From fight over SYC Canal to Mallya, the absconder : Top developments of the day

Business Standard brings  you a list of five key developments across the country this morning 

RBI overhauls S4A debt restructuring norms

In a step to address corporate stress, Reserve Bank of India (RBI) on Thursday made sweeping changes to existing loan recast schemes like S4A, 5/25 and SDR. It has given lenders additional time up to 180 days for hammering out a restructuring package under the scheme for sustainable structuring of stressed asset (S4A). Previously, the time limit was 90 days. ( Read more here)

Tata Sons escalates war with Cyrus Mistry

The war of words between Tata Group’s 78-year-old patriarch Ratan Tata and his former protégé Cyrus Mistry escalated on Thursday. Tata Group accused Mistry of “ulterior objective”, and of employing “devious” methods to take over Indian Hotels Company Limited (IHCL) and other operating companies, with help from the independent directors. ( Read more here) 

SYL Canal issue: SC tells Punjab to share water

Politics over the Satluj-Yamuna Link (SYL) Canal heated up in poll-bound Punjab soon after the Supreme Court asked the state to share water with neighbouring Haryana. Upping the ante, Punjab Congress chief Amarinder Singh accused the Akali government of presenting a weak case in the apex court and resigned from his Amritsar Lok Sabha seat in protest, even as deputy chief minister Sukhbir Badal declared that "not a drop of water" would be shared with other states. ( Read more here)

IMF supports India currency steps to fight corruption

The International Monetary Fund (IMF) said on Thursday it supports India's efforts to fight corruption through the currency control measures announced this week, but stressed taking care to minimise disruptions in the economy. ( Read more here) 

Vijay Mallya declared absconder

The special Prevention of Money Laundering Act court in Mumbai  declared liquor baron Vijay Mallya an “absconder” based on a plea by the Enforcement Directorate. The agency said the declaration would enable them to attach his movable properties, including those abroad, as the industrialist had failed to respond to several arrest warrants and appear before the court despite being pronounced a “proclaimed offender". ( Read more here)