Foxconn Technology looks at India as its third global electric vehicle hub
Foxconn Technology Group is looking at India as its third global base for tapping into the potential electric vehicle (EV) outsourcing market, with plans to capture 5 per cent of the sales worldwide by 2025. The company aims to deliver between 500,000 and 700,000 EVs by that time. The Taiwanese company has already acquired a plant in Ohio, US, for $230 million, capable of producing 500,000–600,000 vehicles annually. Read more
Centre pushes for faster admission of corporate insolvency cases at NCLT
Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company’s default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said. According to the official, while the company law matters could involve the “principle of natural justice” and justify extended proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings. Read more
Adani probe comes to end as Sebi tightens disclosure for big firms
Findings from an almost three year investigation by India’s capital markets watchdog into Gautam Adani’s eponymous conglomerate are finally expected to land at the desk of the nation’s Supreme Court on Monday. Several observers are expecting minor, if any, red marks against the Adani Group after an expert panel appointed by India’s top court in May said the Securities and Exchange Board of India had “drawn a blank” in its investigation into 13 overseas entities alleged to be fronts for Adani companies. The panel accused Sebi of having diluted rules that would have helped break through so-called opaque structures and the regulator’s job is made harder by India’s overlapping web of corporate laws that offer loopholes large businesses often exploit. Read more
Deloitte, Adani Ports & SEZ spar over Hindenburg Research's claims
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Before resigning as auditor of Adani Ports & SEZ, Deloitte had sought an independent external examination of allegations made by American short-seller Hindenburg Research but the company claimed the accusations had no impact on financial statements. The Adani group firm also said its audit committee believed that “the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move”. Read more
Getting dearer: After tomatoes, chana prices rise ahead of festival season
After lying still for several weeks, prices of chana (gram), which is among the most commonly consumed pulses in the country, have started moving upwards. This could be an additional headache for the government, which is battling inflation on multiple fronts, ahead of the festival season, which starts around August-end. Recently, the price of key kitchen staple, tomato, had surged as high as Rs 242 per kilogram in the retail market. Compared to other pulses, such as arhar and urad, the saving grace in the case of chana is the reasonably good stocks with the state agencies. This could come handy to control the prices. Read more