Wholesale price inflation rises to 5.13% in Sept

NEW DELHI: Inflation based on wholesale prices spiked to a twomonth high of 5.13% in September, mainly due to hardening of food prices as well as rise in cost of petrol and diesel.the wholesale price index (WPI) based inflation stood at 4.53% in August and 3.14% in September last year.

According to the government data released on Monday, food articles witnessed hardening of prices with deflation at 0.21% in September as against 4.04% in August. Deflation in vegetables was 3.83% in September, compared with 20.18% in the previous month, indicating relative rise in prices.

Inflation in ‘fuel and power’ basket in September was 16.65%. Individually, in petrol and diesel it was 17.21% and 22.18%, respectively, and for liquefied petroleum gas (LPG) it was 33.51%.

Icra principal economist Aditi Nayar said while crude oil prices have cooled in the recent sessions, and the excise duty and value-added tax (VAT) cuts would provide some relief for fuel prices, the weaker rupee would continue to push up the WPI inflation in the current month. Data released last week showed retail inflation rose to 3.77% in September from 3.69% in the previous month. The Reserve Bank of India mainly takes into account retail inflation data while formulating monetary policy. NEW DELHI:THE National Company Law Appellate Tribunal (NCLAT) on Monday stayed all proceedings against IL&FS and 348 group companies till its further order on an urgent petition moved by the government.

The ministry of corporate affairs (MCA) swiftly approached the appellate tribunal after the Mumbai bench of the National Company Law Tribunal (NCLT) turned down its plea to grant 90 days moratorium over the loans taken by IL&FS and its subsidiaries. Passing an interim order over the government’s plea, a twomember NCLAT bench headed by justice SJ Mukhopadhaya stayed all the proceedings “taking into consideration the nature of the case, larger public interest and economy of the nation and interest of IL&FS and 348 group companies”.

IL&FS in a statement said that the NCLAT order was a “muchneeded relief” from creditors and would assist its newly-constituted board to evaluate and prepare a resolution plan keeping various stakeholders in mind.

“In addition to providing much-needed relief from precipitative creditor actions against different entities within the IL&FS group, the moratorium enables value preservation of the group’s assets and will also assist the newly constituted board of directors of IL&FS in its effort to evaluate and prepare a resolution plan keeping various stakeholders in mind,” IL&FS said.

The NCLAT also directed to implead the top five lenders of IL&FS and asked to submit their replies over the government’s plea seeking 90 days moratorium.

“There shall be a stay of the institution or continuation of suits or any other proceedings by any party or person or bank or company, etc against IL&FS and its 348 group companies in any court of law/tribunal/arbitration panel or arbitration authority,” the appellate tribunal said.

There would also be a stay on “any action by any party or person or bank or company etc to foreclose, recover or enforce any security interest created over the assets of IL&FS and its 348 group companies including any action under the Securitization and Reconstruction of Financial