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Sebi widens default disclosure rule
Posted on 5th August 2017
The Securities and Exchange Board of India (Sebi) has made it compulsory for listed companies to make a disclosure to the stock exchanges if they default on any interest or principal payment obligation to banks.

At present, under Sebi’s Listing Obligations and Disclosure Requirements, companies have to make specific disclosures if there is a delay or default in payment of interest or principal on only debt securities such as non-convertible debentures, listed non-convertible redeemable preference shares or foreign currency convertible bonds.

There was no stipulation on companies to make disclosures with regard to loans taken from banks and financial institutions. That changes with the Friday announcement. Sebi has said companies will now have to make disclosures for any default on debt securities such as commercial paper or medium-term notes, on bank loans and on external commercial borrowing.

The disclosures will be have to be made within one working day from the date of the first default. Sebi has also asked listed entities to separately provide information to credit rating agencies on default, in a timely manner.

Bank loans worth at least Rs 12 lakh crore have at present been classified as non-performing assets (NPAs) or loans gone bad.

The Sebi note adds: “Corporates in India are even today primarily reliant on loans from the banking sector. Many banks are presently under considerable stress on account of large loans to the corporate sector turning into stressed assets or NPAs. Some companies have also been taken up for initiation of insolvency and bankruptcy proceedings.”

Experts welcomed Sebi’s move, saying this would help investors to better understand a company’s financial health.

Related Companies: Securities and Exchange Board of India ( SEBI )   

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India's second mission to the moon Chandrayaan-2 likely in April: Isro
Posted on 17th February 2018
The Indian Space Research Organisation (Isro) is planning to launch Chandrayan-2 Mission around April this year. Chandrayaan-2 is the country's second mission to the moon.

The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh said that Indian Space Research Organisation (Isro) is planning to launch Chandrayan-2 Mission around April this year.


RIL to take majority stake in BKC drive-in firm
Posted on 17th February 2018
Reliance Industries’ (RIL) wholly owned subsidiary Reliance Industrial Investments and Holdings (RIIHL) proposes to acquire equity shares of The Indian Film Combine (IFC), for `1,105 crore, according to a statement on stock exchanges. As part of the transaction, RIIHL will be acquiring 65% of current paid-up equity share capital of IFC from the existing shareholders. This will include 20% from the Mauritian arm of Xander Group Inc based in the US for `340 crore and 45% from entities belonging to the promoter group of RIL for `765 crore.

Ashok Leyland gets patent for tech to help improve fuel economy
Posted on 17th February 2018
Hinduja flagship commercial vehicle major Ashok Leyland has been granted a patent for its invention related to a technology for real-time road slope estimation, which could be used in predictive systems for improving fuel economy of vehicles.

The company’s invention comprises an apparatus for estimation of slope of the road taken by vehicles and by anticipating the upcoming road profile, fuel tank sensors could flag off required actions to save fuel.


Predatory tariff: Telcos to be fined up to Rs 50 lakh a circle
Posted on 17th February 2018
The Telecom Regulatory Authority of India (Trai) on Friday issued regulations on predatory pricing, which imposes a penalty of up to `50 lakh per circle on mobile operators if they are found to indulge in such practices. While the regulator has defined predatory pricing for the first time, it won’t affect the existing players in any manner as far as their current tariffs have been designed.

Reliance Jio offers 2,200 cash back on smartphone purchase
Posted on 17th February 2018
Reliance Jio has tied up with 22 handset manufacturers and will offer to new as well as existing subscribers cash back of `2,200 if they purchase a smartphone and recharge it with the operator’s `198 or `299 plans.

The operator accounts for 50% of the 4G handsets market share and through the ‘Football Offer’, it aims at increasing its subscriber market share.


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