"The company was also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes," the RBI said.
"The company was also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes," the RBI said.
The division bench of Justice Ashok Bhushan and Barun Mitra in its oral order, set aside the Mumbai bench of the National Company Law Tribunal order that favoured Torrent Investments in its plea challenging lenders’ decision to hold a second auction for the sale of Reliance Capital and a late improved offer from the Hinduja Group after the auction for the bankrupt company concluded on December 21.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.
Vedanta Resources has been exploring ways to raise funds to meet upcoming debt maturities, after Indian government's nominees on group company Hindustan Zinc's board objected to a $2.98 billion cash deal to purchase Vedanta's zinc assets. Vedanta Resources has mandated Cantor Fitzgerald to syndicate a $2 billion loan to service short-term maturities, ET reported on February 16.
The company is currently working on its upcoming projects covering 3 million sq ft of space for its various other clients and investors across India. The warehousing industry has mushroomed around Haryana’s Bilaspur Chowk belt, which comprises Pataudi Road, Tauru Road, Farukh Nagar and Jhajjar. It is connected to the KMP Expressway and NH8 and serves as the distribution point for the critical NCR market as well as the nearby towns in Haryana, Uttar Pradesh and Rajasthan.
Housing finance companies are in for some headwinds given the rising interest rates and property prices and the resultant moderation in home affordability, which will lead to a marginal dip in their loan sales growth to 12.3 per cent next fiscal, says a report.
Despite a sizeable sheet cleansing by large microfinance institutions (NBFC-MFIs) and small finance banks in the third quarter of this fiscal year through write-offs, the amount of sectoral non-performing assets jumped to about Rs 42,300 crore as of end-December — an about 16% increase from three months earlier. This is the highest ever NPA for the sector.
"Digitization in collections in the microfinance sector has been a great challenge as most of the MFI clients do not possesses smartphones. The association with NextGen, Federal Bank and IDFC First will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them," said Jiji Mammen, ED & CEO, Sa-Dhan.
The Securities and Exchange Board of India (Sebi), however, opposed it alleging violation of its circular related to voting process of debenture holders (DHs). A Bench led by Justice BR Gavai - while reserving its judgment on giving approval for AII's resolution process (RP) - asked all parties to file a small note of their submissions.