Top 10 headlines: India GDP growth rate forecast, Tata vs Mistry, and more

Business Standard brings you the top headlines that made news on Monday

IMF retains India's FY20 GDP growth rate forecast at 6.1%

The International Monetary Fund (IMF) has retained India’s economic growth forecast at 6.1 per cent for FY20, but said risks to the outlook are tilted to downward side. IMF’s projection is much higher than those by most agencies. IMF Chief Economist Gita Gopinath said the Fund would revise downward India’s economic growth when it comes out with its update on world economic outlook in January. As such, this 6.1 per cent growth rate may be cut that time. Read more...

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Tata vs Mistry: RoC moves review plea, seeks modifications in NCLAT order

The Registrar of Companies (RoC), Mumbai, has moved a review petition before the National Company Appellate Law Tribunal (NCLAT) in the Tata-Mistry dispute. It has sought the removal of the words "illegal" and “with the help of RoC" in the tribunal’s order pertaining to Tata Sons' transition from a public to private company, in September 2017. Read more...
 

Post NCLT extension, Jet Airways' creditors decide to seek fresh bids

The creditors of shuttered Jet Airways have decided to seek fresh initial bids for the airline. The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday. Earlier this month, the National Company Law Tribunal (NCLT) had directed the CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline. Read more...

ArcelorMittal signs deal for sale of 50% shipping biz stake to pare debt

ArcelorMittal, the world’s largest steelmaker, has signed a share purchase agreement with DryLog for the sale of 50 per cent stake in Global Chartering (GCL), the steel major’s wholly-owned shipping business. This is part of its commitment to unlock up to $2 billion from its asset portfolio by the middle of 2021. Subsequently, a 50:50 shipping joint venture will be formed with DryLog. Read more...

Indiabulls to sell commercial properties to Blackstone for Rs 810 cr

Indiabulls Real Estate said on Monday it would sell its commercial properties in Mumbai and Gurugram to US-based private equity fund manager Blackstone for Rs 810 crore. This is part of the company’s plans to exit commercial properties and become debt free, a source in the know said. As of September 30, 2017, the company had a debt of Rs 1,783 crore. Indiabulls Real Estate has already sold its key commercial properties in Mumbai such as Indiabulls One and Indiabulls Finance Centre and properties in Chennai to Blackstone. Read more...

Amid legal battle, ONGC takes over physical control of PMT from RIL & Shell

With cloud over the $4.5-billion claim by the government towards profit and royalty from the Panna, Mukta and Tapti (PMT) fields, state-run Oil and Natural Gas Corporation (ONGC) has physically taken over the PMT fields from Reliance Industries (RIL) and Shell. The government had approached the Delhi High Court seeking to block RIL’s stake sale plans. Read more...

Boeing CEO Muilenburg quits after 737 twin crashes

Boeing on Monday replaced its embattled chief executive, Dennis Muilenburg, saying a change was necessary as it attempts to restore its reputation amid the protracted 737 MAX crisis. Boeing named board Chairman David Calhoun as chief executive and president. The move comes a week after Boeing took the monumental step of temporarily shutting down MAX production because of the crisis, which has pushed the aircraft's return to the skies into 2020. Read more...

Tata Power wins distribution licence in Odisha's 5 circles, eyes expansion

Tata Power said on Monday that it received a letter of intent (LoI) for a power distribution licence in Odisha’s five circles. The company aims to grow its power distribution business fourfold in the next three years. The five circles together fall under the ambit of the Central Electricity Supply Utility of Odisha (CESU). The five circles will add 2.5 million consumers to Tata Power’s existing consumer base of 2.5 million through its other distribution areas. Read more...

Delhi High Court restrains Eveready, McLeod Russel from sale of assets

In a blow to McLeod Russel, Eveready Industries and other Williamson Magor Group (WMG) companies, the Delhi High Court has passed an ad-interim ex parte order of injunction preventing all these companies from selling or transferring any of their assets, changing their capital structure, or opting for any debt restructuring proposal. Read more...

CIL starts buying 6,000 tonnes coal a day from OCPL's Odisha captive block

In a first of its kind, Coal India Limited (CIL) has started buying 6,000 tonnes per day from the Manoharpur captive mine of OCPL, owned by the Odisha government, an official said on Monday. Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India, and Odisha Coal and Power Limited (OCPL) have entered into an MoU for provisioning of selling excess fuel from Manoharpur coal block in Jharsuguda to the miner. The coal will be delivered to MCL at the notifed price, company sources said. Read more...