Corporate Tilt
Centre: Four Labour Codes to be Implemented in Coming Months https://gaurilankeshnews.com/centre-four-labour-codes-to-be-implemented-in-coming-months/ June 9, 2021
The labour ministry had envisaged that the codes on wages, social security, occupational safety, would be implemented from April 21st, 2021 onwards. Under the constitution, that for labour laws, both Centre and the states must notify rules for implementation of the the concerned policy in their jurisdiction, before implementation. Many states are in the process of finalising the rules under the codes. The Industrial Relation code also gives an immense amount of unchecked power to firms, allowing for lay offs, retrenchment and closure of employees without government permission, now for firms with up to 300 employees.
Last year, both the Lok Sabha and the Rajya Sabha passed the four codes, when the opposition was not in House. Protests against the codes have been ongoing since they were passed in Parliament last year, with many trade unions joining the ongoing farmers protest, expanding demands to those of the farmers agitation. Protests against the laws, have seen copies of the four labour codes being burned by protesters.
Why NCLT thinks Vedanta is getting Videocon for ‘almost nothing’ https://indianexpress.com/article/explained/vedanta-group-videocon-industries-resolution-plan-nclt-order-7363140/
the Mumbai bench of the NCLT has raised questions about Vedanta group company Twin Star Technologies’ Rs 2,962 crore bid for 13 Videocon group companies, noting that the applicant was paying “almost nothing”.
banks won’t get back Rs 68,471.73 crore that they claimed under the plan.
voluminous number of operational credit are also MSMEs and if they are paid only 0.72 per cent of their admitted claim amount, in the near future, many of these operational creditors may have to face insolvency proceedings which may be inevitable. NCLT requested both CoC and Twin Star to increase the pay-out amount to these operational creditors, especially MSMEs, as this is the first group consolidation resolution plan of 13 companies having a large number of MSMEs.
As per the CIRP Regulations, the liquidation value and fair market value is kept as confidential and informed to the lenders panel members only at the time of finalising the resolution plan... a doubt arises on the confidentiality clause being in real time use. The liquidation value of the corporate debtor is Rs 2,568.13 crore which is very close to the amount approved by the lenders. ..
According to rough estimates, banks have suffered a haircut of Rs 2.97 lakh crore in insolvency resolution plans of 12 big corporates. While the total loan amount involved is Rs 4.47 lakh crore, the settlement amount is Rs 1.62 lakh crore. Apart from Videocon, other major losses for lenders include ABG Shipyard (95 per cent or Rs 20,800 crore), Lanco Infra (88 per cent or Rs 41,700 crore) and Alok Industries (83 per cent or Rs 25,148 crore). However, banks were using Sarfaesi Act to seize the assets and recover loans from home loan customers and small units.
Post by OPS: if I tried taking this amount from a bank or a MSME, I would be on the most wanted list of a few Union and State law enforcement agencies!