Minimum paid-up capital for information utilities pegged at Rs 60 crore

The minimum paid-up capital for information utilities (IUs), which are companies to be set up under the Insolvency and Bankruptcy Code to keep records of defaults and debts of those seeking insolvency protection, will be Rs 60 crore, if recommendations of a working group are accepted.

The group suggested that the authorised capital of the utilities should be Rs 75 crore. 

The working group, which came out with draft rules on IUs, said the foreign direct investment limit for these companies should be 49 per cent. 

Insolvency and Bankruptcy Board of India Chairman MS Sahoo told Business Standard the final