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  • India made major strides in improving pr...

    Long known for its bureaucracy, India has made major strides in improving prospects for businesses in the country, the World Bank said in a report on Wednesday. India rose 23 places to 77th in the World Bank's Ease of Doing Business Index for 2019, up from 100th in 2018 and 130th in 2017, when it was ranked lower than Iran and Uganda. The two-year jump is the second largest for any country on the index, to the delight of Prime Minister Narendra Modi's Hindu nationalist government as it prepares for an election due to be held by next May. ALSO READ: India is not a 'tariff king', says World Bank official on Trump's remarks "We are incentivising those who are doing honest business," Ramesh Abhishek, an official in the industries department of Modi's government, told a news conference on Wednesday. India improved on six of the 10 metrics tracked by the World Bank, including obtaining credit and construction permits. The average import into the country spent less than 100 hours being checked for compliance at the border, the World Bank said, down from more than 250 hours a year previously. ALSO READ: India jumps 23 spots to 77 in World Bank's ease-of-doing-business rankings India's centrally planned economy in the years after independence was renowned for the complex system of permits required to run a business in the country. But in recent years, particularly since Modi was elected in 2014, the government has enticed foreign companies including Apple and Ikea to open factories and stores after years of delays.

    2018-11-01 TO 2018-11-20
  • LIC seeks CCI's approval for acquisition...

    Insurance behemoth LIC has sought the Competition Commission's nod for its acquisition of majority stake in state-owned IDBI Bank. A listed entity, IDBI Bank is grappling with mounting toxic loans with gross non-performing assets rising to about Rs 578.07 billion at the end of the June quarter. During the three months ended June, the lender's net loss stood at Rs 24.10 billion. The bank has a market capitalisation of over Rs 247.94 billion. According to a notice submitted by the Life Insurance Corporation of India (LIC) to the CCI: "The proposed combination relates to the acquisition of a controlling stake to the extent of 51 per cent shareholding and management control rights in IDBI through preferential issue and open offer." Mergers and acquisitions beyond a certain threshold require approval of the Competition Commission of India (CCI). –– ADVERTISEMENT –– Earlier this month, IDBI Bank had said that LIC's open offer to purchase shares from the minority shareholders of the state-owned bank will kick-start from December 3. The open offer, at Rs 61.73 per equity share, will close on December 14. LIC has offered to acquire 2,04,15,12,929 equity shares, representing 26 per cent of the fully paid-up equity capital of IDBI Bank under the open offer in accordance with Sebi regulations. The open offer is in connection with the LIC's acquisition of 51 per cent controlling stake in IDBI Bank. As per Sebi takeover code rules, an acquirer company has to give an open offer to the shareholders of the target company on acquiring shares or voting rights of 25 per cent or more, so that they get an exit route or earn profit by way of selling their equity in the target company.

    2018-11-01 TO 2018-11-20
  • Tatas, TCS violated rules in sacking Cyr...

    The abrupt sacking of Cyrus Mistry as the chairman and director, respectively, of Tata Sons and its crown jewel TCS violated provisions of the Companies Act, RBI rules and more importantly, Tatas' own articles of association, RoC, Mumbai said in an RTI reply. The right to information (RTI) reply, given by Uday Khomane, the assistant registrar of companies (RoC), Mumbai on October 3, is in response to a RTI request filed by the investment arms of the Shapoorji Pallonji Group on August 31. The reply said the way Mistry was removed from the chairmanship of Tats Sons and also as the director of Tata Consultancy Services (TCS), violated the relevant legal provisions under the Companies Act, 2013; the Reserve Bank rules governing NBFCs; and more importantly the rule 118 of the articles of association (AoA) of Tata Sons, the parent of the diversified Tata group, which is registered as an NBFC with the monetary authority. PTI has seen a copy of the RTI reply which is based on the assessment of the documents furnished by the Tatas in the aftermath of the boardroom coup on October 24, 2016 dismissing Mistry as the group chairman. The report offers an internal view of the RoC, which interestingly is totally opposite of the view taken by the National Company Law Tribunal (NCLT), Mumbai earlier this year while dismissing the petition filed by Mistry challenging his dismissal from the group. “All requisite processes were followed in line with the Companies Act in case of Mr Mistry’s removal from the board of TCS as well as the chairman of TCS and Tata Sons. The respective board of directors acted as per the provision of the Companies Act as well as in compliance of the articles of association of the company. This was subsequently approved by both the shareholders of Tata Sons and TCS,” said a Tata Sons spokesperson. The spokesperson added: “Neither TCS nor Tata Sons had received any communication from the RoC, Mumbai, regarding any non-compliance in this regard. The NCLT has confirmed that the process followed for removal of Mr Mistry was valid and accordance with law.” In a boardroom coup, Mistry was sacked as the chairman of Tata Sons on October 24, 2016, two months short of four years in the corner room of the Bombay House, the global headquarters of the 150-old conglomerate that nets over 65 per cent of its income from outside the country. Mistry, whose family is the single largest non-Tata shareholder with 18.4 per cent stake in Tata Sons, was nudged to take over the reins of the USD 103-billion group as the second non-Tata chairman, after Nowroji Saklatwala(1934-38), in December 2012, after group patriarch Ratan Tata retired. Mistry was removed as TCS director with 93.11 per cent votes at the EGM held on December 13, 2016, as per its company secretaries Parikh & Associates which cited section 169(2) of the Companies Act 2013 read with section 115 and 100 (2)(a) for his removal. But TCS did not send out the complete representation of Mistry to all shareholders, which violates section 169 (4)(b) of the Companies Act, noted the RoC reply. The RTI reply is based on the queries posed by SP Kumar, western regional director, RoC, Mumbai which has found that Tata Sons violated rule 118 of its articles of its AoA, when it removed Mistry. The report, exclusively available with PTI, states that "article 118 of the AoA of Tata Sons prescribes that its chairman can be removed in the same process as specified for his appointment i.e. by the selection committee consisting of four persons and based on such recommendation of the removal committee only the board is empowered to remove its chairman". It goes on to add that Tata Sons "being an NBFC duly registered with RBI, any management change requires prior approval of the RBI", which was also not complied with. The reply also cited several irregularities pertaining to the December 13, 2016 EGM convened by TCS to remove Mistry as a director from its board. TCS had adopted a letter written by the company secretary and chief operating officer of Tata Sons on November 9, 2016 as a special resolution notice to sack Mistry. The reply noted that this letter from Tata Sons was sent to TCS without any proof of a board resolution authorising the issuance of such a letter. The report also states that "it appears prima facie that there was no proper 'special notice' received" by TCS. The RoC also said that the TCS' company secretary thereafter "on his own" forwarded the purported special notice from Tata Sons dated November 9, 2016 to Mistry. "The letter dated November 11, 2016 written by the VP & CS of TCS is against the provisions of section 169(3) of the Companies Act of 2013 as the power to send such a letter is vested with the board of the company," noted the RoC report. The RoC further noted that "since there was no TCS board meeting between November 9 and 11, 2016, and in the absence of any board resolution authorising the actions of the TCS' company secretary, such a letter and the resulting actions would be void ab-initio". Additionally, TCS had also failed to send out the complete shareholder representation of Mistry to all shareholders, "in violation of section 169(4)(b) of the Companies Act", and hence "the consequential resolution of EGM dated December 13, 2016 for the removal of Mistry would also be void". The RoC, Mumbai in a letter dated January 25, 2017 had written to the regional director of the corporate affairs ministry highlighting these concerns. "As the verification of the relevant documents further finds that the company has violated the provisions of the Companies Act, and rules there under, I am referring the matter to the regional director to verify the findings in terms of rule 11(2) of the Companies (registration offices and fees) rules of 2014," the letter read. In the reply, SP Kumar, RoC Mumbai, in a letter dated February 17, 2017, stated, "RoC having come to the conclusion that transactions are void [Annexure C point (1) to (4)] has to express in unequivocal words whether the e-form is to be rejected or e-form or document as the case may be, as invalid in the electronic record in terms of rule 10(4) of Companies (Registration Offices and Fees) Rules, 2014." However, it is unclear what further action the ministry took on these observations, it noted. Mistry and his elder brother Shapoor Mistry, through their investment companies, are the single largest non-Tata shareholder in Tata Sons with 18.4 per cent stake. The group's investment companies are currently waging a legal battle against Tata Sons in the National Company Law Appellate Tribunal alleging oppression of the minority shareholders and mismanagement at Tata Sons. The tribunal began hearing the case Wednesday in New Delhi.

    2018-11-01 TO 2018-11-20
  • Adani Power hits 52-week high post Q2 re...

    Shares of Adani Power hit a 52-week high of Rs 47.85 per share, up 4% on the BSE, after Adani Group company posted 22% year-on-year (Y-o-Y) growth in its consolidated net profit at Rs 3.87 billion in September quarter. It had posted a profit of Rs 3.17 billion in the same quarter last year. The electric utility company had a net loss of Rs 8.25 billion in the previous quarter. The company’s consolidated total income grew 19% Y-o-Y to Rs 76.57 billion mainly due to additional revenue recognition on account of change in law compensation for domestic coal shortfall. The average plant load factor (PLF) achieved during Q2FY19 was 65%, higher as compared to 63% achieved in Q2FY9. This growth was on account of better coal availability and strong demand from DISCOMs. In past one week, Adani Power has soared 45% from Rs 33, the Supreme Court permitting the Gujarat Government to approach the Central Electricity Regulatory Commission (CERC) for implementation of recommendations made by the High Power Committee. In comparison, the S&P BSE Sensex was up 2% during the week. Since October, the stock price more than doubled from Rs 23.85 as on September 28, 2018, against 5% decline in the benchmark index. Commenting on the results, Gautam Adani, Chairman, Adani Power said, "We are pleased to note the progress in ensuring sustainable operations of the Mundra power plant, with the Hon'ble Supreme Court permitting the Gujarat Government to approach the CERC for implementation of recommendations made by the High Power Committee. "We have also received other important Regulatory and judicial approvals for compensation claims of our projects at Tiroda and Kawai. With the quick ramp-up of coal supplies under SHAKTI, we firmly believe that these developments will help the plants achieve cash flow certainty and improvement in long-term profitability. We remain committed to our goal of catering to India's growing power demand and contributing significantly to its economic growth." At 12:34 PM; the stock was trading 3% higher at Rs 47.45, as compared to 0.28% decline in the S&P BSE Sensex. A combined 34.83 million equity shares changed hands on the counter on the BSE and NSE so far.

    2018-11-01 TO 2018-11-20

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