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News Roundup: Subhiksha Likely To Shut Shop

29 August, 2009

Dish TV To Raise Rs 1,000 Crore – Dish TV, the direct-to-home (DTH) arm of Subhash Chandra’s Essel group, will raise Rs 1,000 crore from foreign markets, issuing foreign currency convertible bonds (FCCBs) in a month. The company, which got shareholders’ approval for overseas fund-raising as well as the Foreign Investment Promotion Board’s (FIPB’s) approval for raising Rs 750 crore, has appointed Deutsche Bank for the transaction. (Business Standard)

Subhiksha likely To Shut Shop – The Madras High Court admitting the winding up petition filed against Subhiksha by Kotak Mahindra Bank. The court also passed an order allowing Kotak Mahindra Bank to publish a notice about the same in national newspapers. The company will be wound up and the next hearing on this matter will come up on September 22, 2009. Besides, the court also dismissed a scheme of compromise mooted by Subhiksha’s shareholder Cash & Carry Wholesale Traders, which filed it under Section 391 of the Companies Act. (Economic Times)

SAT Clears Bharti-MTN Hurdle – The Securities Appellate Tribunal dismissed a petition filed by a Bharti Airtel shareholder opposing an informal guidance by the Securities & Exchange Board of India (Sebi) exempting South African telecom major MTN Group from having to make an open offer to Bharti shareholders in the event of a merger of the two. (BS)

L&T To Complete Satyam Stake Sale by March – Larsen & Toubro (L&T) plans to exit from its investment in Mahindra Satyam once the lock-in period expires in October, and is aiming to complete the transaction by the end of the current fiscal. The country’s largest engineering company expects to make a profit of up to Rs 250 crore from its 12% stake in Mahindra Satyam. (ET)

 


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1 Comment
Gurvinder Singh . 6 years ago

What will be the fate of the employees who have not been paid salaries in case of liquidation of Subhiksha?

The court must keep provision for the salaries for the period Oct 2009 onwards including bounces salary cheques for Oct 2008 and PF and invite claims/applications for the same. It must be kept in mind as the employees are in bad financial status and may not be in a position to file individual cases against Subhiksha.

News Roundup: Subhiksha Likely To Shut Shop

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