Page 3 - Indian Companies
Tata Consumer acquires 23% additional stake in South Africa-based Joekels
FMCG firm Tata Consumer Products Ltd (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary. Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) -- a step-down wholly-owned subsidiary of the company through Tata Consumer Products UK Group -- "has decided to purchase 23.3 per cent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners," said a regulatory filing. This is as per the terms of the share purchase agreement and the shareholders' agreement, finalised and executed, amongst TCP Overseas, Joekels and the JV Partners, it added. Over the cost of the acquisition of the stake, the Tata group FMCG arm said it is for a consideration value of Rs 43.65 crore plus the adjustment amount. As a result of the acquisition, the "holding of TCP Overseas in Joekels will increase from 51.7 per cent to 75 per cent" of the equity shar
 "Tata Consumer acquires 23% additional stake in South Africa-based Joekels")
RBI imposes penalty of Rs 13.9 lakh on Mynd Solutions for non-compliance
Non-promoter shareholding in the company exceeded the 10% ceiling prescribed for TReDS operators
 "RBI imposes penalty of Rs 13.9 lakh on Mynd Solutions for non-compliance")
I owe my success to institutional reforms over 30 years: Gautam Adani
As both he and PM Modi are from the same state, it makes him the easy target of baseless allegations, says Adani
 "I owe my success to institutional reforms over 30 years: Gautam Adani")
Agrichemical exporters expected to clock better growth than domestic peers
Brokerages have a mixed outlook on margin trajectory for the sector
 "Agrichemical exporters expected to clock better growth than domestic peers")
Sheela Foam to buy rival mattress maker Kurl-on for Rs 2,000 crore
The combined entity will have a market share of more than 50 per cent in India's organised mattress space
 "Sheela Foam to buy rival mattress maker Kurl-on for Rs 2,000 crore")
Market volatility forces many companies to let go of their IPO plans
Industry players say some companies plan to re-file their DRHPs so that they can have another stab at listing
 "Market volatility forces many companies to let go of their IPO plans")
Realisation through IBC 201% of liquidation value as of Sept: RBI
SARFAESI and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism, says Trend and Progress Report
 "Realisation through IBC 201% of liquidation value as of Sept: RBI")
829 mn cyber attacks blocked; 59% of targeted websites in India: Indusface
Mid-market firms with revenues of $10 million to $1 billion faced 45% of attacks; only 21% were large ones with over $1 billion in revenue; smaller firms suffered 34% of attacks
 "829 mn cyber attacks blocked; 59% of targeted websites in India: Indusface")
India Inc takes steps to protect supply chain as Covid-19 rages in China
Keeps adequate inventory levels for now; onboards multiple vendors to mitigate risk
 "India Inc takes steps to protect supply chain as Covid-19 rages in China")
India's startup ecosystem may be staring at an extended funding winter
Thousands lost jobs amid deepening funding winter in 2022 as massive layoffs by the tech companies this year alone surpassed the levels from the Great Recession
 "India's startup ecosystem may be staring at an extended funding winter")
From industry icon to defaulter: How Venugopal Dhoot lost his empire
The top court's order and cash-for-loans scandal later, rocked the group across verticals; its fate now hinges on SC's ruling on bankruptcy even as the quid pro quo case involving Kocchars goes on
 "From industry icon to defaulter: How Venugopal Dhoot lost his empire")
The corporate battles of 2023
India Inc is gearing up for a slugfest next year and from tech to paints, new battlegrounds are emerging
After the year of reset, businesses now poised to truly get back in form
Some firms braved the headwinds and stepped on the gas, others played it safe; green energy turned a bright spot
 "After the year of reset, businesses now poised to truly get back in form")
CCI likely to appeal against NCLAT order in DLF matter: Sources
The Commission in 2018 had found DLF in contravention of the Competition Act for abusing its dominant position and discriminatory practices
 "CCI likely to appeal against NCLAT order in DLF matter: Sources")
ITAT recalls decision on beneficial ownership under Indo-Mauritius treaty
Assessee appealed it was denied benefit of treaty on capital gains from share transfer
 "ITAT recalls decision on beneficial ownership under Indo-Mauritius treaty")
GMM Pfaudler falls over 18% on report of promoter selling bulk stake
Shares of GMM Pfaudler fell as much as 18.1%, their worst intraday percentage fall in nearly five years, after a report said that one of its promoters will sell the bulk of its stake
 "GMM Pfaudler falls over 18% on report of promoter selling bulk stake")
Two internal candidates in race for Hindustan Unilever CEO position
"This step is in the right direction in embracing progressive corporate governance practices," HUL said in its statement
 "Two internal candidates in race for Hindustan Unilever CEO position")
Visa consultancy firm BLS International crosses $1 bn in market cap
Delhi-based company says its business gained after countries eased travel restrictions for Covid-19
 "Visa consultancy firm BLS International crosses $1 bn in market cap")
Lenders ask Byju's to liquidate US assets to part-repay $1.2-bn loan
The company is seeking a restructuring of the loan, but it faced steep losses. Around this time, some activist investors bought some of the bonds
 "Lenders ask Byju's to liquidate US assets to part-repay $1.2-bn loan")
Competition (Amendment) Bill: Panel wants annual review of deal valuations
Proposed Settlement and commitment mechanism
 "Competition (Amendment) Bill: Panel wants annual review of deal valuations")
