Fortis still retains quorum as the Companies Act allows a minimum of two directors to conduct Board meet, but any further resignation may impede the Board to transact business.
As per EY's latest Transactions Annual report released today, Indian M&A ended the year 2017 with 1,022 deals with a disclosed value of USD 46.8 billion.
Subramanian also regretted that recent banking frauds, including the one at Punjab National Bank (PNB), have resulted in a set back to efforts being made to resolve the bad loan problem under the Insolvency and Bankruptcy Code (IBC).
Totem Infrastructure Ltd, which worked as a sub-contractor for several major infrastructure companies, and its promoters Tottempudi Salalith and Tottempudi Kavita were named in a CBI FIR, registered on the basis of a complaint from the Union Bank of India, one of the eight banks, they said.
"PNB has apprised that the total loss reported by it due to frauds was Rs 341.03 crore in the financial year (FY) 2015-16, Rs 2,633.82 crore in FY 2016-17, and Rs 14,506.39 crore (including contingent liability) in FY 2017-18 (till date)," Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Rajya Sabha on March 2o.
The ratings agency in a filing to BSE said that PNB reduced its stake in the company by 1.94 per cent or 3,40,000 shares, through an open market sale for an undisclosed amount during July 4, 2008, to March 21, 2018 period.
"The company has received Letter of Award by the NHAI for a new EPC (engineering, procurement and construction) project under NHDP-lVB for Lalganj -Hanumanha Section of NH-7 (Pkg-3) in Uttar Pradesh," the company said in a BSE filing.
Some of the ideas being considered include having a separate pre-sanction appraisal and post sanction monitoring teams for credit disbursal to ensure better governance and transparency, official sources said.
"The Board of Directors of REC, in its Meeting held on March 22, 2018, inter-alia approved the Market Borrowing Programme under different debt segments for the financial year 2018-19, for an amount of Rs 60,000 crore," an REC statement said today.
Claiming "victory" for the "owner-operators" of Uber cabs in Mumbai and other places, the MNS, in a statement here this evening, said the Uber management, during their talks with the police and the wing's representatives earlier in the day, has given a written commitment on meeting the various demands.
The two companies said they have signed five new memoranda of understanding (MoU) that further strengthen their strategic alliance and accelerate the development of key products for consumers in India and emerging markets.
The software services company had made an initial investment of USD 4 million in the company in January 2016
Infosys had made an initial investment of USD 4 million in the company in January 2016.
Fraudulent LoUs of the state-owned PNB were used by diamantaire Nirav Modi and his associates to defraud the bank of about Rs 13,000 crore.
"There is no such suggestion received in this Ministry," Minister of State for Civil Aviation Jayant Sinha said replying to a question in the Lok Sabha.
Akshaya Moondra, the current chief financial officer at Idea, will become the finance chief at the combined firm, the companies said separate filings.
HCC subsidiary Lavasa Corporation, in a reply to BSE query, has clarified that the media report about the company filing for bankruptcy is 'misleading' and 'without any basis'.
The board of directors will consider 'subdivision of the equity shares of the company of face value of Rs 10 each' in such manner as may be decided by the Board at their meeting scheduled to be held on April 13, 2018, United Spirits said in a BSE filing.
Announcing the top deck for the merged entity, a regulatory filing by Idea Cellular said that Balesh Sharma (currently Chief Operating Officer of Vodafone India) will be the CEO. He will be responsible for the combined business strategy and its execution as well as driving integration.
Given the huge potential in the electric vehicle charging space, the company displayed its EV charging infrastructure named EVLinks during an innovation summit on March 19-20 here, Schneider Electric said in a statement.
Krishna, who founded the company in the 1964, will continue to be a Director and Chairman of the Board, the company said in a statement.
The company said it has issued secured, redeemable non-convertible debentures on private placement basis for an issue size of Rs 1,830 crore.
HMCL Netherlands BV, a wholly owned subsidiary of Hero MotoCorp, had formed the JV -- HMCL Colombia in 2014 holding 51 per cent stake with Woven Holdings LLC, a firm incorporated in the US.
If approved, it will pave the way for company to submit a bid in the second round of Essar Steel's auction
"The partnership with Aavishkaar will help Soulfull strengthen its product portfolio, accelerate marketing and expand its distribution reach to over 50,000 retail outlets in the next three years," Kottaram Agro Foods Managing Director and CEO Prashant Parameswaran said in a statement.