Markets regulator Sebi has ordered Vedanta, controlled by Anil Agarwal, to pay Rs 77.6 crore to Capricorn UK Holdings (formerly Cairn UK Holdings) as interest for the delayed payment of dividend. Sebi has also banned some of Vedanta’s top executives for 1-2 months due to their involvement in the delay. The case dates back to 2017 when I-T authorities asked Vedanta to transfer unpaid dividends to Capricorn UK Holdings for a tax dispute.
Tech giant Google and Indian internet companies have reached a four-month extension in the timeline for payment of service fees. This development comes after an acrimonious dispute over Google’s billing policies, which led to the intervention of the Indian IT ministry. Previously delisted apps by Indian startups have been restored with in-app billing options, and a 120-day period has been agreed upon to find a non-monopolistic solution that is beneficial for Indian startups and the digital economy.
Radio Mirchi, part of Entertainment Network India Limited (ENIL), and Radio Orange have placed a bid of Rs 251 crore to acquire BIG FM Radio network. Sapphire FM, a Haryana-based company, has also made the same bid. Lenders are likely to ask both bidders to revise their bids. The lenders will also receive Rs 60 crore cash from the company’s accounts. The total recovery for lenders could be as high as 55 to 60 per cent against the total admitted claims of Rs 578 crore. BIG FM is the largest radio network in the country with 58 stations and coverage in over 1,200 towns and 50,000 villages.
Creditors of Jet Airways raise concerns over the source of funds deposited by the Jalan-Kalrock Consortium, which do not align with the resolution plan. Additional Solicitor General N Venkataraman questions the possibility of money laundering. Lenders request time to file a reply. Consortium representative alleges lenders refuse Jet’s ownership transfer.
