New Delhi: Top lender State Bank of India (SBI) and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT).

SBI initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory filing.

Tata Motors and the Volkswagen (VW) Group, along with its Czech brand Skoda, signed a Memorandum of Understanding at the Geneva motor show in March 2017 to explore a long-term cooperation for joint product development. The alliance was to be centred on the development of a common platform that would spawn bespoke products for the individual brands.

It was initially agreed, after much debate between the two partners, that Tata’s next-gen Advanced Modular Platform (AMP) which offers a significant cost advantage over the VW Group’s MQB-A platform, would be used as the alliance’s common platform.

National carrier Air India has warned its former employees of severe consequences such as withdrawal of post-retirement benefits if they speak out against the airline on social media. The Cabinet has given an in-principle approval for the disinvestment of debt-laden Air India (AI). Its employees, including those retired, are staring at an uncertain future. As many as seven unions have written to the government threatening mass protests if the airline is privatised.

Coal India Ltd, the world’s largest miner of the dirty fuel, will generate 1 gigawatt (GW) of renewable electricity this year as part of its plan to produce as much as 10 GW clean power in total, a federal minister said on Thursday. State companies such as Coal India and NTPC Ltd, the country’s biggest thermal power producer, are planning to aggressively spend on solar projects under Prime Minister Narendra Modi’s personal push for renewable energy.

Amidst the concerted efforts by the government and RBI to rein in the mounting bad loans issue, Sebi Chairman Ajay Tyagi today cautioned mutual fund (MF) players against letting some of such money flow into the industry by way of debt funds. Non-performing assets in the banking system should not shift to mutual funds by way of debt funds. The industry should be careful about that, Tyagi told an industry summit organised by MF lobby Amfi here this morning.

The Prime Minister’s Office is apparently unhappy with the slow pace of movement on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, a move towards the government’s ambition to create a giant energy PSU of the global scale.

The PMO, however, is firm on merging the two oil companies, ET Now reported on Thursday citing an unnamed oil ministry official.

BENGALURU: India’s biggest IT companies never disclosed information about hirings and employment in the US. Until now.

Today, almost all are showcasing these figures, presumably in an effort to allay American concerns that these companies are not creating jobs locally but are relying on work visas to bring in people from India.

NEW DELHI: State-run telco Bharat Sanchar Nigam Limited (BSNL) has launched a new plan, "BSNL SIXER" - "666", to offer unlimited voice with 2 GB data per day under prepaid mobile services.

The telco said that new plan caters to such customers who have requirement of both data and voice as it gives unlimited voice call to any network and data for a period of 60 days. "Thus it is both voice and data centric."

The Sensex headed up surging 160 points on Thursday as investors welcomed the Cabinet's decision to give 'in-principle' nod to disinvestment of Air India, a sign the government is not shying away from bold reforms. A firm trend in Asia brought risk appetite back.

Speculators went about covering their short positions in anticipation of more reforms, Thursday being the expiry of June futures and options derivative contracts. The 30-share index, which had lost 456.42 points in the previous three sessions, rose 159.85 points, or 0.51%, to 30,994.17. All sectors were in the green.

Axis Bank was up 4.5% to Rs 514 on the National Stock Exchange (NSE) in intra-day trade after the bank said around 80% of its debt exposure to eight of the 12 stressed accounts referred in Reserve Bank of India (RBI) directions on June 15, 2017.

The RBI issued directions in their communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC).

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