India

The founder of bankrupt Indian tech firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing, Bloomberg News reported. Byju Raveendran has been trying to regain control his capsizing education technology empire, which is under court supervision in both India, where the parent is based, and the US, where some of its valuable units are located, according to a court declaration filed by Nebraska businessman William R. Hailer.

Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, plunging his conglomerate deep into crisis for the second time in two years, Reuters reported. Multiple counts of fraud - which U.S. authorities say involved a firm that was listed in New York and affected American investors - were levelled against Adani, who is one of the world's richest people, as well as seven other defendants.

India's top electric scooter maker Ola Electric plans to cut about 500 jobs as it seeks to prioritise profitability, local business news publication Moneycontrol reported on Thursday, citing sources, according to Reuters. Ola Electric had 4,011 on-roll employees as of March 2024, according to its latest IPO document from August. The company declined to comment on the reports. The company's stock ended 3% lower at its lowest-ever closing price of 67.23 rupees. The SoftBank-backed firm has yet to turn a profit due to high costs and reductions in EV subsidies.

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project, the Economic Times of India reported. The NCLT said that Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). "The Application bearing...

The National Company Law Appellate Tribunal has held that applications before the adjudicating authority for the recovery of property when there is a prohibition are non-maintainable under Section 14 (1) (d), the Economic Times of India reported. Accordingly, no owner or lessor of a property, that is occupied by or is in possession of a Corporate Debtor can recover such property from them. The aforesaid provision is an express provision in the Code and there are no exceptions from the same.

An Indian state agency has banned Reliance Power from clean energy tenders for three years after finding it had used a fraudulent bank guarantee in a bidding process, with the developer now alleging that it is in fact the victim of a “conspiracy,” RechargeNews.com reported. The Solar Energy Corporation of India (SECI) said on Wednesday it is banning Reliance Power and its units from tenders for three years after finding it had relied on a “fake” endorsement of a bank guarantee. Reliance Power is a subsidiary of Indian conglomerate Reliance Group.

Jet Airways, once India‘s second-biggest carrier, is to be liquidated, the country’s Supreme Court ruled Thursday, ending a tumultuous five-year insolvency resolution saga for the bankrupt airline, Bloomberg News reported. The Jalan-Kalrock Consortium, the winning bidder, failed to implement its revival plan and “contravened the terms of the resolution plan,” a three-judge bench of the court said, while overturning a tribunal order for transferring ownership to the group.

Six years after India’s shadow-banking sector blew up, pockets of stress are building again, prompting firms to start pulling back amid scrutiny from the regulator, Bloomberg News reported. Bajaj Finance Ltd., the country’s largest shadow lender, joined rivals including Shriram Finance Ltd., Mahindra & Mahindra Financial Services Ltd., and IIFL Finance Ltd. that posted higher delinquencies on unsecured loans in their second quarter earnings reports. Most firms also set aside more capital for provisions and had lower profits than expected.