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SC backs mediation in Kalyani family feud

New Delhi: The Supreme Court on Monday suggested warring Kalyani siblings to explore mediation to resolve their long-standing dispute related to distribution of ancestral wealth and promoter stakes in listed companies, including flagship Bharat Forge. The assets are estimated to be worth more than Rs 1 lakh crore.A bench led by Chief Justice Surya Kant asked the parties to “take instructions on mediation” and posted the matter for hearing on July 13.The siblings—Babasaheb N Kalyani, Sugandha Hiremath and Gaurishankar Kalyani—and their children have been engaged in protracted litigation over ancestral wealth with land spanning entire villages, jewellery weighing in kilograms and stakes in listed companies.Multiple litigations are pending before various fora, including suits for partition of joint family assets and probate proceedings.Also read | What Maruti-Suzuki can teach India-JapanChallenging the Bombay High Court’s May 4 decision that refused to send the dispute for mediation, Suga...
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LIC’s next big bet may not be on its core biz

New Delhi: LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads toward its platinum jubilee. Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over Rs 57 lakh crore. It has real estate properties valued at around Rs 60,000 crore. The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India. "As the economy grows, LIC grows. LIC growth helps the economy grow. So, it has been a synergetic kind of relationship that LIC has been having," he told PTI in an interaction. Reflecting on the organisation's remarkable journey since its inception in 1956, he said that LIC's growth has always been closely intertwined with India's development. Built on...
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New Alzheimer's drug in India, but at what cost?

from Economic Times https://ift.tt/zcFkghq
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UAE to unlock billions of dollars for Iran

DUBAI/LONDON: The United Arab Emirates has agreed to unlock billions of dollars for Iran, four sources said, in a tactical shift after weeks of ​Iranian attacks on the wealthy Gulf Arab state during the U.S.-Israeli ​war with the Islamic Republic.Word of the move, which has not been previously reported, coincides with the final stages of broader negotiations between ​Tehran and Washington on ending the war, talks that diplomats say could involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under U.S. sanctions.Two regional sources told Reuters the UAE had agreed to release a total of $10 billion, more than $3 billion of which had already been delivered.Also read: UAE and Iran conduct first face-to-face meeting to try deescalating Middle East tensionsTwo other sources with knowledge of the arrangement put the total funds involved at $20 billion, adding that the move ‌had been agreed in return ⁠for a ⁠halt to Iranian attacks on the UAE. One o...
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Cupid Breweries to acquire United Spirits' unit

New Delhi: Cupid Breweries and Distilleries has announced it will acquire an operational alcoholic beverage manufacturing unit from Diageo-controlled United Spirits Ltd (USL) in Odisha for Rs 22.5 crore as part of its expansion plans.It has signed an agreement to acquire the alcobev unit situated at Gopalpur, Odisha, according to a regulatory filing."We wish to inform you that the Company has entered into an Agreement for Sale and Transfer dated June 05, 2026, with United Spirits Limited, a Diageo Group company," said the company, earlier known as Cupid Trades and Finance Ltd.The agreement has been executed for the proposed purchase of land, building, plant & machinery along with premium excise licenses pertaining to the production unit situated at Gopalpur, Odisha, for a total consideration of Rs. 22.50 crore, it said."The proposed transaction represents a significant step in the Company's growth and expansion strategy and envisages the acquisition of a large al...
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Vedanta demerger: Four spin-off companies list on exchanges on June 15

Investors in Vedanta will finally get a price for the group's demerged businesses on June 15, when four newly created entities — Vedanta Aluminium Metal (VAML), Vedanta Oil & Gas (VOGL), Vedanta Power and Vedanta Iron & Steel (VISL) — begin trading on Indian stock exchanges.The listings mark the end of Vedanta's long-awaited demerger exercise, one of the biggest corporate restructurings undertaken in India's metals, mining and natural resources sector.According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel will be listed on Monday and initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.The demerger became effective earlier this year, with Vedanta fixing May 1 as the record date. Under the scheme, shareholders received one share each of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel for every one share ...
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Banks can lend directly to REITs & InvITs

Mumbai: The Reserve Bank of India (RBI) Wednesday allowed banks to lend directly to Real Estate Investment Trusts (REITs). It capped overall bank exposure to a REIT or Infrastructure Investment Trust (InvIT), with its underlying SPVs and holding companies, at 49% of its asset value .The new framework requires that at least 80% of a REIT's underlying assets generate positive cash flows from operations for a minimum of one year for it to be eligible for bank funding.Also read: RBI cancels registration certificates of 135 NBFCsSimilarly, banks can lend only to listed InvITs with at least 80% of assets invested in completed, revenue-generating infrastructure projects that have generated positive cash flows for at least one year. The RBI said that a bank will be permitted to lend to REITs which are registered with and regulated by Sebi. The central bank said the overall exposure of all banks to a borrowing REIT, together with its underlying SPVs and holding companies, should not exceed ...
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