Top headlines: IOB out of PCA framework; Invesco takes Zee to NCLT

Business Standard brings you the top stories from today

RBI removes Indian Overseas Bank from Prompt Corrective Action framework

Reserve Bank of India on Wednesday announced removal of Prompt Corrective Action (PCA) restrictions on Indian Overseas Bank (IOB). This decision gives the bank more freedom for lending, especially to corporations and grow the network, subject to presribed norms.

It has been decided that Indian Overseas Bank is taken out of the PCA restrictions subject to certain conditions and continuous monitoring, said the banking regulator. Read more

Invesco moves NCLT against Zee, petition to be heard tomorrow

Invesco Fund, the 18 per cent shareholder in Zee Entertainment Enterprises (ZEEL), has moved the National Company Law Tribunal – asking the company to call an extraordinary general meeting of shareholders to induct its nominees on the company's board. Invesco has moved NCLT under Section 98 (1) & 100 and has sought NCLT’s intervention to direct Zee Entertainment to call for EGM.

Earlier this month, Invesco, an Oppenheimer Holdings-backed fund, had asked ZEEL board to appoint six of its nominees on ZEEL board and had asked the company to call an EGM. Read more

RIL backs Saudi Aramco chairman appointment as independent director

Reliance Industries today backed the appointment of Saudi Aramco Chairman, Yasir Al-Rumayyan as an independent director on its board and reiterated that his appointment has no connection with Saudi Aramco's plans to buy a stake in its oil-to-chemicals business.

In a statement filed with the stock exchanges, RIL said its O2C (oil-to-chemicals) business is being hived off into a subsidiary, and as per the terms of the proposed transaction, Saudi Aramco will participate in the equity of the O2C subsidiary. Read more

Piramal Group acquires DHFL for total consideration of Rs 34,250 cr

Piramal Enterprises said on Wednesday it had completed the acquisition of Dewan Housing Finance Limited (DHFL) by paying the consideration amount of Rs 34,250 crore. This marks the first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC).

The total consideration paid by the Piramal Group of Rs 34,250 crores at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crores and issuance of debt instruments of Rs 19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis). Read more