Five banks, including BoI, have total receivables of ₹600 crore from the company that has been classified as a non-performing asset by banks. "The case has been filed in the NCLT pending admission. There was no other recourse since the company is bleeding and no resolution is in sight," said a person aware of the process.
Sri City founder Ravindra Sannareddy said, "It (2022) has been an impressive year for us, and we thank all our clients who are partnering with us. Sustaining our growth, we look forward to more exciting developments in 2023. I take this opportunity to express great delight at the progress and growth witnessed in Sri City."
While Sharma isn't classified as a promoter - Indian parlance for controlling shareholder - he has rights akin to one, including a potential permanent seat on the board, IiAS said in a note Friday. "These provisions and structures give Vijay Shekhar Sharma 'entrenchment' similar to that enjoyed by promoter families in the more traditional companies," IiAS said.
"But I can certainly testify to this absolute reality and truth that as we look at modern elements in innovation, technology and skilling, this reminds us that culture, heritage, values and ideals are as much an important part of growing up and becoming a young Indian, a productive Indian and a citizen of the world who can contribute to a better future, not just for ourselves but for the entire world," he said.
The loans pertained to various banks and the nature of obligation is fund based working capital, non fund based working capital, term loans and FCCB (foreign currency convertible bonds). In September 2018, ICICI Bank filed an insolvency petition against JAL but the matter is still pending before the Allahabad bench of the National Company Law Tribunal (NCLT).
The financial creditors include Azim Premji Trust at Rs 227.20, IDFC Bank at Rs 214 crore, Yes Bank at Rs 71 crore and State Bank of India at Rs 45 crore, according to the document. Future Retail, the flagship company of Biyani, was admitted for insolvency proceedings last year. Lenders received 15 expressions of interest, including Adani group and Reliance Industries.
The policy offers birthing and non-birthing fathers the flexibility to avail leaves over a period of two years. The minimum number of leaves that can be availed in a single tranche is two weeks and the maximum is six weeks. In case of any complexity, the employee will be allowed to take additional leaves under the company's leave policy which includes casual leave, elective holiday, and wellness days.
India is in a better growth trajectory with strong domestic consumption and confidence, and many companies are re-strategising to derive faster local growth and parallelly tap opportunities to increase their participation in global manufacturing, corporate chieftains said. But some are also worried about the impact of external factors on their revenue growth.
The Godrej Industries & Associate Companies (GILAC) Group may record a 2x growth in revenue and consumer base in the next five years. The GILAC Group includes companies like Godrej Consumer Products (GCPL), Godrej Agrovet (GAVL) and Godrej Properties (GPL).