OTAKUBAY

Go First's resolution professional on Monday invited expressions of interest till August 9 from potential bidders for the grounded budget airline, which is working on ways to restart operations. The cash-strapped carrier stopped flying on May 3 and is undergoing the voluntary insolvency resolution process. The deadline for submitting Expressions of Interest (EoIs) is August 9 and the final list of prospective resolution applicants will be declared on August 19, according to the public notice issued by the resolution professional Shailendra Ajmera. The last date for submitting any objections to the provisional list is August 24. On May 2, the no-frills airline filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) and the plea was admitted on May 10. Go First, which had been flying for more than 17 years, began facing severe financial headwinds as more than half of its fleet was grounded due to non-availability of Pratt & Whitn

Go First's resolution professional on Monday invited expressions of interest till August 9 from potential bidders for the grounded budget airline, which is working on ways to restart operations. The cash-strapped carrier stopped flying on May 3 and is undergoing the voluntary insolvency resolution process. The deadline for submitting Expressions of Interest (EoIs) is August 9 and the final list of prospective resolution applicants will be declared on August 19, according to the public notice issued by the resolution professional Shailendra Ajmera. The last date for submitting any objections to the provisional list is August 24. On May 2, the no-frills airline filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) and the plea was admitted on May 10. Go First, which had been flying for more than 17 years, began facing severe financial headwinds as more than half of its fleet was grounded due to non-availability of Pratt & Whitn

Shares of Reliance Industries Limited on Monday jumped nearly 4 per cent, with its market valuation rallying by Rs 67,326 crore. The stock rallied 3.78 per cent to settle at Rs 2,735.15 on the BSE. During the day, the index heavyweight stock jumped 4.53 per cent to hit its 52-week high of Rs 2,755. At the NSE, it climbed 3.85 per cent to end at Rs 2,735.25. Rally in the stock added Rs 67,326.07 crore to the company's market valuation, which stood at Rs 18,50,496.31 crore. It was the biggest gainer on both the Sensex and Nifty. In traded volume terms, 11.11 lakh shares of the company were traded at the BSE and over 1.53 crore shares on the NSE during the day. Billionaire Mukesh Ambani's daughter Isha and former Comptroller and Auditor General of India (CAG) Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Limited, the company said on Saturday. RIL had announced plans to demerge its financial services

Shares of Reliance Industries Limited on Monday jumped nearly 4 per cent, with its market valuation rallying by Rs 67,326 crore. The stock rallied 3.78 per cent to settle at Rs 2,735.15 on the BSE. During the day, the index heavyweight stock jumped 4.53 per cent to hit its 52-week high of Rs 2,755. At the NSE, it climbed 3.85 per cent to end at Rs 2,735.25. Rally in the stock added Rs 67,326.07 crore to the company's market valuation, which stood at Rs 18,50,496.31 crore. It was the biggest gainer on both the Sensex and Nifty. In traded volume terms, 11.11 lakh shares of the company were traded at the BSE and over 1.53 crore shares on the NSE during the day. Billionaire Mukesh Ambani's daughter Isha and former Comptroller and Auditor General of India (CAG) Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Limited, the company said on Saturday. RIL had announced plans to demerge its financial services

A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute. The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount. The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount. The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its partners, through talks, the official said. Earlier in the case, the Delhi High Court, on June

A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute. The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount. The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount. The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its partners, through talks, the official said. Earlier in the case, the Delhi High Court, on June

Billionaire Mukesh Ambnai's daughter Isha and former CAG Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Ltd, the company said on Saturday. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management. Every Reliance shareholder will get one share of the new firm for every share held in the parent. While the effective date of the demerger has been fixed as July 1, July 20 has been fixed as the record day for allocating shares of the new company, according to the company's stock exchange filing. The spinoff, which will create fifth-largest financier in terms of capital and compete directly with the l

Billionaire Mukesh Ambnai's daughter Isha and former CAG Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Ltd, the company said on Saturday. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management. Every Reliance shareholder will get one share of the new firm for every share held in the parent. While the effective date of the demerger has been fixed as July 1, July 20 has been fixed as the record day for allocating shares of the new company, according to the company's stock exchange filing. The spinoff, which will create fifth-largest financier in terms of capital and compete directly with the l

Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore. The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation. "The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said

Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore. The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation. "The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said