Page 6 - Idbi Bank

IDBI Bank files appeal against NCLT's approval of Zee-Sony merger

Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. According to a regulatory filing by ZEEL, it "has been served with an appeal on behalf of IDBI Bank Ltd against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023, passed by NCLT, Mumbai Bench, approving the composite scheme of arrangement amongst ZEEL, Bangla Entertainment Private Limited and Culver Max Entertainment". The NCLT had dismissed the objections raised by several lenders of ZEEL, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax

IDBI Bank surges 16% in 2 days as govt invites bids to appoint asset valuer

The government along with the Life Insurance Corporation of India (LIC) is selling nearly 61 per cent stake in IDBI Bank and has received multiple Expressions of Interest (EoI) for the same

Government invites bids to engage asset valuer for IDBI Bank sale

The asset valuer would be required to value IDBI Bank's investments; loans & advances; fixed assets and other assets

Stocks to Watch: IDBI Bank, Paytm, Hero Moto, Eicher, BEL, ICICI Bank, RVNL

Stocks to watch on September 4, 2023: The government has invited bids to appoint an asset valuer for its stake sale in IDBI Bank

Early bond recall: Notify each holder

The National Commission ruled that public notices weren't sufficient. To avoid liability, the bank must send individual notifications and produce proof of having served them

Govt invites bids for asset valuer for IDBI Bank to sell majority stake

The Indian government has invited bids to appoint an asset valuer for IDBI Bank as it seeks to sell a majority stake of the lender

NCLAT agrees to hear IDBI Bank's appeal against ZEEL on August 31

In May 2023, the NCLT's Mumbai bench refused to entertain the IDBI's plea, stating that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC)

Employees' union stages protest against privatisation of IDBI bank

Drawing attention to the problems, Nagarajan added that the move to lower the stake in the bank will affect the financial inclusion programme of the government

Top headlines: MoS IT meets laptop makers, delays likely in IDBI stake sale

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Procedural delays likely in IDBI Bank stake sale; bids expected in Q3

Financial bids constitute the second significant step in the disinvestment process, following expressions of interest (EoIs) from potential bidders

NCLAT defers hearing on IDBI Bank's plea against Zee to August 17

The National Company Law Appellate Tribunal (NCLAT) on Wednesday deferred the hearing of IDBI bank's plea against Zee Entertainment till August 17. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major. On Wednesday, when the matter came for hearing, lawyers sought adjournment. On this, NCLT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra deferred the matter to August 17. The Mumbai bench of the National Company Law Tribunal (NCLT) had on May 19, 2023, set aside the bank's plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench had said that Zee Entertainment Enterprises Ltd (ZEEL), which was the corporate guarantor for the loan availed by Siti Networks -- the principal Borrower of IDBI Bank -- has committed a default. However, the default

LIC Mutual Fund completes merger of IDBI MF to diversify offerings

LIC Mutual Fund (LIC MF) on Monday said it has completed the takeover of schemes of IDBI Mutual Fund. The move is in line with LIC MF's aim to strengthen and diversify its product offerings, expand footprint and grow its assets under management (AUM) to emerge as a leading fund house in the country, according to a statement. The merger is effective from July 29. As of June 2023, LIC MF had an AUM of Rs 18,400 crore, while IDBI MF had Rs 3,650 crore. With the completion of the merger, out of 20 schemes of IDBI MF, 10 will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on standalone basis, which will take its total scheme count to 38, the statement noted. With this merger, investors who have invested in IDBI MF schemes, will get access to LIC MF's diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and Index funds. "The merger complements our goal to strengthen our scheme offerings in the .

IDBI Bank Q1 results: Net profit rises 62% to Rs 1,224 cr, NII up 61%

The lender's net interest margin (NIM) rose 178 basis points, to 5.8% for the first quarter, compared to 4.02% for the same period in the previous year

IDBI Bank Q1 results: Net profit jumps by 62% YoY, GNPA ratio down to 5%

The operating profit for Q1FY24 surged 47% to Rs 3,019 crore, as against Rs 2,051 crore in the corresponding period last year

HDFC Bank to sell 2% stake in NSDL IPO; IDBI Bank to sell 22.2 mn shares

In its draft red herring prospectus (DRHP) dated July 7, the depository said the IPO will see sales of 57.3 million shares by its six shareholders

Lenders set to clear Rs 400 crore to bring Go First back on runway

Go First plans to operate around 150 daily flights with 22 aircraft. The airline also plans to operate charter flights for defence forces in the initial phase

Everything you want to know about IDBI Bank

Consultation with the RBI is on to check how many technical bidders are 'fit and proper'. In the next stage, financial bids will be called and IDBI Bank will open up the virtual data room for bidders

NCLT rejects IDBI Bank's insolvency plea against Zee Entertainment

Lender has the option to move appellate tribunal to appeal against the order

IDBI Bank Q4 net up 64% to Rs 1,133 cr; proposes dividend of Rs 1 per share

Its capital adequacy ratio stood at 20.44 per cent with Common Equity Tier of 18.08 per cent at the end of March 2023

Reserve Bank begins evaluating five potential bidders for IDBI Bank

Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are among those that have submitted expressions of interest, two of the people said, speaking on condition of anonymity