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Govt Seeks SC Help to Reduce Delays in NCLT

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Govt Seeks SC Help to Reduce Delays in NCLT https://t.me/TheHindu_Zone_official MONDAY, 5 AUGUST 2019 20 pages in 1 section www.business-standard.com MUMBAI (CITY) ~8.00 VOLUME XXIII NUMBER 252 How markets performed last week % chg over Dec 31, ‘18 Index on *One- --———————————————————————————————————————————————————————— Aug 2, ‘19 week Local currency in US $ Sensex 37,118 -2.0 2.9 3.2 Nifty 10,997 -2.5 1.2 1.5 COMPANIES P2 START-UP CORNER P11 Dow Jones 26,485 -2.6 13.5 13.5 Nasdaq 8,004 -3.9 20.6 20.6 Hang Seng 26,919 -5.2 4.2 4.2 MOST PHARMA CEOs FOUR TEA START-UPs Nikkei 21,087 -2.6 5.4 8.4 FTSE 7,407 -1.9 10.1 5.0 TOOK A PAY CUT IN FY19 AIM FOR PERFECT BREW DAX 11,872 -4.4 12.4 8.9 *Change (%) over previous week Source: Bloomberg PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE 30 KILLED IN TWO SEPARATE MASS Govt seeks SC Ikea’s big idea is to go small SHOOTINGS IN US SURAJEET DAS GUPTA showcase some limited furniture New Delhi, 4 August and storage too. At least 30 people were killed and several Consumers will also now have the others injured in two separate mass Swedish giant Ikea is coming to a option of booking online from the store, shootings within 24 hours in the US. Ten help to reduce neighbourhood near you soon. As part seeing the product digitally on the people, including the shooter, were killed of a major change in its strategy, the screen, and consulting experts on their and at least 16 others injured on Sunday in company is scouting for locations needs. Ikea has identified Mumbai Dayton’s Oregon district. The incident took in Mumbai to set up five to six as the first city where it will place hours after a 21-year-old gunman smaller format stores. begin its online service and is armed with an assault rifle opened fire at a delays in NCLT These smaller outlets will expanding the reach of crowded Walmart store in the southern offer a more limited array of products The company plans to have home delivery border town of El Paso in Texas, killing and services. smaller stores in the range through its 20 people and wounding 26 others. 20 > Asks for court approval on rules to The stores will be in the range 50,000-150,000 sq. ft, pilot launch. make NCLT judges accountable 50,000-150,000 square feet, one-third one-third to a tenth of the The products to a tenth of the size of their flagship size of their flagship stores will either be ECONOMY & PUBLIC AFFAIRS P19 RUCHIKA CHITRAVANSHI stores, which go up to 500,000 square supplied from Kashmir on edge: Crucial New Delhi, 4 August feet. The Navi Mumbai store is over possibly later this year. its Hyderabad centre or through 400,000 square feet. The smaller stores, apart from stock- its distribution centre in Pune. Ikea Cabinet meet today he government has sought If the experiment works, the ing products which are smaller in size, will also launch online services in The Union Cabinet is set to meet on Monday the Supreme Court’s (SC’s) small format stores will be opened such as furnishings, lighting, and Hyderabad and Pune. morning and is expected not only to take approval to frame rules INITIATION in other locations in India, kitchen products, will also Turn to Page 6 > stock of the situation in Jammu & Kashmir T for making judges of the (J&K) but policy decisions concerning the National Company Law Tribunal OF CIRPs state. Regional parties in J&K on Sunday (NCLT) accountable in ensuring unanimously resolved to fight any attempt corporate insolvency cases are to abrogate the constitutional provisions disposed of in time. Q1 Q2 Q3 Q4 Embassy may call off deal with Indiabulls that guarantee the state special status or In the latest amendments to 373 any move to trifurcate the state. the Insolvency and Bankruptcy Code 286 HAMSINI KARTHIK right direction between Embassy 275 (IBC), the government has made it & RAGHAVENDRA KAMATH and IBREL. The deal was called off EMBASSY OUT, 246 241 mandatory for all corporate insolvency 233 Mumbai, 4 August a few days ago,” said a person aware BLACKSTONE IN procedures, including litigation, to 195 of the development. However, an be wrapped up in 330 days. The proposed stake-purchase Embassy spokesperson said the deal 147 ON The Bill, passed in both Houses 129 deal between Embassy Property was still under consideration. MONDAY of Parliament, has put the onus Developments and Indiabulls Real While the reasons for this could SPECIALS on the NCLT Benches to increase Estate (IBREL) may be called off, not be ascertained, sources said it their productivity. 37 it is learnt. was Embassy’s hesitation in load- NA BANKER’S TRUST: Hobson’s “It is out of despair that the govern- NA According to the earlier ing up too many commercial real- choice before the RBI… 12 > ment has taken this action. We had to 2017 2018 2019 agreement, Embassy was supposed estate assets on its books that led to | Embassy may not acquisition in 6–8 …between a harder forward premium set a time limit and draw a line some- to buy an additional 14 per cent the deal being abruptly called off. acquire more weeks from June and a sharp decline in domestic rates. where. The delays have a huge cost and CASE FILES stake in IBREL from its promoter While the Bengaluru-based share in IBREL, | IBREL now in talks TAMAL BANDYOPADHYAY writes time is of essence when it comes to the Status of CIRPs as of June 2019 Sameer Gehlaut and his group Embassy Group is a specialist in as planned with Blackstone to IBC,” a senior government official said. Admitted 2,162 companies, following the first commercial real estate, the deal fell | The deal is offload 50% stake Justice G S Singhvi, a retired judge of tranche of 14 per cent it acquired through because the environment believed to have in commercial Ongoing 1,292 the SC, said such a deadline for courts in June. and valuations were not conducive been called off properties had never been imposed before. Liquidation 475 The second tranche was expect- to it. It is learnt that promoters of However, he said it was important to ed to conclude in six-eight weeks. IBREL weren’t very happy with the last week | Deal likely to understand why there was delay. “You >270 days 445 Sources in the know said this trans- valuations offered in the second | Embassy to have fetch valuation of have one person doing the job of four. >90<180 349 action was unlikely to go through. tranche that should have concluded concluded second ~4,800 crore, may Everyone wants the judge to apply >330 days 335 “Talks haven’t progressed in the a week ago. Turn to Page 6 > round of stake conclude by Sept his mind, and give a reasoned order. But you need to build capacity as well,” <90 277 said Justice Singhvi. >180<270 221 The government is concerned about Closed on appeal 174 BUSINESS LAW: Taming the cost that the delay in the resolution process is causing. A set of rules in this Resolution plan of the unscrupulous 17 > 120 regard has been proposed by the approved The rules under the Unregulated Ministry of Corporate Affairs to the SC, Withdrawn 101 Deposit Schemes Act may hold the it is learnt. The government, if it finds key to its implementation, say experts. CIRP: Corporate insolvency resolution process anything untoward in a preliminary Source: Insolvency and Bankruptcy Board of India APOORVA writes enquiry, will approach the Chief Justice of India to appoint an SC judge to POLITICS & PUBLIC Capacity building AFFAIRS: A concoction initiate a larger enquiry in accordance with the proposed rules. The ministry is planning to build a 18 > of crime, caste In fixing accountability, Justice more democratic system for the NCLT The incidents related to the rape of a Singhvi said: “Those dishonest should and part with some control by minor in Unnao and the support that be held liable and there are many creating five posts of regional accused Kuldeep Singh Sengar instances where the SC has taken vice-president across the country. enjoys show the worst of UP politics. action against judges and allowed They will take over most of the admin- RADHIKA RAMASESHAN writes enquiries... Procedures may be istrative duties, giving the Benches STATSGURU: MPC to tread different for tribunals because there more time for their judicial work, the are retired judges there.” senior official said. Turn to Page 6 > on multiple pain points 4 > > RESULTS RECKONER DEFENCE SHIPYARDS BAG 85-95% Quarter ended Jun 30, 2019; common sample of 658 companies (results available of 748) WARSHIP ORDERS WITHOUT TENDER SALES The Federation of Indian Chambers of Jun 30, ’18 20.3% 7.93 trillion Commerce and Industry has written a Jun 30, ’19 5.6% 8.38 trillion strongly-worded note to Defence Minister NET PROFIT Rajnath Singh, asking the Ministry of Defence to end the practice of ‘nominating’ defence public- Jun 30, ’18 3.2% 71,208 crore sector shipyards to build warships for the Navy and Jun 30, ’19 14.2% 81,343 crore Coast Guard. ‘Nomination’ involves placing orders for Companies which have reported zero sales are excluded warships on chosen public-sector shipyards, without Data compiled by BS Research Bureau Source: Capitaline competitive tendering.
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