NCLAT

NCLAT upholds Adani bid; asks Shapoorji Pallonji to pursue arbitration (FEB 27, 2023)

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims.  

The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji & Co, against an order passed by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on June 24, 2019 approving the resolution plan by Adani Power.

DETAILS : NCLAT upheld Adani Power bid for Korba West Power; asks Shapoorji Pallonji & Co to pursue arbitration for claims (business-standard.com)

NCLT 

NCLT admits insolvency plea against Sintex Plastics Technology Ltd(FEB 28, 2023) 

The Ahmedabad bench of NCLT admitted the application filed by its Financial creditor Asset Reconstruction Company (India) Ltd claiming an outstanding amount of Rs 350.28 crore, which includes Rs 215.77 crore principal amount and Rs 134.50 crore towards interest. 

The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution Professional for the company. Insolvency proceedings against SPTL were triggered as it was a corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is presently going through Corporate Insolvency Resolution Process (CIRP), and a bid of Rs 1,251 crore is pending for approval.

DETAILS : NCLT admits insolvency plea against Sintex Plastics Technology Ltd (business-standard.com)

DIRECTORATE GENERAL OF FOREIGN TRADE (DGFT)

DGFT further Simplifies the process of levying Composition Fee for Export Obligation Extension to include more cases under Advance Authorization Scheme (MAR 01, 2023) 

DGFT is extending the benefit of reduced Composition Fee for cases where it has allowed an extension in EOP (Export Obligation Period) and/or regularization of exports already made. The rationalization of Composition Fee calculations aids in automation and accelerated delivery of services by attempting to make the procedure simpler and more understandable. 

PRESS RELEASE : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1903374

IMPORT EXPORT

Mobile exports from India will exceed $10 billion this year, says Ashwini Vaishnaw ( FEB 28, 2023)

Vaishnaw noted that the Production Linked Incentive (PLI) scheme has helped create one lakh jobs in the country and that the ecosystem has led to the manufacturing of 99 percent of all phones in India. He also stated that the component ecosystem is slowly making its way to India and that mobile exports are expected to exceed $10 billion this year.

NEWS REPORT : Mobile Exports From India Will Exceed $10 Billion This Year, Says Ashwini Vaishnaw (cnbctv18.com)

NATIONAL STOCK EXCHANGE (NSE)

NSE gets SEBI nod to launch WTI crude oil, natural gas futures contracts (MAR 01, 2023) 

The National Stock Exchange received approval from markets regulator SEBI to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release. 

The addition of these contracts will expand NSE's product offering in the energy basket as well as its overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their price risk. 

DETAILS : NSE gets Sebi nod to launch WTI crude oil, natural gas futures contracts (business-standard.com)

SUPREME COURT 

The Supreme Court forms an expert committee to probe Adani allegations (MAR 02, 2023) 

The Supreme Court on March 02, 2023 formed an expert committee headed by a former judge to investigate if there was a regulatory failure leading to investor losses after the adverse report by American short-seller Hindenburg Research on the Adani group of companies came out.

NEWS REPORT : Supreme Court forms an expert committee to probe Adani allegations (business-standard.com)

FINTECH

Fintechs Paytm, PhonePe, Google Pay eye advertising revenues from D2C brands (MAR 03, 2023)

Fintech and payments platforms including Paytm, Walmart-owned PhonePe and Google Pay are increasingly gaining traction among direct-to-consumer (D2C) brands as an advertising destination and customer acquisition engines, industry executives told ET. 

The interest from D2C brands to advertise on these fintech apps comes as these platforms have amassed a large captive user base and witness high daily user engagement rates with use-cases such as digital payments.

NEWS REPORT : Most Viewed Business News Articles, Top News Articles | The Economic Times (indiatimes.com)

SEBI 

SEBI bars Arshad Warsi, 30 others from securities market after unearthing pump and dump scheme through YouTube (MAR 04, 2023) 

SEBI received information on price manipulation and offloading of shares by certain entities in the scrip of a company called Sadhna Broadcast Limited. It was alleged that YouTube videos with false content, backed by a paid marketing campaign worth crores of rupees, were being uploaded to lure people to invest in the company. Once the investors entered the scrip, the said entities offloaded their holdings at an inflated price. 

This was alleged to be in violation of the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.

NEWS REPORT : SEBI bars Arshad Warsi, 30 others from securities market after unearthing pump and dump scheme through YouTube (barandbench.com)

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