Page 94 - Companies

Srei's CoC to take cognizance of the valuation report on Friday

The Committee of Creditors (CoC) of Srei lenders will take cognizance of the valuation report of the twin Srei Group companies undergoing a resolution process on Friday, a source said on Thursday. If the fair and liquidation value of Srei Infrastructure Finance and Srei Equipment Finance will be greater than the resolution plans submitted by the three bidders, the CoC may not consider them. "There is a CoC meeting tomorrow (January 6). A presentation will be made before the CoC on the valuation. The lenders will take cognizance of the valuation report as part of the ongoing resolution process," the source said, declining to be identified. According to the sources, the valuation reports will not come in the way of the ongoing resolution process. The financial proposals were received on Wednesday after online bidding in a "challenge mechanism" process, adopted by the administrator Rajneesh Sharma, available under the Insolvency and Bankruptcy Code, to maximise the recovery. "The ...

Amazon to axe 18,000 jobs globally; CEO blames 'uncertain economy'

The job cuts - about 80 per cent higher than earlier estimates - are part of Amazon's annual operating planning review process

UK-India trade body writes to envoy on Vi equity conversion delay

Considering that the issue may gather momentum in the upcoming months, Vikram K Doraiswami, the Indian high commissioner in the UK, has sought guidance from the finance ministry

Carmakers may end up paying penalties for missing emissions targets: Report

CAFE scores are designed to encourage carmakers to focus on technologies that reduce CO2 emissions

Godrej Properties sells over 1 mn sq ft for Rs 435 cr at Ahmedabad project

The company has sold 870 homes with a booking value of approximately Rs 435 crore since the project was launched in October, last year

Covid wave in China has Indian electronics cos worried about parts shortage

Chinese suppliers are already not assuring the delivery timelines for orders placed in the past few weeks due to high Covid-19 infections

Amazon to slash more than 18,000 jobs as technology slump deepens

The reduction is concentrated in the firm's corporate ranks, mostly Amazon's retail division and human resources functions like recruiting

Major setback for Google as NCLAT refuses interim stay on CCI order

Tribunal asks Google to deposit 10% of Rs 1,330 cr penalty levied by CCI; next hearing on April 3

Indus Towers appoints Prachur Sah as MD & CEO, to suceed Bimal Dayal

Telecom infrastructure company Indus Towers on Wednesday said it has appointed Prachur Sah as managing director and chief executive officer of the company with effect from January 3, 2023. The position had been vacant since the resignation of Bimal Dayal in July. Prior to his appointment as MD and CEO of Indus Towers, Sah led the oil and gas vertical of Vedanta, Cairn. At Vedanta, he was instrumental in leading the next phase of organizational growth with a focus on delivering volumes, cost, growth projects, etc. "As India enters the 5G era, Indus Towers stands to play a crucial role in partnership with various stakeholders including mobile operators," Sah said. He was previously associated with Schlumberger for close to 18 years in various roles including Managing Director of South Asia region, leadership positions in line management, HR, safety, marketing across the Middle East, Latin America, Europe, India, and the US.

NCLAT directs Google to pay 10% of Rs 1,337 crore penalty imposed by CCI

CCI penalised Google in October over alleged violations in the Android mobile ecosystem

Suhail Sameer to start VC fund with two former co-founders: Report

On Tuesday, BharatPe announced that Sameer was stepping away from his post and will serve as the Strategic Advisor effective January 7

Promoters unwilling to infuse capital in Vi, govt stake unviable: Report

The promoters are willing to infuse Rs 2,000-3,000 crore but it is too less to revive the company

Jack Ma's Ant wins approval to raise $1.5 bn capital for its consumer unit

The deal resolves a key hurdle for Ant as it seeks to meet requirements from regulators following a crackdown on its business after its record initial public offering was torpedoed in 2020

NARCL emerges as the highest bidder for SREI with NPV of Rs 5,555 cr

In the final lap, there were just two bidders in the fray - NARCL, and Authum with an NPV of Rs 5,526 crore

Slide in Apple's shares pushes iPhone maker's market value below $2 trn

Apple fell 3.7% on Tuesday, closing at its lowest since June 2021 as concerns about iPhone supply in the important holiday quarter mount

Pharma firms with India focus preferred as US market concerns grow

Steady outlook and higher returns triggers for companies refining their strategy

SKS Power Generation receives 7 bids, Reliance, Adani, NTPC among bidders

It can set the stage for another clash between the Adani and Reliance groups

Suhail Sameer steps down as BharatPe's CEO, will be new Strategic Advisor

Sameer has been overseeing the company after it ousted Ashneer Grover for financial misappropriation

Foxconn's Zhengzhou plant back at 90% capacity after Covid turmoil subsides

Foxconn's plant in the central Chinese city of Zhengzhou is now operating with roughly 200,000 staff

SpaceX valued at $137 billion in latest funding round, says TV report

Space Exploration Technologies Corp. is raising $750 million in new fundraising, which values the company at $137 billion, CNBC reported