This is a decline of nearly 40 percent from a quarter ago, which saw 9,077 willful defaulters with unpaid loans worth Rs 1.07 lakh crore.
President Ram Nath Kovind on Thursday gave consent to an ordinance for amending the Insolvency and Bankruptcy Code.
Business tycoon Sajjan Jindal, promoter of JSW Group, which is among the domestic suitors to buy stressed steel assets, has called for disallowing dubious promoters to bid to prevent misuse of the Insolvency and Bankruptcy Code (IBC).
The project was awarded by Gujarat Maritime Board (GMB) which has executed the ro-ro project, for constructing the ro-ro terminals and supporting onshore infrastructure at Dahej and Ghogha
The ordinance, promulgated in May, empowers the Reserve Bank of India (RBI) and banks to initiate bankruptcy proceedings against chronic defaulters
In case you missed it, here's all that happened in the banking sector in the week gone by.
Lawyers say order may be in favour of RBI as the bankruptcy code is clear that no civil court shall entertain any such matter.
Lawyers and bankers expect more companies to challenge the RBI move over denial of constitutional “principle of natural justice” .
Banks have outstanding loans worth Rs 45,000 crore to Essar Steel, Rs 47,000 crore to Bhushan Steel, and Rs 11,000 crore to Electrosteel Steels.
Output in May was 8.163 MT, up 2.2 per cent, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report.
Over the past two decades, subscribers of the network have seen their SIM cards go from orange to pink to red and white and their brand ambassador change from a cuddly pug to a Zoozoo.
With commercial banks frowning at the low 5 percent credit and blaming it on weak industrial activity, HDFC chairman Deepak Parekh said this should not be viewed negatively as corporates are de-leveraging on one hand and are raising money from the debt market on the other.
Essar's outsourcing business Aegis has set up BPO facility at Jamshedpur with 2,500 seating capacity.
"There will be considerable difficulties in merging a number of entities with differing structures, operational systems and cultures," he said adding it may not be good for consumers as well.
Some of the stocks that should be on your radar are: Essar, NTPC, DCB Bank, NIIT Technologies, CRISIL, New Delhi Television, Aarey Drugs and Pharmaceuticals.
In an interview with CNBC-TV18, JN Gupta said, "No money is coming to India because about 90 percent of Essar is owned off shore by Ruia. So, the money will remain out of the company, there will be no money flowing into the country."
Energy expert Narendra Taneja said that this entry of a global giant like Rosneft will put tremendous pressure on domestic players like IOCL, BPCL etc and will work out in favour of the Indian customer.
The deal helps Russia to deepen economic ties that stretch back to the Soviet era and is the single largest foreign investment in the Indian refining sector. It also comes as Russia is keen to reassert its role in global affairs and at a time when its own economy is stagnant, hit by Western sanctions and low oil prices.
Advocate Suren Uppal has claimed that he has filed the petition on the basis of CDs of the recorded conversations whose genuineness also he wants to be examined.
Essar said that SNN Builders has completed the acquisition of its residential project in Bangalore for Rs 490 crore
Russian energy firm Rosneft has confirmed it will pick up 49 percent stake in Ruia-owned Essar Oil.
Essar may use some of the proceeds to pare its debt, which stands at about Rs 80,000 crore. Essar said it has entered into an agreement to sell Equinox Business Park, developed by the Essar group firm Equinox Realty Holding Ltd.
The Curious Case Of Essar Oil!
Raghuram Rajan says a lot of cleaning up has been done to remove some of the legacy issues. He feels power sector reforms and cleaning up of balance sheets will help unclog some sectors
UBS has slashed FY16 and FY17 earnings estimates by 15 percent and 16 percent respectively to factor in higher credit costs of 104 basis points. It expects 13 percent earnings growth in FY16.