HDIL shares hit 52-week low as NCLT admits firm under insolvency proceedings
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Shares of Housing Development and Infrastructure Ltd (HDIL) slumped as much as 20 percent to a 52-week low of Rs 8.80 on Wednesday.
Shares of Housing Development and Infrastructure Ltd (HDIL) slumped as much as 20 percent to a 52-week low of Rs 8.80 on Wednesday.
HDIL on Tuesday said it has been admitted under provisions of insolvency bankruptcy code passed by National Company Law Tribunal (NCLT) pursuant to an application filed by the Bank of India. The Mumbai-based company further said it is under the process to file an appeal to National Company Law Appellate Tribunal (NCLAT) against the NCLT order.
On June 5, the bankruptcy court had directed HDIL to pay Rs 98 crore to Bank of India within four weeks. HDIL owes around Rs 520 crore to Bank of India and had agreed to pay it in tranches.
HDIL, as per its 2017-18 annual report, has a total debt of around Rs 2,400 crore.
At 11.35 AM, HDIL shares were down 20 percent at Rs 8.80 per share, while the broader index Nifty was down 0.13 percent.
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INX Media Case: ED issues lookout circular against former FM P Chidambaram
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The Enforcement Directorate (ED) has issued a lookout circular (LOC) against former finance minister and Congress leader P Chidambaram in connection with the 2017 INX Media case, sources told CNBC-TV18 on Wednesday. A lookout circular prevents an accused from leaving the country. The development comes after Justice N. V. Ramana-led Supreme Court bench refused to …
The Enforcement Directorate (ED) has issued a lookout circular (LOC) against former finance minister and Congress leader P Chidambaram in connection with the 2017 INX Media case, sources told CNBC-TV18 on Wednesday. A lookout circular prevents an accused from leaving the country.
The development comes after Justice N. V. Ramana-led Supreme Court bench refused to grant the leader interim relief from arrest. Justice Ramana told Chidambaram’s lawyer Kapil Sibal that the case will be sent to CJI Ranjan Gogoi and he will pass the order.
The Delhi High Court, on Tuesday, refused to grant Chidambaram any protection from arrest in the case, after which the Congress leader moved SC.
A team of CBI officers landed at Chidambaram’s posh Jor Bagh residence after the high court ruling to locate him but left as it could not find the leader.
The CBI is investigating Chidambaram in the INX Media case, which it had registered on May 15, 2017, alleging irregularities in the FIPB clearance granted to the media group for receiving overseas funds of Rs 305 crore in 2007 during his tenure as finance minister.
The ED is probing the money laundering case which it lodged in 2018.
Congress leader Priyanka Gandhi Vadra on Wednesday came in support of Chidambaram and slammed the centre over the action of probe agencies against the former FM.
“An extremely qualified and respected member of the Rajya Sabha, P Chidambaram ji has served our nation with loyalty for decades including as Finance Minister & Home Minister,” Priyanka Gandhi said in a tweet.
“He unhesitatingly speaks truth to power and exposes the failures of this government, but the truth is inconvenient to cowards so he is being shamefully hunted down. We stand by him and will continue to fight for the truth no matter what the consequences are,” she added.
– Inputs from agencies
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The Latest: CBI arrests P Chidambaram from his Delhi residence
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Dramatic scenes unfolded at senior Congress leader P Chidambaram residence as sleuths of the Central Bureau of India (CBI) and Enforcement Directorate (ED), arrested and escorted him to CBI headquarters from his Jor Bagh home.
Dramatic scenes unfolded at senior Congress leader P Chidambaram residence as sleuths of the Central Bureau of India (CBI) and Enforcement Directorate (ED), arrested and escorted him to CBI headquarters from his Jor Bagh home.
“Mr P Chidambaram has been arrested in connection with INX media case,” a senior official of the agency said. A CBI spokesperson said he has been arrested on the basis of a warrant issued by a competent court.
Chidambaram will spend the night in the CBI lock-up. A medical examination will be conducted and he will be produced before a special CBI court on Thursday, where the agency will seek his remand.
Earlier, a team of about 30 CBI sleuths accompanied by Delhi police officials reached the Jor Bagh residence of Chidambaram and knocked at the doors for a few minutes before scaling the boundary wall to enter the premises.
#WATCH Delhi: A Central Bureau of Investigation (CBI) official jumps the gate of P Chidambaram’s residence to get inside. CBI has issued a Look-Out Notice against him. pic.twitter.com/WonEnoAgR4
Chidambaram denied all allegations levelled against him and his family members in the INX media case and said there is no charge sheet filed by Enforcement Directorate (ED) and Central Bureau of Investigation (CBI).
Speaking to reporters at Congress headquarters, he said, “I was working alongside my lawyers all night. I was accused of running away but on the contrary, I was engaged in the pursuit of justice. I bow down to the orders of the Supreme Court and between now and Friday, I shall respect the law even if it’s applied unequally by investigating agencies.”
Meanwhile, Karti P Chidambaram tweeted that the move by the ED and CBI is a political witch-hunt.
This is a political witch-hunt. Outrageous media leaks are the preferred tactics of the @dir_ed I have nothing to do with INX or the FIPB. All my assets and liabilities are duly declared in statutory and regulatory filings. I have repeated this ad nauseam https://t.co/jBmkrxLNeX
I have been raided 4 times. Appeared for over 20 summons. Each session for a minimum of 10 to 12 hours. Been a “guest” of the CBI:) for 12 days. There is still no chargesheet for alleged events which apparently took place in 2008 and a FIR in 2017. There is no case.
“If I am asked to choose between life and liberty, I will unhesitatingly choose liberty. Whatever is happening with him is a huge concern. We respect him & we are with him,” the former finance minister said.
“Until Friday and beyond, let’s hope the lamp of liberty will shine bright and illuminate the whole country,” he said, suggesting that the probe agencies should not arrest him until the apex court decides on his bail plea.
“I will respect the law even if applied with an unequal hand by probe agencies,” he said reading out from a written statement and flanked by several senior Congress leaders. He did not take any questions from journalists and left the venue after finishing his statement.
Supreme Court Justice N V Ramana said P Chidambaram’s plea seeking the Delhi High Court’s order dismissing his request for pre-arrest bail in the INX media case will be placed before the Chief Justice of India to consider for an urgent listing.
Appearing for the Enforcement Director and Central Bureau of Investigation, Solicitor General Tushar Mehta told a Supreme Court bench that it is a case of money laundering of monumental magnitude.
Justice Ramana told Chidambaram’s lawyer Kapil Sibal that the case will be sent to CJI Ranjan Gogoi and he will pass the order.
The former finance minister continued to remain missing as he faces arrest after the Delhi High Court on Tuesday night refused to grant him protection. CBI and ED officials went to Chidambaram’s Jor Bagh residence one after the other, but could not meet him as he was not at home.
Meanwhile, a lookout notice has been issued against the Congress leader and all airports, immigration desks have been put on high alert.
Chidambaram’s lawyer said the lookout notice stems from political vendetta as the former Minister “is not a flight risk”.
Sibal told the top court the high court had also refused to grant any protection from arrest to Chidambaram to enable him to approach the apex court
“The matter should be heard. I (Chidamabaram) should not be arrested in the meanwhile,” Sibal said.
Sibal told the court that at 2 am on Wednesday the probe agencies have pasted a notice on Chidambaram’s house that he has to appear before them within two hours.
(With input from agencies)
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CG Power Fraud: Auditors’ role needs to be scrutinised, says Amit Tandon of IiAS
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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CG Power shares extended fall for a second day, down 20 percent at Rs 11.80 on Wednesday following shocking revelation that liabilities and advances worth Rs 4,400 crore were understated by the company – a move which prompted the Ministry of Corporate Affairs to order a probe right away. Amit Tandon, founder and managing director of proxy advisory firm IiAS, spoke about the development.
CG Power shares extended fall for a second day, down 20 percent at Rs 11.80 on Wednesday following shocking revelation that liabilities and advances worth Rs 4,400 crore were understated by the company – a move which prompted the Ministry of Corporate Affairs to order a probe right away. Amit Tandon, founder and managing director of proxy advisory firm IiAS, spoke about the development.
“We are in the part of the market where the flow of the money has stopped between various entities and once the music stops then some of the people are going to find themselves without any chair to sit on,” Tandon said on Wednesday.
“My sense at the moment is that they have taken a first look at what it is, they have pieced together what makes sense to them at this stage but once you start digging in, you are going to find something more,” he added.
“These are the things, which have been unearthed without a forensic audit being put in place. Once you do that, I suspect you will find a little bit more than that. How much more is difficult to say whether it is another Rs 300 crore or Rs 3,000 crore. Who knows at this stage,” said Tandon.
When asked how significant is the role of an auditor in this, he replied, “In 2016 they have appointed Chaturvedi & Shah who resigned within a year. Then in 2017, a local firm was appointed and clearly, things must have been a little bit amiss because in 2018 they have brought in a joint auditor, which was an SRBC firm affiliated with the E&Y group. What the disclosures to the stock exchanges have said that this was the firm which worked with them to reconcile some of the accounts and figure out what is going on. Clearly the fact that you had auditors moving was that none of them were comfortable with what was going on but clearly, none of them raised a red flag early enough till the last change which has happened.”
“The role of the auditors over the last few years needs to be looked at a little bit more closely, it needs to be scrutinised in terms of what did they do, when did they find out that the numbers are not adding up,” he said.
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Apple’s streaming service Apple TV+ targets November launch, says report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Apple is all set to give streaming services like Netflix and Amazon Prime a run for their money as it plans the launch Apple+ video service by November, reported Bloomberg, adding that the launch is part of Apple’s effort to reach $50 billion in service sales by 2020.
Apple is all set to give streaming services like Netflix and Amazon Prime a run for their money as it plans the launch Apple+ video service by November, reported Bloomberg, adding that the launch is part of Apple’s effort to reach $50 billion in service sales by 2020.
The iPhone-maker will launch the service with a selection of shows and provide a free trial subscription while it builds up its library, people aware of the development told Bloomberg on the condition of anonymity.
“Apple hasn’t announced pricing for Apple TV+ but is weighing $9.99 a month,” Bloomberg quoted the people as saying.
Apple subscription charge would match Apple Music and Apple News+. However, Netflix and Amazon Prime subscription costs $8.99, while Disney+ plans to charge $6.99 when its service debuts in November, Bloomberg reported.
Apple’s strategy for its Apple TV+ includes different release strategies that include offering the first three episodes of some programmes, followed by weekly installments, the report said, adding that the video service will be launched in 150 countries globally.
On Monday, the company released the second trailer for The Morning Show, starring Jennifer Aniston, Reese Witherspoon and Steve Carell.
The TV service will be part of Apple’s TV app, which comes installed on the company’s devices, and will also be accessible from third-party products, like Roku and Amazon Fire TV boxes, and Samsung televisions, the report added.
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Could we BE any more excited? ‘Friends’ fans nuts for merchandise
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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“Everybody still goes through growing up into your 20s when you get your first job, your first heartbreak, your first time your friends really become your family,” Maryellen Zarakas, a Warner Bros. senior vice president said.
See your “Friends” on the big screen. Deck out your place with “Friends” decor. Wear your “Friends” as jewelry. Heck, buy the “Friends” Lego set and pretend it’s for your kid.
If you’re a “Friends” superfan, there are lots of ways to celebrate the show’s 25th anniversary in September.
“It transcends generations,” Maryellen Zarakas, a Warner Bros. senior vice president, said of the show that ended in 2004 after 10 seasons. “Everybody still goes through growing up into your 20s when you get your first job, your first heartbreak, your first time your friends really become your family.”
The studio has partnered with a range of companies to celebrate the quarter-century mark. Here’s a look at some of the fun:
The Fathom Event
Fans broke Fathom Events’ website, for about 15 minutes anyway, when tickets went on sale for three days of movie house screenings of popular episodes. A dozen episodes are hitting movie theaters Sept. 23, 28 and Oct. 2. Each night includes four “Friends” episodes that have been newly remastered in 4K from the original 35mm camera negatives. There will also be never-before-seen extras.
“It’s those really iconic moments that people want to see over and over again,” Zarakas said. “That’s how the Fathom Event came about.”
Tom Lucas, a Fathom vice president, said the idea was to “allow a group of friends, for lack of a better word, go together and enjoy it on the big screen.”
Fathom has more than 1,400 theaters on board. That amounts to well over 200,000 seats available each night, making it the largest Fathom Event ever, Lucas said.
The Legos
Is your brick building stuck in second gear? Maybe a Central Perk set will help. It goes on sale Sept. 1 for $59.99 at Lego stores and on Lego.com.
The collectible set recreates the gang’s coffee shop and comes with figures of the six buddies, plus Gunther. There’s a seating area, including — YES — the couch, an armchair and two other chairs.
The photo provided by LEGO shows the LEGO Ideas “Friends” brick set pictured marks the 25th anniversary of the iconic sitcom. Warner Bros. has partnered with LEGO and a range of other brands to provide fans with merchandise from jewelry to Rachel’s famous apothecary table. (LEGO via AP)
Builders can construct the stage where Phoebe performed with her guitar. There’s a brick-built coffee machine, walls, a window with the Central Perk logo, TV studio light rigs, coffee mugs and the familiar low coffee table.
Lego designer Aymeric Fievet submitted the concept through the Lego Ideas platform, a way for brick fans to weigh in on new projects.
“It’s the fans who really wanted to do a ‘Friends’ set,” Zarakas said. “When we heard about that we were, of course, all in.”
The Pop-Ups
In New York, tickets sold out in two hours for “The One with the Pop-Up” immersive experience in Manhattan. The monthlong pop-up opens Sept. 7 and runs through Oct. 6. It includes Central Perk, props for photos, and some of the iconic looks for Ross, Rachel, Joey, Monica, Chandler and Phoebe.
“It’s for the ultimate ‘Friends’ fan,” Zarakas said. “You can peek through Rachel and Monica’s very famous purple door. You can relax on Chandler and Joey’s recliner.”
Lines have been around the corner for the Central Perk pop-up in Santa Monica, California. The Coffee Bean & Tea Leaf created a ‘gram-worthy “Friends” experience, orange couch included. There’s memorabilia from the sitcom and specialty drinks named for its cast: The Rachel Matcha Latte, The Joey Mango Cold Brew Tea and The Phoebe Cookies & Cream Ice Blend among them.
In this photo provided by The Coffee Bean & Tea Leaf, The Coffee Bean & Tea Leaf has packaged up special “Friends” bags of coffee in celebration of the 25th anniversary of the TV show “Friends.” Warner Bros. has partnered with a range of brands to create special fan experiences, from home goods and jewelry to special movie theater events and a LEGO set. (The Coffee Bean & Tea Leaf via AP)
The Coffee Bean did the same pop-up in West Hollywood. Both end Friday.
The Bling
The moments, the one-liners, the memories. You can have them all in accessories from the eco-conscious Alex and Ani. The brand has created a seven-piece “Friends” capsule line of mostly charm bracelets to mark the anniversary.
Choose from a “pivot, pivot, pivot” theme, one with a lobster and “you’re my lobster” charms or Joey’s “how you doin?” line, among others. The Central Perk logo, the famous picture frame and the “Friends” logo bar are also available. Prices range from $39 to $49 on Alexandani.com.
“This married really nicely with the show,” Zarakas said. “It’s a wink and a nod.”
The Decor
Could we BE any more excited?
Pottery Barn takes a turn at “Friends'” merch with everything from mugs to tea towels and a reissue of the famous apothecary coffee table that Rachel tried to pass off as flea market to roommate Phoebe, who was not a Pottery Barn fan.
The Season 6 episode was aptly named “The One with the Apothecary Table.” The collection also includes throw pillows adorned with Monica’s purple apartment door, the tufted Central Perk couch and classic quotes like “Joey Doesn’t Share Food.”
Pottery Barn even threw in wall art memorializing the show’s theme song and a doormat with the series’ logo.
Shop online at PotteryBarn.com but beware, some items have already sold out.
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Saurabh Mukherjea, founder & chief investment officer at Marcellus Investment, spoke to CNBC-TV18 about the economic slowdown and how investors should approach the market in the current scenario.
“Despite the depth of the downturn that has taken us aback, the financialisation of the economy continues – especially the flow into insurance policies, the flow into mutual funds and the PMS industry,” Mukherjea said on Wednesday.
“So, it is a painful consumption downturn, painful economic downturn but in midst of that financialisation of the economy continues apace,” said Mukherjea.
When asked how a long-term investor should approach the market, he said, “One is the conventional approach of buying high-quality companies, consistent compounders like HDFC Bank, Asian Paints, Berger Paints etc. Two, the macro landscape gives two sources of pain and two sources of relief. Relief is coming from the RBI and there is a potential of 100 basis points rate cuts in next 12 months and the other relief is from the currency, which is expected to move towards mid 70’s. However, the pain is from the fiscal policy and continuation of accounting issues, governance issues in the corporate landscape in India.”
“So if I join the dots, it suggests looking for exporters, looking for companies that would benefit from the cheaper currency – so good plays in IT, pharma sector. Look for well-run lenders who can benefit from RBI slamming interest rates down and stay away from companies whose accounts, balance sheets, governance is smelly and also away from companies who are dependent on government giving them business,” said Mukherjea.
According to him, “A big part of the downturn is cyclical in nature than structural and with the economic cycle there will probably be an upturn in the next 6-12 months.”
Why Yes Bank plunged 12% after financial fraud emerged at CG Power
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Shares of Yes Bank fell 5 percent, hitting its 52-week low of Rs 67.55 per share on Wednesday, extending Tuesday’s losses amid concerns over its exposure to CG Power, which has been hit by alleged financial irregularities and unauthorised transactions. The stock has fallen nearly 12 percent since yesterday after the allegations against CG Power …
Shares of Yes Bank fell 5 percent, hitting its 52-week low of Rs 67.55 per share on Wednesday, extending Tuesday’s losses amid concerns over its exposure to CG Power, which has been hit by alleged financial irregularities and unauthorised transactions. The stock has fallen nearly 12 percent since yesterday after the allegations against CG Power surfaced.
Yes Bank has 12.79 percent stake in CG Power. In May, the private sector lender acquired a stake in the company on the invocation of pledged shares of its promoter.
“While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company,” said CG Power in a BSE filing.
The board also found that the total liabilities of the company and the group may have been potentially understated. “The total liabilities of the company and the group may have been potentially understated by approximately Rs 1053.54 crore and Rs 1,608.17 crore respectively as at 31 March 2018; and by Rs 601.83 crore and Rs 401.83 crore respectively as at 1 April 2017,“ the filing added.
CG Power said that certain assets of the company were purportedly provided as collateral without due authority, and the company was made a co-borrower and/or guarantor for enabling ostensibly unrelated third parties to obtain loans without due authorisation.
At 9:59 AM, the stock was trading 2.5 percent lower at Rs 69.45 per share on the BSE as compared to 0.03 percent (10 points) rise in Sensex at 37,338. Meanwhile, CG Power hit its lower circuit, down 20 percent for the second straight session.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
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INX Media case timeline: From CBI filing an FIR in 2017 to Delhi High Court refusing P Chidambaram’s anticipatory bail plea
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Chidambaram’s role has come under the scanner of various investigating agencies, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in the Rs 3,500-crore Aircel-Maxis deal and the INX Media case involving Rs 305 crore.
Senior Congress leader and former Union minister P Chidambaram is facing imminent arrest in the INX Media case after the Delhi High Court on Tuesday dismissed his anticipatory bail plea. The court has also declined interim protection from arrest to the former finance minister in the corruption and money laundering cases.
Chidambaram’s role has come under the scanner of various investigating agencies, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in the Rs 3,500-crore Aircel-Maxis deal and the INX Media case involving Rs 305 crore.
It was during his tenure as finance minister in the first term of the United Progressive Alliance (UPA) government between 2009 and 2014 that clearances from the Foreign Investment Promotion Board (FIPB) were given to the two ventures.
The ED contended that the companies in which money was transferred were directly or indirectly controlled by Chidambaram’s son, Karti, and they have a reason to believe that the FIPB approval was granted to INX Media on his son’s intervention.
The Delhi High Court on July 25, 2018 granted interim protection from arrest to Chidambaram in both the cases and it was subsequently extended.
Here is a timeline of events in the INX Media corruption and money laundering cases:
May 15, 2017: CBI registers first information report (FIR) in INX Media case alleging irregularities in FIPB clearance to the group for receiving overseas funds of Rs 305 crore in 2007.
2018: ED lodges a money laundering case in this regard. CBI summons Chidambaram for questioning.
May 30, 2018: Chidambaram moves Delhi High Court seeking anticipatory bail in the CBI corruption charge.
July 23, 2018: He moves Delhi HC for anticipatory bail in the money laundering case of ED.
July 25, 2018: High court grants him interim protection from arrest in both cases.
January 25, 2019: HC reserves its judgement on his anticipatory bail in both cases.
August 20, 2019: HC dismisses the anticipatory bail pleas. It also declines Chidambaram’s request to stay the order for three days to enable him to move an appeal in the Supreme Court.
—With inputs from PTI
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Inventory levels seen around Rs 8,500 crore by year-end, says DLF
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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DLF’s bookings are at a 5-quarter high and the company has seen a fourth straight quarter of positive cash flows. Ashok Tyagi, whole-time director at DLF, shared the company’s outlook in an interview with CNBC-TV18.
DLF’s bookings are at a 5-quarter high and the company has seen a fourth straight quarter of positive cash flows. Ashok Tyagi, whole-time director at DLF, shared the company’s outlook in an interview with CNBC-TV18.
“One reads and hears a lot about this slowdown of the luxury segment. Frankly, for us the situation has, in some sense, been the reverse. If you see for the last four-five quarters, a significant component of our sales came from two products, one was Crest which was in the price range of Rs 5 crore to Rs 8 crore and the second was Camellias which was in the price range of north of Rs 25 crore. Camellias continue to sell at a reasonable pace of 6-7 Camellias a quarter. So I think the issue is that while overall there might be a slowdown in the luxury space if you have a unique product from a location standpoint which is complete and has a perceived value, you still would have the market for that,” Tyagi said on Wednesday.
“From whatever one reads about the macro industry, luxury is facing some struggle especially in Mumbai and other cities but for us, luxury has delivered pretty well in the last four-five quarters,” he added.
On the inventory levels, Tyagi said, “Our inventory levels were about Rs 11,000 crore as of March-end. We had given a guidance of about Rs 2,500-2,700 crore of sales for this year. So we expect that our inventory levels – as we exit this year – should be about Rs 8,500 crore, which if the current traction continues, in a three-year cycle should get liquidated.”
“Our first-quarter sales were just north of Rs 700 crore, we were slightly ahead of the run rate that we had guided the market for. Whatever little we have seen of Q2, we seem to be adhering to that run rate. One reads about the slowdown in some of the other consumption spaces in the economy. So far it hasn’t impacted us but we will keep a close watch to the ground of how these things impact us going forward,” he said.
When asked about the decline in prices, he replied, “Theoretically speaking, it could be argued that there is some space for the prices to go down but at least for the last four quarters one is not seeing any downward movement of prices in the secondary market.”
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