Tag Archives: McDonalds

McDonald’s in trouble again, RCom enters an awaited resolution, Mobile Wallets KYC extended- Weekly Digest #58

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
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McDonalds faces major shutdown, Provisioning halts insolvency recovery, VIVO wins IPL bid- Weekly Digest #46

Monday- 26th June 2017

  • The government has relaxed GST provisions for e-commerce as it has deferred provision that required e-commerce players such as Amazon and Flipkart to deduct tax on payments made to their vendors and small businesses that sell through these e-commerce platforms don’t have to register themselves immediately.
  • SBI has mandated Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on ₹4,000 crores. PwC, EY and Deloitte have also been hired to handle insolvency proceedings.
  • Apple CEO Tim Cook has reportedly told the Prime Minister that Apple had started production of iPhone SE in Bengaluru last month, during a meeting with American business leaders in Washington on Sunday.

 

Tuesday- 27th June 2017

  • After RBI announced banks to have hefty provisions for proceedings under the bankruptcy code, major tumble in prices of the banks’ stocks was observed. The Nifty PSU Bank dipped 3.4% to 3,328 points, its one month low.
  • Vivo won the sponsorship of IPL for the next five years by bidding a record-breaking sum of ₹2,199 crores. The base price was ₹120 crore per season.
  • Coca-Cola is shutting down its biggest analytics, technical and innovation centre in India which is located in Pune. This comes as a part of a restructuring to head towards a leaner organisation.
  • To comply with the RBI norms, RIL is seeking shareholders’ approval for a limit on non-promoter investors’ holding to 5%.

 

Wednesday- 28th June 2017

  • Banks to lobby RBI to relax its strict provisioning norms for accounts referred to the country’s bankruptcy courts. Banks feel it will hamper heir ability to find buyers at a good price.
  • The cabinet has cleared formation of a panel under the Finance Minister Arun Jaitely to decide on the extent to which Air India would be privatised and process to be followed for the same.
  • The internal conflict between Connaught Plaza Restaurants, a local joint venture between Vikram Bakshi and the US-headquartered McDonald’s took an ugly turn as with the CPRL board deciding to shut down 43 out of 55 restaurants in Delhi.
  • Zomato India reported a 34% decline in loss from ₹590 crores to ₹389 crores owing to a strategy that excluded self-fulfilled deliveries. It has enabled the startup to be valued at more than $1 billion.
  • Japanese drugmaker Daiichi Sankyo has moved to NCLT to stop former Ranbaxy promoters, Singh brothers from splitting hospital and diagnostics businesses of Fortis Healthcare. Daiichi has claimed that demerger will make the recovery from Singh brothers more difficult.

 

Thursday- 29th May 2017

  • IndiGo has expressed its interests in buying a stake in debt-laden Air India after the cabinet approved a proposal to dilute state ownership in the company.
  • As a part of changes in the Legal Metrology (Packaged Commodities) Rules, 2011, w.e.f. January 1, 2018, companies will be forbidden from selling the same product at different MRPs at locations such as restaurants and airports.
  • Credit-rating agency Crisil has acquired a 8.9% stake in in local rival Credit Analysis & Research which can potentially lead to acquiring the company. Crisil purchased 26.22 lakh shares at ₹1659.79 per share in a deal valued at ₹435.26 crores.
  • Ministry of Corporate Affairs has amended the Legal Metrology (Packaged Commodities) Rules, 2011 to make it compulsory for e-commerce companies to declare expiry dates and maximum retail prices of packaged consumer products online.

 

Friday- 30th May 2017

  • CDSL made a stellar debut in the market, with shares listed at 67.7% premium at ₹250, over the issue price of ₹149. The share price surged further and closed at ₹260.70.
  • ICICI bank to raise an amount of ₹25,000 crores by issuing securities on a private placement basis. the proceeds are to be utilised for increasing lending operations.
  • The Competition Commission of India has approved Bharti Airtel’s acquisition of Videocon Telecom and Aircel Ltd’s airwaves

 

Source: The Economic Times
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