Business

Yes Bank director quits, saying he’s unhappy with ‘developments’

Yes Bank director quits, saying he’s unhappy with ‘developments’

Business
Updates from : the Print : Yes Bank has seen a spate of resignations in the past week as it continues its search for a new CEO to replace the incumbent, Rana Kapoor. Bengaluru/Mumbai: An independent director at Yes Bank Ltd., a lender that’s been ordered by India’s central bank to replace its chief executive officer, resigned on Monday saying he was concerned about recent events at the company. “I wasn’t happy with the developments taking place in the recent past and the way it was handled,” R. Chandrashekhar said in a message on WhatsApp, declining to be more specific. The lender’s shares tumbled as much as 6.5 per cent on Tuesday, the worst performer on the S&P BSE Sensex index. The Mumbai-based lender has seen a spate of resignations in the past week
Kumar Mangalam Birla’s billion-dollar battle reshapes India’s bankruptcy focus

Kumar Mangalam Birla’s billion-dollar battle reshapes India’s bankruptcy focus

Business
Updates from : the Print : The order will probably set a precedent for other companies in insolvency proceedings and may jeopardise the 270-day timeline laid down to resolve such cases. New Delhi: Billionaire Kumar Mangalam Birla’s victory in a courtroom battle for an indebted cement company will test India’s efforts to create a time-bound process to resolve one of the world’s biggest piles of stressed assets. The Supreme Court on Monday upheld a lower tribunal’s verdict approving Birla’s $1.1 billion offer for indebted Binani Cement Ltd. Birla’s UltraTech Cement Ltd. had lost out initially to a bid from a Bain Capital Credit-backed consortium, only to return with an upgraded proposal that was challenged as being late and made once the details of the rival offer were known.
Easier norms may help Indian firms go global

Easier norms may help Indian firms go global

Business
Updates from : the Hindu : The proposed Outward Direct Investment policy could, however, tighten provisions to prevent round-tripping The proposed Outward Direct Investment (ODI) policy may contain provisions to make it easy for many Indian firms, envisioning ambitious plans to transform themselves into multi-national companies (MNC), to go global and expand. Approval requirements and other norms would be simplified in a manner that would encourage ‘internationalisation’ of Indian companies. However, sources, privy to the developments, also said the ODI policy was expected to tighten regulations to prevent round-tripping structures, where funds are routed by India-based companies into a newly formed or existing overseas subsidiary and then brought back to India to circumvent r
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