News digest: Budget 2018, stressed assets, core sector growth, and more

From Sebi to Budget 2018, BS brings you top stories to keep with the latest news

Sebi agrees to transfer Rs 16.7 billion of surplus funds to government

 

Capital markets regulator, the Securities and Exchange Board of India (Sebi), has agreed to transfer Rs 16.7 billion of its surplus funds to the government. The Centre has been eyeing these resources, which would enable it to reduce the fiscal deficit. Read more

 

Insolvency: Bidders may not be able to sell stressed assets for 5 years

 

Bidders for assets of companies undergoing insolvency proceedings face up to a five-year lock-in for the shares they acquire. Lending banks are insisting on this to deter sales of the assets by the new promoter at a profit within months of the takeover. Read more

 

IBBI chairman M S Sahoo defends 94% haircut for stressed firm

 

The Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo defended the large haircut lenders had to take in the case of Synergies Dooray. He said that was the best option. Lenders took a haircut of 94 per cent, stirring a controversy. Read more

 

Ahead of Budget 2018, core sector growth slows to 5-month low of 4% in Dec

 

The country's output from eight core sectors rose four per cent in December, slowing from the much larger growth of 7.4 per cent in November. Read more

 

Budget 2018: Jaitley may deliver significant portions of speech in Hindi

 

In a break from tradition, Finance Minister Arun Jaitley is likely to deliver significant portions of his Budget speech on Thursday, particularly those related to the farm sector, in Hindi.

 

In his previous four Budgets, the FM, who is adept at speaking in both English and Hindi, has been known to intersperse his mostly English speech with Hindi and Urdu couplets and explanatory observations. Read more