Companies & Sectors
Deposit proceeds from Deccan Chargers’ sale in ICICI bank, says HC

The High Court while hearing an application filed by Tata Capital against Deccan Chronicle Holdings, said sale proceeds from the auction of IPL team franchise Deccan Chargers should be deposited with ICICI bank after paying 5% to BCCI

 
Mumbai: The Bombay High Court has directed that proceeds of the sale of Indian Premier League (IPL) team Deccan Chargers be deposited with the ICICI bank after paying 5% to Board Of Control For Cricket In India (BCCI), reports PTI.
 
The order was passed by Justice SJ Kathawalla while hearing an application filed by Tata Capital against Deccan Chronicle Holdings Ltd (DCHL), owners of Deccan Chargers, for recovery of a Rs101 crore loan.
 
Counsels Janak Dwarkadas and Ashok Paranjpe, appearing for Tata Capital, argued that there should be transparency in the bidding process.
 
"BCCI has claim of only 5% of the sales proceeds. The remaining amount is available for creditors of Deccan Chronicles," they argued.
 
After accepting their contention, Justice Kathawalla directed that the sale proceeds to be deposited with ICICI bank after paying 5% to BCCI. The auction is to be opened on 13th September in Chennai.
 
"The auction is directed to be conducted under the supervision of MD Narvekar, official assignee of the High Court. The sales proceeds received from the sale of the IPL team known as Deccan Chargers shall be deposited with the ICICI bank after paying 5% to BCCI. The amount deposited with the ICICI bank shall not be disbursed or appropriated without permission of this court," Justice Kathawalla ordered.
 
The matter has been posted for further hearing on 17th September.
 
Tata Capital had moved the application today in an arbitration petition filed by them against DCHL for recovery of their loan amount of Rs101 crore.
 
According to the petition, a term loan had been sanctioned by Tata Finance to DCHL which it allegedly defaulted in repaying. A notice was served and it promised to repay the loan within the specified period.
 

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Union Bank cuts rates for loans to medium and small sector by 0.75%

Union Bank's cut in interest rates for medium and small loans of over Rs1 crore would be applicable from 10th September

 
Kolkata: State-run United Bank of India (UBI) has cut interest rates by 0.75% to 2.75% on medium and small loans above Rs1 crore, reports PTI.
 
The rates will be effective from 10th September, the city-based bank said in a statement.
 
UBI had already reduced the interest rates for the sector for loans below Rs1 crore by 0.50% to 4% with effect from 15 August 2012, it added.
 

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Industrial output in India grows at merely 0.1% in July

Weak economic activity as reflected in poor IIP numbers may prompt the central bank to cut interest rates in its mid-quarter policy review next week

 
New Delhi: India's industrial production growth rate slowed to just 0.1% in July due to poor show by manufacturing, mining and capital goods sectors, reflecting weak economic activity which may prompt the Reserve Bank of India (RBI) to cut interest rate in its mid-quarter policy review on Monday, reports PTI.
 
Industrial output in the April-July period of this fiscal has thus contracted by 0.1%, according to the official data released on Wednesday.
 
Growth in factory output, as measured by the index of industrial production (IIP), was 3.7% in July last year, and 6.1% in the April-July period in 2011-12.
 
The manufacturing sector, which constitutes over 75% of the index, witnessed a contraction in output by 0.2% in July, as against growth of 3.1% in the same month last year.
 
The performance of the manufacturing sector in April-July was poor as output contracted by 0.6%, as against a growth of 6.5% in the four-month period of last year.
 
The capital goods production also down by 5% in July against a contraction of 13.7% in the same month a year ago.
 
The output of capital goods contracted in April-July period by 16.8%, as against a growth of 8.2% in 2011-12.
 
Mining output in July dipped by 0.7%, as against a growth of 0.7% in the same month a year ago.
 
The sector's production in April-July quarter declined by 0.9%, compared to a growth of 0.6% in 2011-12.
 
Consumer goods production was up 0.7% in July as compared to 6.4% growth in the same month last year.
 
During the April-July period of this fiscal, the growth in the segment was 3.3%, compared to 4.9% in the four month period a year ago.
 

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