Top headlines:RIL to invest in clean energy; RBI tightens norms for NBFCs

Business Standard brings you the top headlines on Friday

Top headlines this hour:Reliance Industries to invest in green energy, plans to get into solar power generation. Air travel numbers soar from May as states unlock.

RIL to invest in clean energy, build 4 giga factories

Reliance Industries is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

It will also set up a platform for renewable energy project finance to source long-term global capital for investment in these sectors. The three-pronged plan will cumulatively involve an investment of Rs 75,000 crore over three years announced Mukesh Ambani, chairman, RIL,  during its annual general meeting (AGM) on Thursday. Read more

NCLT awaits reforms to speed up resolution of pending cases

The National Company Law Tribunal (NCLT) had a full time president last on January 5, 2020. Since then there have been five acting presidents - four of them in the last month alone - as the post had to be filled by the most senior person in line. 

Both NCLT and appellate tribunal - NCLAT - are without president and chairman for more than a year, over 20,000 cases have piled up at the adjudicating authority. Of these, more than half - 13,000 cases are insolvency and bankruptcy cases. Read more

Air travel numbers soar from May as states go into unlock mode

With more states lifting lockdowns this month, the average number of passengers travelling per day has tripled from a low of 42,000 in May to 125,000, from the third week of June onwards.

The figures, based on feedback from leading airlines as well as airport companies who expect the trend to continue for the rest of this month. But the grim reality is that the average daily passengers for June from the second week is still around 40 per cent of the levels reached in March when it rose to 313,000 passengers a day. Read more

PNB Housing followed all due process: Finance Ministry

The board of PNB Housing Finance (PNB HFL) has followed all due processes while striking the fundraising deal with investors led by the Carlyle Group, and Punjab National Bank (PNB) would ensure the interests of its associate company are protected, said two finance ministry officials.

No controversy or wrongdoing has been found by the management of PNB Housing Finance in its fundraising plan, one of the two officials said. The government is looking at the issue and is awaiting Securities Appellate Tribunal (SAT) order due on July 5, he said. Read more

RBI tightens dividend payout norms for NBFCs

The Reserve Bank of India (RBI) on Thursday tied down a non-banking financial company’s (NBFC’s) ability to pay dividends to certain factors, including how much bad debt it has in its books and whether it has declared it correctly.

The dividend ratio, which is the ratio between the amount of the dividend payable in a year and net profit, is now capped at 50 to 60 per cent, depending upon the nature of the business. Read more