Corporates

The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal

The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut and the directors of the firm for their personal use.

Anil Ambani said in the last 14 months, the group has already paid Rs 35,000 crore ($5.04 billion) towards its debt.

Middle Eastern carrier Etihad, which owns an about 24 per cent stake in Jet Airways, had submitted a bid for the grounded airline last month, while family-run Hinduja Group was said to be considering putting in an offer.

The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use

Its shares plunged despite assurances from the company that it was working to sort out the delayed payments.

The development comes at a time when banks are looking to resolve the once premier airline's debt issues outside the insolvency process

SBI or State Bank of India has introduced repo rate-linked home loans. SBI, the country's largest bank by assets, said in a statement last Friday that it would offer home loans linked to the repo rate from July 1, 2019. Repo rate is the key interest rate at which commercial banks borrow short-term funds from the Reserve Bank of India (RBI). The announcement from SBI comes days after the RBI said it would ensure "faster and higher" transmission of lower interest rates to their customers.

Last week the company sought one cargo for August 10-15 delivery, which a third source said was awarded at $4.45 to $4.55 per million British thermal units.

Wipro said on Thursday that its founder Azim Premji would retire as executive chairman and managing director on July 30. Mr Premji - India's second richest man - will continue as non-executive director and founder chairman, the company said in a regulatory filing after market hours on Thursday. The Bengaluru-based IT services major said that the appointment of Mr Premji as non-executive director will be for a period of five years from July 31, 2019. The board also approved appointment of Mr Premji's son and whole-time director Rishad Premji as the new executive chairman of the company.

Some taxi players, like Ola, have previously tried to operate electric cars in the country, but with little success given inadequate infrastructure and high costs.

On the BSE, as many as 13.51 lakh shares changed hands compared with an average of 2.32 lakh shares traded daily in the past two weeks

This was Crisil's fifth rating cut on the company's paper this year and ICRA's fourth, highlighting the problems in shadow banking sector

The move by the top court comes as a setback for Hari Sankaran, who had challenged an order by the NCLAT to reopen the past books of IL&FS

GOQii sued Flipkart last month in a Mumbai court, alleging its devices were discounted by around 70 per cent to the retail price.