Tag: Public Announcements

The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday. The Proposed Combination involves acquisition of additional 2.727% of equity shareholding in the Target by Fund III and Lighthouse Employee Trust. Lighthouse Funds currently has 7.472% equity shareholding in Bikaji through one of its funds. Lighthouse Funds is a US based company and act as the sponsor and controls private equity funds that make investments in consumer companies in India. Till date, it has raised three private equity funds that are dom...

As on 30th June 2021, 4,540 companies were admitted into Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving details on the resolution status, the Minister stated that 394 companies were resolved till 30th June 2021 wherein financial creditors (FCs) including financial institutions, had total claims amounting to Rs 6.80 lakh crore, out of which Rs 2.45 lakh crore have been realised, which is 36% of their claims. The Minister further stated that the insolvency resolution process of the corporate debtor (CD) is market driven and the outcome depends on market forces which varies from...

In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. The Minister stated that the new disclosures with respect to the virtual currency/crypto currency transactions and CSR spending undertaken by companies during a financial year are:- Details of Crypto Currency or Virtual Currency Where the Company has traded or invested in Crypto currency or Virtual Currency during the financia...

The Competition Commission of India (CCI) received a notice relating to acquisition of equity stake in PNB Housing Finance Limited CIN(L65922DL1988PLC033856) (Target) by Pluto Investments S.à r.l. (Pluto) and Salisbury Investments Private Limited CIN(U67120MH1994PTC077918)(Salisbury), under Green Channel. Notice received under the Green Channel is deemed to be approved under regulation 5A of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011. Pluto is a newly established special purpose vehicle incorporated under the laws of Luxembourg and does not have any business activities in India. It is majority owned and controlled by investment funds known as Carlyle Asia Partners V, all being advised by affiliates...

In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today. The Minister further said that the insolvency resolution process is market driven and the outcome depends on market forces. The Minister stated that Insolvency and Bankruptcy Code (the Code) was enacted on 28th May, 2016 and the Insolvency and Bankruptcy Board of India was establi...