The counsel for Essar Steel’s resolution professional on Thursday defended the disqualification of Numetal and ArcelorMittal in the first round of bids for the stressed asset, at the Ahmedabad Bench of the National Company Law Tribunal (NCLT).

Essar Steel’s resolution professional is Satish Kumar Gupta of Alvarez & Marsal. He is being represented by former advocate general of Maharashtra, Darius Khambatta.

The Securities and Exchange Board of India (Sebi), and the Reserve Bank of India (RBI), have issued a circular on changes in the monitoring of foreign investment holdings in listed companies.

This was triggered by a breach in the rule on foreign shareholding at HDFC Bank a year before.

Ahmedabad: The battle for India’s biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel Ltd, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal (NCLT).

New Delhi: The Supreme Court on Thursday rejected the plea of Reliance Infratel, a subsidiary of Reliance Communications Ltd (RCom) and the State Bank of India (SBI) challenging an order of the National Company Law Tribunal (NCLT) that stayed an asset sale to Reliance Jio Infocomm Ltd.

A two-judge bench headed by Justice A.K. Goel asked the parties to approach the National Company Law Appellate Tribunal (NCLAT) in accordance with law.

The recent price hike of natural gas by the centre may result in an additional revenue of Rs 1500 crore to the state-owned ONGC Limited during the first half of the current fiscal, said global rating and research agency Moody’s. The price paid to most of natural gas produced from domestic fields will be USD 3.06 per million British thermal unit (mmBtu) for six months, beginning April 1, from current USD 2.89, according to a recent notification issued by oil ministry’s Petroleum Planning and Analysis Cell.

Continuing its early upward trend, the benchmark BSE Sensex rallied by 577 points as rate-sensitive stocks surged soon after the Reserve Bank kept its key policy rate unchanged.

The central bank kept the interest rate unchanged, as widely expected, but lowered inflation projection for 2018-19 to 4.7-5.1% in the first half and 4.4% in H2.

After conviction in 20-year-old blackbuck poaching case, Bollywood star Salman Khan will be spending night at Jodhpur Central Jail on Thursday.

The 52-year-old will be sharing the jail with tainted godman Asaram Bapu, who has been lodged in the jail for a rape case. Salman Khan has been placed in the VIP barrack of the jail. His barrack is adjacent to Asaram’s cell.

Telecom regulator Trai today mooted a concept of open architecture-based public Wi-Fi grid to bring down the cost of internet by 90 per cent. Trai Chairman R S Shama presented a report on public Wi-Fi open pilot project to Telecom Minister Manoj Sinha. The recommendations by Trai are backed by the findings of pilot project conducted by regulator. The pilot and trials by Trai were aimed at demonstrating the proof of concept of such an architecture.

Larsen & Toubro (L&T) on Thursday said its construction arm has won orders worth Rs 33.76 billion across business segments.

"L&T Construction's power transmission and distribution business has secured orders worth Rs 12.26 billion on both domestic and international market," the engineering and construction major said in a BSE filing.

The Indian contingent has begun their quest to win at the Gold Coast Commonwealth Games in Australia. The multi-sport extravaganza began on Wednesday with the opening ceremony in the Australian city known for its sandy beaches and surfing spots.

Indian weightlifter P Gururaja won the first silver medal for the nation at the 21st Commonwealth Games in the 56 kg category.

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