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Banks can move NCLT against Essar Steel

DNMUM392647 | 7/18/2017 | Author : DNA Money Correspondent | WC :618

Gujarat HC clears insolvency proceedings against firm, asks central bank not to give directions to judicial authorities

Mumbai: Banks can now initiate insolvency proceedings against Essar Steel in the National Company Law Tribunal (NCLT).
The Gujarat High Court on Monday dismissed a petition filed by the debt-laden company, which had challenged the Reserve Bank of India’s (RBI) circular that directed the banks to take 12 specific NPA cases on priority to the NCLT. One of the 12 companies was Essar Steel.
The court has now asked the banks to approach NCLT to decide the merits of the case.
Essar Steel owed lenders around Rs 45,000 crore, of which Rs 31,671 crore had become
non-performing, as of 31 March 2016.
Essar Steel said in a statement, “In view of the specific facts of Essar Steel, i.e., advanced stage of discussions with len
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Govt readies a big push for data analytics, cloud
DNMUM398982 | 10/20/2017 12:00:00 AM | Author : Mansi Taneja | WC :454

New Delhi: The government is in the process of preparing a strategy for making India a hub for data analytics and cloud computing.
A roadmap for data analytics will be prepared by the Ministry of Electronics and IT, which will help in improving d
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New Samvat off to a tepid start as Sensex falls 194 pts
DNMUM398983 | 10/20/2017 12:00:00 AM | Author : DNA Money Correspondent | WC :232

Mumbai: The first session of new Samvat saw the key BSE Sensex plummeting 194.39 points on Thursday as players resorted to profit-booking.
After a positive opening, the Sensex soon gave up gains to close 0.60% down at 32389.36 during the one-hour
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Lenders put L & T SPV’s road on sale
DNMUM398984 | 10/20/2017 12:00:00 AM | Author : Sumit Moitra | WC :229

Kolkata: The lenders to L&T’s major special purpose vehicle (SPV) road project in Gujarat have put the 173-kilometre L&T Halol Shamlaji Tollway Ltd (HSTL) up for sale.
The consortium of lenders to the SPV have taken over the project and has now
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Home insurance covers much more than your property
DNMUM398985 | 10/20/2017 12:00:00 AM | Author : Puneet Sahni | WC :455

The importance of your home is not just recognised by us, but also by regulatory bodies and the government. Despite investing a considerable amount of time and effort in scouting for our perfect homes, we often tend to overlook the importance of safe
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