Canara Bank files insolvency case
against GTL
Canara Bank has filed an application for
initiation of insolvency proceeding against GTL and GTL Infrastructure,
alleging a default of Rs458.94cr and Rs541.49cr, respectively. Reacting to the
news, share prices of GTL Infrastructure dropped 5% on Tuesday.
"Canara Bank has filed an application
for initiation of Corporate Insolvency Resolution Process (CIRP) against GTL
Limited (the Company) allegedly claiming a default of Rs458.94cr in
aggregate" said GTL in a press note to the exchanges on Monday after
market hours.
IL&FS Engineering moves NCLT seeking
debt protection
IL&FS Engineering and Construction has
moved the National Company Law Tribunal (NCLT), Mumbai Bench seeking to
restructure its debt under Section 230 of the Companies Act, 2013, the company
said in a press released to the exchanges on Tuesday.
"The company has filed an application
with NCLT on September 24 seeking certain reliefs in connection with the filing
of a scheme of arrangement under Section 230 of the Companies Act, 2013, the
company said in a press note.
"The scheme will be prepared in
compliance with applicable law and subject to necessary consents of the
shareholders, creditors, regulators, and board of directors of the
company," IL&FS added in a note.
RBI to conduct OMO to infuse upto
Rs10,000cr liquidity
India’s banking regulator and the central
bank will conduct open market operations (OMO) on Thursday to purchase
government bonds in a bid to infuse liquidity to the tune of Rs10,000cr.
“Based on an assessment of prevailing
liquidity conditions and also of the durable liquidity needs going forward, the
Reserve Bank of India (RBI) has decided to conduct purchase of government
securities under Open Market Operations for an aggregate amount of Rs10, 000cr
on September 27, 2018 (Thursday),” the apex bank had said in a release on
Monday.
Suven Life gains 3% on securing patents
in Canada, Sri Lanka
Shares of Suven Life Sciences were trading
3% up on Tuesday after securing product patents from Canada and Sri Lanka.
These patents correspond to the New Chemical Entity for the treatment of
disorders associated with neurodegenerative diseases.
"These patents from Canada and Sri
Lanka are valid through 2034 and 2026, respectively," the company said in
a press note to the exchanges on Tuesday.
DHFL stock declines 22% over Sebi’s
investigation
Dewan Housing Finance Corp.’s (DHFL)
shares were down as much as 22% since opening today, and are currently down 16%
as the non-banking financial companies (NBFC) space witnesses a meltdown.
It seems the stock was reacting to news
that Sebi has taken to examining the link between the sharp movement in the
stocks of Yes Bank and DHFL and rumors regarding creditdefault in several
NBFCs. The market regulator will consider whether the stock movement is due to
trading irregularities.
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