India's central bank is set to hold a meeting with top management from asset reconstruction companies (ARCs) to discuss corporate governance and stressed-asset resolutions. This comes amidst concerns about potential back-door entry by defaulting promoters. The meeting, scheduled for May 17 in Mumbai, will see the participation of all 27 registered ARCs, along with RBI executives. Allegations have arisen that ARCs may strike deals with defaulting promoters, allowing them entry at a steep discount, bypassing regulations.

      FinMin studying Bombay HC order restricting PSBs from seeking look out circulars against wilful defaulters

      The Finance Ministry is reviewing the Bombay High Court order banning public sector banks from seeking look-out circulars (LOCs) against wilful defaulters. The court deemed the order arbitrary and violative of a person's fundamental rights. The finance ministry is aware of the judgement and will assess it. The court held that an office memorandum empowering public sector banks to seek LOCs against default borrowers or their guaranteeees was unconstitutional.

      Bombay HC rules banks can't issue Look Out Circulars against defaulters

      The Bombay High Court declared that issuance of Look Out Circulars (LOC) by public sector banks against default borrowers without a specific law violates fundamental rights. The court quashed the Centre's decision empowering banks to request LOCs, stating executive actions cannot infringe constitutional rights without legal basis.

      PSU lenders do not have the power to issue Look Out Circulars: Bombay HC

      The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as 'arbitrary', the court upheld the constitutionality of the Central government's office memoranda. The ruling nullified all LOCs issued by public sector banks.

      Lenders seek anonymity for officers tagging wilful defaulter accounts

      Lenders seek RBI guidance on protecting officers' identities identifying defaulters. Recent court order mandates disclosing committee members. Indian Banks Association seeks advice too. Risks highlighted for officers personally named.

      Hear out, show proof to borrowers suspected of 'wilful default': Bombay High Court

      Bombay High Court's ruling alters banks' handling of wilful default cases. Evidence provision mandated, transparency increased. Concerns raised over borrowers challenging actions. RBI guidelines modification pending.

      Banks should pass reasoned orders while declaring entity/person wilful defaulter, says Bombay HC

      The bench was hearing a petition filed by Milind Patel, former joint managing director of IL&FS Financial Services Limited (IFIN), challenging an order passed by the Union Bank of India in February 2023 declaring the firm and its promoters wilful defaulters under the 2015 Master Circular issued by the RBI. The RBI's circular calls for banks/financial institutions to submit data on wilful defaulters on a quarterly basis, which is also communicated to the Securities and Exchange Board of India (SEBI).

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