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Tag: NCLT

NCLT reserves order of Patanjali bid for Ruchi Soya, seeks funding details again
News

NCLT reserves order of Patanjali bid for Ruchi Soya, seeks funding details again

Mumbai: The National Company Law Tribunal (NCLT) reserved its order on the Rs 4,350-crore offer by Patanjali to take over the crippled edible oil firm Ruchi Soya and again sought clarity on Rs 600-crore of part-funding committed as internal accruals for the acquisition.  This is the second time that the tribunal has sought details of Rs 600 crore, and asked them to file written submission on the same.  The counsel for the Haridwar-headquartered Patanjali reiterated that Rs 600 crore of the Rs 4,350-crore fund will be met through internal accruals and offered to submit a written submission on the same.  The counsel for the Haridwar-headquartered Patanjali reiterated that Rs 600 crore of the Rs 4,350-crore fund will be met through internal accruals and offered to submit a written s...
McDonald’s Running its Indian Business Amid all The Losses
BUSINESS

McDonald’s Running its Indian Business Amid all The Losses

The world’s largest fast-food chain McDonald’s is reportedly facing a huge amount of loss in India. McDonald’s India has announced its biggest loss amounting to INR 305 crore in the financial year ending in March 2017, after canceling the investments in Connaught Plaza Restaurants (CPRL) which ought to be its licensee partner. All this was because of a five-year-old official disagreement with CPRL. In this regard, McDonald’s India said, “Considering that CPRL is having significant accumulated losses as of date and considering that the company has terminated all its franchise arrangements in favour of CPRL, the management feels that its investments in CPRL are impaired and accordingly a provision of Rs 198.20 crore has been considered in the financial statements of the company for diminu...
RCom Shares in Demand, Give 100% Return in 11 Days
Market

RCom Shares in Demand, Give 100% Return in 11 Days

Anil Dhirubhai Led company, Reliance Communications has witnessed a tremendous share jump with a nearly double the money returning in just 11 days. The surge in shares has come amidst NCLAT allowing RCom to proceed with the asset sale to Mukesh Ambani-controlled Reliance Jio Infocomm and Brookfield. Additionally, National Company Law Appellate Tribunal has also put a stay on the order of NCLT regarding insolvency of Reliance Communications, Reliance Infratel and Reliance Telecom. Speaking in terms of numbers, Rcom shares have jumped 100% to Rs 21 from a share price level of Rs 10.5 as on 16 May 2018. In a continuous stretch of last 11 days, heavy trading had been witnessed on the counters of RCom with about 50 to 80 crore equity shares being traded in a single day. Interestingly, ...
Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya
BUSINESS

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

Patanjali, India's fast moving consumer goods (FMCG) company founded by Baba Ramdev denied reports suggesting that it placed a bid to acquire debt-ridden edible oil maker Ruchi Soya Industries for Rs 9,000 crore. A spokesperson for the company SK Tijarawala wrote in a tweet, “The news of applying a bid of 9,000 crore rupees by Patanjali is wrong. We are evaluating. We understand the value of money of the common people of this country.” However, SK Tijarawala did not deny Patanjali’s interest in acquiring the firm, but for a lesser price. “After examining the company’s vitals and balance sheet, the value of the deal should be at most between Rs 1,800-2,000 crore,” he said. He also describes the acquisition as synergistic with Patanjali’s values since it was “swadeshi. Vital resource...