MISTRY SEEKS REPRESENTATION ON BOARD OF TATA SONS
NEW DELHI: Cyrus Investments Pvt. Ltd on Wednesday sought representation on the board of Tata Sons Ltd along with modification of some provisions of the Articles of Association.in its submission before the National Company Law Appellate Tribunal (NCLAT) on Wednesday, counsel for Cyrus Investments said Article 121 of the Articles of Association has been used as a tool of oppression whereby, irrespective of the strength of the board and provisions as to the presence of independent directors on the board, just two trustee nominee directors alone can decide what gets approved. Aryama Sundaram, counsel for Cyrus Investments, argued that Article 75 has been used to “marginalize and eliminate the minority shareholders from the company.”
NIIF to acquire controlling stake in IDFC arm
NEW DELHI: Government-backed fund NIIF on Wednesday announced acquisition of controlling stake in IDFC-IFL for an undisclosed amount, amid report of liquidity crunch in the NBFC sector. Earlier in the day, IDFC Ltd in a stock exchange filing said that IDFC Infrastructure Finance Limited (IDFC-IFL) will sell controlling interest in its arm to National Investment and Infrastructure Fund II. Earlier in the day, IDFC Ltd in a stock exchange filing said that IDFC Infrastructure Finance Limited (IDFC-IFL) will sell controlling interest in its arm to National Investment and Infrastructure Fund II. “This acquisition is the first investment from NIIF’S Strategic Fund and the first control transaction for NIIF. The acquisition is subject to approval from (the) RBI and customary closing conditions,” the fund manager said in a statement. IDFC Ltd, IDFC Financial Holding Company Ltd (IDFC FHCL) and
IDFC Infrastructure Finance Ltd (IDFC IFL) have entered into a definitive agreement with NIIF II in this regard, IDFC said.
Lupin Q2 net profit drops 41.5% to ₹266 crore
NEW DELHI: Drug maker Lupin Wednesday reported a 41.5% decline in its consolidated net profit at ₹266 crore for the second quarter ended September 30,
2018 as sales slipped in the US market. The Mumbai-based company had reported a net profit of ₹455 crore for the July-september period of 2017-18. Sales for the quarter increased marginally to ₹3,890.9 crore as compared to ₹3,874.2 crore in the corresponding period last fiscal, Lupin said in a regulatory filing.
Core sector growth slows down to 4.3% in Sept
NEW DELHI: Growth of eight infrastructure sectors slowed down to 4.3% in September, the lowest in the last four months, as production of crude oil and natural gas declined.previously, the lowest growth rate was in May 2018 when the core sectors expanded at 4.1%. Eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 4.7% in September 2017.
COMPILED FROM MINT REPORTERS AND AGENCIES