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1. Farmers body urges the DMK to drop its demand to form Mekedatu tribunal

Farmers body urges the DMK to drop its demand to form Mekedatu tribunal P.R. Pandian, president of the Coordination Committee of All Farmers Associations of Tamil Nadu, on Sunday urged the DMK to drop

Farmers body urges the DMK to drop its demand to form Mekedatu tribunal

Farmers body urges the DMK to drop its demand to form Mekedatu tribunal P.R. Pandian, president of the Coordination Committee of All Farmers Associations of Tamil Nadu, on Sunday urged the DMK to drop its demand for the formation of a tribunal on Mekedatu, stating that it would jeopardise the farmers of the State. Speaking to reporters here, he said the recent resolution adopted in the Assembly, which incorporated a key amendment moved by Leader of the Opposition Udayanidhi Stalin seeking the formation of a new tribunal over the proposal to build a balancing reservoir at Mekedatu, was against the law and farmers’ interests. Pandian said, had welcomed the DMK’s move to bring an adjournment motion on the Mekedatu issue in the Lok Sabha and Rajya Sabha. However, farmers were against the move demanding the formation of a tribunal on Mekedatu. If the DMK went ahead with this, it would go against the Supreme Court direction that no reservoir or new dams should be built without the permission of lower riparian States. It was contrary to the final verdict of the Cauvery Tribunal as well. Hence, the DMK should refrain from its demand for the formation of Mekedatu tribunal, he added., while voicing its protest in Parliament against the construction of a dam across the Cauvery at Mekedatu.

2. NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Jatia of Hardcastle Restaurants

NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Jatia of Hardcastle Restaurants - Litigation - 3 min read NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Ja

NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Jatia of Hardcastle Restaurants

NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Jatia of Hardcastle Restaurants - Litigation - 3 min read NCLAT upholds Sristi Hospitality's sale to consortium comprising Amit Jatia of Hardcastle Restaurants The Mumbai-bench of the National Company Law Tribunal (NCLT), on July 12, 2024, approved the resolution plan of a consortium of Admas Industries, Subh Ashish Exim Pvt Ltd and Amit Jatia, Hardcastle Restaurants, in which they had proposed an investment of Rs 32.41 crore. New Delhi, The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals against the sale of Sristi Hospitality through insolvency and refused to review its valuation, saying the resolution plan has already been accepted by the Committee of Creditors (CoC). Rejecting the allegations of undervaluation of the asset by the suspended board (former promoters) of the hospital, the insolvency appellate tribunal said: "We are of the view that once the CoC is satisfied with the valuation and has approved the resolution plan, such allegations raised by ex-promoters of the corporate debtor cannot be entertained." The former promoters moved to NCLAT, where they filed two appeals challenging the valuation for the Vile Parle, Mumbai, a prime-location-based property housing several restaurants, permit rooms, and other commercial activities. Santosh R Shetty, suspended director of the board of Sristi Hospitality, said earlier valuations (2017 and 2020) clearly established a much higher fair market value, which was up to Rs 76.72 crore, and alleged that the valuation obtained during the insolvency process was manipulated to enable the consortium to acquire the prime property at a throwaway price. He further alleged that Hardcastle Restaurant, the master franchisee for McDonald's in west and south India, was operating a quick service restaurant (QSR) of the American multinational…

3. Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand

Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand - Litigation - 2 min read Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand Aw

Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand

Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand - Litigation - 2 min read Trademark row: Court restrains firm from selling agri products under 'Kohinoor' brand Awl Agri Business Filed Trademark Infringement Suit Against Anand Agrotech Ahmedabad: A commercial court in Ahmedabad restrained a firm, Anand Agrotech, from selling its agricultural commodities, mainly pulses, under the brand name ‘Kohinoor’ after food and FMCG major AWL Agri Business Ltd alleged infringement of its trademark rights. The suit was filed by AWL Agri Business, through advocate Zahid Shaikh, seeking immediate injunction against Anand Agrotech of the Dhoot Group. It submitted that it was a public limited company established in 1999 as a joint venture between the Adani Group and Wilmar International Ltd, Singapore, with a large FMCG and staples business across India and overseas. It asserted that the ‘Kohinoor’ mark was used by its predecessor since 1979 and that it has held multiple registrations for the mark since 2003. The plaintiff AWL submitted that it came to know two months ago that Anand Agrotech was selling its products under the brand name 'Kohinoor'. It produced photographs of the allegedly infringing goods found at a shop in the city. Besides seeking to restrain the defendant from using the same brand for its products, the plaintiff also sought damages. After the preliminary hearing, commercial court judge P I Prajapati on Wednesday granted an ex parte stay on the sale of products under the 'Kohinoor' brand by the defendant Anand Agrotech until the pendency of the suit.

4. RBI asks banks to clear old trade and payment mismatches

RBI asks banks to clear old trade and payment mismatches - Regulators - 3 min read RBI asks banks to clear old trade and payment mismatches Mumbai: For years, missing numbers, lost documents, and wron

RBI asks banks to clear old trade and payment mismatches

RBI asks banks to clear old trade and payment mismatches - Regulators - 3 min read RBI asks banks to clear old trade and payment mismatches Mumbai: For years, missing numbers, lost documents, and wrong entries have led to mismatches between trade and payment flows, growing over time and lying unreconciled with banks. Now, the Reserve Bank of India (RBI) has told banks in a recent meeting to reconcile the figures and close the matters. Banks will have to find ways to regularise the cases, worth thousands of crores, cross-check other documents, client statements, and track-records to conclude that these old exports and imports were indeed backed by actual, even if delayed, transfer of funds. "We were told to look into this, take a call and sort it out. But, in the absence of any regulatory waiver, banks would want to be in a position to explain their position if asked during annual inspection," a senior banker, who attended the meeting in June, told ET. Addressing other cases pertaining to larger amounts could help businesses avoid being grey-listed in future and make some of the macro numbers more authentic. "A large chunk of the backlog is comparatively small-value transactions. Chasing full documentary reconciliation can be unjustifiably costly.

5. Government may seek Parliamentary nod for additional spending

Government may seek Parliamentary nod for additional spending NEW DELHI: With the fertiliser subsidy, other West Asia related spends and initiatives, such as the electronics manufacturing push through

Government may seek Parliamentary nod for additional spending

Government may seek Parliamentary nod for additional spending NEW DELHI: With the fertiliser subsidy, other West Asia related spends and initiatives, such as the electronics manufacturing push through schemes for semiconductors and mobiles adding to the Centre’s expenditure, finance minister Nirmala Sitharaman may seek Parliamentary approval for additional spending, without losing sight of the overall fiscal situation. The discussion around the need for Parliamentary sanction is in contrast to her ministry’s earlier stance as it wanted to wait for more data to come before assessing the situation. With the turmoil in West Asia still to settle, it is tough to have a clear picture, but officials indicated that the spending so far is higher and some of the expenditure, which will be matched through savings elsewhere, will need legislative clearance. So far, GST and direct tax revenues have been on track and Sitharaman is pushing the department of investment and public asset management (DIPAM) hard to provide some cushion through additional realisation. Her meetings with the DIPAM brass have helped the Centre rake in Rs 20,272 crore — a little over one-fourth of the target with more than two-thirds of the fiscal year left. A huge comfort will come if DIPAM manages to move ahead and finalise the IDBI Bank transaction, which has been in the pipeline for nearly five years. With just two players in the fray, a lot will depend on how Emirates NDB, which has already acquired a majority stake in RBL Bank. Prem Vatsa’s Fairfax, the other suitor, has a 40% stake in Catholic Syrian Bank and RBI will have a role to play in deciding its fate.

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