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Friday, August 6, 2021

Amazon wins Supreme Court case restraining merger between Future and Reliance ET Online Last Updated: Aug 06, 2021, 10:51 AM

 







The Supreme Court has upheld e-commerce giant Amazon's plea against the Rs 24,731-crore merger of Future Retail Ltd (FRL) with Reliance Retail.

The top Court said that the order by a Singapore arbitrator in October - that put the deal on hold after finding merit in Amazon's objections - was valid.


Tokyo Olympics: Indian women's hockey team - player profiles Here are the player profiles of the Indian women's hockey in action at the Tokyo 2020 Olympics. Let's get you up to speed!

 

Rani Rampal is the face of Indian women's hockey.   -  BISWARANJAN ROUT

The Indian women’s team has been grouped with Germany, Ireland, South Africa, Netherlands and Britain in Pool A.

Rani Rampal

The 26-year old captain is the face of Indian women’s hockey, its seniormost player and also its most talismanic. Coming from the hockey nursery of Shahbad in Haryana and a student of Baldev Singh, the forward made her international debut at the age of 15 and has been an integral part of the national team since then. One of the few Indian women to cross the 200-cap mark, Rani’s understanding of the game situation, her ability to create opportunities and run past opposition defence, and her knack for perfect positioning make her vital to the team’s success in her second Olympics.

Savita Punia

Since her international debut in 2009, Savita Punia has remained the last wall of Indian defence.

 

Since her international debut in 2009, Savita Punia has remained the last wall of the Indian defence – with distinction. Having bided her time in the presence of seniors like Helen Mary and Dipika Murthy, Savita is the oldest player in the team at 31, but also the most important. Playing continuously for 12 long years in a country where women players retire early is a testimony to not just her longevity, but also hard work that has kept her as the country’s No. 1 goalkeeper. She was largely responsible for India qualifying for both the Rio and Tokyo Olympics and has been part of the 2014 and 2018 Asian Games and Commonwealth Games and 2013 and 2017 Asia Cup squads.

Deep Grace Ekka

Deep Grace Ekka represents all the qualities of players from the Sundergarh district of Odisha – a solid defender, clean and error-free technique, and a back-up penalty corner specialist when needed.   -  AFP

 

Another of the elite 200-international-matches club, Deep Grace Ekka represents all the qualities of players from the Sundergarh district of Odisha – a solid defender, clean and error-free technique, and a back-up penalty corner specialist when needed. The well-built Deep Grace has also been trained to double up as a substitute goalkeeper if necessary. She became the fastest Indian to reach the 200-cap mark in 2019, having made her international debut in 2011. A fun-loving person off the field and a key member of the team, the 27-year old will be participating in her second Olympics and will be crucial for India’s chances to advance at Tokyo.

Nikki Pradhan

The Jharkhand all-rounder is a relative latecomer, having made her debut only in 2016 and playing only 76 games.   -  R.V.MOORTHY

 

The 27-year old will be hoping to build on her experiences in Rio in her second Olympics. The Jharkhand all-rounder is a relative latecomer, having made her debut only in 2016 and playing only 76 games, but since then she has made herself invaluable, being a part of all the major campaigns including the Olympic qualifiers. She can also up the ante when most needed, and can switch positions across the field, defending at the back and creating gaps in the middle, making her vital to the team.

Gurjit Kaur

Gurjit Kaur is the team’s primary drag-flicker and goalscorer.   -  GETTY IMAGES

 

Another latecomer to the side, making her debut only at the age of 22 in a team where players normally slip out in their late 20s, Gurjit is the team’s primary drag-flicker and goalscorer. The Punjab defender was part of the national camp for three long years before finally making her debut in 2017 in style, being the top scorer while winning the Asia Cup. Having worked hard on her fitness to lose fat and build strength, the 25-year old has also developed into a consistent and reliable scorer with enough variations and is expected to be India’s trump card in Tokyo.

Udita

Having led the Indian under-18 team at the 2016 AHF Cup, Udita was fast-tracked into the senior side the next year and played her first international match the same year against New Zealand. A member of the 2018 World Cup and Asian Games teams, Udita started as a forward and continues to play upfront, but also can play at the back, where again she has excelled. The 23-year old will be making her Olympic debut in Tokyo.

Nisha

A resident of Sonepat, Nisha is one of three students from the academy of former hockey great Pritam Siwach. She is also one of the youngsters making her Olympic debut in Tokyo. Having quit playing at one point only to come back at her coach’s insistence, the 26-year old is considered an intelligent playmaker in the middle, and despite her limited international experience – having made her debut only in 2019 at the FIH Women’s Series finals in Hiroshima – she is a key member. She is also the first Muslim player since Saba Anjum to play for the national side.

Neha Goyal

The 24-year-old midfielder from Sonepat made it to the national team in 2014 through open selection trials and made her debut at the Champions Challenge but missed out on the Rio Olympics.

 

Another of Pritam Siwach’s proteges, Neha has come a long way since her junior national days. The 24-year-old midfielder from Sonepat made it to the national team in 2014 through open selection trials and made her debut at the Champions Challenge but missed out on the Rio Olympics. Since then, she has been part of the 2017 Asia Cup, the 2018 World Cup, the Asian Games and the Commonwealth Games. Short but powerful, Goyal’s biggest strength is her speed and ability to weave past opponents with excellent ball control and her ability to find gaps.

Sushila Chanu Pukhrambam

Captain at the Rio Olympics, the 29-year-old Sushila is one of the more experienced players in the side.

 

Captain at the Rio Olympics, the 29-year-old Sushila is one of the more experienced players in the side and will be key to India’s fortunes in Tokyo. The midfielder from Manipur with explosive speed is capable of scoring from acute angles inside the circle. A part of the team’s leadership group, Sushila is a natural talent and was captain of the side that won India’s first-ever bronze at the Junior World Cup in 2013. She made the senior side a year later. Injuries kept her away for a long time after Rio before she made her return in 2019, and has remained crucial since then.

Monika Malik

The Indian Railways employee excels in running down the sidelines and providing the ball for the forwards with precision and is valued as a playmaker.

 

Another talented midfielder-striker from Haryana, Monika made her debut in 2013. The Indian Railways employee excels in running down the sidelines and providing the ball for the forwards with precision and is valued as a playmaker. She is also talented at getting out of tricky corners without committing a foul. With Asian Games bronze in 2014 and silver in 2018 and the experience of the Rio Olympics behind her – and being part of the 2013 Junior World Cup squad with the likes of Sushila and Rani – the team will be relying on the 27-year-old Monika to get it out of crunch situations in Tokyo.

Navjot Kaur

A product of the famed Shahbad Academy in Haryana, midfielder Navjot Kaur is among the more experienced players in the side with over 100 international games under her belt.

 

Another product of the famed Shahbad Academy in Haryana, midfielder Navjot Kaur is among the more experienced players in the side with over 100 international games under her belt. A member of the Indian side at the Rio Olympics, she will be hoping to build on that experience in Tokyo. She made her senior debut against New Zealand in 2012 while part of the junior side as well at the 2013 Junior World Cup. It is a credit to the consistency of both the players and the team management that seven from that 2013 junior side are now part of the Tokyo Olympics, having played together for so long at all major tournaments over years.

Salima Tete

At 19, Salima is the youngest member of the side and led the team to silver at the 2018 Youth Olympic Games. One of the two players from Jharkhand in the side, the other being Nikki, the midfielder was already part of the senior probables but became a permanent member only after impressing at the Youth Olympics and during the 2019 Europe tour. Salima came up the ranks through age-group tournaments. She played in the under-21 Valencia Five-Nation and under-18 AHF Cup in 2016 through the under-21, under-23 and India A sides before earning her stripes with the senior team. Despite her age, the experience of many international outings through major age-group competitions will help her under pressure in Tokyo.

Navneet Kaur

The 25-year old will be one of eight Olympic debutants in Tokyo.

 

The 25-year old will be one of eight Olympic debutants in Tokyo. The forward, noticeable on the field for her striking white headband, made her debut in 2012 along with Navjot. The two have managed to develop a great understanding since then. Also part of the 2013 Junior World Cup and the 2018 Asian Games, Navneet is known for her one-touch shots at the goal and her ability to find the right position at the right time to counter the goalkeeper. Her solo runs are her trademark when left without support upfront.

Lalremsiami

The 21-year old from Mizoram is a forward often spoken of as the successor to Rani Rampal.

 

The 21-year old from Mizoram is a forward often spoken of as the successor to Rani Rampal. A member of the 2016 under-18 Asia Cup and 2018 Youth Olympic Games squads, she made her senior debut at the 2017 Asia Cup and impressed all with her speed. A product of the National Hockey Academy in Delhi, Lalreamsiami became the first Mizo player to win an Asian Games medal in 2018. Having battled the language barrier and cultural shocks, the talented striker is now one of the key members of the side.  Her ability to outrun any opponent, wrong-foot the defence and shoot with a power that belies her size made her the FIH Rising Star of the Year 2020.

Vandana Katariya

Making her debut in 2009, the Haridwar-born Vandana has been key to most of India’s scoring chances and goals in the last decade.

 

Making her debut in 2009, the Haridwar-born Vandana has been key to most of India’s scoring chances and goals in the last decade. As a senior player, the 29-year-old forward has over the last few years taken a step back into being a playmaker for the younger players upfront, but her own ability to find the net from impossible angles and beat the goalkeeper remains second to none. Vandana was the team’s top scorer at the 2013 Junior World Cup and has been the vital cog in the team’s triumphs over years since then. She has been part of every major competition – the World Cup in 2018, the Asian Games in 2014 and 2018, the 2013 and 2017 Asia Cup, the 2014 and 2018 Commonwealth Games and the Rio Olympics in 2016 – and along with Rani, will be key to all of India’s scoring chances in Tokyo.

Sharmila Devi

At 19, Sharmila Devi will be one of the eight Olympic debutants in Tokyo.

 

The third of Pritam’s students, Sharmila has emulated her idol as a forward and is the second-youngest player in the squad. At 19, she will be one of the eight Olympic debutants in Tokyo. Since making her senior debut at the 2019 Olympic Test Event in Tokyo, she has remained in the side, playing an important role in the Olympic Qualifiers against the USA to book a ticket for Tokyo.



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Once Doon School goalie, Odisha CM Naveen Patnaik stands tall for hockey in India When Sahara backed out from sponsoring the national men's and women's hockey teams, it was the Odisha government led by Patnaik that decided to sponsor both for the next five years. At that time, many expressed surprise over this move. By Newsd Published on :Thu 05th August 2021, 05:17 PM

 

When India won the hockey bronze in Tokyo, many praised Odisha Chief Minister Naveen Patnaik, who was the goalkeeper of Doon School hockey team, for singularly supporting the Indian team since 2018.

When Sahara backed out from sponsoring the national men’s and women’s hockey teams, it was the Odisha government led by Patnaik that decided to sponsor both for the next five years. At that time, many expressed surprise over this move.

Patnaik had then said, “Investment in sports is an investment in youth. Investment in youth is an investment in the future.” This statement has become a campaigning slogan for the development of sports in the state.

When India won the hockey bronze in Tokyo, many praised Odisha Chief Minister Naveen Patnaik, who was the goalkeeper of Doon School hockey team, for singularly supporting the Indian team since 2018.

When Sahara backed out from sponsoring the national men’s and women’s hockey teams, it was the Odisha government led by Patnaik that decided to sponsor both for the next five years. At that time, many expressed surprise over this move.

Patnaik had then said, “Investment in sports is an investment in youth. Investment in youth is an investment in the future.” This statement has become a campaigning slogan for the development of sports in the state.


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Govt Buries Ghost Of Retro Tax: What Are Top Tax Experts Saying? The unpopular tax policy, which was first introduced in Budget 2012, had dampened the investment climate and triggered a rash of domestic and international litigation and arbitration involving MNCs like Vodafone and Cairn, in some cases involving legal setbacks for the government ASHWIN MOHAN AUGUST 05, 2021 / 07:55 PM IST

 

In a big-bang move that will potentially cheer the global investor community, the government has decided to withdraw the controversial retrospective tax laws on indirect transfer of assets. A bill to this effect that makes tax laws prospective (applicable in the future rather than backdated) was introduced in in the Lok Sabha on August 5. 

The unpopular tax policy, which was first introduced in Budget 2012, had dampened the investment climate and triggered a rash of  domestic and international litigation and arbitration involving MNCs like Vodafone and Cairn, in some cases involving legal setbacks for the government.

"The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012," Finance Minister Nirmala Sitharaman said in a written statement along with the bill.

"It is further proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation," Sitharaman said.

WHAT LED TO THE RETRO TAX POLICY?

A retrospective tax bill of Rs 40,000 crores which includes alleged tax liabilities , penalties and interest, was claimed by the Indian revenue authorities over Vodafone’s acquisition of the Indian assets of Hutch in 2007. It is widely considered as one of the most controversial global tax disputes over a cross-border deal.

In 2012, following heated litigation at lower courts, the Supreme Court ruled that the tax department had no jurisdiction to impose obligations on Vodafone for a transfer of shares of a foreign company between two non-residents. Then came the sudden twist which shook up the global tax community.

As part of the Budget for the same year which was announced by Finance Minister Pranab Mukherjee, the Indian Parliament went ahead and  introduced retrospective amendments to the Income Tax act, which neutralised the top court’s decision. The amendment impacted not only Vodafone but other entities as well involved in similar cross-border transactions.

Here are a few reactions from a cross-section of tax experts on the impact of the reversal in the government’s tax policy -

1)   “Welcome development- a clear signal from India to the global investor that India’s 2012 experiment with retrospective tax legislation around indirect investments into downstream assets in India is now conclusively at an end. It augurs well for a new era of tax certainty.” –Fereshte Sethna, Vodafone Lawyer & Senior Partner, DMD & Associates

2)  “This is indeed a very progressive step, undoing something which has been a sore point for investors but has not yielded anything to the government”

- Dinesh Kanabar, CEO, Dhruva Advisors

3) “ Restores a lot of confidence in the investor fraternity and should definitely help clear up a lot of clogged revenue & litigation cases, thereby sending positive signals to the business world.” –Rajeshree Sabnavis, Founder, Rajeshree Sabnavis & Associates 

4) “This amendment has been long overdue and is a welcome step for resolving  historical baggage that has hampered India's investment image. While it is good to see the government take this step, the question remains whether investors who have obtained an award that comprises of interest component will take up the offer. It is important to note that the proposed amendment does not contemplate interest in respect of any taxes collected pursuant to the retrospective amendment. Nonetheless this step by itself makes a departure from a myopic approach that had been adopted till date.” – Rajesh Simhan, Partner , Anagram Partners 

5) “This is a big development and will surely put a lot of uncertainty to rest. However it shouldn’t have taken 9 years. Even though India has been dragging its feet all these years, it does not come as a surprise since India suffered a series of setbacks in international arbitration on this issue. Interestingly the government will not pay any interest on refund dues and other costs which could possibly be steep in some high-profile cases. One has to see how would the taxpayers view this. Overall, this will certainly boost the confidence of taxpayers and help India to continue to attract record amounts of FDI” – Amit Maheshwari, Partner, AKM Global

Thursday, August 5, 2021

Govt to amend Income Tax Act to nullify retrospective tax demands No retro tax demand for indirect transfer of Indian assets made before May 28, 2012, states the Bill proposed by govt Topics retrospective tax BS Web Team Last Updated at August 5, 2021 18:16 IST

 

After Vodafone and Cairn setbacks, Union government on Thursday moved to end by amending Income Tax Act.

Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012.

It is also proposed to refund the amount paid in these cases without any interest thereon. This bill impacts retro tax cases of at least two big companies -- Cairn Energy Plc and Vodafone Group of UK. Both firms had won international arbitrations against levy of retrospective taxes on them.

“Bill proposes to amend IT Act, so as to provide that no tax demand shall be raised in future on basis of said retrospective amendment for any indirect transfer of Indian assets if transaction before 28th May, 2012," said government.

"In the past few years, major reforms have been initiated in the financial and infrastructure sector which has created a positive environment for investment in the country. However, this retrospective clarificatory amendment and consequent demand created in a few cases continues to be a sore point with potential investors. The country today stands at a juncture when quick recovery of the economy after the COVID-19 pandemic is the need of the hour and foreign investment has an important role to play in promoting faster economic growth and employment," government further said.

In 2012, after the Supreme Court ruled that the Vodafone Group’s interpretation of the Income-Tax Act of 1961 was correct, and that it did not have to pay any taxes on the stake purchase, then Finance Minister Pranab Mukherjee circumvented the ruling by proposing an amendment to the Finance Act, which gave the I-T Department power to retrospectively tax such deals.

The Act was passed by Parliament that year, and the onus of paying the tax fell back on Vodafone. The same Act was used to tax Cairn Energy Plc’s transfer of shares as well.

Cairn, a Scottish firm, invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006 it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.

The state then expropriated and liquidated Cairn's remaining shares in the Indian entity, seized dividends and withheld tax refunds to recover a part of the demand.

Cairn challenged the move before an arbitration tribunal in The Hague, which in December awarded it $1.2 billion (over Rs 8,800 crore) plus costs and interest, which totals $1.725 million (Rs 12,600 crore) as of December 2020.

The company, which previously said the ruling was binding and enforceable under international treaty law, has been since then courting Indian government officials to get the money paid. But the government has not agreed to pay.


IT IS MR.NAVEEN PATNAIK- CM OF POOR STATE OF ORISSA WHO ONLY DESERVES CREDIT FOR BRILLIANT PERFORMANCE BY OUR MEN AND WOMEN HOKEY TEAMS AT TOKYO OLYMPICS 2020-21

 

The men's team made it to the semi-finals after 41 years, while the women's team reached the level for the very first time.

When the Naveen Patnaik government in Odisha signed an agreement with Hockey India in 2018 to sponsor both men's and women's national teams for five years, critics wondered whether a poor state frequently ravaged by natural calamities could afford to contribute ₹100 crore from the public exchequer to the game.

Exactly three years later, the Odisha government came out with a full-page advertisement in all national and local dailies on Tuesday, announcing: "Odisha is proud to have partnered with Hockey India in this remarkable journey."

The occasion was the national men's and women's hockey teams entering the semi-finals of the Tokyo Olympics. The men's team made it to the semi-finals after 41 years, while the women's team reached the level for the very first time.

The man behind the state's sponsorship of the hockey teams, Chief Minister Naveen Patnaik, gave a befitting reply to critics saying, "Investment in sports is an investment in youth. Investment in youth is an investment in the future."

Noting that this mantra made Odisha focus on hockey, which is almost a way of life for the tribal population, Patnaik asserted, "The children in Sundargarh district learn walking by holding a hockey stick."

He said that the five-year sponsorship deal was Odisha's gift to the nation, silencing critics including opposition parties, while also raising the sponsorship amount to ₹150 crore in five years.

"Thirty-eight champions script history in hockey, 1.3 billion Indians walk an inch taller," the Odisha government announced.

As the nation's stake in hockey escalated, Patnaik turned ecstatic and paid a standing ovation to Team India while watching the quarterfinals of the Olympics on television. The next day, sporting a black tee-shirt and a trouser, an otherwise shy and introvert Naveen showed a 'thumps up' gesture while celebrating the victories.


DISGRACEFUL ACT BY KAZAKHSTAN'S WRESTLER NURISLAM SANAYEV AT TOKYO OLYMPICS AGAINST INDIAN WRESTLER

 


Monday, August 2, 2021

What is the secret of Vladimir Putin being so calm all the time? Replied by Maggy Hopkins through Quora

Yes! He is, isn’t he? I study this secret (with much success!) Here’s my theories:

He’s a zen master. No, really, he’s a bonafide judo master

He’s right with God. He’s sure of the correctness of his path, that his actions are just. He sleeps well at night.

He understands discipline and that the only person one can control 💯 is oneself

He works out 2 hours a day and plays many fun sports, hockey, horse riding, judo…

He sweats in the Russian banya and ice cold bath daily

He spends a lot of time in nature, especially quality time with his BFF

He drinks only tea (rarely alcohol), and some special Siberian herb tea

He adores animals and children

He has a lot of nuclear weapons

He understands that if he were to allow the provocations against him and Russia to drive him to use them, everyone will die. If you are alive today, thank Putin’s Calm

He treats his closest people right and he is in charge of choosing his own security detail (he credits that with still being alive)

He doesn’t care what people think of him and doesn’t feel the need to correct their lies about him. He always treats adversaries with respect. This is what really had me fascinated about him!

Huilo means “a$$hole” but does he care? No.

He says love is the secret to happy International as well as family relations

He’s not afraid of death

He’s been through a hard life, like his family didn’t even have their own bathroom growing up!

But at the same time his parents loved him very much. He says this love is what gives confidence to children.

Venugopal Dhoot moves NCLAT against Anil Agarwal's Twin Star takeover bid for Videocon group Dhoot has requested NCLT's order approving Twin Star Technologies' resolution plan to be cancelled and fresh resolution plan to be considered with Oil and Consumer Durable assets. PTI AUGUST 01, 2021 / 08:18 PM IST

 


(File image: Reuters)

Venugopal Dhoot, former promoter of Videocon Group, has moved before the NCLAT, challenging an order of the insolvency court NCLT approving Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies for 13 companies of the debt-ridden group.

Dhoot, in his petition filed before the National Company Law Appellate Tribunal (NCLAT) has requested to set aside the order passed by the Mumbai bench of the NCLT and to direct the lenders to consider Rs 31,789 crore settlement plan submitted by him under section 12 of the Insolvency & Bankruptcy Code (IBC).

In the petition, he has questioned the role played by the Resolution Professional and said that he should have mentioned the foreign oil and gas assets of Videocon Group in the information memorandum (Tender Form) to all the bidders and hence no valuation was considered.

"All assets owned by Videocon Group, particularly oil and gas assets owned by Videocon Industries are not included in Information Memorandum and no valuation thereof has been considered,” he said, adding RP and lenders "were wrong to ignore order of NCLT to treat and include foreign oil and gas assets of Videocon as assets of Videocon Industries Ltd”.

Dhoot has requested NCLT’s order approving Twin Star Technologies’ resolution plan to be cancelled and fresh resolution plan to be considered with Oil and Consumer Durable assets. "Set aside the Impugned Order dated June 8, 2021 passed by the NCLT and the Respondents (RP & CoC) be ordered to issue fresh IM (Information memorandum -Tender Form )and call for fresh EOI/Resolution Plan for all assets of Videocon group including all foreign oil and gas assets of Videocon group,” Dhoot submitted. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.

Besides, Dhoot also said it needs to be considered as to "whether RP or any other person acting on his behalf has managed the liquidation value and whether the confidentiality has been maintained or it has been leaked to Respondent No 3 (Twin Star Technologies)?” According to Dhoot, the lenders rejected his proposal to pay Rs 31,789 crore to settle their outstanding loans and pull out 13 Videocon group companies from the insolvency proceedings.

"It is submitted that a similar proposal was submitted by Appellant in the CIRP of Corporate Debtor under Section 12A of the Code, however, the CoC being unbending and irrational has rejected the proposal of Appellant to the tune of Rs 31,789 crore and has accepted the Resolution Plan of Twin Star which provides payment of only Rs 2,962 crore,” Dhoot said in the petition.

According to him, "the Commercial wisdom exercised by CoC is arbitrary and irrational and does not reflect any applicability of mind by rejecting a proposal of Appellant which was 10 times higher and submitted at an early stage of the process.” Under Section 12A of the IBC, the tribunal can permit withdrawal of an ongoing insolvency process against a company subject to certain conditions. Such application is filed by the company with the approval of 90 percent voting share of the committee of creditors.

In several high profile corporate insolvency resolution cases such as Essar Steel and DHFL, 12A plea has been rejected. Earlier on July 19, NCLAT had stayed Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies for Videocon Industries group over the plea filed by two dissented creditors - Bank of Maharashtra and IFCI Ltd. Moreover, NCLT had conducted consolidated resolution process of 13 Videocon group firms for maximisation of the value, which "has not been achieved rather compromised on the face of it."

The appellate tribunal had stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 9 and directed to maintain "status quo ante" as before passing of the order, till the next date of hearing. NCLAT had also directed the RP to continue to manage the Videocon Group companies as per provisions of IBC till the next date. Earlier, in its 47-page-long judgement, NCLT while approving Anil Agarwal's Twin Star Technologies'' Rs 2,962.02 crore-bid had observed creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 percent haircut on their loans and the bidder is "paying almost nothing”.

The NCLT had observed that the resolution plan is giving 99.28 per cent to the operational creditors, which it sarcastically hinted to be as a “Hair cut or Tonsure, Total Shave”. It has requested the Committee of Creditors (CoC) and Twin Star Technologies to increase the pay-out amount to these Operational Creditors as they are getting only 0.72 percent of their admitted claim amount. Videocon Industries and its 12 group companies had a total admitted claims of Rs 64,838.63 crores.

NCLT had also said a “doubt arises upon the confidentiality” over the liquidation valuation of the assets of the Videocon Industries during the insolvency process as Anil Agarwal's Twin Star Technologies, the successful bidder, also “arrived at almost the same value”.

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