Page 3 - Piramal

Rupen Jhaveri appointed Group President of Piramal Enterprises

Piramal Enterprises Limited (PEL) on Wednesday announced the appointment of Rupen Jhaveri as its Group President, with primary focus on financial services. In the newly created role, Jhaveri will be responsible for business development, strategy, merger and acquisition, capital allocation and corporate finance. The appointment is effective January 24, 2022, the company said in a statement. His appointment is following the company's announcement in October 2021 that it would demerge its financial services and pharmaceuticals operations, aimed at simplifying PEL's corporate structure and unlocking value. Post the demerger, PEL will become one of the largest diversified NBFCs with capabilities in affordable home lending, small business lending, construction finance and digital embedded finance, the company said. Jhaveri joins PEL from global investment firm KKR, where he was a managing director at its India private equity team. Prior to joining KKR, he was with Goldman Sachs & Co in .

Demerger to give a push to both pharma and financial services: Ajay Piramal

In a Q&A, the Chairman of Piramal Group talks about the prospects of both businesses, the rationale for the demerger and how supply side issues are impacting Indian companies

M-cap of 2 demerged entities could exceed Piramal's by 10-15%: Analysts

Analysts say the demerger will make it easier for investors to value the two companies

Piramal Enterprises board approves to demerge and list pharma business

The demerger will give potential investors the option of being associated with the business of their choice

NCLAT declines to stay Piramal Capital's approved resolution plan for DHFL

The National Company Law Appellate Tribunal (NCLAT) on Friday declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL) and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava rejected 63 Moons Technologies' plea to pass an interim order staying the resolution plan approved by the Mumbai bench of National Company Law Tribunal (NCLT). Earlier on June 7, the NCLT had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL and 63 Moons, which is a debenture holder of DHFL, filed a petition challenging it before NCLAT. It had requested to stay the operations of the NCLT order, till the two appeals filed by it before the appellate tribunal is decided. However, the NCLAT said: "We do not find that these are Appeals where interim order ...

NCLAT issues notices to lenders, Piramal on 63 Moons Technologies' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to DHFL's lenders and its winning bidder Piramal Capital over a petition filed by 63 Moons Technologies challenging the resolution process of the debt-ridden firm. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava issued notices to the lenders of Dewan Housing Finance Corporation Ltd (DHFL) and its successful bidder Piramal Capital & Housing Finance Ltd. The appellate tribunal has directed all parties to file their replies before July 19, which is the next date of hearing. Earlier on June 7, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL. 63 Moons, which is a debenture holder of DHFL, has filed a petition challenging the NCLT order. It holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL. According to it, the

NCLAT issues notices to CoC, DHFL and Piramal on 63 moons plea

The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan.

Debt-ridden DHFL's shares may get delisted post acquisition by Piramal

The Mumbai-bench of the National Company Law Tribunal (NCLT) on Monday gave its conditional approval to Piramal Group's bid for DHFL.

Best of BS Opinion: DHFL resolution, the collapse of Indian cinema & more

Here are the best of Business Standard's opinion pieces for Friday

Piramal Pharma to acquire 100% stake in Hemmo Pharma for Rs 775 cr

Consequent to the acquisition, Hemmo Pharmaceuticals Pvt Ltd would become a wholly-owned subsidiary of Piramal Pharma Ltd

Top headlines: Rich PF investors may opt for debt funds, GST slab merger

Following the backlash it received for the update to its privacy policy in early January, WhatsApp will now let users take a better look at the changes that have been proposed. Read top news here

DHFL's long-drawn journey to resolution: Here's the story so far

DHFL's fall not only exposed the chinks in Indian auditing firms, but also showed the flaws in rating companies, which gave it the highest rating

Banks vote in favour of Piramal offer for DHFL, see holes in Oaktree bid

With this Piramal succeeds in getting the requisite 66 per cent voting, says source

Oaktree Capital, Piramal Group raise offers for bankrupt DHFL yet again

Lenders set to vote on both proposals this week

DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake

Insurance sale before DHFL sale would have eliminated regulatory uncertainty, say lawyers

Piramal, Oaktree slug it out as race for debt-laden DHFL intensifies

Lenders to meet today to decide on presentations by firms companies

Top headlines: Instagram's growth, Covid vaccine, Piramal's plans, and more

Here are the top business headlines on Thursday morning

SBI draws from Binani Cement deal, backs another bidding round for DHFL

Lender has the highest exposure to the bankrupt firm, want to maximise asset's value

Piramal revises offer for DHFL's retail book to counter Adani bid

Revised offer by Piramal not opened till going to press; Oaktree retains its offer at Rs 31,000 cr, Adani remains highest bidder

Peeved Piramal says will quit race for DHFL over Adani's 11th-hour bid

Adani, which had earlier bid only for the wholesale book, now want all of DHFL's assets and has pipped both Oaktree and Piramal by bidding higher than each of them