New Delhi

A slew of problems impeding SMEs’ growth

Rising input cost, delay in input tax credit and payments from government and large corporates have put pressure on the small and medium enterprises (SMEs) and may affect their growth in the ongoing fiscal. They also face longer working cycle due to slower recovery for supplies made previously and source of working capital being far and few.

All proceedings against IL&FS, 348 subsidiaries stayed on govt’s plea

The appellate tribunal on Monday stayed all proceedings against IL&FS and its 348 group companies until further order on an urgent petition moved by the government.

The ministry of corporate affairs approached the appellate tribunal on Sunday after the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday turned down its plea to grant 90 days moratorium over the loans taken by IL&FS and its subsidiaries.

Biotique eyes bigger market with advanced formula

Homegrown Biotique has been at the forefront of the beauty and wellness sector for 25 years. The brand has been one of the early entrants in the country to promote Ayurvedic products or as it says 100 per cent natural ingredients.

JSW Steel most likely winner for Bhushan Power

After facing stiff challenge from rival bidders, JSW Steel may finally emerge victorious in the battle for control of Bhushan Power & Steel (BPSL). Debt-ridden BPSL is facing insolvency proceedings for the past 15 months, a timeframe that far exceeds the mandated 270 days for resolution under the Insolvency and Bankruptcy Code (IBC).

BSNL STAFF GO FOR MONEY POOLING, A LA CROWD-FUNDING

BSNL is a white elephant. Financial resources are scarce. For some of its field offices even paying rentals or power bills are beyond their means. But employees, it seems, keep their spirit up. They are pooling in money from their own pockets to keep the company going, a la crowd-funding.

A case in point came to light on October 5 when the authority concerned at a telecom district in Vijaywada issued an earnest appeal to its employees to personally contribute to a corpus — Rs 5,000 or above for executive rank personnel and Rs 2,000 or above for non-executives.

FPIs pull out Rs 26,600 cr in two weeks

Foreign investors have pulled out close to Rs 26,600 crore ($3.6 billion) from capital markets in the first two weeks of this month on unabated fall in rupee and rising crude oil prices and US treasury yields.

This is much higher than the over Rs 21,000 crore net outflow seen in entire September. Prior to that, overseas investors had put in a net amount of Rs 7,400 crore in the capital markets (both equity and debt) in July-August.

MJ Akbar brazens it out, says charges false; links them to polls

Minister of state for external affairs MJ Akbar on Sunday refused to step down from his post and denied allegations of sexual harassment levelled against him by several women journalists. Hours after returning to New Delhi on Sunday morning from an official visit to Nigeria and Equatorial Guinea, he termed these as “viral fever”. saying that they were “false and fabricated, spiced up by innuendo and malice”, adding that he would be “taking appropriate legal action”. He further said: “Lies do not have legs, but they do contain poison, which can be whipped into a frenzy.”

Govt to give priority to power producers for coal supply; private plants in lurch

The government has asked Coal India and its subsidiaries to prioritise coal supply to state power producers like NTPC, leaving private electricity plants in a lurch, multiple sources said.

The coal ministry has directed CIL to prioritise the coal supply to select central and state government-owned power houses under the pretext of building coal stocks at these plants. Following this, all subsidiaries of Coal India like South Eastern Coalfields (SECL) have been directed to supply coal to state power generators such as NTPC.

PM Modi to brainstorm oil scenario with global CEOs

To continue buying of crude oil from Iran sidestepping the looming US sanctions on the Persian country, ministries of finance, petroleum and commerce and RBI have been tasked with working out a solution. They will this week take up various modes, including barter trade, rupee payment and mix of both, of payment for Iranain oil.

The US sanctions are set to come into effect on November 4.

A series of meetings has been planned to prepare and present a workable solution to the prime minister’s office (PMO) for further discussion and approval.

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