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Financials

The pandemic ruins Uday Kotak’s resolution plans for IL&FS. It’s a long and hard road ahead.

Uday Kotak was confident of recovering half of IL&FS’s INR94,000 crore debt by March 2020. But his plans lie in tatters, a victim of the rampaging pandemic. Kotak’s second term as chairman ends soon and the IL&FS board must consider the new realities. Kotak tells ET Prime a review is on the cards. It’s a test case for India’s troubled financial sector.

Financials

The pandemic ruins Uday Kotak’s resolution plans for IL&FS. It’s a long and hard road ahead.

Uday Kotak was confident of recovering half of IL&FS’s INR94,000 crore debt by March 2020. But his plans lie in tatters, a victim of the rampaging pandemic. Kotak’s second term as chairman ends soon and the IL&FS board must consider the new realities. Kotak tells ET Prime a review is on the cards. It’s a test case for India’s troubled financial sector.

Board Matters

Regulations give women a presence on company boards. But the glass ceiling remains unbroken.

Although regulations have helped corporate India to kick-start the gender diversity agenda in boardrooms, it seems more an enforced development than out of the belief that diversity adds value. Women still only have token presence on boards, and companies must take the initiative in making gender equality a natural outcome. Indeed, the glass ceiling remains intact in India, and globally.

Corporate governance

How Franklin failed an NRI investor well before winding up its six debt funds

Investor complaints alleging sharp practices and preferential treatment in the AMC have put the focus on the efficacy of trustees who joined recently. The huge exposure to the Piramal-Shriram combine, which crosses the 20% mark in three of the six schemes, is a cause for concern. It’s time for a serious response from regulators on rules governing fund managers.

Investigation

Fresh twist in realty NBFC Altico’s resolution. Corporate-governance concerns cloud suitor SSG Capital.

Altico’s lenders had cleared SSG’s proposal last month and sent it to RBI for final approval. But its management and staff have written to the central bank about some legal proceedings against the acquirer, casting a shadow over its “fit and proper” status under the law. Employees are also worried that SSG might wind down the business, jeopardising their jobs.

Corporate Affairs

God (or Devil) is in the detail: how one clause can give companies more grief during this crisis

Can the force majeure or Act of God clause for a standard contract and the material adversity clause for an M&A become a potential deal-breaker during Covid-19? ET Prime got in touch with a legal firm and an investment banker to break down the possible impact of these clauses. We also considered the possible solutions.

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Under the lens

The crisis at NCLAT: why speedy resolution of corporate disputes is beyond reach

An interim chief, infrastructural constraints, and thousands of pending cases — the National Company Law Appellate Tribunal is weighed down by numerous challenges. Stakeholders say that even the latest step of notifying a new bench at Chennai is unlikely to bring immediate relief. It’s a crisis of sorts for the judicial system for resolving corporate disputes.

Policy and regulations

Thermometers can’t prevent heart attacks: Big Four flay proposals on ‘dominance’, joint audit

Deloitte, KPMG, and other large firms oppose most of the key measures proposed in a controversial discussion paper floated by the Ministry of Corporate Affairs last month. The auditors say the focus should be on making the smaller firms big and improving quality, rather than breaking down the bigger ones through limits and quotas.

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Investigation

A controversial babu, a godman, film producers: Meet the faces behind the INR16,000 crore bid for RCom

Delhi-based UVARCL has emerged as the highest bidder for Anil Ambani-promoted Reliance Communications, which is under NCLT proceedings. ET Prime's investigation has unearthed links of various colourful characters associated with the bidding company. Lenders would do well if they evaluate the offer before taking the final call on January 31.

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