Saturday, October 24
Kolkata-based conglomerate ITC Ltd. has allotted 125.11 crore equity shares of ITC Hotels to its shareholders. The decision was finalized during a Board meeting on January 11, 2025, following a scheme of arrangement between ITC Ltd. and ITC Hotels (ITCHL).In an exchange filing, ITC stated, "The Board of Directors of ITCHL, at the meeting held today, January 11, 2025, has allotted 125,11,71,040 equity shares of Rs 1 each to the shareholders of the company as of the record date, January 6, 2025, pursuant to the Scheme of Arrangement among ITC Limited, ITCHL, and their respective shareholders and creditors."Following this development, ITC Hotels ceased to be a subsidiary of ITC Ltd., effective January 11, 2025.The share allotment is part of the restructuring under Sections 230 to 232 of the C
Union Budget: As India plans to work towards being a viksit nation by 2047, industry body Confederation of Indian Industry (CII) has put forward a 10-point specific suggestion before Prime Minister Narendra Modi-led government for the upcoming Budget 2025 to enable ease of doing business. As per the industry body, all regulatory approvals - central, state and local levels - must mandatorily be provided only through the National Single Window System (NSWS), which they believe will help bring about transparency and speed in the processes. In the first stage, CII suggested that it should be completed for all central ministries within the next six months, followed by bringing on the platform, states, in a phased manner. A dedicated central budget could be allocated for the purpose, especially
In a major relief to Indiabulls Real Estate (IBREL) and Embassy Group, the appellate tribunal NCLAT has sanctioned the scheme of amalgamation to merge both the real estate firms after setting aside the NCLT order stalling the process. "We set aside the impugned order of NCLT, Chandigarh and allow the prayer to sanction the scheme of amalgamation between the appellants (Indiabulls Real Estate, Embassy one & NAM Estates)," said a two-member NCLAT bench. The merger was on hold for the last 18 months, as the Chandigarh bench of the NCLT had withheld its permission in May 2023, despite all regulatory clearances from the CCI, bourses, RoC and approval from respective shareholders and creditors. The appellate tribunal said the National Company Law Tribunal (NCLT) should not have interfered
With the Q3 earnings season already underway, major companies like TCS, IREDA, Tata Elxsi, and Just Dial announced their results last week. This week, several prominent names including HCL Technologies, Infosys, HDFC Life Insurance, Axis Bank, Reliance Industries (RIL), Indian Hotels, Jio Financial Services, SBI Life Insurance, Wipro, and Kotak Mahindra Bank are set to release their earnings reports.13 JanuaryAnand Rathi Wealth, Angel One, Delta Corp, Den Networks, HCL Technologies, Himadri Speciality Chemical, Lotus Chocolate Company, Marathon Nextgen Realty, Narmada Macplast Drip Irrigation Systems, Onesource Industries and Ventures, Sarthak Industries, Urja Global.14th JanuaryBenares Hotels, Golakunda Diamonds & Jewellery, Hathway Cable & Datacom, HDFC Asset Management Company,
