24 Apr 2023

24-04-23 News Updates

1. NCLT approves Future Retail’s plea to allow access to stores : Future Retail Ltd's resolution professional can now request help from law enforcement authorities to gain access to stores that the company has been locked out of due to disputes with landlords, as per the decision made by the National Company Law Tribunal. Future Retail sought help from relevant local authorities for access and protection under Regulation 30 of the Corporate Insolvency Resolution Process. 2. Govt may not sell entire HZL stake after investors’ nudge: The Centre may opt to retain a part of its remaining stake in Hindustan Zinc Ltd (HZL) for an extended period, instead of divesting its entire stake, as the potential investors have expressed their preference for the government to maintain a minority shareholding in the company. 3. Lenders of Reliance Capital to meet on Monday to consider bidders' concerns: Lenders of Reliance Capital will meet on Monday to address the concerns raised by potential bidders, Torrent Investment and IndusInd International Holdings. Both bidders want finality, transparency, and certainty on the terms and conditions of the auction. The Committee of Creditors is expected to address the issues of the bidders, but EPFO and LIC, the two largest lenders, are against giving any such undertaking in advance. 4. Reliance Retail enters into a joint venture for toy manufacturing with a Haryana-based firm: Reliance Retail has partnered with a Haryana-based firm to manufacture toys locally to meet the growing demand. The joint venture with Circle E Retail aims to vertically integrate Reliance Retail's toy business, which currently includes iconic British toy brand Hamleys and home-grown toy brand Rowan. 5. HDFC to move RBI on Credila’s future: Housing Finance Development Corp. Ltd is reportedly planning to request the Reserve Bank of India to allow its subsidiary, HDFC Credila Financial Services, to keep onboarding customers until a buyer is found. This move is aimed at keeping the unit operational and valuable to potential buyers.