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Corporate Governance

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Regulation

A 40% cut to execute an NCLT order: corrupt resolution officers are damaging the IBC regime

Increasing cases of corruption and other unethical practices among resolution professionals are being talked about in hushed voices. Besides demanding closer monitoring and stricter penalties, stakeholders and experts feel the system needs to be made transparent by mandating timely and detailed disclosures after the resolution professionals begin work.

Regulation

A 40% cut to execute an NCLT order: corrupt resolution officers are damaging the IBC regime

Increasing cases of corruption and other unethical practices among resolution professionals are being talked about in hushed voices. Besides demanding closer monitoring and stricter penalties, stakeholders and experts feel the system needs to be made transparent by mandating timely and detailed disclosures after the resolution professionals begin work.

Deals

Takeovers: why a deal-value threshold can exclude data-driven transactions from competition scrutiny

According to a high-panel report, the failure of CCI to assess recent rise in data-driven combinations or deals such as Myntra-Flipkart, Freecharge-Snapdeal, and TaxiForSure-Ola showcase an apparent enforcement gap in the Competition Act. To rectify it, the report has suggested introducing a deal-value threshold. While it seems a positive step, this too has its own set of challenges.

Board Matters

The curious case of independent directors: To what extent are they liable for governance failures?

The Altico Capital saga has turned the spotlight on the role and liabilities of independent directors. Many of them believe they need more powers and are not culpable for governance failures. But not all independent directors and experts, including some well-known names, agree. As the debate simmers, over a thousand independent directors have chosen to exit silently in a year and a half. ET Prime does a deep-dive.

Under the lens

Not just about a name: The real reasons why the Thomas Cook India stock has fallen out of favour

The Thomas Cook India (TCIL) stock took a pounding recently after the bankruptcy of its namesake — Thomas Cook PLC — in the UK. Investors have been wary of the company for a while now because of various reasons — from concerns around its different business units, particularly Quess Corp, to competition from online players. However, the management believes it has sorted out most issues, and the business is on a sound footing.

The corporate story

The decline of a corporate giant: After Thomas Cook, is Cox & Kings destined to face its Kodak moment?

Soon after Thomas Cook’s 178-year-long journey came to an end last month, the industry was abuzz with speculation that Cox & Kings was next in line. Early signs of trouble had been evident ever since the company defaulted on a payment in June. In the age of tech disruption, the Mumbai-based tour operator’s decline sends out a clear message to corporate giants — adapt quickly or become obsolete.

Investigation

Did Altico Capital commit a ‘wilful default’? The inside story of the crisis at the realty NBFC

An INR700 crore loan prepayment to select mutual funds between March and September triggered the liquidity crunch at the realty-lending firm. Still, the default in interest payments may have been a conscious decision by its board despite having funds, possibly to remain a going concern. The entire episode once again shows auditors, rating agencies, and independent directors in poor light, and deepens the NBFC crisis.

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