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PFC independent directors raise concerns over โน20,000-cr loan plan for SP Group
Livemint
ยท
1y ago
Medial
Independent directors of Power Finance Corporation (PFC) have expressed concerns about a proposal to extend a โน20,000-crore loan to the Shapoorji Pallonji Group (SP), according to anonymous sources. The directors questioned the rationale behind granting the loan to SP Group's main investment vehicle, Sterling Investment Corp, against their shares in Tata Sons. Concerns were also raised about PFC's ability to underwrite a loan to a conglomerate with exposure to real estate construction and infrastructure. The loan is important for SP Group, which is facing financial strain due to mounting debt and high interest rates on existing loans.
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Exodus from cash-starved ATM firmโs board flags role of independent directors
Livemint
ยท
5m ago
Medial
AGS Transact Technologies Ltd is facing scrutiny after all four independent directors resigned following the company's cash crisis, which led to loan defaults and unpaid salaries. Proxy advisory firms question whether independent directors fulfilled their roles or merely occupied positions without actively addressing the ongoing issues. The resignations were attributed to personal reasons and preoccupations, raising concerns about the effectiveness and accountability of independent directors in corporate governance, especially during financial distress.
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Vodafone Idea board to consider โน20,000 cr fundraise in 6 April meet
Livemint
ยท
1y ago
Medial
The board of directors of Vodafone Idea is set to consider issuing equity or convertible securities worth up to โน2,075 crore on a preferential basis to one or more promoter group entities. This move comes after the shareholders approved a proposal to raise โน20,000 crore through issuing securities. The telecom company plans to complete the equity fundraising by the end of June, which will be followed by raising debt, aiming for a total funding target of up to โน45,000 crore. This fundraising is crucial for Vodafone Idea to commence 5G services.
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Burman Family refutes allegations by Religare independent directors
Livemint
ยท
1y ago
Medial
The Burman Family has denied the allegations of fraud and breaches made by Independent Directors of Religare Enterprises. They stated that the allegations were baseless and defamatory, claiming that their activities were transparent and there was no market manipulation involved in their purchase of shares. The Independent Directors had previously written to regulators to raise concerns about fraud and other breaches by the Burman Family. The family, who are the largest stakeholder of Religare Enterprises, had made an open offer to acquire more shares in the company.
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French IT firm Atos secures funding of $1.82 billion to restructure its debt
Economic Times
ยท
1y ago
Medial
French IT company Atos has secured 1.675 billion euros ($1.82 billion) in funding to restructure its debt. The funding was obtained through a lock-up agreement with a group of banks and bondholders, accounting for over 50% of its creditors. Atos has also secured interim financing of 800 million euros, providing the liquidity needed to run its business until the financial restructuring plan is completed. The company assured that it would remain independent and its board of directors would still be majority-independent. The restructuring is expected to conclude by the end of 2024 or early 2025.
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Redington in a spot over CEO
Livemint
ยท
1y ago
Medial
Redington India, Apple's main distributor in India, is facing criticism for appointing a former independent director, V.S. Hariharan, as CEO. Several investors and proxy advisory firms argue that this move violates rules prohibiting independent directors from taking up executive roles within a year. Redington defends its decision, stating that Hariharan is a group CEO and not on the board, therefore the cooling-off period rule does not apply. Proxy firms are asking shareholders to reject Hariharan's appointment. This situation highlights concerns over corporate governance and raises questions about Redington's leadership.
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Manipal Groupโs Ranjan Pai in talks to invest up to Rs 2,500 cr in Byjuโs; Davidson Kempner to exit with Rs 1,400 cr
Business Today
ยท
1y ago
Medial
Edtech giant Byju's is reportedly close to resolving its dispute with New York-based investment manager Davidson Kempner Capital Management over a loan linked to its profitable entity, Aakash Educational Services. Chairman of Manipal Education and Medical Group, Ranjan Pai, is said to be finalizing a deal to invest up to $300 million in Byju's, with a majority going to Aakash. Pai will also pay Rs 1,400 crore to fully settle the loan. Byju's is also planning to sell its group firms, Great Learning and Epic, to raise funds.
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Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over โน510 Crore Default
OutlookIndia
ยท
2m ago
Medial
The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency application against Gensol Engineering Limited for defaulting on a loan exceeding โน510 crore. Gensol had borrowed โน977.75 crore from IREDA and Power Finance Corporation to purchase electric vehicles for BluSmart but acquired fewer vehicles than committed. Consequently, IREDA and PFC lodged complaints for manipulated debt documents. Amid regulatory scrutiny and financial misconduct allegations, Gensol's managing directors resigned following SEBI's interim order banning their market access.
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Edtech giant Byju's rights issue gets $300 million commitment: Report
IndianStartupNews
ยท
1y ago
Medial
Edtech company Byju's has seen a commitment of $300 million from investors for its rights issue, surpassing the initial target of $200 million. Despite a drop in valuation from $22 billion to $220-250 million, the company has received significant funding. To address investor concerns, Byju's has proposed appointing two independent directors to its board, aiming to enhance transparency. However, a group of investors has called for an Extraordinary General Meeting (EGM) to discuss concerns over governance, financial mismanagement, and board restructuring. Byju's plans to use the funds for various purposes amidst ongoing challenges.
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Vodafone Idea's โน20,000-crore FPO likely next week
Livemint
ยท
1y ago
Medial
Indian telecom company Vodafone Idea is planning to raise โน20,000 crore ($2.7 billion) through a follow-on public offer (FPO), with a price band likely to be decided by early next week. The FPO is expected to be followed by a larger debt raise from banks. This fundraising initiative is crucial for Vodafone Idea, as it aims to address its financial challenges, including a large debt burden and outstanding dues to vendors. The company's board of directors is expected to meet soon to consider issuing equity to promoter group entities.
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Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues
VCCircle
ยท
5m ago
Medial
AGS Transact Technologies, a payments firm, faces insolvency proceedings initiated by creditor Maxwel Aircon India Pvt Ltd over alleged unpaid dues. The company defaulted on dues totalling Rs 7.26 billion, leading to credit rating downgrades and the resignation of independent directors. Poor liquidity and failure to meet customer service agreements caused missed loan interest payments, with shares plummeting 62.4%. AGS Transact is seeking legal advice but faces doubts over its future viability.
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