STOP NARRATIVE THAT I STOLE MONEY: MALLYA
LONDON: Controversial businessman Vijay Mallya took to Twitter again on Thursday to reiterate his appeal to Indian authorities to accept his settlement offer against loans he and his company had defaulted on. Insisting that there is no link between his extradition case and the recent extradition of alleged middleman Christian Michel from the UAE, Mallya said wherever he remains physically, “Please take the money.” At the Westminster magistrates court hearing his extradition case and outside, Mallya has been repeating his offer to return the loans taken from Indian banks running into thousands of crores of rupees. He is sought in India to face charges of financial irregularities.
IL&FS board appoints two new directors
NEW DELHI: IL&FS Investment Managers, part of the debt-laden IL&FS group, Thursday said its board has approved appointment of Nand Kishore and Kaushik Modak as additional directors in the company. Kishore and Modak have been appointed to the board in the capacity of nominee directors of Infrastructure Leasing & Financial Service. “The board of directors of the company by resolutions passed by circulation on December 6, 2018, have approved the appointment of Nand Kishore and Kaushik Modak as additional directors, in the capacity of nominee directors of Infrastructure Leasing & Financial Service Ltd on the board of directors of the company,” IL&FS Investment Managers said in a regulatory filing. Shares of IL&FS Investment Managers were trading 3.94% lower at ₹6.59 apiece on BSE.
Fitch slashes India growth forecast to 7.2%
NEW DELHI: Fitch Ratings on Thursday slashed India’s GDP growth forecast to 7.2% for current fiscal, from 7.8% projected in September, citing higher financing cost and reduced credit availability. In its Global Economic Outlook released Thursday, Fitch estimated India’s GDP growth to be 7% and 7.1% in financial years 2019-20 and 2020-21 respectively. Indian economy grew 6.7% in 2017-18 fiscal. The 7.2% GDP growth for current fiscal is substantially lower than 7.8% and 7.4% projections made by Fitch in September and June respectively. It is also lower than RBI’S 7.4% growth estimates for this fiscal.
NCLT dismisses HDFC plea against RHC Holding
NEW DELHI: The National Company Law Tribunal (NCLT) on Thursday dismissed HDFC Ltd’s insolvency plea against RHC Holding, observing that the non-banking financial company does not come under the purview of the IBC Code. A two-member principal bench headed by NCLT president justice M.M. Kumar dismissed the plea of HDFC Ltd, which had moved the tribunal to recover an amount of ₹41 crore. RHC Holding, promoted by Malvinder Mohan Singh and Shivinder Mohan, had taken a loan of ₹200 crore from HDFC in April 2016. RHC Holding had paid the interest for the first quarter on time but later started defaulting on it. According to HDFC, even after adjusting the proceeds from the sales of the pledged share, a substantial amount of ₹41.09 crore remained due.
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