Top headlines: Govt warns cab aggregators, volatility in power stocks

Here are the top business stories on Wednesday

Lenders can invoke personal guarantees in IBC cases, says Supreme Court

The Supreme Court has rejected a plea against a recent ruling by the National Company Law Appellate Tribunal (NCLAT), paving the way for lenders to initiate insolvency proceedings against promoters, directors and chairman who have signed personal guarantees on corporate loans.

This is irrespective of pendency of any proceeding against the corporate debtor under the Insolvency Bankruptcy Code. Read more here

Govt reads out the riot act to cab aggregators amid rise in complaints

With complaints mounting, the government has warned cab aggregators like Ola and Uber to comply with surge pricing and driver cancellation mandates as laid down under the Motor Vehicle Aggregator Guidelines within a month, or else face penal provisions, sources said.

Moreover, the Central Consumer Protection Authority is soon expected to come up with a draft advisory for online cab aggregators. Rea more here

Power sector stocks may see lot of volatility even as demand remains strong

There are conflicting trends in the power sector but the overall impression is that the sector is coming under pressure. The inflationary impact of the Ukraine War, on petroleum, natural gas and coal has driven up the cost of thermal power. But the economic recovery continues, albeit at a slower pace, which means that demand is rising.

But domestic coal shortages and high imported prices could affect generation. The RBI decision to hike policy rates will also have a negative impact and its supply chain. Read more here

India's FY22 per capita income projected higher than Bangladesh: IMF

Projection-wise India may have regained in 2021-22 its lead over Bangladesh in per capita income after Dhaka beat New Delhi on this parameter in recent years, showed the latest data by the International Monetary Fund (IMF). But staying ahead would be short-lived.

India is not likely to retain this position in each of the next six years beginning 2022-23, the data revealed. While Bangladesh had a higher per capita income of $1,962 in 2020-21 against India’s $1,935, the situation is projected to change in 2021-22. Read more here

JSW Group's Sajjan Jindal bets $4.5 bn of his wealth on Ambuja Cements

The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm’s bid for Ambuja Cements.

According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. Read more here