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UBHL pleads for more time to post financial results
UB Group company United Breweries Holdings Limited (UBHL) requested additional time from the BSE and NSE to submit the audited financial results for 2015-16, due to uncertainties owing to cases running against its chairman Vijay Mallya in the Supreme Court and Debt Recovery Tribunal (DRT) Bengaluru.
 
Explaining the uncertainties in a letter to the bourses, UBHL said Mallya's offer to settle dues of nearly Rs.9,000 crores to a consortium of banks led by State Bank of India (SBI) is still under consideration, with the likelihood of DRT final order not being passed before July 15.
 
"As you may be aware, Kingfisher Airlines Limited, a group company of UBHL, is in debt to several banks. In this regard, Vijay Mallya, chairman of UBHL has made a settlement offer before the Supreme Court of India to the consortium of banks headed by the SBI.
 
"It may be noted that a part of the substantial settlement amount to be paid to the consortium of banks is to be met by monetising certain assets of the UBHL," said the letter.
 
According to the Listing Obligations and Disclosure Requirements (LODR) rules of the regulator Securities and Exchange Board of India (SEBI), audited standalone financial results for the year ending March 31, 2016 must be posted within 60 days of the financial year ending.
 
"Due to the uncertainties resulting from the background discussed above, UBHL is being hindered from complying with the requirements of finalizing the annual accounts and filing the financial results" the letter said.
 
UBHL noted that SEBI's LODR regulation 102 empowers the regulator to relax strict enforcement under some predefined criteria.
 
"These are extraordinary circumstances which are not in the hands of UBHL due to which it is practically impossible for UBHL to submit the financial results by May 31, 2016," the letter added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Public debt falls to Rs.55.73 lakh crore at fiscal-end
India's public debt declined marginally to Rs.55.73 lakh crore at the end of the last fiscal in March, registering a fall over the previous quarter of 0.04%, an official statement said on Monday.
 
Government debt (excluding liabilities under the Public Account) was at Rs 55.75 lakh crore at the end of December 2015, said the quarterly report on debt management released by the finance ministry.
 
Government's domestic borrowing for 2015-16 have been revised downwards, it said.
 
"Government issued dated securities worth Rs.84,000 crore to complete its gross borrowings of Rs.5,85,000 crore for FY 16.
 
"Gross and net market borrowing requirements of the government for FY16 were revised lower to Rs.5,85,000 crore and Rs.4,40,608 crore, which were lower by 1.18% and 2.75%, respectively, than Rs.5,92,000 crore and Rs.4,53,205 crore in FY15," it said.
 
"The cash position of the government during Q4 of FY16 was comfortable and remained in surplus mode during the quarter. The issuance amount under Treasury bills was also broadly as per calendar," it added.
 
The outstanding internal debt of the government at Rs.5,130,179 crore constituted 37.8% of GDP at end-March 2016, as compared to 38.7% of GDP at end-December 2015.
 
Central government dated securities continued to account for a dominant portion of total trading volumes in the fourth quarter of 2015-16, it said.
 
Net inflows in the form of foreign direct investment during the quarter in question were robust and more than sufficient to fund the external financing requirements, the report added.
 
During 2015-16, there has been an accretion of $18.54 billion to the foreign exchange reserves which touched $360.1762 billion at end-March 2016. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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