News digest: Essar Steel's insolvency bid, NPPA cuts stent prices, and more

BS brings you up to date with the latest news

Final bidding round: ArcelorMittal, Numetal vie for debt-laden Essar Steel

The race to take over Essar Steel entered the final phase with the submission of two bids on Monday, one by Numetal, a company in which VTB Bank has a majority and the Ruias are a minority partner, and the other by ArcelorMittal. Read More
 
RBI withdraws SDR, S4A, gives 180-day time for NPA resolution

The Reserve Bank of India (RBI) on Monday precluded chances of banks reporting divergent asset classification norms on the same account by stating that if in a consortium a bank faced default, others must start taking action to recover the dues. Read More

 
NPPA cuts stent price again; MNC demand for sub-categories rejected

Exactly one year after lowering the coronary stent price by as much as 85 per cent, the National Pharmaceutical Pricing Authority (NPPA) has done it again, this time marginally. According to the notification issued by the pricing authority, drug-eluting stents will be priced at Rs 27,890 and bare metal stents at Rs 7,660, excluding the goods and services tax (GST). Read more
 
Investors in firms undergoing M&As may stare at higher LTCG tax outgo

Investors in companies undergoing mergers, demergers or consolidation may be staring at a higher tax outgo as they may not be able to take advantage of the grandfathering benefit in the long-term capital gains (LTCG) tax. Read more

 
Why the billionaire Singh brothers could be entering endgame phase

Two meetings of the boards of directors this week, of Fortis Healthcare and Religare Enterprises, will be in the spotlight, given their promoters’ recent brush with legal and regulatory issues. Read more