PUNJ
Amid heatwave, passengers allegedly faint after forced to wait without AC at Delhi Airport as Air India delays takeoff
As temperatures soared in the nation's capital, passengers aboard a flight bound for San Francisco reportedly experienced fainting spells inside the aircraft, which lacked air-conditioning, following an eight-hour delay on Thursday. Originally scheduled for departure on Thursday afternoon, the Tata-owned flight to San Francisco is now set to take off at 11 am on Friday, after a delay exceeding 20 hours.
Ayodhya has finally received honour it should have been given after independence: Rajnath Singh
Ayodhya has finally received the honour it deserved and should have been given immediately after independence, Defence Minister Rajnath Singh said on Saturday. Speaking at the release of BJP leader Balbir Punj's book "Tryst with Ayodhya", Singh said Ayodhya is for Hindus what Mecca is for Muslims and Jerusalem for Christians.
Punj Lloyd fails to attract any bidder in second round of e-auction
Debt-ridden engineering company Punj Lloyd has failed to attract any buyers in the second round of e-auctions conducted by its liquidator. The auction, conducted on the directions of the National Company Law Tribunal, had a reserved price of Rs 1,061 crore on a going concern basis. This comes after the company also failed to find buyers in the first round of e-auctions.
Punj Llyod fails to get bids in second auction
Punj Lloyd, a debt-ridden engineering company, has failed to receive bids in the second e-auction for its sale. The reserve price was deemed too high, and the sale price was inflated by intangible assets with uncertain realization timeframes. The liquidator, appointed by NCLT, will need to approach the shareholders' consultative committee to reconsider the reserve price.
Indians never felt inferior despite 1,000 years of Islamic wars, British did that in just 150 years: RSS' Hosabale
The 150-year period of British rule has had a lasting impact on the Indian population, leading to feelings of inferiority and self-hatred, according to the RSS General Secretary Dattatreya Hosabale. During British rule, a narrative was developed that led people to feel they were slaves and the "white man’s burden". Hosabale criticized the intellectual class during British rule, who started to believe in a narrative that portrayed Indians as unintelligent, uncivilized, and lacking in contributions to the world.
NCLT grants Punj Lloyd liquidator extension till July 23 for dissolution
ICICI Bank had approached the NCLT in 2018 to initiate insolvency proceedings against Punj Lloyd after it defaulted on a ₹854 crore loan.
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Bankrupt Punj Lloyd fails to draw bidders
As a result, the liquidator of the insolvent engineering firm will have to approach the shareholders' consultative committee to reduce the reserve price, pegged at ₹1,061 crore, and then seek approval of the National Company Law Tribunal (NCLT), they said.
NCLT adjourns claim pleas against Punj Lloyd
In the case of the invocation of bank guarantee by Mitsubishi Heavy Industries Limited, the bench part heard the matter and listed it for July 12. Mitsubishi claims there was a 10-month delay in completion, and the corporate debtor had failed to conduct repairs either. The counsel cited examples of IOCL and GAIL for invocation of bank guarantee.
Adani’s acquisition of Air Works delayed
Adani group's proposed acquisition of maintenance, repair and overhaul (MRO) company Air Works has got delayed after a major shareholder in the target entity was forced into liquidation. Sources told ET that a Memorandum of Understanding (MoU) signed between Air Works and the Adani Group to close the deal has already expired twice, and the latest deadline was set in Q4 of FY23.
Mohan Bhagwat holds talks on 'intelligible, inclusive' Sangh in runup to centenary celebrations
"It was a 'mukht chintan', a freewheeling discussion about Sangh completing its 100 years and how it could be more intelligible and inclusive to the larger Hindu society and similarly perceived in the world," sources present in the meeting said.
Adani Group makes ₹462cr offer for Air Works
The offer is subject to completion of satisfactory due diligence and could be revised upwards or downwards post the due diligence, according to the people cited earlier. A team from Adani's defence and aerospace division has been leading the discussions for the Air Works acquisition. One of the sources cited earlier said the due diligence was "progressing well".
RP seeks urgent NCLT hearing in Anil Ambani insolvency case
Jitender Kothari, an RP appointed by NCLT to look into the claims of State Bank of India against Ambani, approached the tribunal on Wednesday claiming that he had submitted his report on 31 May 2021 regarding his assessment of whether Ambani should undergo personal insolvency resolution process.
Punj Lloyd goes into liquidation as lenders reject bid
Originally, private sector lender ICICI Bank had approached the tribunal to admit the company under the Corporate Insolvency Resolution Process (CIRP) after the company defaulted on over ₹800 crore. On March 8, 2019, the tribunal admitted the plea.
Promoters willing to infuse funds into McNally Bharat: Srinivas Singh, managing director
McNally Bharat is among a long list of construction companies to face the prospect of bankruptcy. However, finding buyers for such companies has been difficult under the NCLT route. At least three such companies—Lanco Infratech, Punj Lloyd and IVRCL—have gone into liquidation after banks took them into insolvency proceedings.
Stocks in the news: NIIT, RIL, UCO Bank, Adani Enterprises, BPCL, Axis Bank and Vedanta
The government has cut price of natural gas by 11 per cent to $3.62 per mmBtu for difficult fields like the one operated by Reliance-BP.
Delhi HC restrains IOCL from invoking bank guarantee furnished by Punj Lloyd
“…till the expiry of the period of one week from the lifting of the lockdown, imposed by the central government consequent to an n-Covid-2019 pandemic, IOCL shall remain injuncted from encashing/invoking the aforesaid three bank guarantees,” the court said while dealing with one of two petitions filed by Ashwini Mehra, resolution professional of Punj Lloyd.
Prudent ARC, US-based fund join the race for Punj Lloyd
The two new contenders are yet to clear legal scrutiny for conformity with the bidding guidelines, according to the people. Bankers are said to be evaluating all three proposals.
Punj Lloyd founder seeks to reclaim company from bankruptcy
Punj Lloyd initially attracted interest from as many as 13 prospective bidders, according to people in the know. These included an arm of the Vedanta group and Welspun. None of them proceeded in making a formal financial bid for the company after carrying out due diligence.
Black money probe: Tax haven trusts come under scanner for Swiss bank accounts
Trusts, especially those set up in jurisdictions like Cayman Islands, Panama and British Virgin Islands, have often been seen as routes for evading taxes. In addition, individuals who are suspected to have moved abroad after evading taxes back in India are also being probed and their banking details are in the process of being shared.
Share market update: Coffee Day, Punj Lloyd among top losers on BSE
In the Nifty pack, 39 stocks were in the green, while 11 stocks were in the red.
Punj Lloyd wins Rs 54-crore arbitration in case vs ONGC
Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.
Deadline extended for Punj Lloyd bids
Bidders were required to submit binding offers by August 14. 10 entities submitted expressions of interest.
Jet Airways shares extend fall to 10th straight session
The scrip has plunged around 40 per cent to Rs 44.05 on July 16 from Rs 73.20 on July 2.
ICC tribunal allows Punj Lloyd to fight Sirte case
The North African country was ravaged by civil war during the period, delaying construction.
Punj Lloyd’s claim against ONGC dismissed
Punj Lloyd had approached the arbitration tribunal after ONGC refused to pay the company the agreed amount due to alleged delay in the execution of the project.
Buzzing stocks: YES Bank, TCS, RIL, Punj Lloyd, Unitech
The NSE Nifty index was trading 55.85 points up at 10,660.20 while the BSE Sensex was up 197.88 points at 35,550.49 around 09:16 am.
Punj Lloyd, Orient Press among top losers on BSE
In the Nifty pack, 28 stocks were trading in the green, while 21 stocks were in the red.
Punj Lloyd, Landmark Properties among top losers on BSE
In the Nifty pack, 12 stocks were trading in the green, while 38 stocks were in the red.
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