Shutdown fears? Vodafone Idea is still expanding

Even as shares of Vodafone Idea tanked 17% over fears that the company may shut down or file for bankruptcy, the latest numbers posted by the company show that it continues to invest in its network. The correction in the stock price followed a renewed warning yesterday that the company may not be able to […]

Govt exploring legal options on getting back RCom spectrum

The government of India is exploring legal options to see if it can get back the spectrum assigned to bankrupt telecom operator Reliance Communications, telecom minister Ravi Shankar Prasad said. Anil Ambani-owned Reliance Communications has three types of spectrum — GSM spectrum in the 1800 MHz band that it got along with its license, spectrum […]

Union Bank starts insolvency proceedings against Rolta India

Rolta India, a provider of geospatial and IT solutions to government and non-government organizations in India, said it received a notice informing it that Union Bank of India has started insolvency proceedings against the company. The proceedings have been started in the National Company Law and Appellate Board on 17 days ago. “The company has […]

Tata Steel declared successful bidder for Bhushan Steel

Tata Steel said it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited, laying the ground for one of the biggest acquisitions in India’s iron and steel sector. Tata Steel said it has has accepted the Letter of Intent for Bhushan Steel under the Corporate Insolvency Resolution […]

RCom calls Fortuna PR litigation ‘motivated’

Reliance Communications said the liquidation case filed by Fortuna Public Relations Private Limited against it is “misconceived, premature and motivated by extraneous considerations.” Media reports had sprung up saying that Fortuna PR had filed for liquidation of RCom to recover its dues. However, said RCom, the total bill that has been submitted by the PR […]

Reliance Naval says not worried about IFC’s insolvency petition

Reliance Naval and Engineering, the defence production arm of the Anil Ambani group, said it was not worried about the petition filed by bankruptcy petition filed by IFC. It said the international organization does not have its loan secured against the assets of the company. Unsecured creditors come lower in priority compared to secured creditors, […]

RCom says majority of lenders oppose China bank’s insolvency petition

Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 29 November 2017, a majority of Reliance Communications’ lenders, foreign and Indian, aggregating […]

LIC withdraws insolvency case against DB Realty

Life Insurance Corporation of India, the single biggest shareholder in many listed companies in India, has withdrawn its insolvency case against DB Realty Ltd, the real estate developer said. The two companies have executed a debt settlement agreement on Oct 16, DB Realty said. With this, the case against the developer has been withdrawn and […]

Tata Teleservices says all options on table; no final decision, denies reports

Tata Teleservices Maharashtra, the listed unit of TTSL, said it had not taken any “firm decision” on how to go forward, reacting to a news article in the Business Standard that said the company will shut down this month. Reacting to media reports, the company said it “continues to explore all options in respect of […]

Apollo Tyres Africa files for business rescue after financial distress

Apollo Tyres Ltd subsidiary Apollo Tyres Africa Proprietary Limited has initiated business rescue proceedings, similar to bankruptcy protection proceedings in the US, to deal with financial and operational challenges. The company has voluntary initiated the proceedings and “has appointed a specialist to re-structure its operations and to secure best value for all stakeholders,” the Indian […]