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The major news headlines of the day, and more.
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A priest carries an idol of Lord Jagannath from a seafront temple to a safer place ahead of Cyclone Yaas’s landfall in Odisha’s Balasore district on May 26, 2021. | Photo Credit:
REUTERS
The major news headlines of the day, and more. Cyclone Yaas weakened into a severe cyclonic storm on May 26 afternoon after pounding the beach towns in north Odisha and neighbouring West Bengal with a wind speed of 130-145 kmph, inundating the low-lying areas amid a storm surge even as the two eastern states battled the COVID crisis, officials said.
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In a major relief for the Piramal group, the Reserve Bank of India (RBI) appointed DHFL administrator and the lenders, the National Company Law Appellate Tribunal (NCLAT) has stayed the earlier order issued by Mumbai bench of National Company Law Tribunal (NCLT). The Mumbai bench NCLT had directed lenders of beleaguered Dewan Housing Finance Ltd (DHFL) to consider to consider the former promoter Kapil Wadhawan s settlement offer. Piramal group, which had won the bid for DHFL had also separately moved NCLAT to challenge the NCLT order. Kapil Wadhawan is currently in judicial custody for his alleged misdeeds.
On Tuesday, the division bench, headed by Justice AIS Cheema and VP Singh in an oral order stayed the directive passed by the NCLT’s Mumbai bench on 19th May.
NCLT Indus v. Kotak decided there existed an arbitrable dispute between Kotak who held OCRP Shares and Indus. The NCLT negated Kotak’s right to redemption of the OCRPS and refused to classify the failure of the Company to repay the redemption value as a default.
VIP Industries and LA Opala RG are among companies that will announce their March quarter results today.
Aditya Birla Group firm reported a 13.3 per cent rise in its consolidated net profit to Rs 2,616.64 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 2,309.41 crore during the January-March quarter of the previous financial year.
Infosys: The co-founder of IT giant SD Shibulal purchased shares worth Rs 100 crore of the company through an open market transaction. Shibulal bought over 7.45 lakh shares at an average price of Rs 1,342.05 per share, valuing the transaction at Rs 100 crore, BSE block deal data showed.