Monday- 25th December 2017
- Serial entrepreneur C Sivasankaran is set to take the DoT to the Supreme Court in the wake of the 2G case acquittals, seeking ₹3,400 crore in damages that he lost after the apex court had cancelled 122 licences, including six of STel’s in 2012.
- HDFC Ltd and its JV partner Standard Life Investments to raise ₹4,000 crore by selling a 10% stake in asset management company HDFC Mutual Fund.
- SoftBank executive Lydia Jett, who recently stepped down as a director at Snapdeal, joined the board of Flipkart. This comes after the merger talks between the two e-commerce companies failed.
- McDonald’s former JV partner Vikram Bakshi said in a statement that nearly all outlets of the fast-food chain in east India has been shut and several others in the north are on the verge of close down due to discontinuation of supplies by its logistics partner.
Tuesday- 26th December 2017
- RCom to sell its telecom assets, including spectrum, towers and fibre, worth ₹25,000 crore by March 2018 to pre-pay lenders and exit the ongoing strategic debt restructuring programme. It announced it had reached an out-of-court settlement with CDB.
- After RCom announced its plan to sell off its assets, its shares rose 31% to ₹21.33. The Sensex went past 34,000 points mark to close at 34,010.61 points. The Nifty ended up 38.50 points at 10,531.50.
- Connaught Plaza Restaurants, a JV between Vikram Bakshi and McDonald’s to sue its logistics partner, Radhakrishna Foodland for abruptly halting supplies to its stores in North and Eastern areas due to alleged non-payment of dues. The requirement of a 30d notice was not met as per the CPR.
- The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the ₹29,000-crore default to attract more bidders for the textile company.
- SEBI has imposed a penalty on 63 Moons Technologies, formerly known as Financial Technologies, for failing to seek prior approval for the name change from stock exchanges.
Wednesday- 27th December 2017
- The Aion Capital-JSW Steel consortium submitted a ₹3,500-crore resolution plan for bankrupt Monnet Ispat and Energy that involves paying ₹2,500 crore to lenders and an equity investment of ₹1,000 crore.
- Lupin Ltd has dragged the Government of India to court, claiming the stock lying in its godowns could face double taxation when it’s sold due to GST regulations.
- Japanese drug-maker Daiichi Sankyo has alerted regulatory bodies and the stock exchanges against any potential stake sale in the Fortis hospital chain by the promoters, the Singh brothers, saying such a transaction would violate a Supreme Court order.
- The SEBI has asked Axis Bank to strengthen its internal processes and systems after the regulator noticed leakage of price-sensitive information relating to financial results on WhatsApp groups before they were officially announced.
- Castex Technologies, a subsidiary of automotive component maker Amtek Auto with the debt of over ₹6,000 crore, has been led to the bankruptcy court by the SBI.
Thursday- 28th December 2017
- Mukesh Ambani-led Reliance Jio Infocomm to buy the wireless assets of Anil Ambani’s debt-ridden RCom for about ₹24,000 crore, a deal that was signed on the 85th birth anniversary of Dhirubhai Ambani.
- The RBI has turned down the requests from banks to extend the deadline of Dec 31 for restructuring the debt of companies on a second list of bad loan accounts that it had issued in August.
- Asset manager Brookfield and Kotak Mahindra group have jointly bid for 2,200 megawatts of power assets belonging to Jaypee Power Ventures, The deal is expected to be valued at an estimated ₹3,500-4,000 crore.
- McDonald’s India claimed that it has not been able to verify if its outlets operated by CPRL in North and East India are complying with applicable standards of the firm or not, further adding that these restaurants need to be closed immediately.
- US buyout giant KKR & Co gets an RBI approval to fully own an Asset Restructure Company in India
Friday- 29th December 2017
- The market closed 2017 on a high with the Sensex rising 209 points to close at 34,057 points while the Nifty rose 53 points to close at 10,531 points. Tata Motors, Axis Bank and Tata Consultancy Services logging gains of about 3% each.
- Finance Minister Arun Jaitley said in a statement that loan defaulters can bid for an insolvent entity or its assets during bankruptcy proceedings after paying interest due and making bad loan accounts operational
- RBI extended the deadline for fulfilling mobile wallets KYC norms from December 31 to February 28, giving much respite to the mobile wallet companies and users.
- The Interim Resolution Professional has moved the NCLT against the ailing media house Deccan Chronicle Holdings’ for creating hurdles in the insolvency proceedings.
Source: The Economic Times