A massive $32 billion bailout package for India's dominant state-run banks will not happen again and lenders will have to find their own funding by selling non-core assets and merging with each other, a senior government official said on Monday. Twenty-one banks, majority owned by New Delhi, account for more than two-thirds of the banking assets in Asia's third-biggest economy, the International New York Times reported on a Reuters story. These lenders also account for close to 90 percent of soured loans in the banking sector.

Vedanta Limited on Saturday informed stock exchanges that it had received a letter of intent (LoI) for Electrosteel Steels. Vedanta had accepted the terms of the LoI and closure of the transaction would be subject to compliance with applicable regulatory requirements and in accordance with the final terms approved by the National Company Law Tribunal (NCLT), the company said in a statement to the exchanges, Business Standard reported. Though Vedanta did not disclose the bid value, it is believed to have offered Rs 55 billion for Electrosteel Steels, which owes banks Rs 103 billion.

The Bombay High Court has directed the sale of six ships operated by Varun Resources, India’s largest operator of liquefied petroleum gas (LPG) carriers, now financially insolvent, The Economic Times reported. “the Sheriff of Mumbai shall have the defendant vessels…. …apprised by independent surveyors..fix the terms and conditions of sale…issue advertisement and take all steps to complete the sale and make a report to this court for confirmation of the sale….,” the court mandated on Tuesday, adding there will be an auction, the winner of which will be announced on April 20.

Market regulator Securities and Exchange Board of India is moving fast to put in place a disclosure regime for companies undergoing the Corporate Insolvency Resolution Process, Bloomberg News reported. The regulator has released a draft discussion paper and sought comments from the public by April 15. SEBI Chairman Ajay Tyagi had told reporters on Wednesday that the regulator would make changes to the listing regulations for companies under CIRP after a 15-day consultation process.

Indian police have launched a preliminary investigation into the husband of ICICI Bank's chief executive, as well as officials at the lender and at Videocon Group, two sources said on Saturday, to assess whether there was any wrongdoing in lending practices, the International New York Times reported on a Reuters story.

Wu Xiaohui, the former chairman of China’s giant insurer Anbang, has expressed remorse and sought leniency at the end of his trial for alleged fraud of $10.4 billion (€8.45 billion) in Shanghai, the Irish Times reported. Mr Wu is one of the country’s best-known dealmakers, a politically connected investor whose aggressive drive to buy overseas assets has come to embody the hubris of China’s heavily indebted conglomerates.

Embattled tiremaker Kumho Tire Co. will likely face liquidation if it is placed under court receivership, the top financial regulator warned Thursday. A state-run creditor bank has warned that Kumho Tire will have to submit to court protection unless the tiremaker's labor union agrees on the planned sale of a majority stake in Kumho Tire to China's Qingdao Doublestar Co. by Friday, the Yonhap News Agency reported.

Default rates for bonds issued by emerging market companies have been lower than those of their developed world counterparts since 2004, according to analysis by Moody’s. The research confounds the popular perception that emerging economies are inherently less credit worthy than advanced countries and therefore should pay higher yields on debt to compensate investors for a greater default risk, the Financial Times reported.

Less than a month after it was seized by the Chinese government, Anbang Insurance Group, the giant conglomerate, is once again offering small investors “you snooze, you lose” investment opportunities — your money back, guaranteed. Sold like stocks or bonds in bank branches around China, the products carry names like Anbang Abundant Stability No. 10, suggesting the investments are conservative. They are anything but, the International New York Times reported.

Noble Group Ltd said on Wednesday that creditors holding the majority of its senior debt now accept its $3.4 billion restructuring plan, Reuters reported. The beleaguered commodity trader said support for the deal, seen as critical for the firm’s survival, has risen to 55 percent from 46 percent on March 14. The proposed restructuring agreement requires approval by a majority of existing senior creditors representing 75 percent in value of its debt. The firm said in a statement it is making “solid progress” towards the deal and would extend the deadline for subscriptions to April 11.