Chegutu West member of the Parliament Dexter Nduna and his wife Schalastica have been declared bankrupt after failing to repay a $231 000 debt owed to Standard Charted Bank. In his ruling High Court judge Justice David Mangota said the two failed to satisfy granted in 2011 while the final order was issued in September…
By Peter EgwuatuChairman of Heirs Holdings, Mr. Tony Elumelu has called for the restructuring of government regulations and taxation to support business growth in Nigeria. taxation symbol He made the call at the Lagos Business School Alumni Association 2017 Conference held in Lagos. Elumelu, who was guest speaker at the occasion, spoke…
The National Company Law Tribunal (NCLT) has ordered the liquidation of Pune-based steel products maker Innoventive Industries, dismissing opposition to the closure by the promoter and employees. In a verbal order issued by the Mumbai NCLT Thursday, judicial member of the tribunal BSV Prakash Kumar said all other petitions except the one by the resolution…
NEW DELHI: An unsettling experience with the first insolvency verdict where someone related to the defaulting promoter of an auto components manufacturer managed to grab the company at dirt cheap price provided the trigger for the government to seal the opening for a repeat of similar sleighs which, along with a fraud on the exchequer,…
November 24, 2017 Dalibor Rohac Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it … Read the full article at: https://www.ft.com/content/fa8ebc92-d068-11e7-9dbb-291a884dd8c6
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MORE than 200 Ostwald Bros employees are facing the sack, with administrators of the embattled civil construction company to recommend the company be liquidated at a creditors’ meeting next week. The employees were kept on by administrators PricewaterhouseCoopers after they took control of the company in late August in an effort to improve the company’s…
MUMBAI: The Securities and Exchange Board of India (Sebi) plans to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about ?9 lakh crore from entities rendered unviable by the mounting debt pile. The capital markets regulator will likely allow the demerged units of…
Nov 22, 2017 Dan Cole sympathises with the plight of Samoa’s players but insists it would be unethical for England stars to give them a portion of their match fee ahead of Saturday’s autumn international. Anthony Watson revealed recently that the possibility of donating part of the £23,000 earned for each Test — as recently…
New Delhi, DHNS: President Ram Nath Kovind has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016, to prevent wilful defaulters from buying back their stressed assets. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the…