Fuels supplier Caltex Australia has revealed a restructuring of its property assets with the potential to unlock $1.5 billion of proceeds but the long-term nature of the strategy has underwhelmed some investors hoping for a “big bang” move that would provide more immediate returns. Caltex shares sank 7.9 per cent on news of the plans,…
DetailsWONGA is on the brink of collapse after being inundated with compensations claims. Here’s what we know about the situation the payday loan giant’s current predicament. PA:Press Association Wonga is allegedly preparing for administration Will Wonga collapse? The company was kept afloat three weeks ago thanks to a £10million emergency cash injection from shareholders. But…
DetailsNEW DELHI: Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt. Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been…
DetailsWyndham recorded the highest number of debtors entering personal insolvency within the greater Melbourne area in the June quarter this year. There were 93 personal insolvencies recorded in Wyndham between April and June, according to the Australian Financial Security Authority. That compares with 80 personal insolvencies between January and March. Elsewhere in the west, Melton…
DetailsMUMBAI/NEW DELHI: Private power companies defaulting on an estimated Rs 1.7 lakh crore loans to 34 projects ran out of time to avoid insolvency proceedings on Monday, with the Allahabad high court refusing to grant interim relief. The court’s decision leaves no other option for lenders but to initiate insolvency proceedings according to the Reserve…
DetailsHYDERABAD: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech, after the infrastructure firms committee of creditors rejected a revised resolution plan from Thriveni Earthmovers. The Hyderabad bench of NCLT headed by judicial member Ratakonda Murali appointed the companys resolution professional, Savan Godiavala, as liquidator. Lanco Infratech has consolidated debt…
DetailsAustralian tax authorities are chasing food delivery company Foodora for unpaid tax and superannuation before it exits the country. The Australian Taxation Office and Revenue NSW started investigating Foodora’s tax obligations before the food delivery company went into voluntary administration earlier this month, having classified its food delivery riders as employees instead of independent contractors.…
DetailsNEW DELHI: The Allahabad High Court declined to give private power companies any interim relief on the Reserve Bank of India (RBI) circular that tightened bad loan norms on Monday, the deadline for finalising resolution plans for the stressed assets. The court suggested the government could use a special dispensation that has never been used…
Details(CTech) China’s chip designer and manufacturer Sanan Optoelectronics Co. Ltd. is in talks to acquire Israel-headquartered communication chips company ColorChip Ltd., according to people familiar with the matter. The deal discussed values the latter at around $300 million, the people familiar with the matter said. Based in Xiamen City in China’s Fujian province, Shanghai-listed Sanan…
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