Reliance had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.
The Sensex is just 0.38 percent and the Nifty about 0.6 percent away from hitting fresh record highs.
The appellate tribunal observed that the Securities and Exchange Board of India (Sebi) in its affidavit had also said that there is no requirement for permission of the market regulator for such delisting.
While Bhushan Power & Steel dues are to the tune of Rs 2,099 crore, Alok Industries dues are Rs 903 crore.
RIL and JMFARC jointly announced bid to acquire the debt-ridden textile manufacturer Alok Industries Ltd in April.
About 12,000 permanent employees of Alok Industries are likely to lose their jobs as the company is heading towards liquidation.
Debt-ridden Alok Industries today said the Committee of Creditors (CoC) has not approved resolution plans for the company within 270 days mandated under the Insolvency and Bankruptcy Code (IBC).
"Our Company evaluates various opportunities on an ongoing basis and in this process has submitted a bid jointly with JM Financial Asset Reconstruction Company Limited for resolution of Alok Industries Limited in terms of the IBC code," said RIL.
CNBC-TV18 understands that lenders are holding the first meeting with the IRP or the insolvency resolution professional for Alok Industries.
Central bureau of investigation (CBI) files first information report (FIR) against Dilip Jiwrajka of Alok Industries. Watch accompanying video of CNBC-TV18’s Uttkarsh Chaturvedi for more details.
Alok Industries, which owes about Rs 23,000 crore to lenders and trade vendors, is one of 12 accounts that already identified by the Reserve Bank of India under Insolvency & Bankruptcy Code in June.
This week the banking sector focused on the 12 large corporate bad loan accounts identified by RBI to be taken to the National Company Law Tribunal under the Insolvency and Bankruptcy Code.
Tata Motors | Coal India | Bharat Forge | Adani Ports | Axis Bank | DLF | Jindal Steel | Power Grid | Wockhardt | Royal Orchid | Asian Oilfield | Mandhana Retail | Scanpoint Geomatics | Bajaj Electricals | Omkar Speciality | HCC | Kaveri Seed | Pratibha Industries | Bombay Rayon are stocks, which are in the news today.
Among the BSE 500 list, ten stocks doubled their investors' returns. The best, Manappuram Finance and GNFC, soared 347 percent and 276 percent respectively.
Tata Steel | Sun Pharma | Wipro | Cairn | Vedanta | Motherson Sumi | Claris Life | Reliance Capital | Reliance Defence | Mahindra CIE | Coal India | Amtek Auto | Godfrey Phillips | Alok Industries | Gitanjali Gems | Nalco | Setco Auto | NHPC | Sicagen India and Nandan Denim are stocks, which are in the news today.
Textile manufacturer Alok Industries' net loss for the first quarter ended June 30, widened to Rs 1,212.04 crore.
Axis Bank | Cairn India | Vedanta | Canara Bank | Hinduja Ventures | IL&FS Engineering | IOC | ONGC | BPCL | Chennai Petroleum | Godawari Power | Cyient | Vivimed Labs | ITI | Gujarat Fluorochemicals | Religare Enterprises and Ponni Sugar are stocks, which are in the news today.
SBI-led lenders to the troubled textile manufacturer Alok Industries are considering restructuring of over Rs 18,000-crore debt under the S4A (scheme for sustainable structuring of stressed assets), sources said.
ITC | HDFC Bank | Kotak Mahindra Bank | L&T Infotech | Wipro Hindustan Zinc | KPIT Technologies | KEI Industries | Nucleus Software | Bharat Seats | IIFL Holdings | UltraTech Cement | HPCL | Nevyeli Lignite | Ambuja Cements and VRL Logistics are stocks, which are in the news today.
Shahina Mukadam, Independent Market Expert feels that Alok Industries may touch Rs 4.5.
SP Tulsian of sptulsian.com tells CNBC-TV18 in its Closing Bell segment he is uncomfortable with the current valuations of PVR and would not shy away from advising profit taking in the stock. He also shares his views on few textile companies like Mandhana Industries, Raymond and bank stocks like Yes Bank, among others.
In CNBC-TV18's Closing Bell segment, SP Tulsian of sptulsian.com shares his views on logistics companies like Gati and Snowman and why he is positive on transformer makers as a sector.