1. Reliance Likely to Make Bid for RCom and Its Related Companies Today
Having asked for a 10-day extension from a Resolution Professional, Mukesh Ambani’s Reliance group is expected to make a bid for his brother Anil Ambani’s Reliance Communications (RCom) and its related companies on Monday.
The companies are up for grabs as going concerns from the Anil Ambani stable under the Insolvency and Bankruptcy Code (IBC) process. They include RCom, Reliance Telecom (which has the spectrum), and Reliance Telecom Infrastructure which houses the tower and fibre assets. RCom also has subsidiaries which control its real estate and data centre businesses. The bids close on Monday and it is expected that the committee of creditors will open them on the same day for discussions.
(Source: Business Standard)
2. BSNL Employee Unions Call for Hunger Strike on 25 Nov
BSNL employee unions have alleged that the management is forcing personnel to opt for voluntary retirement scheme (VRS) by creating a fear psychosis and have called for pan-India hunger strike on 25 November.
The unions, representing more than half of BSNL employees, have alleged that the management is threatening employees of reduction in retirement age to 58 years and far away postings if the employees don't opt for VRS, All India Unions and Associations of Bharat Sanchar Nigam Limited (AUAB) Convenor P Abhimanyu told PTI on Sunday.
"We are not opposing VRS. Those who want and think it is beneficial for them should opt for it. It is not beneficial for lower level employees and they are being threatened to take VRS, else retirement age will be reduced to 58. It is a forced retirement scheme, therefore we are going on a hunger strike on Monday," Abhimanyu said.
3. Post Karvy, Sebi Looks to Impose Limits on Brokers
The Securities and Exchange Board of India (Sebi) is examining if brokers should be barred from offering clearing and settlement services, after the regulator found Karvy Stock Broking had illegally sold client stocks pledged to it for loans, two people directly aware of the matter said.
“We have been getting lots of complaints regarding defaults by brokers in payouts to clients. We are working on improving systems and processes with regard to handling of client money by brokers," a Sebi official, one of the two people cited above, said on condition of anonymity. One of the policy changes that Sebi is considering is barring brokers from settling and clearing trades, the person said.
4. RBI Asks Yes Bank to Review Audit Panel Chief’s Status
The Reserve Bank of India has asked Yes Bank Ltd to re-examine the “fit and proper" status of the lender’s audit committee chairman Uttam Prakash Agarwal after it was found that he had failed to disclose details of criminal cases filed against him, according to three people familiar with the matter.
“The bank is now in receipt of an email from RBI dated 5 September 2019 addressed to the chairman of the bank advising that the bank must re-examine the fit and proper status of Shri. Agarwal. Based on the re-examination, the decision taken by the board of the bank be advised to the department of banking regulation, RBI," said an RBI email addressed to Yes Bank’s chairman. Mint has partially reviewed the letter.
5. Delhi's Khan Market World's 20th Most Expensive Retail Location: Report
Delhi's upscale Khan Market has moved up one position to become the world's 20th most expensive retail location, according to global property consultant Cushman & Wakefield.
In its latest report 'Main Streets Across the World 2019', the consultant said that Khan Market is ranked 20th in the list of the most expensive retail locations with an annual rent of USD 243 per sq ft.
Last year, Khan market was at 21st place with a rent of USD 237 per sq ft a year.
Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of USD 2,745 per sq ft.
6. Lufthansa Plans To Bolster Ties With Indian Airlines After Jet's Demise
With Jet Airways shutting down in April, the Lufthansa airline group is planning to "strengthen" its partnership with Indian airlines like Vistara and Air India in 2020, the top Indian official of the largest European carrier said.
Moreover, apart from launching a Munich-Bengaluru flight service in April, the airline does not plan to start any other flight service in 2020, George Ettiyil, Senior Director, South Asia, Lufthansa Group, said.
Currently, the Lufthansa airline group has an interline agreement with Vistara, which allows a passenger to check-in his luggage at the first airport itself for the whole journey consisting of flights of both airlines.
7. Govt To Amend IBC To Protect Buyers Of Stressed Assets From Prosecution
The government plans to amend the Insolvency and Bankruptcy Code to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters.
This will help make the insolvency process more attractive for the bidders and instill confidence in them, sources said.
The government may move an amendment to the Insolvency and Bankruptcy Code 2016 during the current Winter Session of Parliament.
The amendment comes after several companies that are vying for assets being auctioned under IBC expressed concern regarding getting into legal trouble over the cases against previous promoters.
8. FPIs Pour Rs 17,722 Cr Into Indian Markets In November So Far
Continuing their buying spree, foreign portfolio investors have infused a net Rs 17,722 crore into the Indian markets in November so far amid encouraging domestic and global cues.
According to depositories data, overseas investors pumped in a net sum of Rs 17,547.55 crore into equities and Rs 175.27 crore in the debt segment during 1-22 November, taking the cumulative net investment to Rs 17,722.82 crore.
FPIs were net buyers in the preceding two months as well. They infused a net Rs 16,464.6 crore in October and Rs 6,557.8 crore in September into the domestic capital markets (both equity and debt).
9. BPCL Asset Valuer Asked To Submit Valuation Of Company In 50 Days
In part an indication of timelines for privatisation of India’s second biggest state oil refiner, the government has set a 50-day deadline for an outside “asset valuer” to carry out the valuation of all assets of Bharat Petroleum Corporation Ltd — a process once completed will trigger invitation of price bids from potential acquirers.
The Cabinet Committee on Economic Affairs had on 20 November given a go-ahead for sale of government’s entire stake in BPCL, Shipping Corporation of India Ltd, power generator THDC India Ltd and North Eastern Electric Power Corp Ltd to a strategic investor along with management control. It had also approved sale of 30.8 percent out of its 54.8 percent interest in Container Corp of India Ltd.
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