NEW DELHI: The Narendra Modi-headed Cabinet on Wednesday approved the recommendation of the Committee of Secretaries (CoS) on the relief to the stressed telecom sector, and allowed telcos a 2-year moratorium on spectrum-related dues.
“In view of the current … Read More
The Shapoorji Pallonji Group, which is tackling liquidity concerns and recently faced the ire of shareholders of the newly-listed arm Sterling & Wilson, with promoters seeking an extension to repay dues it owes to the company, is in damage control mode.
… Read More
Finance Minister Nirmala Sitharaman said the Cabinet has given the in-principle approval for disinvestment in select CPSEs.
This includes the government’s stake of 53.2 percent Bharat Petroleum Corporation Limited (BPCL). This is excluding BPCLs equity share… Read More
MUMBAI: Markets regulator Sebi on Wednesday approved stricter disclosure norms for listed companies on loan defaults and revised its regulations for portfolio managers as well as for rights issue of shares.
Sebi also extended the Business Responsibility Report (BRR) requirement to top 1,000 companies, from 500 currently.
Business responsibility reports mandatory for top 1,000 listed companies: Sebi
For better compliance with corporate governance norms, Sebi on Wednesday decided to make it mandatory for top 1,000 listed companies to prepare annual business responsibility report, covering their activities related to environment and stakeholder relationships. Presently, the business responsibility reports (BRs) are mandatory for top 500-listed entities based on market capitalisation on the BSE and NSE.
In case of default in repayment of principle or interest on loans beyond 30 days, listed companies will have to disclose “fact of such a default” within 24 hours, the regulator said after its board meeting here.
In another decision taken at the meeting, Sebi would revise the norms for issuance of shares on right basis to existing shareholders. The timeline would be reduced from 55 days currently to 31 days.
Markets regulator Sebi on Wednesday decided to reduce the overall time taken for rights issue to 31 days from the current 55, a move aimed at making the process more efficient. Besides, the regulator has made ASBA (Applications Supported by Blocked Amount) facility as the mandatory mode of payment for all investors applying to shares on rights basis, Sebi said in a statement issued after its board meeting.
Besides, the watchdog would amend the norms for portfolio managers wherein net worth and minimum investment requirements would be raised for such entities.
About the new disclosure requirements on loan defaults, Sebi chairman Ajay Tyagi said the objective is to “get more openness to help investors”.
After fine-tuning mutual funds in the past few years and making them more transparent and investment-friendly, the capital market regulator Securities and Exchange Board of India (SEBI) has turned its focus to portfolio management services (PMS) funds.
SEBI … Read More
NEW DELHI :
Wadia Group-controlled GoAir on Wednesday said that it has placed a new order for 144 Pratt & Whitney (P&W) engines to power its 72 Airbus A320Neo planes.
The delivery of these engines are expected to begin by 2021, the airline said in a… Read More
The National Company Law Appellate Tribunal(NCLAT) has allowed Reliance Industries to delist textile manufacturer Alok Industries, which it has acquired through insolvency process.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has m… Read More
NEW DELHI :
Ratings agency Moody’s on Wednesday said Jaguar Land Rover (JLR) would continue to face challenges for the remainder of the current financial year and in the next financial year as well due to weak market outlook.
While acknowledging the company… Read More
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A total breakdown of U.S.-China talks could potentially trigger a glob… Read More
MUMBAI: Owing to the financial crisis and the slowdown in the real estate sector, residential projects worth around USD 66 billion are facing bankruptcy proceedings, a recent survey said.
According to property consultant JLL, nearly 4.54 lakh units running b… Read More