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Evergrande Unit Tianji Ordered to Liquidate by HK Court

Livemint

Livemint · 6m ago

Evergrande Unit Tianji Ordered to Liquidate by HK Court

A Hong Kong court has ordered Tianji Holding Ltd., a crucial unit of China Evergrande Group, to liquidate amid efforts to access the assets of the world's most indebted developer. This follows Evergrande's own liquidation and highlights ongoing challenges in the Chinese property sector. The company’s court-approved liquidators continue to navigate complex legal and jurisdictional issues related to Evergrande’s vast network of assets and subsidiaries, aiming to recover significant debts and funds.

Related News

China Evergrande liquidation sends shockwaves through financial markets

Livemint

Livemint · 1y ago

China Evergrande liquidation sends shockwaves through financial markets

A Hong Kong court has ordered the liquidation of China Evergrande Group, causing concern in China's financial markets. Trading of Evergrande related shares was halted and the Hang Seng Index rose 1.2%. Analysts agree that the delay in liquidation is surprising and clearing out Evergrande is seen as positive, but doubts remain about the impact on the property sector. There are concerns about the downturn in China's property sector and the effect on the progress of fixing it. The liquidation may also impact confidence among mainland creditors and potential buyers. Offshore creditors will depend on mainland courts recognizing or enforcing the winding-up order from Hong Kong to claim assets. Evergrande, the world's most indebted developer, has $300 billion liabilities and $240 billion assets. The liquidation petition was filed by an investor in June 2022 due to Evergrande's failure to honor an agreement.

China Evergrande's EV share sale deal lapses

Reuters · 1y ago

China Evergrande's EV share sale deal lapses

China Evergrande New Energy Vehicle Group's share sale plan with U.S.-listed NWTN has expired, according to a filing with the Hong Kong stock exchange. As the parties did not agree to extend the long stop date, the share subscription and loan conversion subscription agreement between Evergrande New Energy Vehicle and NWTN is no longer valid. In August, Evergrande's electric vehicle arm had announced a plan to issue 6.18 billion new shares to NWTN for HK$3.89 billion ($498.2 million).

Evergrande's possible liquidation and what happens next

Livemint

Livemint · 1y ago

Evergrande's possible liquidation and what happens next

A key offshore bondholder group of China Evergrande plans to join a petition to liquidate the developer in a Hong Kong court. If a liquidation order is issued, a provisional and then an official liquidator will take control of Evergrande's assets to repay debts. The liquidators could propose a new debt restructuring plan to offshore creditors. Evergrande's dollar bonds were bid at around one cent on the dollar, and its recovery rate in case of liquidation is expected to be less than 3%. The liquidation process would involve challenges, including changing legal representatives of subsidiaries and completing ongoing construction projects.

SEBI orders winding up of Cinema Capital Venture Fund, bans key execs for three years

VCCircle

VCCircle · 3m ago

SEBI orders winding up of Cinema Capital Venture Fund, bans key execs for three years

The Securities and Exchange Board of India (SEBI) has ordered the winding up of Cinema Capital Venture Fund within three months due to non-compliance in returning money to its investors after ten years. SEBI found the fund violated regulations, engaged in unfair practices, and failed to liquidate assets. Consequently, key executives are banned from working with SEBI-registered entities for three years and face financial penalties for various violations. The fund's efforts to liquidate were deemed insufficient.

Chinese developer faces Hong Kong court hearing today over winding up company

Livemint

Livemint · 1y ago

Chinese developer faces Hong Kong court hearing today over winding up company

China Evergrande Group, the world's most indebted developer, faces a critical court hearing in Hong Kong as creditors request to wind up the company. Failure to present a concrete debt restructuring plan could result in liquidation, leading to further chaos in Evergrande's operations and denting sentiments in the housing market. A group of offshore creditors is also demanding controlling equity stakes in the developer and its two Hong Kong-listed units. Evergrande has been struggling to salvage its multi-billion dollar debt overhaul since its default in December 2021.

Delhi HC orders Amazon, Flipkart to remove FMCG goods misusing ‘Reliance’, ‘Jio’ trademarks

Economic Times

Economic Times · 1m ago

Delhi HC orders Amazon, Flipkart to remove FMCG goods misusing ‘Reliance’, ‘Jio’ trademarks

The Delhi High Court has ordered Amazon and Flipkart to remove FMCG products misusing Reliance’s 'Reliance' and 'Jio' trademarks. The court also restrained sellers like Pawan Kumar Gupta from selling these products and ordered disclosure of details of infringing sellers. The court emphasized that unauthorized use of trademarks could mislead consumers into thinking the products were endorsed by Reliance Industries, thereby necessitating a cautious approach to prevent consumer confusion and protect brand integrity.

Karnataka HC Orders Ola To Pay INR 5 Lakh To Woman Allegedly Harassed By Cab Driver

Inc42 · 11m ago

Karnataka HC Orders Ola To Pay INR 5 Lakh To Woman Allegedly Harassed By Cab Driver

- The court has ordered Ola's Internal Complaint Committee (ICC) to investigate a sexual harassment complaint. - The court has directed Ola to comply with Section 16 of the PoSH Act, ensuring confidentiality in the case. - Ola has been instructed to compensate the petitioner with INR 5,00,000. - Ola is also required to cover INR 50,000 in litigation costs. - The court ordered Ola to uphold the procedures and guidelines outlined in the PoSH Act.

Relief For BYJU’S: K’taka HC Extends Stay On Resolutions Passed At EGM

Inc42 · 1y ago

Relief For BYJU’S: K’taka HC Extends Stay On Resolutions Passed At EGM

The Karnataka High Court has extended the stay on the implementation of resolutions passed by BYJU's investors at the company's EGM. As a result, BYJU's founder, Byju Raveendran, will continue to lead the company. This is the third successive stay ordered by the court on the implementation of these resolutions.

Brazil's top court orders X not to circumvent ban at risk of daily fine

Economic Times

Economic Times · 11m ago

Brazil's top court orders X not to circumvent ban at risk of daily fine

Brazil's Supreme Court has ordered Elon Musk's social media platform X not to attempt to bypass a previous ruling that suspended the platform in the country. The court has threatened a daily fine of 5 million reais ($921,726.95) if X fails to comply. X recently became accessible to some users in Brazil after an update to its communication network bypassed the court-ordered block. As a result, a 5 million-real fine has already been imposed.

Alibaba looking to raise $1.53 billion through exchangeable bonds - The Economic Times

Economic Times

Economic Times · 1m ago

Alibaba looking to raise $1.53 billion through exchangeable bonds - The Economic Times

Alibaba Group aims to raise approximately HK$12 billion ($1.53 billion) by offering exchangeable bonds, as announced on Thursday.

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