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Hidden Assets Seen Worth $2 Trillion Targeted by India

India’s new Prime Minister Narendra Modi didn’t waste much time: Among his first acts on his first day in office was to make it a priority to recover billions of dollars stashed overseas to avoid taxes, Bloomberg News reported. Within 24 hours of his May ...

Daily Headline - global.abi.org - 06/08/2014 - 21:06 - 0 comments

India's New Bank Insolvency Law To Increase Yields

India has proposed a framework for the bankruptcy of financial institutions that will align the country with international standards, Reuters reported. Analysts suggested, however, that the regulation will increase the cost of senior funding for Indian b ...

Daily Headline - global.abi.org - 05/26/2014 - 21:54 - 0 comments

Suzlon Announces Cashless Restructuring Of FCCBs Worth $485 Million

Suzlon Energy Ltd, the world’s fifth largest wind turbine maker, announced on Saturday a cash-less restructuring of its existing foreign currency convertible bonds (FCCBs) worth $485 million for five years, after nearly two years of complex negotiations ...

Daily Headline - global.abi.org - 05/05/2014 - 22:55 - 0 comments

ABG Shipyard's Corporate Debt Restructuring Fails To Take Off

A 22-member lenders' consortium led by ICICI Bank has failed to agree on a proposal from ABG Shipyard to recast its Rs 11,500-crore loan, a majority of which turned into dud assets on their books, sources said here today, the Economic Times repo ...

Daily Headline - global.abi.org - 03/17/2014 - 00:04 - 0 comments

Indosolar Looks To Restructure Debt As Profits Feel The Pinch

Indian PV manufacturer Indosolar has asked to have its debt restructured because it says low equipment prices mean it is unable to make a profit, PV-Tech reported. In a stock exchange filing last week, the Indian company said one of its plants, a 160MW p ...

Daily Headline - global.abi.org - 03/10/2014 - 21:41 - 0 comments

Sree Metaliks Promoters May Lose Control Over Loan Default

Sree Metaliks, a maker of sponge iron in Odisha, could well be the second company where promoters may end up relinquishing management control over loan default. Agarwals, the founders of the company, face the prospect of losing the company as its key len ...

Daily Headline - global.abi.org - 02/23/2014 - 23:19 - 0 comments

Indian Companies Sell Assets to Ease Debt

Indian firms are selling their assets to raise cash, as banks are tightening the screws on loan repayments to help stem rising bad debt, The Wall Street Journal reported. Several companies sold pieces of their business last year, and bankers say more ...

Daily Headline - global.abi.org - 01/21/2014 - 23:36 - 0 comments

India Savings Deposit Scam Collapse Leaves Thousands Penniless

Sudipta Sen was on the run when police arrested him on April 23 at Hotel Snow Land, a resort with views of the Himalayas in Sonamarg, India, about 2,700 kilometers northwest of his Kolkata base. Sen’s Saradha Realty India Ltd., the anchor of an empir ...

Resource Article - global.abi.org - 01/12/2014 - 22:36 - 0 comments - 0 attachments

HC Relief For Company Against Bank In Loan Default Case

The Bombay high court on Thursday continued an order of interim protection granted earlier to a company against the State Bank of India. The HC restrained the Bank from publishing, photographs, names and addresses of the Petitioners as wilful defaulters ...

Daily Headline - global.abi.org - 01/03/2014 - 02:27 - 0 comments

CCCL Opts For Debt Recast Scheme

Chennai-based Consolidated Construction Consortium Ltd (CCCL) has applied for the Corporate Debt Restructuring Scheme. "The necessary application for the same is being filed with CDR cell for its approval," the company said in a filing to the e ...

Daily Headline - global.abi.org - 01/03/2014 - 02:26 - 0 comments

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