How money moved in circles in DHFL insolvency case
Synopsis
The link between TDH and DHFL’s insurance business follows a complex trail of transactions that show that DHFL had funded entities that in turn had financed the acquisition when DHFL divested its stake in the insurer resulting in allegations of round tripping of funds.
TDH Reality LLP, a little known Kanpur-based company with a capital of just about ₹1 lakh, is, according to papers filed with the court, acted as an intermediary that ended up having the rights over the insurance arm of the DHFL, the first non-banking finance company to face insolvency and bankruptcy proceedings.
New Delhi [India], March 16 (ANI): As many as 324 companies have filed for bankruptcy between 2018 to 2020, informed the Ministry of Corporate Affairs on Tuesday.
Here are the top stocks that are likely to be in focus today:
Tata Communication: Offer for sale (OFS) to divest government’s shareholding in Tata Communications will open Tuesday for institutional investors. The government will sell its 10 per cent stake held in erstwhile VSNL, with an option to sell an additional 6.12 per cent stake. The floor price has been set at Rs 1,161, a 9.8 per cent discount to Monday s closing price.
AU Small Finance Bank: The lender has raised Rs 625.50 crore through sale of shares to institutional investors.
Adani Ports: The company will partner with John Keells Holdings PLC and Sri Lankan Port Authority to develop the West Container Terminal (WCT) at the Colombo port in Sri Lanka.
Indian aviation braving the turbulence
Domestic airlines are making hectic plans despite the future still looking all too hazy
There’s never been a worse time for the aviation industry globally but that’s not stopping Dubai-based tycoon Murari Lal Jalan from seeking to resuscitate moribund Jet Airways. Jalan’s an aviation novice but he’s got ambitious plans to take the airline aloft within six months after he gets crucial bankruptcy resolution clearance from the National Company Law Tribunal. Jalan says the pandemic makes it the “best time” to enter the sector as input prices are down. While there’s widespread industry scepticism about Jalan’s time-frame, he says everything’s “on track” for assembling a narrow- and wide-body fleet of 25 aircraft and he plans to restart domestic and international flights almost simultaneously. Jalan’s also negotiating to regain Jet’s previous time-slots and although he’s unlikely to succeed, given use-it-or-lose-it regula
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