Tata Motors on Thursday said it has completed the transfer of its defence business with effect from April 1 to Tata Advanced Systems Ltd (TASL) for an upfront consideration of Rs 227.7 crore. The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.
Tata Motors has been in the defence sector for several decades, and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and state police forces. In recent years, the company has also focussed on developing armoured carriers and platforms such as wheeled amphibious armoured fighting vehicles, mine protected and light armoured multi-role vehicles.
With effect from 01 April 2021Tata Motors has completed the transfer of its Defense business with effect from 1 April 2021 to Tata Advanced Systems (TASL) for an upfront consideration of Rs 227.7 crore (which is subject to closing balance
sheet adjustments). The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad.
TML has been in the defense sector for several decades, and currently has a wide portfolio
of logistics, combat support and armoured vehicles for the defense, paramilitary and state
police forces. In recent years, TML has also focused on developing state-of-art armoured
Anuradha Agnihotri, Trilegal
A dispute resolution expert, Agnihotri has been a part of the legal sector for 14 years. She has extensive experience in international commercial and domestic arbitrations and litigation across courts and tribunals in India.
She regularly handles matters involving shareholder disputes, investment disputes, construction projects and a variety of cutting-edge commercial issues.
Agnihotri has also been working on technology disputes as well as with the TMT team, particularly representing intermediaries in various proceedings filed against them in defamation suits and similar matters.
She regularly appears on behalf of clients as an arguing counsel in arbitrations and courts and is passionate about two things – a strong judiciary and women at work.
IL&FS addresses aggregate debt of Rs 32,000 crore
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Synopsis
The total debt of Rs 32,000 addressed comprises of Rs 21,600 crore of debt addressed basis cash balances and nearly Rs 10,300 crore of additional net recovery expected from resolution and restructuring applications filed with the National Company Law Tribunal at Mumbai and NCLAT, the approvals for which are awaited.
Reuters
Mumbai: Beleaguered infrastructure financier IL&FS on Friday said that the government constituted board and management has addressed aggregate debt of Rs 32,000 crore. The board also said that the group has estimated that it would address total debt of over Rs 56,000 crore by FY22, out of an overall debt of over Rs 99,000 crore as of October 2018.