On Sept 18, a small village in Chhattisgarh‘s Sakti woke up to find that a ‘SBI’ branch had sprung up overnight. It sported the logo, and cashiers and a manager who looked busy and business-like. Chhapora village felt like it had arrived.The trusting villagers had no way of knowing it was an elaborate fraud. Even…
Representative Image Mumbai: SpaceMantra, the winning bidder to take over Kishore Biyani‘s retail brand outlet Future Lifestyle Fashions (FLFL), has withdrawn its resolution plan for the company days before lenders overwhelmingly voted for it, putting creditors of the debt-laden company in a quandary. SpaceMantra, promoted by former NBCC chairman Anoop Kumar Mittal, along with two…
Representative image New Delhi: The lenders of Future Lifestyle Fashions Ltd, going through insolvency resolution, have approved the bid from a consortium of Space Mantra and Sandeep Gupta & Shalini Gupta. The Committee of Creditors (CoC) of Future Lifestyle Fashions Ltd (FLFL) has voted in favour of the resolution plan submitted by the consortium, according…
ITR Refund Status FY 2023-24: Users who have filed their income tax return (ITR) and paid taxes more than they owe can expect an income tax refund once the I-T department processes the ITR and sends a confirmation notification. This comes under Section 143(1) of the Income-Tax Act, 1961, according to an ET report. For…
Mumbai: PC Jeweller has reached a one-time settlement (OTS) with a consortium of lenders led by State Bank of India (SBI) to settle its debt by offering banks a mix of cash and equity in the Delhi-based company. The ₹2,250-crore offer represents about a 20% haircut to lenders’ principal amount, estimated at ₹2,900 crore, and…
SBI did not disclose the intended use of the proceeds from the fundraising. The State Bank of India (SBI), the nation’s biggest lender, announced on Tuesday that its board has given the green light to raise up to $3 billion through debt instruments in the present fiscal year.The government-run bank will secure the funds in…
SBI jobs: In the upcoming fiscal year 2025, State Bank of India (SBI) is aiming to bring on board around 12,000 fresh faces. According to SBI chairman Dinesh Khara, 85% of the 12,000 new recruits expected to join the bank in FY25 are engineering graduates. As per an PTI report, Khara has said that the…
Representative Image PC Jeweller on Tuesday said its board has approved a proposal to raise Rs 2,000 crore through rights issues and preferential allotment of fully convertible warrants. The board in a meeting held on Tuesday also approved a proposal to increase the authorised share capital and alteration in the capital clause of the memorandum…
Alok Industries has raised Rs 7,000 crore from parent Reliance Industries and two lenders – Axis Bank and State Bank of India, according to various disclosures by the company and people with knowledge of the matter. The textile manufacturer raised Rs 3700 crore in the form of term loans and working capital loans from banks,…
The country’s largest bank, the State Bank of India, has taken possession of two residential properties owned by PC Jeweller Ltd. in New Delhi after the firm and its guarantors failed to repay Rs 1,168.90 crore. In a notification, the lender cautioned the public not to deal with the property and that any dealings with…
