Orient Green Power Company Limited has received an order from the National Company Law Tribunal, Mumbai, approving the One Time Settlement(OTS) agreed between the company and IL&FS Financial Services Limited(IL&FS) for loan availed by one of the subsidiaries of the company, Amrit Environmental Technologies Private Limited (AETPL). The subsidiary, which was engaged in the business of generation and sale of power from biomass. AETPL availed a term loan of Rs 39 crore from IL&FS Financial Services to which Orient Power has extended a corporate guarantee. AETPL halted its business operations due to the increase in fuel prices causing its business to become unviable. Consequently, AETPL defaulted the loan outstanding of Rs 26.52 crore payable in June 2019. IL&FS approached the NCLT to recover funds.

Wardwizard Innovations: has informed the exchanges that it has received order worth $1.29 billion (about Rs 11,000 crore) from Beulah International Development Corporation to revolutionise Philippines Public transport with electric vehicles.

Dalmia Cement (Bharat) Limited, wholly owned subsidiary of Dalmia Bharat Limited, has entered into Share Subscription Agreement, Share Holders Agreement and Power Purchase Agreement to acquire 26 per cent of equity share capital and 26 per cent of compulsory convertible debentures of Solarcraft Power India 23 Private Limited to source solar power as a captive consumer for a capacity upto 46.88 MW located in Karnataka.

The Board of Godawari Power & Ispat Limited is scheduled to be held on JJune 15 to consider a proposal for buyback of fully paid up equity shares of the Company of face value of Rs. 5 each as well as matters related/incidental thereto, in accordance with the applicable provisions under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 20189 as amended, and other applicable laws.

Reliance Infrastructure Limited has announced the incorporation of a new subsidiary Reliance EV Private Limited (REVPL) by Reliance Velocity Limited, a subsidiary of the Company. 

The Board of Essar Shipping Ltd has approved the issue up to 3,40,00,000 8.25% p.a. Non -Convertible Debentures (herein referred as of Face value of Rs 100 each, in one or more tranches, subject to the approval of shareholders and in accordance with the provisions of the Securities and Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended and other applicable laws to Abhinand Ventures Private Limited by conversion of Inter Corporate Deposits. The board also approved sale of Essar Wildcat Rig by OGD Services Holdings Limited, Mauritius to Essar Shipping DMCC, Dubai and Assignment of other Debts in favor of Essar Shipping DMCC, Dubai subject to approval of shareholders and in accordance with the provisions of the Securities and Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended and other applicable laws.

KEC International has received new orders worth ₹1,061 crore across various businesses such as T&D, the Railways and Cables divisions.

The US drug authority USFDA has issued three observations for Jubilant Pharmova contract manufacturing facility at Spokane in Washington. The company will submit an action plan based on the observations.

Adani Enterprises has said that Adani Airports handles over one million tonnes of Cargo in financial year 2024 to capture a 30.1% market share. Managed to record 7 per cent year-on-year growth. International cargo tonnage grew by 9% from last year. Leading destinations include Delhi, Bengaluru and Kolkata for the domestic sectors and the UK, UAE, Germany, Netherlands and the US for international sectors.

The USFDA has approved Dr Reddy’s Laboratories has issued a form 483 with four observations for its API manufacturing facility (CTO-6) in Srikakulam in Andhra Pradesh. The facility was inspected between May 30 to June 7. Dr. Reddy’s said it will address the observations within the stipulated time.

Lupin has entered into a Business Transfer Agreement with Lupin Life Sciences Ltd., a wholly-owned subsidiary, to carve out its trade generics business in India, as a going concern, on a slump sale basis. 

Railtel informed the exchanges that it has won orders worth up to ₹81.6 crore from the National Informatics Centre Services Inc. (NICSI) for the ICT infrastructure.

IDBI Bank has received an income tax refund order worth ₹2,701.6 crore for assessment year 2016-17. The bank is in the process of evaluating the implications of this order on financial statements, it said.

Marc Desaedeleer has resigned as independent director Suzlon Energy board from June 8, 2024, citing corporate governance and transparency issues.

Related Topics