Top biz headlines: IndiGo crisis, Aircel insolvency, IHCL-GIC deal, & more

From Indigo promoters' dispute to Sensex's biggest single-day gain in nearly four months, Business Standard brings you top stories that made news on Friday

Bhatia vs Gangwal: IndiGo promoters' first right of refusal ends on Nov 9 

IndiGo promoters Rahul Bhatia and Rakesh Gangwal can exercise their “first right of refusal” only till November 9, 2019, in case one of them decides to sell his shares to a third party.

After the expiry of the deadline, both the promoters will be free to sell their shares without such restriction, according to the shareholders’ agreement and the articles of association, unless the agreement is reworked. Read more

Sensex rises 537 points ahead of of exit poll outcome; Nifty ends at 11,407

The benchmark indices on Friday posted their biggest single-day gain in nearly four months after banking, automobile and consumer goods stocks rallied in anticipation of a favourable poll outcome. Better-than-expected earnings posted by financial companies Bajaj Finance and Bajaj Finserv also buoyed sentiment.

The Sensex rose 537 points, or 1.44 per cent, to close at 37,931, while the Nifty rose 150 points, or 1.33 per cent, to end the day at 11,407 — the biggest gain for both the indices since January 31. Read more

Aircel lenders agree to take 99% haircut on dues worth Rs 20,000 crore

In an unprecedented move, lenders to bankrupt telecom operator Aircel have agreed to take a massive 99 per cent haircut on their outstanding dues worth Rs 20,000 crore by agreeing to a Rs 150-crore upfront offer by UV Asset Reconstruction Company (ARC).

The move may lead to litigation as some of the operational creditors are planning to challenge the committee of creditors’ (CoC's) decision in both local and US courts. Read more

Spencer's Retail to fully buy out Nature's Basket in Rs 300-cr deal

RP-Sanjiv Goenka Group firm Spencer’s Retail has concluded an agreement with Nature’s Basket to acquire 100 per cent stake in the Godrej Group company for Rs 300 crore, which will mark a second innings for Spencer’s in western India.

Spencer’s had a store in Malad (Mumbai), which had closed in 2013 due to issues regarding back-end support. Read more

IHCL, GIC strike Rs 4,000-crore deal to acquire premium hotels in India

One of India’s largest hotel chains, Indian Hotels Company (IHCL), has tied up with Singapore’s sovereign wealth fund GIC to jointly acquire premium hotels in the country. The initial outlay of deal is pegged at Rs 4,000 crore for a period of three years with GIC contributing 70 per cent and IHCL pitching in with the rest. Read more

HCL Technologies' growth strategy: Slow and steady wins the race

Last week, HCL Technologies became India’s third-largest information technology (IT) services entity by annual revenue. And, for this financial year, forecast revenue growth much higher than larger peers.

Yet, the next day, its share price fell nearly 6 per cent.  Read more

NCLAT annuls creditors' voting on NBCC's bid for Jaypee Infratech

The National Company Law Appellate Tribunal (NCLAT) on Friday annulled voting by the committee of creditors (CoC) of Jaypee Infratech Limited on a bid submitted by NBCC (India) Limited for the debt-laden real estate company.

A three-member bench led by Chairperson Justice S J Mukhopadhaya gave the Jaypee CoC time till May 30 to renegotiate the terms with NBCC if required. Read more

Oral polio vaccine made by govt-owned firm fails quality tests

In a setback to India’s polio eradication programme, several batches of oral polio vaccine produced by a state-run vaccine maker have failed quality tests.

The Central Drugs Laboratory (CDL) in Kasauli, which conducts quality tests, has declared 16 batches manufactured by Bharat Immunological and Biologicals Corp. Ltd (Bibcol) as “substandard" after they failed sterility tests. Read more

Tata International exits trailer manufacturing business

The country's largest selling trailer maker, Tata International DLT, a 50:50 joint venture company between Tata International Limited and Sri Lanka based Dutch Lanka Trailer Manufacturers (DLTM) Friday said it has executed definitive agreement to sell their company to Canyon Point Investment Holdings.  Read more

CBDT wants shell cos ‘revived’ to collect pending taxes

Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the Ministry of Corporate Affairs (MCA). But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the Central Board of Direct Taxes (CBDT). Read more