Month: November 2018

Madras HC moved against insolvency applications of corporate defaulters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Madras High Court on Wednesday issued a notice to the Insolvency and Bankruptcy Board of India (IDBI) on a petition which sought to restrain it from proceeding with insolvency applications of corporate bank loan defaulters.

Justice R Mahadevan also impleaded the Reserve Bank of India (RBI) as a respondent.

The court observed that when farmers are dying due to inability to repay loans, the attitude of bankers towards such corporate defaulters has to be viewed seriously.

Petitioner Siddarth Govind, an advocate, submitted that five major corporate bank loan defaulters alone owed around Rs 78,000 crore to various banks.

He sought a direction restraining the IDBI from proceeding with the insolvency applications till disposal of other litigations and ongoing investigations initiated by government agencies against such companies.

The petition also sought a direction to the Centre to amalgamate subsidiary companies which have defaulted on bank loan repayments with their promoters under Section 237 of the Companies Act so that the dues become their liability.

The central government has the power to merge two or more corporate entities in public interest, the petitioner said.

“It is shocking that such large-scale corporate defaulters are allowed to go scot-free when they owe such huge monies to the banks,” he said.

The government can ensure that promoter and holding companies are merged with the subsidiaries which have become non-performing assets and have defaulted in bank loans and statutory dues, the petitioner said.

Thereby, the liability of the subsidiaries becomes the liability of the holding companies, he said.

Counsel for the petitioner listed the five major defaulters, including Essar Steels India Limited, Videocon Industries, Kingfisher Airlines.

Referring to a case which had earlier come up before him in connection with the default of a loan of Rs 853 crore by Kanishk Gold, Mahadevan said the State Bank of India had sanctioned such a huge loan when the assets of the company were only worth about Rs 123 crore.

He posted the petition to November 15 for further hearing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Netflix to release three films in theaters ahead of online debut

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Netflix Inc will debut three of its upcoming original films in a limited number of theaters before the movies appear on the streaming service, the company said on Wednesday.

The move for “Roma,” “Bird Box” and “The Ballad of Buster Scruggs” is a change from the company’s traditional practice of releasing movies in theaters and on Netflix on the same day.

“Roma,” a black-and-white, Spanish-language film about a housekeeper in Mexico, will start playing in cinemas in Los Angeles, New York and Mexico on November 21 and later expand to other cities and countries.

Directed by Oscar winner Alfonso Cuaron, “Roma” will debut on Netflix and in additional theaters on December 14.

At the end of September, Netflix had 137 million subscribers to its movie and TV streaming service. It began stocking its library with original films just three years ago.

Netflix had been insisting that any of the movies it sent to theaters be available to its streaming membership on the same day. Most large theater chains remain opposed to Netflix films, and some prominent directors have objected to the idea that their movies would be seen mostly on the small screen.

Now, Netflix’s strategy is evolving.

“Roma” is a likely contender for best picture, according to Hollywood awards experts, and Netflix’s release strategy for the film is similar to ones used by traditional studios to promote their art-house movies ahead of awards voting.

“The Ballad of Buster Scruggs,” a new movie from “Fargo” filmmakers Ethan and Joel Cohen, will start a limited theatrical run on November 8, eight days before its debut on Netflix.

“Bird Box,” a thriller starring Sandra Bullock and Sarah Paulson, will begin playing in some theaters on December 13 before hitting Netflix on December 21.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

MAMI Finale: Thursday is for goodbyes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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This is a tough morning. As I watch the dark seas gently find colour from my kitchen and see the stirrings of another morning, I realise that after today I will turn into a pumpkin, from movie princess to plain ole Cinderella doing her everyday ordinary chores.

The magic that uplifted me to feel — what a maid from an upper class neighborhood felt, what a monster feels when she swims under the stars, what a man feels when he watches the love of his life walk away from him, what a priest feels when he realises he’s struggling with his faith — is now going to vanish like the darkness over Mumbai.

Once upon a time, the opening and closing films of the festival used to be the only time I have seen journalists turn into supplicants: please include me in the invitee list. It was worth standing by the red carpet, actually ogling the stars, the directors and even clapping hard for the organising committee. Today, everything has become so commercial, one has run around like a headless chicken (or a pig at a feast) finishing a film and getting into the queue for the next.

No more languid happiness, the joy of moving from one screening to the other after having discussed with friends (or complete strangers) the best parts of the film over tea or even a glass of wine. But I sound crotchety and ancient. I have been greedy, happy to watch films back to back, not wanting to overhear silly things like, ‘Roma sounds like it should be in Rome, no? Why are they speaking Spanish?’ I have loved the magic of films.

This is the first film of the last day, I realise that the crowds are not sparse, Faroukh the security guy, Dipali the uniformed security girl who has checked my bag umpteen times, the two lads from BookMyShow (Viral and Jagdish) who have swiped my card to check my booking, probably did not go home for the last six days, the ushers at Regal (their duty is 9 hours a day), they’re all still doing their jobs happily. Making film-watching a pleasurable experience for us.

Boy Erased and now The Miseducation of Cameron Post. Our filmmakers are showing us how subjects have changed. We need to pay attention to our children. Do we communicate? Do we really know how they feel? What dilemmas do they go face? In India, where everything is swept under the carpet, are we even ready to acknowledge that our children might have a Finsta account and not just the happy-happy-joy-joy selfie social media profile? American films are exploring more, their middle-class values dictated by their faith can be just as repressive as our ‘Log Kya Kahenge’ mantra.

This is going to be a very long film, and I am sure I will be shaken at how cruel we parents can be to the kids. Are we really the Disney Villains that our kids dread? I text my child unit my love, and hope that he can really fly back to make my Christmas real. There is time for tea. Sunil, the chai wallah across from Regal smiles at me. ‘Only one chai? What happened to the thermos?’

How do I explain that a thermos full of tea is needed when one is watching films that hold you by the scruff of your neck and transport you to strange lands (snow in Korea and an autumnal forest in a Turkish village), to people who spell their names differently: Wiktor, Nobuyo, Osamu, Jeong, Manita, Kena and also Callahan. Tonight I am going to watch a Hollywood blockbuster to end the festival instead of watching Roma again.

I realise I have said this aloud. I accept a glass of chai, he doesn’t charge me, saying, ‘Aap jaise paagal kam dekhe hain!’ I say thank you to Sunil and head inside to watch a film that takes me back to Portland, Oregon, where my child unit was born.

It’s a story about a father and daughter who live in the forests, not wishing to be a part of this crazy world. Sometimes I wish I could leave this world without a trace as well.

When evening falls I will join the swell again. They tell me the show is sold out, and I wonder if I should watch the film when it releases in India on November 20, 2018. Widows feels like it’s going to be a blockbuster winner already by looking at just the cast: Viola Davis, Liam Neeson, Elizabeth Debicki, Colin Farrell, Michelle Rodriguez, Daniel Kaluuya, Carrie Coon and even Robert Duvall. I look at the train ticket back home and put it away. I need the magic for a couple more hours.

They tell me there were meet and greet with the directors, there were masterclass sessions with filmmakers, there were photo sessions with famous film personalities. I must confess that I could not bring myself to tear away from the movies that were truly intense and watch stars smile for cameras. I will step into Regal one last time. As they said in the movies, ‘We’ll always have Paris!’

Manisha Lakhe is a poet, film critic, traveller, founder of Caferati — an online writer’s forum, hosts Mumbai’s oldest open mic, and teaches advertising, films and communication.

Disclosure: Jio MAMI 20th Mumbai Film Festival With Star is sponsored by Reliance Jio, a subsidiary of Reliance Industries that controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia starts new month up on strong Wall Street after brutal October

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world’s largest economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15 percent, adding to modest gains the previous day, though this came after a brutal October month.

The index had fallen 10.2 percent in October, it worst monthly performance since August 2015, as factors ranging from Sino-US trade tensions to worries about global economic growth, higher US interest rates and company earnings spurred volatility in global markets.

There were tentative signs of the gloom slowly beginning to lift, led by a rebound in beaten-down US shares.

Wall Street rose for a second day on Wednesday as strong company results and bargain hunting of beaten-down technology and internet favourites lifted spirits.

The improved mood filtered down to Asia, with Australian stocks up 0.55 percent and South Korea’s KOSPI putting on 0.5 percent. Japan’s Nikkei slipped 0.3 percent following two days of big gains.

“What we are seeing is the equity markets trying to rebound after bottoming out. Corporate earnings in the US and Japanese markets have been relatively strong on the whole, which means there are plenty of bargain hunting opportunities,” said Soichiro Monji, senior economist at Daiwa SB Investments in Tokyo.

“The ongoing rebound has further room to go. The US-China trade conflict will continue popping up as a market factor going forward, but the worst fears appear to have subsided for now, at least through the US midterm elections.”

The dollar index against a basket of six major currencies hovered near a 16-month high of 97.20 scaled overnight after the ADP national employment report showed that US private sector payrolls increased by the most in eight months in October.

The greenback has enjoyed a boost from robust economic reports, including data last week which showed the US economy slowed less than expected in the third quarter.

The euro, on the other hand, has been weighed by less-than-stellar economic news from the euro zone region.

The single currency stood at $1.1316 after retreating to $1.1302 on Wednesday, its lowest since mid-August.

The pound rose 0.45 percent to $1.2819 after the Times reported that British Prime Minister Theresa May had sealed a deal with Brussels that would give British financial serves companies continued access to European markets after Brexit.

The bounce lifted the pound further away from a 2-1/2-month low struck on Tuesday.

In commodities, US crude futures were down 0.47 percent at $65.00 per barrel.

The benchmark remained on the back foot after falling more than $10 from a four-year peak reached early in October as the global market tumult last month was seen hurting demand for fuel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wall Street ends last day of haunted October in the black

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US stocks rebounded for a second day on Wednesday as investors snapped up beaten-down technology and internet favourites and strong company results lifted spirits, even as the S&P 500 closed out its worst month in seven years.

The S&P 500 lost 6.9 percent in October, while the Nasdaq shed 9.2 percent, its biggest monthly loss since November 2008.

Fears of rising borrowing costs, global trade disputes and a possible slowdown in US corporate profits spooked equity investors this month, with technology and internet names that had powered the market’s rally taking the biggest hit.

“People are just happy to have the month of October over,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“All of the fears that popped up last week are being pushed into the background right now. I don’t know if it’s going to have any legs to it. Just a few earnings in the next few days can change things a lot.”

On Wednesday, shares of Facebook Inc gained 3.8 percent after the social media giant said margins would stop shrinking after 2019 as costs from scandals ease.

The S&P communication services index, which also houses Alphabet Inc and Netflix Inc, rose 2.1 percent. The S&P technology index ended up 2.4 percent on the day.

Shares of Amazon.com Inc and Apple Inc, which is due to report results after the bell on Thursday, climbed as well, by 4.4 percent and 2.6 percent respectively.

The Nasdaq gained 3.6 percent in the last two sessions, its biggest two-day percentage gain since June 2016.

General Motors Co shares jumped 9.1 percent to notch their biggest one-day gain since late May, after the No. 1 US automaker posted robust quarterly results and forecast strong full-year earnings.

The Dow Jones Industrial Average rose 241.12 points, or 0.97 percent, to 25,115.76, the S&P 500 gained 29.11 points, or 1.09 percent, to 2,711.74 and the Nasdaq Composite added 144.25 points, or 2.01 percent, to 7,305.90.

The Cboe Volatility Index, the most widely followed gauge of expected near-term gyrations for the S&P 500, had its lowest close since Oct. 23.

The Dow lost 5.1 percent for the month, its biggest monthly percentage decline since January 2016.

October also marked only the 12th time since the start of the current equity bull market that both stocks and US Treasury bonds produced losses in the same month, based on preliminary data.

Mostly stronger-than-expected results have pushed up third-quarter profit growth estimates for S&P 500 companies to 26.3 percent, according to I/B/E/S data from Refinitiv data.

Defensive sectors were the only decliners. The S&P consumer staples index fell 0.9 percent.

Shares of Kellogg fell 8.9 percent after cutting its full-year profit forecast due to higher advertising and distribution costs.

The financial sector rose 1.4 percent and the S&P 500 regional banks index gained 1.9 percent, on the Federal Reserve’s proposal to ease regulations for US banks with less than $700 billion in assets.

Advancing issues outnumbered declining ones on the NYSE by a 1.53-to-1 ratio; on Nasdaq, a 1.59-to-1 ratio favoured advancers.

The S&P 500 posted 12 new 52-week highs and four new lows; the Nasdaq Composite recorded 38 new highs and 114 new lows.

About 9.8 billion shares changed hands on US exchanges. That compared with the 8.7 billion-share daily average for the past 20 trading days.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ease of doing business: India improves ranking but slips in four parameters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Repeating the success of last year, India on Wednesday jumped 23 places to rank at 77 in 2019 World Bank (WB) ease of doing business ranking (DBR), a development that could help the country attract more foreign investments.

Last year, India ranked 100, up 30 places from the year before last. Between 2014 and 2018, India jumped 65 places and 53 in the last two years.

In its annual report ‘Doing Business’ 2019 report, World Bank said India improved on six of the 10 parameters relating to starting and doing business in a country.

These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.

While India improved in most of the areas, the country’s rank has worsened in four parameters.

Here are the four areas where India needs to improve:

Registering Property:

The country’s ranking fell to 166 from 92 in the last four years. In India, it takes around 85 days to register for property and the procedures end up costing around 7.5 percent of the property value.

Protecting Minority Investors:

India’s ranking fell to seventh from fourth in the world. According to the report, India has shown no improvement in protecting minority investors.

Enforcing Contracts:

Ranked at 164, the country showed no improvement in enforcing contracts. The report said that it takes more than three years to enforce a contract.

Resolving Insolvency:
India’s ranking fell to 108 from last year’s 103. It takes more than four years to solve insolvency problems, according to the report.

In paying taxes, India’s ranking slipped by two places to 121 this year but the report said the country made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hyundai, Kia Motors to develop new solar charging technology for vehicles

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hyundai Motor Co and its affiliate Kia Motors Corp are planning to launch a solar charging technology for some Hyundai vehicles to meet global emission regulation targets, the South Korean automakers said on Wednesday.

Solar panels will be mounted on the roof or hood of the vehicles, the companies said.

The companies are launching three solar charging systems for several types of vehicles, including hybrid and battery electric.

Several countries have in recent years set ambitious goals to cut carbon dioxide and nitrogen oxide emissions, bringing carmakers and truckmakers under greater scrutiny.

Hyundai is set to launch the first generation of the technology for its vehicles after 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PM Modi gifts ‘Modi jackets’ to South Korean President Moon Jae-in

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a special gesture, Prime Minister Narendra Modi has gifted some meticulously tailored “Modi jackets” to South Korean President Moon Jae-in, who expressed his liking for them during his first state visit to the country in July.

“Modi jackets” are basically a vest-like sleeveless jacket the leader (Modi) usually dons, state-run Yonhap news agency reported.

President Moon expressed thanks to Prime Minister Modi on Wednesday for sending him the jackets.

Moon also uploaded photos of him wearing the jackets in a Twitter posting, saying they “fit great.”

“Prime Minister Narendra Modi of India sent me some gorgeous garments. These are modernised versions of traditional Indian costume, known as the ‘Modi Vest’, that can also be worn easily in Korea. They fit perfectly,” Moon tweeted.

“During my visit to India, I had told the Prime Minister Narendra Modi that he looked great in those vests, and he duly sent them over, all meticulously tailored to my size. I would like to thank him for this kind gesture,” he tweeted.

In a second photograph posted on Moon’s Twitter account, four Modi jackets of different shades were displayed.

Hours after Moon’s tweet, Prime Minister Modi said he was delighted to see his friend looking elegant in his gifted jacket to the South Korean President.

“Delighted to see my friend, President Moon looking so elegant in a tailored Indian waist-coat Jacket!” Modi said in a tweet.

“I hope these simple gifts from the Indian people remain close to the President’s heart and remind him of the civilizational bond our countries share,” he said.

In July, Moon made his first state visit to India during which he held talks with Modi on key issues such as the situation on the Korean peninsula, and ways to boost bilateral trade and defence cooperation.

Moon also congratulated Modi on his selection as winner of this year’s Seoul Peace Prize in recognition of his contribution to world peace through his economic vision.

“I have read Prime Minister Modi’s tweets upon winning the Seoul Peace Prize. They were written in Korean, and I was moved by his thoughtfulness. I would like to offer my heartfelt congratulations to Prime Minister Modi,” Moon tweeted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government, RBI must initiate more measures to improve liquidity scenario: Ficci

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Industry chamber Ficci on Wednesday said more measures are needed to make adequate liquidity available in the system and strengthen the financial sector for attaining 8 percent plus GDP growth.

In a statement, the chamber said the tight liquidity situation in the festive season and rising interest rates will impact the SMEs, MFIs and sectors like housing. The SME credit issue is the most crucial one and all measures should be explored to address this.

It said the present situation demands that the RBI and the government work to bring in measures to improve the liquidity scenario in the coming months.

“While a 21-point suggestion has been submitted to the government and RBI to tackle the NBFC liquidity problem, the chamber also took part in the FSDC deliberations on the issue yesterday,” Ficci said.

It further said its members who represent SME sector have been asking for cheaper and easier availability of credit.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government committed to economic reforms: PM Modi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government is committed to economic reforms to ensure an environment that fosters investments, Prime Minister Narendra Modi said on Wednesday after India climbed in the World Bank’s ease of doing business ranking.

“Delighted at yet another rise in India’s ‘Ease of Doing Business’ rank. We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities,” the prime minister tweeted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow