Drug contamination crisis: Indian pharma industry faces regulatory crackdown | Check list of substandard drugs here

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

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The Indian drug regulatory authority, Central Drugs Standard Control Organisation (CDSCO) released a report in August revealing contamination of drugs produced by two pharmaceutical companies: Fourrts India and Norris Medicines. The drugs were found to contain diethylene and/or ethylene glycol.

Specifically, the cough syrup COLD OUT, produced by Chennai-based Fourrts, was confirmed to be contaminated by the World Health Organization (WHO) in a sample obtained from Iraq in August. Subsequent testing by the Indian drug regulator affirmed this contamination. One batch of COLD OUT was found to be tainted with diethylene and ethylene glycol, while another batch tested positive for ethylene glycol.

Also Read: US FDA chief: At 72, I rely on four generic drugs likely sourced from India | Exclusive

Moreover, additional drugs contaminated with ethylene glycol were identified, including two cough syrups manufactured by Norris Medicines: Trimax Expectorant and Sylpro Plus Syrup. Consequently, the government has taken action by sealing the manufacturing units of Norris Medicines.

The Indian pharmaceutical industry has faced increased scrutiny since the previous year due to a series of incidents related to drug contamination involving DEG and EG. These include cases like Maiden Pharma’s cough syrups being allegedly associated with the deaths of over 65 children in Gambia, and Marion Biotech’s cough syrup being linked to the alleged deaths of 18 children in Uzbekistan.

The WHO also issued an alert concerning a cough syrup produced by Punjab-based QP Pharmachem and marketed by Haryana-based Trillium Pharma. While Maiden Pharma faced accusations, the Indian government denied them.

Also Read: The controversial track record of Maiden Pharma

In response to the alarming number of incidents, the government has intensified its crackdown. Actions taken range from cancelling licenses of 18 pharmaceutical companies allegedly producing counterfeit drugs to implementing mandatory testing of cough syrups at government labs before exportation.

As many as 48 drugs were declared substandard in August 2023, as per the latest notification. These included drugs manufactured by Aan Pharma Private Limited, Medisky Pharmaceuticals, Globela Pharma Pvt. Ltd and Norris Medicines Limited.

Here’s a list of drugs which were recently declared as “Not of Standard Quality”:

> MOL-PCB Syrup (Paracetamol, Bromhexine Hydrobromide Chlorpheniramine Maleate, Phenylephrine Hydrochloride, Menthol Syrup) – 60 ml

> Nifedipine Sustain Release Tablets I.P. 20 mg

> DICLOGLOBE 50 (Diclofenac Sodium Tablets I.P. 50 mg)

> Trimax Expectorant (Terbutaline Sulphate with BromhexineHCl and Guaiphenesin),

> Frusemide Injection IP (2ml)

> Refined Glycerin CP Grade

> Sterile Noradrenaline Concentrate IP (2mg /1ml)

> CyproheptadineHCl with Tricholine Citrate Syrup (Sylpro Plus Syrup)

> Sibolone (Tibolone Tablets IP)

> Methylprednisolone Sodium Succinate for Injection USP 40mg

>  Misoprostol Tablets I.P. 200 mcg

> Cefotaxime for Injection IP 500 mg

> Bacillus Clausii Spores Suspension (EbaniproSuspension)

> (Absorbable Surgical Suture U.S.P (synthetic) 70 cm), (Monofilament Poliglecaprone 25) (STERGIC)

> Erythromycin Stearate Tablets IP 250 mg

> Selamer-400 Tablets (Sevelamer Carbonate Tablets 400 mg)

> Telmisartan and Chlorthalidone Tablets

> AMTAS PRP (Amlodipine and Perindopril Tablets)

> Esylate (Etamsylate Injection 250 mg)

> Montelukast Sodium and Levocetirizine Hydrochloride Tablets IP (Montzer-C)

> Nicomode-2 (Nicoumalone Tablets IP 2 mg)

> Erythromycin Stearate Tablets (Enthrocin-500)

> Cefoperazone & Sulbactam for injection

> Doxycycline and Lactic Acid Bacillus Capsules(DOXORIA-L)

> 5 Amoxycillin Capsules IP 500 MG (AMOXYCILLIN 500)

> Ciprofloxacin Hydrochloride Tablets IP 500 mg

> Ofloxacin & Metronidazole Benzoate Suspension (VIVFLOX-MZ Suspension)

(For Paediatric USE ONLY)

> Metronidazole & Ofloxacin Suspension (nor-metrogyl Suspension)

> Ibuprofen and Paracetamol Dispersible Tablets (Ibucon Plus Kid)

> Calamine, Zinc Oxide, Aloe vera & Light Liquid Paraffin (Calmin Lotion)

> Lorazepam Tablets I.P. 2 mg

> Calcium and Vitamin D3 Tablets I.P.

> Levocetirizine and Amrboxol Syrup (C & C Syrup)

> Povidone-Iodine Ointment USP 5% w/w

> Cefpodoxime Proxetil for Oral Suspension IP

> Diclofenac ProlongedRelease Tablets IP 100 mg

> Aspirin Gastro-resistant and Atorvastatin Capsules IP (75mg/10mg)

> Mupirocin Ointment IP (MUPIJAI OINTMENT)

> The auto disable syringe (KOJAK SELINGE)

> Rabeprazole Gastroresistant Tablets IP (RABALKEM-20)

> Paracetamol 120 mg + Chlorpheniramine Maleate 2 mg/ 5ml syrup (COLD OUT)

> Paracetamol 120 mg + Chlorpheniramine Maleate 2 mg/ 5 ml syrup (COLD

OUT)

> Paracetamol 120 mg + Chlorpheniramine Maleate 2 mg/ 5 ml syrup (COLD OUT)

> CALCIUM ACETATE TABLETS USP 667 mg., (Lanum)

> GENTAMYCIN INJECTION I.P. (GENTAVIK 2ml.)

> Pantoprazole Gastro Resistant Tablets I.P. (PAVE -40)

> COMPOUND SODIUM LACTATE INJECTION I.P.

Experts emphasise the necessity of taking steps to ensure standardised quality across therapies, preserving India’s reputation as the “pharmacy of the world” and mitigating long-term damage to its image.

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Valiant Laboratories makes a strong Dalal Street debut; shares list at a premium of 16%

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

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Shares of of paracetamol manufacturer Valiant Laboratories made a strong debut at Dalal Street on Friday, October 6. The stock was listed at Rs 161 apiece on the BSE, a premium of 15 percent against its issue price of Rs 140. On the NSE, the Valiant Laboratories stock was listed at a 15.82 percent premium at Rs 162.15 per share.

Analysts expected the stock to list at a premium of 15-18 percent over its IPO price owing to the paracetamol manufacturer’s improved financial performance, expansion plans, experienced promoters, and fair IPO price.

“Overall, the listing of Valiant Laboratories was positive, with the company receiving a good response from investors. However, investors should carefully consider related risks as well, like the company’s single-product focus, dependence on a limited number of suppliers and customers, and the competitive industry,” said Shivani Nyati, Head of Wealth at Swastika Investmart.

Investors might get a good listing benefit, but Nyati suggested them to book profits and exit their positions. “Those who want to hold for the long term should keep a stop loss at 150,” the analyst added.

Prathamesh Masdekar of StoxBox also expected the IPO to open at a premium of around 18 percent due to the sustained revenue growth, growing at a CAGR of 35.3% during the FY21-23 period. Further, the paracetamol API industry is expected to clock a 5-7% CAGR between FY23 and FY27.

“With strong operational efficiencies, Valiant Laboratories has demonstrated high ROCE, positive operating cash flows, strong balance sheet, pursued growth opportunities and better managed unanticipated cash flow variations, which will drive the company’s performance,” he said.

Valiant subscription status

The initial public offering (IPO) of Valiant Laboratories was subscribed 29.76 times overall, with investors buying 22.68 crore shares against an offer size of 76.23 lakh.

High networth individuals bought 73.64 times their quota of share and retail investors 16.06 times the shares allotted to them. The portion set aside for qualified institutional buyers was subscribed 20.83 times.

The IPO, which was open for subscription between September 27 to October 3, raised Rs 152 crore at the upper price band.

The company sold its shares in the range of Rs 133-140 apiece. The offer consisted of an entirely fresh issuance of 1.08 crore equity shares with no offer-for-sale component.

Proceeds from the IPO will be utilised towards part-financing its capex, funding working capital requirements and other general corporate purposes.

Unistone Capital acted as the sole book running lead manager to the issue, while Link Intime India was the registrar.

Valiant Laboratories is a material subsidiary of Valiant Organics. The IPO of Valiant Labs comes seven years after the debut of Valiant Organics on the street. The company had debuted on the SME exchanges in 2016 at an IPO price of Rs 220. Following four years of robust performance, the company’s shares were promoted to trade on the main BSE exchange.

Valiant Organics is part of the Aarti Group of companies, which runs companies like Aarti Industries and Aarti Pharmalabs.

Valiant Labs is an active pharmaceutical ingredient (API)/bulk drug manufacturing company with a focus on producing Paracetamol.

The company’s revenues surged 16 percent to Rs 339 crore in the financial year 2023, while net profit was marginally higher at Rs 28.9 crore, as against Rs 27.4 crore in the year-ago period.

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Syria: Death toll in Homs drone strikes rises to 80, as many as 240 wounded

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

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Syria’s health minister has raised the casualty tolls from a drone attack on Thursday that hit a packed military graduation ceremony in the central city of Homs to 80 killed and 240 wounded. It was one of the deadliest attacks on the Syrian army in recent years, with the country’s conflict now in its thirteenth year.

Health Minister Hassan al-Ghabash said that civilians, including six children, and military personnel were among those killed. There were concerns the death toll could rise further as many of the wounded were in serious condition.

In an earlier statement, Syria’s military said that drones laden with explosives targeted the ceremony packed with young officers and their families as it was wrapping up in Homs.

It accused insurgents backed by known international forces of the attack, without naming any particular group. No group immediately claimed responsibility for the attack.

UN Secretary-General Antonio Guterres expressed deep concern at the drone attack in Homs as well as reports of retaliatory shelling in northwest Syria, his spokesperson Stephane Dujarric said. The military has not provided any casualty numbers but Syria’s state television said the government announced a three-day state of mourning, starting on Friday.

The Britain-based Syrian Observatory for Human Rights, an opposition war monitor, and the pro-government Sham FM radio station earlier reported the strikes.

The military accused insurgents backed by known international forces of the attack, without naming any particular group, and said that women and children were among those critically wounded. The Syrian military said it will respond with full force and decisiveness to these terrorist organisations, wherever they exist.

Syria’s crisis started with peaceful protests against President Bashar Assad’s government in March 2011, but quickly morphed into a full-blown civil war following the government’s brutal crackdown on the protesters. The tide turned in Assad’s favour against rebel groups in 2015, when Russia provided key military backing to Syria, as well as Iran and the Lebanese militant group Hezbollah.

So far, the war has killed half a million people, wounded hundreds of thousands and left many parts of the country destroyed. It has displaced half of Syria’s prewar population of 23 million, including more than 5 million who are refugees outside Syria.

While most Arab governments have restored ties with the government Damascus, Syria remains divided, with a northwest enclave under the control of al-Qaida-linked militants from the Hayat Tahrir al-Sham group and Turkish-backed opposition fighters. The country’s northeast is under control of US-backed Kurdish-led Syrian Democratic Forces.

Following the drone attack, the Syrian government forces shelled villages in Idlib province, in the rebel-held northwest. There were no immediate reports of casualties there.

The Syrian army shelled another village in the region earlier on Thursday, killing at least five civilians, activists and emergency workers said. The shelling hit a family house on the outskirts of the the village of Kafr Nouran in western Aleppo province, according to opposition-held northwestern Syria’s civil defence organisation known as the White Helmets.

The dead were an older woman and four of her children, according to the Observatory. Nine other members of the family were wounded, it said. Northwestern Syria is mostly held by al-Qaida linked fighters as well as Turkish-backed opposition forces.

The vast majority of around 4.1 million people residing in the enclave live in poverty, relying on humanitarian aid to survive. Many of them are Syrians, internally displaced by the war from other parts of the country.

Meanwhile, local authorities in northeastern Syria, which is under US-backed Kurdish-led Syrian Democratic Forces said Turkish drone attacks struck in Hassakeh and Qamishli provinces on Thursday, hitting oil production facilities, electrical substations and a dam. A statement from the local Kurdish authorities said six members of their security forces and two civilians were killed.

Turkiye didn’t immediately comment on the strikes but Ankara says the main Syrian Kurdish militia is allied with Turkiye’s outlawed Kurdistan Workers’ Party, which has led an insurgency against Turkiye since 1984 that has killed tens of thousands of people. Ankara has declared the PKK a terrorist group. Syrian Kurdish forces were a major US ally in the war against the militant Islamic State group, which was defeated in Syria in March 2019.

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RBI MPC Meet 2023: Repo rate left unchanged at 6.5%, decision taken unanimously; Inflation a big risk

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

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The Reserve Bank of India did not hike its lending rate (repo rate), in line with the consensus expectations of market watchers and economists. The repo rate was left unchanged at 6.5%, as announced in the August policy. A CNBC-TV18 poll had expected the Monetary Policy Committee to maintain a status quo.

The decision to keep the rates unchanged was taken unanimously. The Monetary Policy Committee also decided by a 5:1 majority to remain focused on “withdrawal of accommodation.”

The Governor in his speech said that India is focused on macro stability and fundamental growth. He further said that India is poised to become the new growth engine of the world.

“Have identified inflation as a major risk to macroeconomic stability and sustainable growth,” the Governor said.

Explaining the rationale behind keeping interest rates unchanged, the Governor said that the transmission of the 250 basis points rate hike carried out by the Reserve Bank so far remains incomplete.

The RBI has also maintained its growth outlook for the financial year 2024 at 6.5%. The estimates for the upcoming four quarters have also been maintained at the levels announced in the August policy.

Governor Das highlighted headwinds from geo-political tensions, global economic slowdown and uneven monsoon as key risks to the outlook.

Inflation projections for the financial year 2024 were also left unchanged at 5.4%. The RBI expects inflation in the first quarter of financial year 2025 to be at 5.2%.

For the second quarter of the financial year 2024, the inflation projection has been raised to 6.4% from 6.2%, while that for the third quarter has been cut to 5.6% from 5.7% earlier.

“The risks are evenly balanced,” the Governor said.

Minutes of this meeting of the Monetary Policy Committee will be published on October 20, 2023. The next MPC meeting has been scheduled from December 6-8, 2023

Follow all the live updates from the RBI Governor’s Press Conference here.

Also Read: RBI doubles gold loan ceiling for urban cooperative banks to Rs 4 lakh

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Nykaa share price: Fashion retailer may report strong Q2 amidst delayed festive season

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

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FSN E-Commerce, the parent company of beauty and fashion retailer Nykaa, in a regulatory filing, reported the summary of the operating performance of the company and demand trends witnessed during the quarter ended September 30, 2023.

The fashion and beauty retailer reported robust performance defying slightly subdued discretionary consumption trends in the country due to a delayed festive season.

The beauty vertical of Nykaa continues to expand through multiple channels, including e-commerce, physical store expansion, and the growth of its own brands. During the quarter, Nykaa’s BPC business Net Sales Value (NSV) is expected to grow by approximately 20% on a year-on-year basis.

The company also mentioned that the delayed commencement of the festive season this year, moving into October from September last year, impacted the second-quarter growth to some extent.

When it comes to the apparel business, the company optimised its core category mix and improved order volumes within the quarter. Fashion NSV for the quarter is expected to grow in the early thirties on a year-on-year basis.

At a consolidated level, Nykaa anticipates its Net Sales Value (NSV) to grow in the mid-twenties, and revenue to grow in the early twenties on a year-on-year basis for Q2 FY24.

What do brokerages have to say?

Global brokerage firm Jefferies has a ‘Buy’ rating on the shares of Nykaa with the target price at Rs 200, an upside of 37% from the current market price of Rs 146.

The brokerage firm in a note said: “Rising e-commerce penetration, higher income levels and demographic shifts should drive a strong growth in online BPC & Fashion,”

Shares of FSN E-Commerce are trading at Rs 150, up 2.3% from the previous close on the BSE.

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Indian drug regulator finds contamination in Fourrts India and Norris Medicines cough syrups

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

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The Central Drugs Standard Control Organisation (CDSCO), in its August report, has said some samples of drugs manufactured by two pharma companies Fourrts India and Norris Medicines were found to be contaminated with diethylene and ethylene glycol.

The cough syrup COLD OUT manufactured by Chennai-based Fourrts, which was confirmed to be contaminated by the WHO in a sample sourced in Iraq in August, was tested by the Indian drug regulator and found to be contaminated.

One batch of COLD OUT tested positive for diethylene and ethylene glycol and another batch tested positive for ethylene glycol.

Other drugs that were found to be contaminated by ethylene glycol include two cough syrups manufactured by Norris Medicines – Trimax Expectorant and Sylpro Plus Syrup.

The government is said to have sealed the manufacturing units.

The Indian pharma industry has been in the dock since last year due to a spate of incidents linked to the contamination of drugs with diethylene and ethylene glycol.

Incidents range from Maiden Pharma’s cough syrups being allegedly linked to the deaths of over 65 children in Gambia, Marion Biotech’s cough syrup linked to the alleged deaths of 18 children in Uzbekistan to WHO issuing an alert on a cough syrup manufactured by Punjab-based QP Pharmachem and marketed by Haryana based Trillium Pharma.

The Indian government has refuted allegations about Maiden Pharma. The government in light of the spate of incidents has been cracking down.

The government has cancelled the licenses of 18 pharma companies allegedly manufacturing spurious drugs and is testing cough syrups at government labs before exporting. Experts say steps have to be taken to ensure standardised quality across therapies to prevent long-term impact on India’s image as the pharmacy of the world.

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Zoomed Out | These are the five pending bankruptcy cases important for India’s credit market

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

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India’s special sits and private credit market remains strong with several deals in the last couple of quarters, not the least being the $1.7 Billion trade in Shapoorji Pallonji group —the largest ever in this space. Even so, the reforms train continues to chug along.

While the Indian Parliament is considering amendments to the Insolvency and Bankruptcy Code 2016 (IBC), there are five cases pending before the Indian Supreme Court that have my attention. Getting these cases right will add further fuel to fire.

In this piece, I share my thoughts on these famous five Supreme Court cases: 

Jag Mohan Daga v. Mr. Bimal Kanti Chowdhary: Vidarbha finally put to rest?

The Supreme Court, in Vidarbha Industries case (Vidarbha Industries Power Limited vs Axis Bank Limited ((2022) 8 SCC 352) famously ruled that National Company Law Tribunals (NCLTs) have the discretion to and “may” open insolvency proceedings even though clear debt and default above INR 10,000,000 is proven. The Supreme Court rejected insolvency opening since Vidarbha could be solvent if it succeeded in its claims against a third party — which was by no means a ‘slam dunk’. This resulted in NCLTs across the country granting more time to debtors, rejecting insolvency petitions on subjective grounds and significant delays in court.

This despite the earlier Supreme Court decisions of Innoventive Industries (Innoventive Industries Ltd vs ICICI Bank & Anr. ((2018) 1 SCC 407) —by Hon’ble Justice Nariman, no less —  and ES Krishnamurthy (E S Krishnamurthy & Ors. vs M/s Bharath Hi Tech Builders Pvt. Ltd. ((2022) 3 SCC 161) and clear Parliamentary notes at the time of IBC enactment that only debt and default need be proved.

The Supreme Court, in a subsequent case of Suresh Kumar Reddy (M. Suresh Kumar Reddy vs Canara Bank & Ors. (2023 SCC OnLine SC 608),  reaffirmed that NCLT should have no discretion to refuse insolvency opening once debt and default are proven. It tried to restrict Vidarbha Industries to its facts. The January 2023 Ministry of Corporate Affairs discussion paper on IBC changes (MCA Discussion Paper) also recommends that the IBC be amended to make clear that the NCLT has no discretion in such event.

In the meanwhile, this issue has again come before the Supreme Court in Jag Mohan Daga matter possibly because Vidarbha Industries, Innoventive Industries and ES Krishnamurthy — are all two Judge benches of the Supreme Court and so one cannot overrule the other. Interestingly and helpfully, in the Jag Mohan Daga hearings, the Solicitor General of India had commented that Vidarbha Industries “is liable to dilute the substratum” of the IBC. So, all the murmurs point to an overruling of Vidarbha Industries.

Review of Rainbow Papers: Giving tax the pot of gold that wasn’t for it to take

The Supreme Court in Rainbow Papers (State Tax officer (1) vs Rainbow Papers Limited (AIR 2022 SC 4141) in September, 2022 held that statutory debt that has the benefit of statutory liens will sit pari passu with secured creditors and not bottom of the insolvency waterfall above equity. This was a strange decision, not least because the preamble to the IBC clearly states that it is a law for “alteration in the order of priority of payment of Government dues”. I don’t think this preamble was meant to suggest an improvement for statutory debt.

Thankfully, the MCA Discussion Paper seeks to amend the IBC to clarify that only “transactional” liens (i.e., created under an agreement such as a mortgage deed) sit top of the insolvency waterfall pari passu priority workmen dues, and not statutory liens.

In the meanwhile, the Supreme Court, albeit with different Judges, agreed to review Rainbow Papers in October 2022 and the last date of hearing was March 2023. The case has been tagged with other tax review cases which is causing unnecessary delays. My sincere hope is that the Supreme Court moves quickly and agrees with the MCA Discussion Paper.

Technology Development Board: Let inter-se creditors be inter-se creditors 

This an appeal pending before the Supreme Court and impacts senior-junior collateral structures. The National Company Law Appellate Tribunal (NCLAT) (the first level bankruptcy appeal court) held that for a debtor in liquidation, once a secured creditor elects not to enforce collateral on its own and relinquishes its security interest into the larger debtor estate, the distribution of enforcement proceeds will need to follow the insolvency waterfall. So far, so good. However, the NCLAT also held that the insolvency waterfall disregards senior-junior charges over common collateral.

This has been appealed to the Supreme Court and the Court has, till it decides the case, issued an interim stay.

This NCLAT decision goes against a previous pre-IBC decision of the Supreme Court in the 2006 ICICI Bank Limited case (ICICI Bank Limited v. Sidco Leathers Ltd. & Ors. ((2006) 10 SCC 452), which noted that the transfer of property law in India recognised senior-junior rankings and so insolvency cannot take away this entrenched right.

The NCLAT in Technology Development took the fact that IBC overrides other laws too far and rode over the rights under the transfer of property law. Though, admittedly, the IBC does have a ‘non obstante’ clause and an express provision (Section 53(2)) which states that “Any contractual arrangements between recipients under sub-section (1) [the insolvency waterfall section] with equal ranking, if disrupting the order of priority under that sub-section shall be disregarded by the liquidator.”

To my mind, the Supreme Court’s interim stay offers little respite. While this issue remains open, it questions senior-junior structures. Further, while this decision, at least on facts, applies to when a creditor elects to relinquish security interests, since the decision interprets the insolvency waterfall in general, it could have wider ramifications.

Therefore, I would hope that the Supreme Court not only override the NCLAT’s decision and apply the ICICI Bank Limited case but, in doing so, also rule that Section 53(2) is confined to unconscionable agreements between parties not having equal bargaining power (such as between employees and financial creditors). In other words, inter-creditor agreements should not be hit by Section 53(2).

Dr. Vishnu Kumar Agarwal vs. M/s. Piramal Enterprises Ltd: No simultaneous insolvency against co-guarantors

The NCLAT, in 2019, held that while a financial creditor can file two simultaneous insolvency opening petitions against two corporate guarantors for the same debt, once any one of those insolvencies was opened, an insolvency application against the other would no longer be possible.

A decision in the face of multiple remedies available to creditors. This was appealed to the Supreme Court and till a final decision, the Court has issued an interim stay.

This NCLAT decision, in my opinion, extends the rule against ‘double dip’ too far and also potentially goes against several Indian cases which hold that where the guaranty is joint and several, each guarantor is on the hook. Of course, a creditor cannot claim more than its due. This would be a simple case of the two insolvency professionals coordinating and asking that creditor to constantly update about its recovery to ensure against a double/excessive recovery.

Again, to my mind, the interim stay provides little respite. Till this case is resolved, creditors are often left to only file insolvency applications against one corporate guarantor as opposed to all of them (as was the bargain struck by signing a joint and several guarantee). The Supreme Court status quo order was issued in 2021 and the last hearing was in March 2023.

Ashok Kumar Sarawagi vs the Enforcement Directorate: Inter-play with criminal laws

The IBC provides the debtor much needed relief from money laundering type consequences once the debtor is in the hands of new bona fide owners upon successful conclusion of an insolvency process (the Section 32A whitewash). However, the Supreme Court in Ashok Kumar will be deciding on whether the IBC moratorium stops the enforcement directorate from attaching assets of the debtor.

There have been other decisions of lower courts and tribunals as well which have held that the powers of attachment prevail over the IBC. It is unclear whether these cases will remain restricted to this interplay between powers of attachment and the IBC moratorium, or, whether they could also have an impact on the Section 32A whitewash itself. I would hope not, as that would defeat the express purpose of Section 32A. This is another case to keep an eye on.

— The author, Ashwin Bishnoi, is a Partner at the leading corporate law firm Khaitan & Co. The views expressed are personal.

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Analysts recommend buying Balkrishna Industries, Indian Hotels, Sun TV and Persistent Systems

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

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Technical analysts Mitessh Thakkar of earningwaves.com and Shrikant Chouhan of Kotak Securities share their top stock picks for the day.

From Mitessh Thakkar

Mitessh Thakkar’s first buy call of the day is on Balkrishna Industries. He recommends this with a stop loss of Rs 2,550 for an upside target of Rs 2,660. Shares have gained more than 6 percent in the last month.

He recommends a buy call on Indian Hotels with a stop loss of Rs 411.50 for an upside target Rs 430. The stock is down more than 2 percent over the last month.

Sun TV Network is another buy call from Mitessh Thakkar. His recommendation comes with target of Rs 660 and a stop loss of Rs 621. The stock has gained more than 2 percent in the last month.

His solitary sell recommendation is on Marico with a stop loss of Rs 551.50 for a downside target of Rs 520. Shares have declined more than 7 percent over the last month.

From Shrikant Chouhan

Chouhan finds a buying opportunity in Sun TV Network. He advises traders to keep a stop loss of Rs 615 for an upside target of Rs 670-690.

Persistent Systems is another buy call from Shrikant Chouhan. Stop loss is to be placed at Rs 5,650 for a target of Rs 5,900-6,000. The stock has declined more than 3 percent in the last month.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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

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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

Atlético de Madrid vs Real Sociedad: A Champions League-esque match-up

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

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The upcoming clash between Atlético de Madrid and Real Sociedad, who are fourth and fifth respectively in the standings, is an especially attractive LALIGA EA SPORTS match, one of the best duels you can see in European football right now. These are two Champions League teams who are once again among the favourites to finish in the top four in the Spanish fop flight, and they meet at the Estadio Cívitas Metropolitano in a great moment of form.

Atleti are fourth in the standings, with a game in hand, and they’ve been very impressive to start the season. Álvaro Morata is in the hunt for the Pichichi trophy, having gotten off to a flyer with five goals, and he is supported in attack by the quality of Antoine Griezmann and Ángel Correa. Diego Simeone’s side have won all three home matches so far, making their stadium a fortress. In their last game, Atlético de Madrid came from 2-0 down to beat Cádiz CF 3-2, so morale is high for Los Rojiblancos.

However, it’d be difficult to beat the euphoria Real Sociedad are feeling right now, after their 3-0 win over Athletic Club in the Basque Derby and after their 2-0 away victory against RB Salzburg in the Champions League on Tuesday. The team coached by Imanol Alguacil were far superior when they took on their neighbours from Bilbao, with last weekend’s win allowing them to leapfrog their rivals in the standings and sending a message to all LALIGA EA SPORTS clubs. If beating Real Sociedad was difficult last season, it might be even more so this year.

Also Read: Assane Diao, the next great talent out of Real Betis?

Takefusa Kubo has already scored five goals and is a hero for the fans in San Sebastián, while Mikel Oyarzabal and Ander Barrenetxea follow him with three goals each. From the goal to the front line, there are top players everywhere, from Álex Remiro to Robin Le Normand to Martín Zubimendi to Brais Méndez… There is quality in every position for this team that is catching the eye in Spain and Europe.

Real Sociedad want to overcome an obstacle, though. They haven’t beaten Atlético de Madrid away since 2013, when they still played at the Estadio Vicente Calderón. In other words, the Basque side still haven’t tasted victory at the Estadio Cívitas Metropolitano. A goal from Xabi Prieto, with an assist from Griezmann, who was playing for La Real back then, gave the San Sebastián side that win, but, since then, Los Blanquiazules have not managed to take three points from Madrid on their visits to Atleti.

The duel in the dugouts will also be interesting. Simeone is the opponent Imanol Alguacil has faced the most times and the head-to-head record is quite even. There have been five wins for the Argentine, three for the Spaniard and three draws in the 11 duels so far. They have different ways of understanding the game, with two styles that clash on the pitch but are equally effective, as shown by the fact that Atlético de Madrid and Real Sociedad are competing in the Champions League this year.

This, therefore, promises to be a great game, one of the best match-ups in LALIGA EA SPORTS, as two in-form sides who are close in the standings do battle. It’ll be fun as the likes of Kubo, Griezmann, Zubimendi, Jan Oblak and the other stars take to the pitch on Sunday at 16:15 CEST.

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

Marketbuzz Podcast with Reema Tendulkar: Sensex, Nifty 50 likely to open flat, RBI policy decision in focus

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

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Indian benchmark indices — Sensex and Nifty 50 — are likely to start the trading session of October 6 on a flat note, though it’s a key session to watch Reserve Bank of India (RBI) governor Shaktikanta Das is due to announce the bi-monthly Monetary Policy decision at 10 am.

While the consensus is that RBI shall keep key interest rates and its withdrawal stance unchanged, the central bank governor’s commentary is key to track.

The second factor to watch is the September jobs data of the United States. In the overnight session, all indices ended flat but macro indicators moved a bit to tumble lower.

Crude prices, meanwhile, are below $84.5 per barrel, 2% down compared to the previous day. It’s also down 12% at a fresh five week low.

The session of October 6 was a fairly good one for the domestic market, largely steady.

Stocks to watch: Bajaj Finance, PB Fintech, Adani Wilmar, Tata Motors, Godrej Consumer

Tune in to the Marketbuzz Podcast for more news and cues

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