Delhi High Court rejects Celebi's plea challenging revocation of security clearance
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Mint
32 minutes ago
- Mint
Delhi HC directs competition regulator to review green channel nod for INSCO in HNGIL buyout
The Delhi High Court on Tuesday gave the anti-Trust regulator Competition Commission of India (CCI) 10 days to decide on packaging manufacturer AGI Greenpac's plea challenging its fast-track 'green channel' approval to Independent Sugar Corp. (INSCO), the Indian arm of Uganda's Madhvani Group, for acquiring Hindustan National Glass and Industries Ltd (HNGIL). Justice Sachin Datta's bench granted relief to AGI Greenpac, whose ₹ 2,752 crore approved plan was earlier quashed by the Supreme Court due to procedural lapses. AGI Greenpac approached the high court after the CCI allegedly did not consider its representation challenging INSCO's approval. On 4 June, Greenpac wrote to CCI urging it to withdraw the green channel clearance. Under this route, mergers and acquisitions with no competition concerns receive automatic approval without a detailed review. Greenpac contended that the approval breached Regulation 5A, which mandates joint filing by all parties seeking green channel clearance, whereas INSCO had filed on its own. It claimed this violation could negatively impact HNGIL and its creditors. HNGIL, India's largest container glass manufacturer, entered insolvency in October 2021under the Insolvency and Bankruptcy Code (IBC) after defaulting on loans exceeding ₹ 2,000 crore. The insolvency proceedings began in 2018 when HSBC Daisy Investments (Mauritius) Ltd filed a petition against HNGIL over unpaid dues exceeding ₹ 2,500 crore, leading NCLT Kolkata to admit the case and initiate bankruptcy proceedings. During the resolution process, AGI Greenpac and INSCO emerged as key contenders. AGI Greenpac's ₹ 2,752 crore plan was initially approved by NCLT and later by NCLAT in September 2023. However, INSCO challenged this before the Supreme Court. On 29 January, the Supreme Court quashed AGI Greenpac's resolution plan for failing to meet regulatory requirements. It also reversed NCLAT's order upholding AGI's plan and directed the CoC to reconsider resolution proposals to ensure full compliance with competition law. The Supreme Court ruling cleared the way for INSCO to make fresh attempts to acquire HNGIL. INSCO told the court it would match AGI's cash offer to financial creditors, increasing its total payout to ₹ 2,752 crore from the original ₹ 2,395 crore offer, thus enhancing creditor recovery to 58% from 49%. The HNGIL case has become another example of an approved resolution plan being set aside by the courts on procedural grounds, causing delays and bottlenecks in India's insolvency landscape. Recently, the Supreme Court also set aside the approved ₹ 19,000 crore JSW Steel resolution plan for Bhushan Power and Steel on the grounds of illegality in the plan, underscoring systemic hurdles. In a written reply to the Lok Sabha in December 2024, finance and corporate affairs minister Nirmala Sitharaman informed that insolvency-related matters account for the lion's share of NCLT's backlog. As of 31 December 2024, there were 12,351 pending insolvency cases out of a total pendency of 20,484 cases at NCLT. The remaining 8,133 cases were related to the Companies Act, 2013.
Time of India
38 minutes ago
- Time of India
What Apple's biggest iPhone supplier Foxconn told Indian government on asking hundreds of Chinese engineers to 'Leave India'
FILE - The Apple logo is displayed at an Apple store, Jan. 3, 2019. (AP Photo/Mary Altaffer, File) Foxconn has asked hundreds of Chinese engineers and technicians to return home from its iPhone factories in India, with the Indian government being informed of the staff withdrawal without being provided specific reasons for the move. More than 300 Chinese workers have left the facilities over the past two months, Bloomberg reported, dealing a significant blow to Apple 's manufacturing expansion in the country. Apple's India manufacturing push faces major setback as Chinese expertise exits The departure of Chinese technical staff will slow down the training of local workforce and the transfer of manufacturing technology from China, likely raising production costs and affecting efficiency on iPhone assembly lines. According to Bloomberg, the timing is particularly challenging as Apple prepares to ramp up production of the new iPhone 17 with its manufacturing partners in India. The move appears linked to Beijing's broader strategy to curb technology transfers and equipment exports to India and Southeast Asia. Earlier this year, Chinese officials verbally encouraged regulatory agencies and local governments to restrict such transfers, potentially aimed at preventing companies from shifting manufacturing away from China. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta IA está generando ingresos (Ver más) Finanzas y economía Prueba ahora Undo Foxconn implements contingency measures amid Chinese staff withdrawal To mitigate the impact, Foxconn is replacing departing Chinese staff with Taiwanese and Vietnamese workers while converting machinery to be operated by Indian employees. The company is asking suppliers to retrofit existing machinery that largely runs on Chinese-language software to be used by English-speaking engineers. The Indian government has not seen a major impact on phone production yet, according to a person familiar with the matter. Foxconn is expected to receive the retrofitted machinery in a few months, while the company continues building a new iPhone plant in southern India as part of Apple's plans to manufacture most iPhones for the US market in India by late 2026. Apple CEO Tim Cook has previously praised the skill and expertise of Chinese assembly workers as a key reason for setting up production in China, beyond just cost advantages. The withdrawal of these experienced engineers from India represents a significant setback for Apple's diversification strategy, particularly as the company seeks to reduce its dependence on Chinese manufacturing amid ongoing geopolitical tensions . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
40 minutes ago
- Mint
UAE Golden Visa offers lifetime residency for ₹23 lakh: Here's how Indians can apply
The United Arab Emirates (UAE) has introduced a new nomination-based Golden Visa system, offering lifetime residency to skilled professionals. This marks a new era in the UAE's talent acquisition policy, one that prioritises professional contribution contrary to its earlier practice of demanding large investments in property or business. For now, this new visa system has only been extended to India and Bangladesh to test the efficiency of the system. UAE-based Rayad Group and VFS Global, a visa service provider, have been chosen by the authorities to vet the applicants and then forward them. If an Indian national wants to apply for the new visa, they must follow a process that involves background checks to determine their eligibility. The process, as explained by Rayad Kamal, managing director of the Rayad Group, will include the following steps: The application for the golden visa can be submitted through Visa Concierge Service Company (VASCO) centres in India. Another way is applying through the registered offices, online website, or dedicated call centre of the Rayad Group. The applicant can also get a pre-approval from the government of their home country and present the same. Once the application is submitted, the UAE will run a background check, as well as check for anti-money laundering and criminal records. After this, the group will send an application to the government, which has the final say in the process. Only individuals who are considered fit to contribute to the UAE's market and businesses will be cleared by the officials. The nomination-based visa is inviting applications from multiple industries, including middle-class professionals. Academic professionals like teachers, principals, university faculty, researchers, scientists, experienced nurses, and executives are eligible, along with content creators like YouTubers, podcasters, and e-sports professionals (aged 25 and above). The UAE's latest move intends to diversify its talent pool beyond ultra-wealthy people and attract global contributors across multiple industries.
