Today Sector News – 30.11.2018
* AGRICULTURE: Farmers across the country marched into the national capital on Thursday for a two-day agitation, demanding better prices for their produce and a complete loan waiver.
* AVIATION: The government has formed a special purpose vehicle to absorb 290 bln rupees of Air India's debt, Civil Aviation Secretary R.N. Choubey said.
* BANKING: The Reserve Bank of India has notified that the net stable funding ratio requirement for banks under the Basel-III framework would come into effect from Apr 1, 2020.
- The Bombay High Court has granted the Union home ministry two weeks to reply to a plea filed by the RBI to set aside an order on disclosures regarding the Foreign Contribution Regulation Act, 2010.
- The government, which thinks the structure and influence of committee of the central board of the RBI may be disproportionately high, is in favour of reviewing the role and even the composition of the committee.
* FINANCE: IL&FS Financial Services has defaulted on payments towards a term loan, including interest, of 2.52 bln rupees, due on Thursday. IL&FS Energy Development Co has defaulted on interest payment of 49.13 mln rupees towards non-convertible debentures that were due on Wednesday.
* INFRASTRUCTURE: Subhash Chandra-controlled Essel Infraprojects is planning to manufacture lithium ion batteries in India.
* MARKETS: The Reserve Bank of India has issued final norms on Legal Entity Identifier mechanism, including non-derivative financial markets under the code, to bring about greater transparency in financial markets.
* NON-BANKING FINANCIAL COMPANIES: Foreign ministry is investigating claims by expatriates in Ethiopia who say they are being held hostage by local staff that haven't been paid after the shadow lender IL&FS began defaulting on $12.6 bln in debt.
- The government-appointed board at IL&FS Group is shortly going to put up a fleet of 72 luxury cars for auction, most of which are Jaguar and Audi models.
* POWER: The National Company Law Tribunal's Kolkata bench has admitted the insolvency plea against power transmission company EMC, which has defaulted on payments to the tune of 65 bln rupees to banks and other creditors.
* STEEL: ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India, with a bid of 5 bln rupees, against outstanding loans of 72.68 bln rupees.
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* AVIATION: The government has formed a special purpose vehicle to absorb 290 bln rupees of Air India's debt, Civil Aviation Secretary R.N. Choubey said.
* BANKING: The Reserve Bank of India has notified that the net stable funding ratio requirement for banks under the Basel-III framework would come into effect from Apr 1, 2020.
- The Bombay High Court has granted the Union home ministry two weeks to reply to a plea filed by the RBI to set aside an order on disclosures regarding the Foreign Contribution Regulation Act, 2010.
- The government, which thinks the structure and influence of committee of the central board of the RBI may be disproportionately high, is in favour of reviewing the role and even the composition of the committee.
* FINANCE: IL&FS Financial Services has defaulted on payments towards a term loan, including interest, of 2.52 bln rupees, due on Thursday. IL&FS Energy Development Co has defaulted on interest payment of 49.13 mln rupees towards non-convertible debentures that were due on Wednesday.
* INFRASTRUCTURE: Subhash Chandra-controlled Essel Infraprojects is planning to manufacture lithium ion batteries in India.
* MARKETS: The Reserve Bank of India has issued final norms on Legal Entity Identifier mechanism, including non-derivative financial markets under the code, to bring about greater transparency in financial markets.
* NON-BANKING FINANCIAL COMPANIES: Foreign ministry is investigating claims by expatriates in Ethiopia who say they are being held hostage by local staff that haven't been paid after the shadow lender IL&FS began defaulting on $12.6 bln in debt.
- The government-appointed board at IL&FS Group is shortly going to put up a fleet of 72 luxury cars for auction, most of which are Jaguar and Audi models.
* POWER: The National Company Law Tribunal's Kolkata bench has admitted the insolvency plea against power transmission company EMC, which has defaulted on payments to the tune of 65 bln rupees to banks and other creditors.
* STEEL: ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India, with a bid of 5 bln rupees, against outstanding loans of 72.68 bln rupees.
