Amtek Auto

A whistleblower has alleged frauds and diversion of Rs 12000 crore at Amtek Auto. They have sought an investigation into the alleged siphoning funds by ‘key managerial persons’ of Amtek Auto in criminal conspiracy with bank officers.

The long and tumultuous journey of Amtek Auto’s insolvency process

The beleaguered auto parts maker was among the first batch of bankrupt companies to be referred for insolvency resolution back in 2017 but the hurdles faced in this instant case made the road to revival a long and bumpy one.

Amtek Auto Insolvency: Supreme Court sets 4-week deadline for implementing DVI’s resolution plan

The beleaguered auto parts maker was among the companies that featured in Reserve Bank of India’s first list of bankrupt companies to be referred for resolution under the Insolvency and Bankruptcy Code back in 2017.

Amtek Auto Q2 net loss widens to Rs 92.24 cr

Total revenue of the company declined to Rs 194.24 crore as compared to Rs 300.84 crore in the year-ago period, Amtek Auto said in a regulatory filing.

NCLAT orders liquidation of Amtek Auto

A three-member bench headed by Chairperson Justice S J Mukhopadhaya directed the Chandigarh bench of the National Company Law Tribunal (NCLT) to pass an order of liquidation as 270 days mandated under IBC for finalising a resolution plan have already lapsed.

Opinion | Company boards should not decide payments to independent directors and auditors

When the selection and fee payment of  auditors, credit rating firms and independent directors is decided by the management/promoter shareholders, it is obvious that their loyalty will be towards the latter.

Lenders ask for fresh round of bidding for Amtek Auto at NCLAT

NCLAT listed the matter for next hearing on April 22 and said 'CoC would not approve any other plan' in between.

Franklin Templeton India Crisis: Comment | Debt mutual funds should learn from the past

If an entrepreneur runs a highly successful business, it doesn't necessarily follow that she will do equally well in a completely unrelated industry.

NCLAT asks Liberty House if it wants to go ahead with resolution plan for Amtek Auto

The appellate tribunal has also asked the Committee of Creditors (CoC) if it has a higher bid for Amtek Auto other than that of Liberty House or not.

Franklin Templeton India Crisis | Opinion | Mutual funds side-pocketing distressed assets is one step short of pickpocketing investors

Allowing mutual funds to segregate distressed debt securities in a scheme, a practice called side-pocketing is a clear moral hazard.

CCI clears Liberty House's buyout of Amtek Auto

Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.

Liberty House misses deadline to pay Rs 4,810 crore to Amtek, Adhunik lenders: Report

The UK-based steel major had won both assets in July and according to the resolution plan, was expected to pay lenders Rs 4,810 crore by October

Amtek Auto sells its SMI JV stake to Nippon Steel and Sumitomo Metal Corp

Debt-ridden Amtek Auto today said it has signed a share purchase agreement with Nippon Steel and Sumitomo Metal Corporation to sell its stake in its joint venture (JV) company SMI Amtek Crankshaft.

Amtek Auto jumps 5% after Committee of Creditors approves resolution plan of Liberty House

Amtek's subsidiary Castex Technologies and Metalyst Forgings were also locked at 5 percent upper circuit each at Rs 4.31 and Rs 28.20 on the BSE, respectively.

Amtek Auto: JP Morgan's Nandkumar Surti settles matter with Sebi

The regulator had initiated adjudication proceedings to inquire about the alleged violation of the code of conduct and mutual fund regulations by JP Morgan Asset Management India Pvt Ltd, JP Morgan MF and JP MF India Pvt Ltd and also to inquire into alleged violation mutual fund norms by Surti.

JP Morgan MF settles Amtek Auto case with Sebi

Sebi agreed to settle proposed adjudication proceedings in the case after it was approached by JP Morgan Asset Management India Pvt Ltd, JP Morgan MF and JP MF India Pvt Ltd with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law".

Amtek Auto locked at 5% upper circuit after Liberty House emerges as highest bidder

Amtek, which is one of the 12 large accounts identified by the Reserve Bank of India under Insolvency and Bankruptcy Code, has been facing bankruptcy proceedings over defaults of Rs 12,700 crore worth of loans.

Deccan Value leads the race for Amtek Auto

US-based hedge fund Deccan Value is leading the race to bid for Amtek Auto, which has a debt pile of Rs 12,700 crore.

Amtek Auto hits 20% upper circuit as Bharat Forge in race to acquire company

In a clarification note Bharat Forge said it has also participated in the process of acquiring Amtek Auto, along with other potential bidders.

SBI now begins bankruptcy proceedings against Amtek Auto arm: Report

The event comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to bankruptcy court.

Sell Glenmark Pharma, Idea Cellular; buy Titan Company, prefer Maruti Suzuki over Amtek Auto: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can sell Glenmark Pharma and Idea Cellular and buy Titan Company and prefers Maruti Suzuki over Amtek Auto.

Sell Ajanta Pharma, PVR; buy Delta Corp: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com is of the view that one can sell Ajanta Pharma and PVR and buy Delta Corp.

Amtek Auto zooms 5% after subsidiary sells UK plants to Liberty Group

Amtek Auto's loss widened sharply to Rs 889.6 crore in the quarter ended June 2017, from Rs 319.7 crore in year-ago quarter, hit by lower revenue and exceptional inventory loss.