NCLT
Tata Steel Q2 Results: Profit rises 16% YoY to Rs 3,700 crore, revenue up 11%; Noel Tata to retire as director
Tata Group's Tata Steel has reported a 16.2% year-on-year increase in profit after tax for Q2FY27. Consolidated revenue from operations grew by 11.5% year-on-year, reaching over Rs 65,436 crore. The profit after tax for the quarter was around Rs 3,700 crore, compared to the previous year's amount. Additionally, Noel Naval Tata will retire from his position effective November 11, 2026.
Plea seeking Tata Sons listing filed in Bombay High Court
According to the filing before the Bombay High Court, Rohini Amin and L Ramanathan jointly filed writ petition on November 5. The petition names Tata Sons Ltd, N Chandrasekaran, Saurabh Agrawal, Harish Manwani, Anita M George, Noel Tata, Venu Srinivasan, Darius Khambata, Bhaskar Bhat and Siddharth Sharma as respondents.
NCLT declares Videocon’s Venugopal Dhoot bankrupt in SBI’s Rs 12,668 cr claim
The NCLT has declared former Videocon chairman Venugopal Dhoot bankrupt in proceedings initiated by SBI over personal guarantees for loans extended to the group. The order follows the rejection of his Rs 600 crore repayment proposal, backed by a proposed Siliguri real estate project, against total admitted dues of Rs 12,668 crore.
NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee
The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India (SBI), after the failure of his personal insolvency resolution process and repayment plan.
FICCI makes recommendations to FM ahead of Budget 2027-28, highlights LTCG exemption, TDS relief and faster tax appeals
FICCI has recommended the restoration of long-term capital gains tax exemption on listed shares in Budget 2027-28. The organization highlighted concerns regarding the withdrawal of foreign portfolio investments and the impact of capital gains tax. Additionally, it requested the government to implement lighter TDS rules and resolve backlog issues in tax appeals. FICCI emphasized the need for measures to provide certainty to investors over the long term.
Lenders accept Supreme Housing's Rs 522-crore settlement offer
Canara Bank along with other lenders accepted a ₹522-crore one time settlement offer from Supreme Housing and Hospitality. This settlement will help the company resolve debts close to ₹700 crore, representing a 75% recovery for involved banks. The one-time settlement includes both fund and non-fund exposure from corporate guarantees given to subsidiary entities.
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Zee draws line between CBI probe against Subhash Chandra and its business
Zee Entertainment Enterprises has clarified that an Enforcement Case Information Report (ECIR) registered against founder Subhash Chandra in his personal capacity has no bearing on the company or its operations. The development follows an ongoing CBI investigation into an earlier FIR filed by LIC Housing Finance against the promoter entities.
Mumbai property market records second-best October ever, registrations up 9%
Property registrations in the Mumbai municipal region rose by 9 per cent in October, reflecting stronger housing demand. The total registrations reached 12,690 units, compared to 11,649 units a year ago. Stamp duty collections during the same period also saw an increase of 12 per cent year-on-year.
NCLT voids Rs 525-cr guarantee, Mumbai land transfer in JLS Realty dispute
The NCLT has invalidated multiple transactions involving JLS Realty Pvt Ltd, including its transfer of redevelopment land. The tribunal found that the transfer to Spenta Suncity lacked commercial benefit and involved financial obligations. Management changes made in February 2021 were deemed invalid due to improper procedures and lack of justification. Additionally, share transfer claims by IIFL were ruled as unproven and unsubstantiated during the tribunal's examination.
'NCLT independently handles staff appointments': Corporate Affairs Ministry clarifies after SC remarks
The Ministry of Corporate Affairs has released a statement detailing its administrative functions concerning the National Company Law Tribunal's hiring process, amid Supreme Court unease about possible meddling. The ministry reassured that the NCLT retains independent control over its personnel appointments, with the recruitment authority resting with the NCLT president. Furthermore, the Supreme Court hearing brought to light issues around outsourcing recruitment of administrative staff.
NCLAT sets aside insolvency proceedings against Polycab over Rs 2.78 crore dues
NCLAT overturned the insolvency proceedings against Polycab India Limited, which originated from a claim by Asier Metals. The tribunal found unresolved disputes regarding payments and alleged operational dues amounting to Rs 2.78 crore. NCLAT noted that effective communication existed between the two parties detailing ongoing disagreements over credit notes and charges. Additionally, Polycab disputed the creditor's demand, indicating significant unresolved financial matters.
Assam govt forms panel to frame rules for implementation of Uniform Civil Code
The Assam government has created an eight-member committee to develop rules for the Uniform Civil Code Bill. This bill aims to provide a common legal framework for various personal matters across religions. It prohibits polygamy and mandates the registration of live-in relationships while exempting Scheduled Tribes in Assam. The committee is expected to submit its draft rules within one month. The bill has already received approval from the Assam assembly.
NCLT, NCLAT 'hijacked' by corporate affairs ministry: Supreme Court
The Supreme Court expressed discontent with the Ministry of Corporate Affairs regarding appointments in the National Company Law Tribunals. The court emphasized the need for NCLT and NCLAT to gain full autonomy over their staff. It criticized arrangements outsourcing tribunal staff recruitment to private companies, which could jeopardize existing contractual employees. The court urged comprehensive proposals from NCLT and NCLAT presidents to improve operational requirements.
Virat Kohli's stake in Agilitas Sports rises to 6.4% after One8 merger
The merger has been approved by the Mumbai bench of the National Company Law Tribunal (NCLT). The increase in Kohli's shareholding is because of the merger and is not because of any fresh investment by the cricketer. He had earlier invested Rs 40 crore in the sportswear startup.
MTAR Technologies gets NCLT nod to merge two wholly owned subsidiaries
MTAR Technologies has received NCLT approval to merge its wholly owned subsidiaries Gee Pee Aerospace and Defence and Magnatar Aero Systems into the parent company. The restructuring aims to simplify the corporate structure, consolidate operations, reduce administrative costs and improve efficiency.
SC directs NCLAT, NCLT presidents to submit proposals on infrastructure, staff requirements
The Supreme Court instructed the presidents of the National Company Law Appellate Tribunal and National Company Law Tribunal to submit proposals. These proposals would outline the requirements for infrastructure and staffing needed to improve tribunal functioning. The court highlighted concerns regarding the collapsing infrastructure at the NCLT Principal Bench. A joint meeting was suggested to identify priorities among stakeholders and tribunal leadership.
TVS Motor’s Venu Srinivasan and daughter Lakshmi file caveats against each other over inheritance
Venu Srinivasan and his daughter Lakshmi Venu have initiated caveats against each other regarding family business matters. The filings occurred in Chennai’s civil and commercial courts earlier this month. While Venu and his son Sudarshan claim a previous agreement exists, Lakshmi is advocating for a fair settlement. Mallika and Lakshmi have expressed their intention for an amicable resolution through discussions.
Committee of Creditors cannot withdraw resolution plan nod: Supreme Court
A bench of Justices JB Pardiwala and K Vinod Chandran, while disposing of the appeal filed by Bank of India and other CoC members, including Canara Bank, India Infrastructure Finance, Union Bank of India, UCO Bank and Punjab National Bank, said the resolution plan remains binding between CoC and the successful resolution applicant (SRA), and the improved profitability of the corporate debtor alone cannot be a reason to refuse approval of the resolution plan if it meets the requirements under IBC.
Parliamentary Committee on Finance to examine 46 economic issues, including virtual digital assets, AI, in FY'27
Parliament’s Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, has selected 46 subjects for examination in 2026-27, including artificial intelligence in finance, virtual digital assets, currency management and financial sector regulation.
Tata Sons AGM deadline nears as Tata Trusts deadlock clouds voting
Tata Sons is currently observing the situation involving its majority owners, Tata Trusts, regarding governance issues. The annual general meeting (AGM) deadlines are approaching and require shareholder majority for resolutions. Important changes in trustee roles could affect voting dynamics significantly. Legal experts suggest focusing on regulatory clarity to facilitate successful AGM execution. Clear representation and consensus among the trusts are critical for passing necessary resolutions.
Supreme Court upholds Shree Naman Developers' acquisition of Bengaluru, Pune hotel under NCLT proceedings
The Supreme Court has upheld insolvency proceedings against Gstaad Hotels and Neo Capricorn Plaza. This decision arises while clarifying that disputes over outstanding debt do not prevent corporate insolvency resolution. The National Company Law Tribunal approved resolution plans exceeding the companies' admitted liabilities. Challenges to these proceedings were rejected, emphasizing that historical defaults occurred despite arguments on financial management. The ruling maintains the legality of the insolvency process moving forward.
Shapoorji Pallonji Group wants Tata Sons to consider Rs 25,000 crore share buyback
The SP Group has not withdrawn the proposal, which was placed before the Tata Sons board by Noel Tata at its last meeting, the people said. The subsequent Reserve Bank of India (RBI) directive requiring Tata Sons to pursue a listing has not altered the group's need for funds, even as it has welcomed the regulatory move, they said.
How Byju’s parent funded Aakash rights issue; Zetwerk IPO fully subscribed
Happy Dussehra! Byju’s parent used money repaid by Great Learning to back Aakash’s rights issue. This and more in today’s ETtech Morning Dispatch.
Byju's parent uses Great Learning loan repayment to fund Aakash rights issue
The transaction shows how the cash-strapped company funded its effort to preserve its holding in one of the few valuable assets remaining in the Byju's ecosystem. A September 28 National Company Law Tribunal (NCLT) order approving TLPL's settlement with Aakash, Manipal Education & Medical Group and other parties records utilisation of a portion of the money received from Great Learning.
NCLAT revives Walchandnagar Industries' insolvency plea against Swaraj India Agro on SC direction
The National Company Law Appellate Tribunal restored an appeal from Walchandnagar Industries against Swaraj India Agro. This restoration followed a Supreme Court order canceling a previous dismissal of Walchandnagar's insolvency petition. The NCLAT issued a notice directing Swaraj India to respond within four weeks. The dispute involves operational debts related to a sugar plant project initiated in 2013. The NCLT earlier dismissed both companies' petitions citing pre-existing disputes.
Experts hail SC ruling on creditor’s claim in insolvency-linked dispute between two Bengaluru firms
The Supreme Court has ruled that a creditor whose claim was largely extinguished under an insolvency resolution plan can still use it as a counterclaim for set-off in subsequent arbitration, but cannot independently seek recovery of the extinguished amount.
Polycab India shares fall 6% in two sessions. What’s triggering the selloff?
Polycab India shares dropped 6% in two sessions after NSE announced its exclusion from the equity derivatives segment effective December 30. The move follows an insolvency petition admitted by NCLT over alleged dues of Rs 2.79 crore, which has since been stayed by NCLAT pending an October 26 hearing.
SC rejects MMTC appeal against National Spot Exchange settlement scheme
The Supreme Court has dismissed MMTC's appeal regarding a settlement scheme by National Spot Exchange Ltd. The scheme, amounting to Rs 1,950 crore, aims to settle creditor claims from a 2013 crisis. Although MMTC opposed the scheme, it did not present objections during proceedings. The National Company Law Appellate Tribunal previously upheld this scheme with over 90% creditor support.
Former financial services secretary Nagaraju Maddirala appointed IL&FS CMD for two years
Nagaraju Maddirala, previously a financial services secretary, has been appointed Chairman and Managing Director of IL&FS. His appointment was confirmed by the Ministry of Corporate Affairs on October 12 following Nand Kishore's tenure. Maddirala will receive a monthly remuneration of Rs 5.5 lakh along with a company car. IL&FS is currently under a government-appointed board due to previous financial issues.
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