The world’s largest steelmaker had picked up a stake in Uttam Galva Steels in 2009.
A new ordinance will stop a majority of promoters from bidding for their own stressed assets, but may result in lower revenue for lenders.
With a net debt of 443 billion rupees as of end-March, RCom is the most leveraged among listed Indian telecom companies.
A weekly column on the sessions of parliament.
The new Insolvency and Bankruptcy Code aims to resolve India’s $150 billion bad debt overhang by speeding up proceedings and recouping more of the losses.
Resolution of stressed assets is fundamentally a commercial decision. Is it really the RBI’s job to direct the banks on how to restructure stressed assets?
The manner in which the law is currently being implemented seems to focus more on expeditious operationalisation rather than effective implementation.
As usual, there was a grain of truth along with the exaggeration and sleight-of-hand that we have come to expect from the prime minister.