The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 42.13 Crore submitted by M/s. Amrutha Constructions Pvt.
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 501 Crore submitted by a consortium of B.
The Securities Exchange Board of India (“SEBI”) vide its Circular No. SEBI/LAD–NRO/GN/2023/137 dated July 03, 2023, notified the Securities and Exchange Board of India (Alternative
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 501 Crore submitted by a consortium of B. Subba Reddy and C. Venkateswara Reddy for revival of Indu Projects Limited. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share.
The Resolution Plan proposes to pay to the creditors as follows:
SEBI AMENDS VARIOUS REGULATIONS FOR INSERTION OF ADR MECHANISM FOR RESOLUTION OF DISPUTES
The Securities Exchange Board of India (“SEBI”) vide its Circular No. SEBI/LAD–NRO/GN/2023/137 dated July 03, 2023, notified the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023. Pursuant to said Regulation it has amended the following regulations for insertion of resolution of disputes through Alternate Dispute Resolution (ADR) mechanism such as mediation and/ or conciliation and/ or arbitration:
This step of SEBI will help in faster, easier, and more efficient disposal of disputes between the parties under various resolution. However, the ADR Mechanism shall be initiated post exhausting all actions for resolution of complaints including those received through SCORES Portal.
Further, SEBI vide its Circular No. EBI/LAD–NRO/GN/2023/138 dated July 03, 2023 has repealed Securities and Exchange Board of India (Ombudsman) Regulations, 2003 which earlier dealt with a mechanism for filing any grievances against the listed entity and intermediaries regulated by SEBI.
The Hon’ble National Company Law Tribunal, Hyderabad has nodded its approval for the Resolution Plan of Rs. 42.13 Crore submitted by M/s. Amrutha Constructions Pvt. Ltd. for revival of M/s. Galada Power and Telecommunications Ltd. The Resolution Plan was earlier approved by the Committee of Creditors with 100% voting share. Accordingly, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.
The Resolution Plan proposes to pay to the creditors as follows:
APPEAL UNDER POSH Act, 2013 TO BE FILED BEFORE LABOUR COURTS/ TRIBUNALS - TELANGANA
POSH_GoThe Labour Employment Training and Factories (LABOUR-II) Department vide its G.O.Ms No. 23 dated August 11, 2023, empowered various Labour Courts and Industrial Tribunals situated in the State of Telangana as a Competent Authority to hear an appeal against the recommendation(s)/ order(s) passed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal Act), 2013 (“POSH Act, 2013”). Now any person aggrieved by the recommendation(s)/ order(s) passed under the POSH Act, 2013 can prefer an appeal before Labour Courts/ Tribunal for speedy disposal of matters.
The Telangana State Real Estate Regulatory Authority, Hyderabad, (“TSRERA”) has received various complaints for delay in the development of the Project by the Developers/ owners by mis-utilizing the funds received for some other purpose. Thus, TSRERA vide its Circular No. 989/TSRERA/2023 dated September 04, 2023 (“Circular”), issued directions to Developers, Owners, Lenders, etc., with respect to the utilization of monies borrowed/ received against Development Projects in Telangana. Now pursuant to said direction the Developers, Owners, Lenders, Chartered Accountants, etc., are required to inter alia comply with the following: