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Showing posts from March, 2021

Cairn to seize overseas Indian assets to enforce $1.2-bn arbitration award

UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover USD 1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return USD 1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sull...
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Tata Consulting-led JV lowest bidder for Mumbai-Ahmedabad HSR consultancy

Joint Venture of Tata Consulting Engineers Limited, Consulting Engineers Group Ltd., Aarvee Associates Architects Engineers and Consultants Private Limited, PADECO Co. Ltd. has quoted the lowest bid for an amount of Rs 1,111 crores for the work 'Project Management Consultancy Services' for the construction of civil works packages for Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project.Financial bids for the work 'Project Management Consultancy Services for the construction of civil works packages for Mumbai Ahmedabad High-Speed Rail (MAHSR) project were opened on Monday.According to a release by the National High-Speed Rail Corporation Limited, this includes supervision of all 13 civil works packages including Viaducts, Concrete/Steel bridges, Tunnels (Undersea & Mountain tunnels), Civil work of all 12 stations, Maintenance depots, and Training Institute building."Joint Venture of Tata Consulting Engineers Limited, Consulting Engineers Group Ltd., Aarvee Associates Ar...
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CAIT demands MSME status restoration for 8 cr traders from service industry

The Confederation of All India Traders (CAIT) has demanded restoration of MSME status taken away in 2017 from 8 crore retail and wholesale traders who are part of the service industry. The government in June 2017 removed retail and wholesale traders from the MSME category forcing the players either borrow at a higher rate or from informal financial sources, CAIT Secretary General Praveen Khandelwal told PTI. According to banking sources, about Rs 3 lakh crore loans given to them are at the risk of losing a tag of MSMEloan at the end of March when banks do their annual closure. As a result, many banks will face the problem of meeting priority sector lending (PSL) target and the shortfall may have to be parked with Small Industries Development Bank of India (SIDBI) or Micro Units Development & Refinance Agency Ltd (MUDRA). Along with agriculture, loans given to MSME sector also come under the PSL and as per the RBI's guidelines, commercial banks should extend 40 per cent of the ....
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SpiceJet to add 66 new flights to domestic network from March 28

No-frills carrier SpiceJet on Saturday said it will add 66 new flights, including additional services on certain routes, in its domestic network from March 28. These new flights, which will be operated with Boeing 737s and regional jet Bombardier Q400s, are aimed at augmenting connectivity between metro and non-metro cities as part of its enhanced network. "We are delighted to further expand our domestic operations and add 66 new flights to our network for the start of this summer schedule. As the country's largest regional operator, the new flights further reiterate our commitment towards enhancing regional connectivity, besides offering unique connections to many leisure destinations, said Shilpa Bhatia, Chief Commercial Officer, SpiceJet. In a bid to support the increasing travel demand from smaller cities which were initially connected by SpiceJet under UDAN scheme, the airline has introduced new flights connecting Darbhanga, Durgapur, Jharsuguda, Gwalior and Nashik with s...
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Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estates Projects has completed phase one of the proposed transaction with Blackstone Group with enterprise value forming part of phase one at Rs 7,467 crore.The total enterprise value including phase two is Rs 9,160 crore as mentioned in the initial disclosure.Prestige said the overall transaction includes a 100 per cent stake sale in six completed office projects including a hotel and a 50 per cent stake sale in four under-construction projects. It will also include 85 per cent stake sale in nine shopping malls.Phase one of the transaction includes the sale of 12 assets comprising of completed retail, office and hotel assets. Phase two of the transaction is expected to complete by the end of next quarter."We believe that this transaction will further strengthen our foundation and help us in gearing up for the next level of growth," said Irfan Razack, Chairman of the Prestige Group."This transaction will also aid us in building a long-term strategic partnership ...
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