Thursday, December 14, 2017
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SC stays NCLT order allowing govt to take over Unitech

SC stays NCLT order allowing govt to take over Unitech

Appreciates Attorney General’s fairness in admitting lapse14 Dec 2017 | 12:39 AM

NEW DELHI: The Supreme Court today stayed a National Company Law Tribunal (NCLT) order allowing the Centre to take over the management of real estate giant Unitech after Attorney General KK Venugopal conceded the government should not have moved the tribunal when the top court was already seized of the matter.

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Tribune News Service

New Delhi, December 13

The Supreme Court today stayed a National Company Law Tribunal (NCLT) order allowing the Centre to take over the management of real estate giant Unitech after Attorney General KK Venugopal conceded the government should not have moved the tribunal when the top court was already seized of the matter.

While staying the NCLT’s December 8 order, a Bench headed by Chief Justice of India Dipak Misra appreciated the fair stand taken by Venugopal who candidly admitted the lapse on the part of the government.

The Bench said the Attorney General’s stand saved “a lot of stress” and “time” of the court and the home buyers who were seeking refund of money from Unitech after the embattled company failed to deliver flats to those who shelled out their hard-earned money.

The tribunal had suspended all eight directors of the realty firm over allegations of mismanagement and siphoning of funds and authorised the Centre to appoint its 10 nominees on the Board after the government moved the panel with a view to protect the interests of around 20,000 home buyers.

After the top court’s order staying the NCLT order, jailed Unitech Managing Director Sanjay Chandra can resume negotiations for the sale of assets to generate Rs 750 crore to be deposited in terms of the top court’s October 30 order for refund of money to home buyers. Chandra will be granted bail only after Unitech deposits money with its registry by December-end, it had said.

The stay order comes a day after the top court expressed displeasure over the Centre’s move to approach the NCLT. The court had on Tuesday taken strong exception to the Centre moving NCLT without its permission.

Sanjay Chandra and his brother Ajay Chandra were arrested by the Delhi Police on April 1, 2017 on complaints of cheating filed by homebuyers. On behalf of Unitech, lawyers Mukul Rohatgi and Ranjit Kumar had said the SC had given time to Unitech chief Sanjay Chandra to negotiate from jail to sell assets to generate Rs 750 crore for refunding money to home buyers but, in the mean time, the Centre has approached the NCLT.

Higher pension not applicable to exempted firms, says EPFO

14 Dec 2017 | 12:39 AM

CHANDIGARH: Retirement fund body Employees’ Provident Fund Organisation (EPFO) has clarified that higher pension under the Employees’ Pension Scheme 1995 is currently applicable only to organisations whose provident funds are managed by the EPFO and not for the exempted organisations where the provident funds are managed by trusts.

ADB cuts India growth forecast for FY18 to 6.7%

ADB cuts India growth forecast for FY18 to 6.7%

14 Dec 2017 | 12:39 AM

NEW DELHI: The Asian Development Bank (ADB) today lowered India’s economic growth forecast for the current fiscal to 6.7% from 7%, citing lingering effect of demonetisation, transitory challenges to GST and weather-related risks to agriculture.

Wi-Fi in Indian skies: TRAI norms soon

14 Dec 2017 | 12:39 AM

NEW DELHI: Telecom regulator TRAI plans to issue recommendations for use of Wi-Fi services during flights by the year-end which would make in-flight connectivity a reality in India like some of the other countries.

South Korea bans its banks from dealing in Bitcoin

South Korea bans its banks from dealing in Bitcoin

14 Dec 2017 | 12:39 AM

SEOUL: South Korea today banned its financial institutions from dealing in virtual currencies such as Bitcoin, as the cryptocurrency soars in a bubble fuelled by retail speculators, many of them from the country.

AITUC to fight for women rights

14 Dec 2017 | 12:39 AM

NEW DELHI: Amarjeet Kaur, who has been elected general secretary of the All India Trade Union Congress (AITUC), has said she will push for gender justice to women workforce.

Tripathy takes over as SBI General ManagerBriefly

Tripathy takes over as SBI General Manager

14 Dec 2017 | 12:39 AM

CHANDIGARH: Amit Kumar Tripathy has joined as General Manager (Network-IV), SBI, Chandigarh Circle. He started his career as a Probationary Officer in 1985.

Maruti to raise vehicles prices by up to 2% from January

Maruti to raise vehicles prices by up to 2% from January

13 Dec 2017 | 8:08 PM

NEW DELHI: Country's largest carmaker Maruti Suzuki India (MSI) plans to increase prices across its models by up to 2 per cent from January in order to partially offset rise in input costs.

Rupee loses 16 paise against dollar on negative macro numbers

13 Dec 2017 | 10:00 AM

MUMBAI: The rupee took a hit of 16 paise at 64.56 against the US dollar on Wednesday, unable to digest a negative set of macroeconomic data.

Briefly

Airtel rolls out 4G services in Ladakh region

13 Dec 2017 | 12:42 AM

NEW DELHI: Airtel on Tuesday announced the launch of 4G services in Dras, Kargil and Leh in the Ladakh region, saying that it has become the first operator to provide the high speed data services in the area.

Queensland vetoes plan to support loan to Adani

13 Dec 2017 | 12:42 AM

MELBOURNE: In a setback to India’s energy giant Adani, the newly-elected Queensland government has vetoed a plan to give a 900-million dollar concessional loan for the construction of a rail line in the controversy-hit Carmichael coal mine project in Australia.

Aadhaar must for MFs from Jan 1

13 Dec 2017 | 12:42 AM

NEW DELHI: The BSE today asked asset management companies to ensure that individual clients compulsorily submit their Aadhaar details from January onwards as part of compliance with anti-money laundering rules.

India right candidate for differential treatment by WTO: Suresh Prabhu

13 Dec 2017 | 12:42 AM

NEW DELHI: Emphasising India as a legitimate candidate for seeking special and differential treatment for developing countries at the World Trade Organisation (WTO) talks, Commerce Minister Suresh Prabhu today said the discourse should be on development at the WTO and not to be deflected based on aggregate GDP figures.

EPFO advises members against fully withdrawing provident fund

13 Dec 2017 | 12:42 AM

CHANDIGARH: Retirement fund body EPFO today advised subscribers not to completely withdraw funds for petty reasons, saying they will lose out on the social security benefits (read pension) that come only when continuity is maintained.

Unitech takeover: NCLT should have taken our leave, says SC

13 Dec 2017 | 12:42 AM

NEW DELHI: The Supreme Court today said the company law tribunal NCLT should have taken its leave before allowing the Centre to take over the management of embattled realty firm Unitech Limited.

Inflation jumps to 15-mth high in Nov

Inflation jumps to 15-mth high in Nov

13 Dec 2017 | 12:42 AM

NEW DELHI: The economy may not be out of the woods yet with retail inflation shooting to a 15-month high of 4.88% in November, and factory output sliding in October on subdued performance by mining and manufacturing, government data showed today.

Warburg Pincus to buy 20% stake in Airtel DTH

13 Dec 2017 | 12:42 AM

NEW DELHI: Bharti Airtel today said an affiliate of private equity firm Warburg Pincus will acquire up to 20% stake in its DTH arm Bharti Telemedia for about $350 million (around Rs 2,310 crore).

Inflation hits 15-month high; industrial growth slows to 2.2% in Oct

Inflation hits 15-month high; industrial growth slows to 2.2% in Oct

12 Dec 2017 | 7:00 PM

NEW DELHI: Retail inflation hit a 15-month high of 4.88 per cent in November due to costlier fuel, vegetables and eggs, as per data released by the Central Statistics Office (CSO) on Monday.

Airtel rolls out 4G services in Kargil, Dras and Leh

Airtel rolls out 4G services in Kargil, Dras and Leh

12 Dec 2017 | 4:40 PM

SRINAGAR/NEW DELHI: Telecom company Bharti Airtel today announced the launch of 4G services in Dras, Kargil and Leh in the Ladakh region, saying that it has become the first operator to provide the high speed data services in the area.

Queensland govt vetoes plan to support loan to Adani in Aus

Queensland govt vetoes plan to support loan to Adani in Aus

12 Dec 2017 | 3:33 PM

MELBOURNE: In a setback to India's energy giant Adani, the newly-elected Queensland government has vetoed a plan to give a 900-million dollar concessional loan for the construction of a rail line in the controversy-hit Carmichael coal mine project in Australia.

Indian companies 3rd most optimistic globally on hiring plans

Indian companies 3rd most optimistic globally on hiring plans

12 Dec 2017 | 12:41 PM

NEW DELHI: India is the third most optimistic nation in hiring intentions as 22 per cent of employers are expected to add more staff in the next three months while Taiwan topped the pack, says a survey.

Kajaria inaugurates another display centre in LudhianaTHE TRIBUNE CORPORATE BROADBAND

Kajaria inaugurates another display centre in Ludhiana

12 Dec 2017 | 12:34 AM

Kajaria Ceramics has inaugurated its display centre in Ludhiana. The new outlet is spread across 3500 sq ft providing a wide range of polished vitrified tiles and Kerovit brand of sanitary and faucets.

Govt committed to protect public deposits, says Jaitley

Govt committed to protect public deposits, says Jaitley

12 Dec 2017 | 1:40 AM

NEW DELHI: Finance Minister Arun Jaitley today reiterated that deposits of customers in banks will be protected under the Financial Resolution and Deposit Insurance (FRDI) Bill. The government has repeated this message within days of a clarification on the FRDI Bill which is facing flak for the treatment of depositors in case of resolution proceedings for banks and financial institutions.

Unitech moves SC against NCLT order on takeover

12 Dec 2017 | 12:34 AM

NEW DELHI: The Supreme Court today agreed to hear tomorrow the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the Central government to take over the management of the embattled real estate firm.

Passenger vehicle sales rise 14.29% in November

Passenger vehicle sales rise 14.29% in November

12 Dec 2017 | 12:34 AM

NEW DELHI: Auto sales witnessed a healthy growth in the April-November period this year as the sales of passenger vehicles rose 14.29% last month mainly due to a low base of sales during the same month last year on account of demonetisation.

Thumbs down for farm loan waiver from ex-RBI Governors

12 Dec 2017 | 12:34 AM

NEW DELHI: With the farm loan waiver pitch getting shriller by the day, former RBI Governor YV Reddy today said the practice is not good for “economic or credit culture” and insisted that ultimately it is a political decision and cannot be justified in the longer run.

Bitcoin tops $18,000 in debut trade

12 Dec 2017 | 12:34 AM

NEW YORK: Bitcoin surged past $18,000 after it began trading on its first major global exchange, the latest in a series of highs that have excited some investors while leaving others nervous of a bubble.

Kharola takes over as Air India CMD

12 Dec 2017 | 12:34 AM

NEW DELHI: National carrier Air India today got a new Chairman and Managing Director as senior IAS officer Pradeep Singh Kharola today assumed charge from incumbent Rajiv Bansal.

Govt will fully protect public deposits: Jaitley

Govt will fully protect public deposits: Jaitley

11 Dec 2017 | 6:42 PM

NEW DELHI: Seeking to allay concerns of depositors over provisions of a draft law, Finance Minister Arun Jaitley on Monday said the government will fully protect public deposits in financial institutions even as he hinted at openness to changes in the proposed FRDI Bill.

Good times for market continue, Sensex rallies 205 points

Good times for market continue, Sensex rallies 205 points

11 Dec 2017 | 6:07 PM

MUMBAI: Stocks stood their ground on Monday with a rally for the third straight session as the Sensex and the Nifty lapped up the positive overseas trend, buoyed by strong US payroll data.

Increase social security pension in budget: Experts to FM

Increase social security pension in budget: Experts to FM

11 Dec 2017 | 6:04 PM

NEW DELHI: Economists on Monday suggested a range of measures, including increasing social security pension, to Finance Minister Arun Jaitley as part of pre-budget consultations.

Delhi-NCR 84th most expensive office location globally: Report

11 Dec 2017 | 3:48 PM

NEW DELHI: Delhi-NCR is ranked 84th on the list of most expensive office locations in the world with an annual cost of USD 5,392 (over Rs 3.5 lakh) per workstation, according to property consultant Cushman & Wakefield.

Bitcoin futures surge past $17,000 on launch day

Bitcoin futures surge past $17,000 on launch day

11 Dec 2017 | 11:31 AM

SYDNEY: The front-month bitcoin futures contract on the Chicago-based CBOE Futures Exchange surged past $17,000 on Monday, the first day of trading.

Rupee spurts 6 paise against dollar

11 Dec 2017 | 10:27 AM

MUMBAI: The rupee was up 6 paise at 64.39 against the dollar in opening trade on Monday, helped by stronger domestic equities.

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