Page 359 - Business Finance
UP RERA directs authorities to start registration of projects
The Uttar Pradesh real estate regulator has asked local authorities to start the registration process of realty projects under the RERA Act for making builders accountable and addressing rising complaints from buyers in the state. UP Real Estate Regulatory Authority chairman Rajive Kumar in a statement said the authority has received about a 1,000 complaints with respect to projects and promoters from outside the planning areas mainly from the districts of Lucknow and Barabanki. The complaints vary from non-implementation of the projects to the promoter having run away with the money of the buyers, he said. The RERA Act applies only to the real estate projects with area of 500 sq metres or more and with eight apartments or more in planning areas. "RERA cannot extend relief to such buyers unless the project can be registered in Rera and invited the attention of the participating officers to the provisions of Section 3 of the Rera Act wherein a provision has been made that in order to .
OnePlus steps up offline expansion, launches OnePlus 7, 7 Pro for Rs 32,999 onwards
Premium smartphone maker OnePlus Tuesday said it is aggressively expanding its retail presence in India and will set up its largest experience centre in Hyderabad. The Chinese company, which competes with the likes of Apple and Samsung in the premium smartphone segment, also unveiled the latest generation of its smartphones - OnePlus 7 and OnePlus 7 Pro priced Rs 32,999 onwards. "This year, we are going to open three new experience stores ... We will open an experience store in Pune ... and Hyderabad which will be the biggest OnePlus store in the world (with 16,000 sq ft of space)," OnePlus co-founder Carl Pei said. The company already has experience centres in Bengaluru, Delhi and Chennai. Smartphone makers like Xiaomi, OnePlus and Motorola had started their operations in India through e-commerce platforms and have eventually expanded to the offline route as well. Offline retail still accounts for a big chunk of phone sales in India. India is a key market for OnePlus and accounts for
Ex-NSE CEO Narain gets interim relief by SAT in co-location case
Former NSE chief executive Ravi Narain was Tuesday granted interim relief by the Securities Appellate Tribunal (SAT) in the co-location case order by Sebi. Granting the interim relief in the form of a stay, a division bench of SAT including presiding officer Justice Tarun Agarwala, member CKG Nair and judicial member Justice MT Joshi adjourned the case to July 22. The capital markets regulator had earlier this month barred Narain and other NSE executives including former managing director Chitra Ramkrishna and others for their role in the co-location case. In its order, Sebi had said, "Having held the senior-most management position in the NSE and overseeing the affairs of the conduct of the stock exchange business, they cannot limit their roles to the non-technology issues of the exchange." "The MD and CEO of a stock exchange cannot abdicate his/ her responsibility by citing limited knowledge in certain spheres of the business activities," it had said in the order. Three other ...
NCLAT to decide CoC powers in ESIL bankruptcy case
The National Company Law Appellate Tribunal (NCLAT) hearing the Essar Steel bankruptcy proceedings said it would decide on the powers of the Committee of Creditors (CoC).
Lenders to consider NBCC plan for JIL, NCLAT refuses stay
NBCC India Ltd's offer for the debt-laden realty firm Jaypee Infratech Ltd (JIL) will be put to vote by a committee of creditors (CoC) later this week with the National Company Law Appellate Tribunal (NCLAT) on Tuesday refusing to stay the proceedings.
Icra downgrades DHFL's PTCs ratings
Rating agency Icra has downgraded the purchaser payouts/pass through certificates (PTCs) issued under six mortgage loan securitisation transactions by Dewan Housing Finance Corporation (DHFL). The rating of these instruments have been downgraded from BBB (SO) to AA -(SO). The mortgage lender had initially issued these instruments worth Rs 1,689.4 crore and the amount left after April 2019 pay out stands at Rs 646.9 crore. The ratings for these transactions continue to be on watch with developing implications, the agency said in a note. The pools comprise of receivables from housing loan contracts. The rating downgrades of the PTCs follows the recent rating action taken by the rating agency on the servicer in these transactions, DHFL. The receivables have been assigned to the respective trusts at par. The rating agency said while the pool receivables are bankruptcy remote from the originator post assignment to the trust, DHFL continues to be the servicer in these transactions with no ..
Yulu launches operations in Mumbai
Bike-sharing company Yulu entered the financial capital Mumbai by launching operations in suburban Powai. The company has introduced 80 bicycles which will be stationed across 15 stations to help people move around in a clean way, an official statement said. * * * * * * British Brewing Company plans to raise Rs 100 cr Lounge bar British Brewing Company is looking to raise Rs 100 crore for expanding its presence in Bengaluru, Delhi-NCR, Hyderabad, Nagpur, Pune and Jaipur. Mumbai-based Neomile Capital is aiding British Brewing Company to raise the money and will also be part-investing in the funding, an official statement said. * * * * * Games2win announces Rs 10 cr fund for gaming start-ups Mobile games creator Games2win Tuesday announced Rs 10 crore fund for gaming start-ups and entrepreneurs. The start-ups will get project funding to launch new games without having to sacrifice equity, an official statement said.
Paytm Mall hit with Rs 5-10 crore cashback fraud
Paytm Mall on Tuesday said it has been hit by a cashback fraud which could be in the range of Rs 5-10 crore.
Venture investments decline marginally to $26.3 bn in 2018
Venture investments in the country declined marginally to USD 26.3 billion in 2018, even though there was a surge in number of deals announced, a report said Tuesday. Investments by venture capital and private equity funds in the country declined in 2018 from USD 26.8 billion in the previous year, the report by consultancy firm Bain & Company said. However, the number of transactions surged to 793 in 2018 as compared to 700 in the year-ago period, it said. The 'dry-powder' (liquidity) available with investors focused on the country has declined to USD 11.1 billion at the end of 2018 from USD 11.7 billion in the year-ago period, but it is "more than adequate" and high quality deals will not lack capital, the report said. Fund raising will continue to be a key priority for many investors in India, but most expect it to become more challenging in the next 12 months, the report said. Powered by the USD 16 billion acquisition of Flipkart by American retail giant Walmart, 2018 was one ..
Snowman Logistics Q4 net profit jumps 188% to Rs 5.42 cr
Snowman Logistics Tuesday reported nearly three-fold increase in net profit for the quarter ended March 31 at Rs 5.42 crore from Rs 1.88 crore in the corresponding quarter of the previous year. Its total income for the January-March quarter increased 15 per cent to Rs 59.80 crore as against Rs 51.82 crore for the same period in the previous year. "We have focused on improving efficiencies to increase customer satisfaction as well as drive profitability, as is evident in the financial results. We are confident that this performance is sustainable and scalable," company's chairman Prem Kishan Gupta said. * * * * * Zaasna to strengthen online real estate transaction platform Bengaluru-based prop-tech firm Zaasna Tuesday said it has partnered with SwitchMe, NestAway, Zippserv and ABEsquare to strengthen its end-to-end online real estate transaction platform and increase its bouquet of services to consumers. Under the partnership, SwitchMe, a fintech startup, will provide home loan option .
Kerala: Mother-daughter duo commit suicide after failing to repay bank loan
A mother-daughter duo allegedly attempted suicide by setting themselves ablaze fearing the confiscation of their house after defaulting on a bank loan. Both of them have succumbed to their injuries.This incident happened in the Neyyattinkara region of Thiruvananthapuram district on Tuesday.Lekha (40) and her 19-year-old Vyshnavi attempted suicide after the Neyyattinkara branch of the Canara Bank issued seizure notice to repay Rs 4,80,000 and the last date was on Tuesday.According to relatives, Lekha's husband Chandra had taken the loan of Rs 5 lakh to construct a house in 2003 from Canara Bank, 15 years ago. They had repaid Rs 8,00,000 but had failed to repay the loan installments since the year 2010. The bank was demanding and the balance amount of Rs 4,80,000 was pending including the interest.Protests by locals and family members broke out in front of their Neyyattinkara home after the suicide bid came to light earlier Tuesday. The deceased Vyshnavi was an undergraduate student.
Air India's March EoI move got no response: DIPAM
The government may be keen on divesting its stake in Air India and its subsidiaries in the current financial year (FY20), but the expressions of interest (EoIs) sought for the carrier towards the end of FY19 failed to evoke any response.
Union Bank net loss widens to Rs 3,370 cr in Q4 on higher provisioning
State-owned Union Bank of India Tuesday said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The bank had reported a net loss of Rs 2,583 crore for the same quarter previous fiscal. The lender said the RBI had pointed out divergence in respect of its provision for NPAs at Rs 27,324 crore for the FY2018 as against Rs 25,044 crore provision reported by the bank. "Due to divergence found by RBI for FY18, the provisions for NPAs increased by Rs 2,280 crore in this quarter. Also, there were provision on account of ageing of NPAs," the bank's Managing Director and CEO Rajkiran Rai G told reporters here. The worst for the bank is over and expects healthy growth in the coming quarters, he added. For the full fiscal, the bank reported a net loss at Rs 2,948 crore as against Rs 5,247 crore in FY2018. Domestic net interest margin (NIM) stood at 2.38 per cent for the quarter as against 2.23 per cent, while global NIM was 2.27 per .
Jet Airways saga: CEO Vinay Dube, 3 senior executives deboard airline
In top level exodus at grounded Jet Airways, four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, have quit the ailing airline. Amid lenders scrambling to find a suitor, the cash-starved carrier on Tuesday announced the exit of three executives -- Dube, Agarwal and Company Secretary Kuldeep Sharma -- while a source said the carrier's Chief People Officer Rahul Taneja has also put in his papers. Except for Agarwal, who quit on Monday, the rest resigned on Tuesday. Dube's departure marked the end of his 21-month long tumultuous tenure during which the once-storied carrier shuttered operations due to cash crunch after more than 25 years of "happy flying." "We wish to inform that Vinay Dube, Chief Executive Officer (CEO), has resigned from services of the company with immediate effect due to personal reasons," Jet Airways said in a filing. An Indian-American, Dube deboarded Jet Airways a day after Deputy CEO and Chief Financial Officer Amit Agarwal ...
ED questions Kochhars for eight hours
The Enforcement Directorate (ED) for a second consecutive day on Tuesday questioned former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar for eight hours and asked them to join the investigation again on Wednesday in connection with the Rs 1,875-crore Videocon loan case.
IBC process helps recover Rs 70K cr bad loans in FY19: Report
Recovery of stressed assets through the Insolvency and Bankruptcy Code (IBC) was two-times at Rs 70,000 crore compared to that through other mechanisms in 2018-19 but resolution timelines for bad loans still remains an issue, according to a report by Crisil. In 2018-19, recovery of stressed assets through IBC doubled to Rs 70,000 crore as against Rs 35,000 crore recovered using other resolution mechanism including Debt Recovery Tribunal (DRT), Securitisation and Reconstruction of Financial Assets (Sarfaesi), Enforcement of Securities Interest Act, and Lok Adalat, rating agency Crisil said in a report. According to its president Gurpreet Chatwal, the recovery rate for the 94 cases resolved through IBC by FY2018-19 is 43 per cent, compared with 26.5 per cent through earlier resolution mechanisms. "What's more, the recovery rate is also twice the liquidation value for these 94 cases, which underscores the value maximisation possible through the IBC process, Chatwal said. According to a ..
Westlife Development Q4 net profit up 8 pc at Rs 7.14 cr
Westlife Development, owner of Hardcastle Restaurants, Tuesday reported an eight per cent rise in net profit to Rs 7.14 crore for the fourth quarter ended March 31. Hardcastle Restaurants is the master franchisee of McDonald's restaurants in west and south India. The company had reported a net profit of Rs 6.61 crore in the corresponding quarter of 2017-18. Its total income from operations for the January-March period increased 12.05 per cent to Rs 339.17 crore from Rs 302.69 crore in the year-ago period. For the full 2019, the company's net profit surged to Rs 40.3 crore as against Rs 12.86 in the previous fiscal. The total revenue increased to Rs 1,401.6 crore compared to Rs 1,134.87 crore. "FY19 was a year of big bold moves and transformation across our business. We have stayed committed to offering an exceptional guest experience, which we believe is our biggest differentiator in the industry today," its Vice-Chairman Amit Jatia said in a statement. He further said the company had
NHSRCL advertises for first set of staffers for bullet train project
Railways' bullet train will soon have its first set of operations staff, with the NHSRCL, the implementing agency for the project, advertising for its first batch of staffers Tuesday. The National High Speed Rail Corporation Limited (NHSRCL) has advertised its first vacancy notice for recruiting personnel who will be responsible for high speed rail train operations and maintenance. A total of 13 middle level management positions are being advertised in various disciplines like station operations, train operations, rolling stock, signaling and telecommunication, electrical and track. "The selected candidates will be 'operations and maintenance leaders' who will further be responsible for setting up the organisation of the 508 km-long Mumbai to Ahmedabad High Speed Rail (MAHSR) Project and its processes and work flows. "The candidates shall be imparted training in Japan to understand the Shinkansen Systems operation. As all selected candidates will be trained in Japan, proficiency in ...
Trump seeks central bank's help to win trade war against China
US President Donald Trump on Tuesday sought the Federal Reserve's help to win the trade war against China, saying if America's central bank lowers interest rates, the "game" would be over. The trade war between the world's two largest economies escalated on Monday with China slapping tariffs on USD 60 billion worth of US imports in a retaliation to Trump's move to raise tariffs on USD 200 billion worth of Chinese goods. In a Twitter storm against China after the collapse of the trade talks, which were in the final stages, Trump assured his countrymen that there would be no loss to farmers, a concern raised by several Senators. He said America is winning this battle against the Asian giant. "China will be pumping money into their system and probably reducing interest rates as always in order to make up for the business they are, and will be, losing. If the Federal Reserve ever did a 'match', it would be game over, we win! In any event, China wants a deal!" Trump said in a series of ...
Jaypee Infratech creditors to vote on NBCC's revised bid; NCLAT refuses to stay voting process
The creditors' panel of debt-laden Jaypee Infratech Tuesday decided to vote on the revised offer of NBCC as more than 20,000 home buyers favoured the voting process for the state-run firm's bid even as bankers dissented, sources said. The voting process would start on Thursday and end on Sunday, sources said, adding that the results would be declared on May 20. Bankers who participated in the Committee of Creditors (CoC) meet here on Tuesday opposed putting the NBCC's bid to vote and pitched for further negotiations. Soon after the CoC decided to put to vote the NBCC's bid, banks made a plea before the National Company Law Appellate Tribunal for a stay on the voting process. However, the NCLAT refused to stay voting by the creditors. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya warned banks that they would get "zero rupees" if the process is stalled. Justice Mukhopadhaya said the interest of thousands of home-buyers was of prime importance and the matter needed