Egypt’s Iron and Steel Company workers in the country’s Helwan city organised a protest on Sunday at the company’s headquarters, against a recent decision to liquidate the state-owned organisation. The protestors called on the government to intervene to stop the liquidation move, which they told Youm7 would displace some 8,000 employees. They also demanded the…
In a recent judgement which could have wide-reaching ramifications, the National Company Law Appellate Tribunal (NCLAT) upheld the order of the National Company Law Tribunal (NCLT) that set aside termination of a power purchase agreement (PPA) between the corporate debtor, Lanco and the Gujarat distribution licensee, GUVNL. It held that the Insolvency and Bankruptcy Code,…
Rockwell said on Friday it had entered an acquisition and amalgamation agreement with Bristow’s wholly-owned 1274787 BC Ltd. Under the deal, Rockwell shares – except those held by Bristow and any dissenting shareholders – would be exchanged for redeemable preferred shares in the amalgamated corporation, which would be immediately redeemed for C0.5c per share in…
In a statement issued on Saturday, the Egyptian parliament’s industrial committee said that the government’s decision to liquidate the 67-year-old Egyptian Iron and Steel Company should be a matter of careful study. “The liquidation process should be based on a logical review of the company’s performance in terms of losses and profits in the last…
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed. Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up. However, its…
HYDERABAD: Upholding the claims of a Vietnamese prawn feed supplier company that moved the National Company Law Tribunal (NCLT) against a Bhimavaram based shrimp farming firm, the Hyderabad bench of NCLT initiated the corporate insolvency process against the shrimp firm for failing to clear the dues it owed to the Vietnamese firm.The bench of K…
Steel CC via Wikimedia CAIRO 16 January 2021: Egyptian Member of Parliament Mustafa Bakri has submitted a request to House of Representatives, to question the government over the liquidation of the state-owned Iron and Steel Company. On January 11, 2021, the General Assembly of the Helwan-based company took a decision to liquidate the company due…
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed. Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up. However, its…
The National Company Law Tribunal (NCLT), Chennai, has allowed police protection to be provided to Subrata Monindranath Maity, a resolution professional (RP) in-charge of Bhatia Coke and Energy Ltd., after he alleged that he, along with his team and family members, were being threatened by erstwhile directors of the company. In 2019, NCLT had directed…
The GVP board hopes ACG will vote in favour of liquidation Associated Capital Group (ACG) has been urged to back a proposed members’ voluntary liquidation resolution by the board of Gabelli Value Plus+ Trust (GVP), as it looks to end a long-running dispute between shareholders. The GVP board said it would shortly publish a circular…