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The Insolvency Appellate Tribunal NCLAT has set aside the directions of the NCLT for a forensic audit of Golden Tobacco, and a change in the resolution professional of the debt-ridden cigarette maker. Passing an order over a batch of petitions filed against the NCLT order, the National Company Law Appellate Tribunal also extended the timeline for completing the CIRP (Corporate Insolvency Resolution Process) till October 17, 2025. Besides, the appellate tribunal has also directed the NCLT to decide the claims of financial creditors — Central Bank of India, Arrow Engineering and others and then to reconstitute the lenders’ body — Committee of Creditors (CoC).
“The direction of the Adjudicating Authority to conduct a forensic audit by KPMG is set aside,” said a two-member bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra.
Infosys CEO and MD Salil Parekh’s pay in FY25 increased 21.6 per cent to ₹80.62 crore, according to the company’s annual report. Parekh drew a salary of Rs 66.25 crore in the previous fiscal.
Travel booking major MakeMyTrip on Monday launched a Seat Availability Forecast, providing a predictive view of when seats on a selected train are likely to sell out. The Gurugram-headquartered firm said its data shows that nearly 40 per cent of users book train tickets across multiple sessions, often over several days.
Biocon, an innovation-led global biopharmaceutical company, has received approval In India for its Liraglutide drug substance, and its wholly-owned subsidiary, Biocon Pharma Ltd, has received approval for its Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge), from the Drugs Controller General of India, CDSCO (Central Drugs Standard Control Organisation). The approval is for the generic version of Victoza®, indicated for the treatment of insufficiently controlled Type 2 Diabetes Mellitus in adults, adolescents and children aged 10 years and above, as an adjunct to diet and exercise. The approval was received from the CDSCO under the recently formulated 101 route that enables recognition of approvals granted by established and referenced serious regulatory authorities.
According to the media buzz, Quickroutes International is likely to divest a 9 per cent stake in Zinka Logistics Solutions Ltd, a digital platform for truck operators, through a block deal. The likely floor price for the sale is ₹405 per share, as against Monday’s closing price of ₹437.65.
Market buzz has it that PE firm Westridge Investments plans to sell about 9.8 per cent stake in Aptus Value Housing Finance India Ltd through a block deal. It was learnt that he floor price for the transaction has been fixed at ₹305 per share.
HCL Technologies has announced a strategic partnership with UiPath, a leader in agentic automation. The partnership will drive large-scale transformation for enterprises across industries, enabling more intelligent and self-sufficient business process operations that require minimal human intervention, the company said in a disclosure to the stock exchanges.
Reliance Infrastructure on Monday said it has made the full payment of ₹92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. “The company has made full payment of ₹92.68 crore to Dhursar Solar Power Pvt Limited, towards claim of tariff as per the Energy Purchase Agreement with the company,” Reliance Infra said in a stock exchange filing. The company said it will appeal before the NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process.
Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are “baseless and mischievous”. The filing was in response to a Wall Street Journal (WSJ) report that said US prosecutors were investigating if Adani group companies imported Iranian LPG into India through Mundra port in Gujarat.
Honeywell has signed an agreement with NTPC Green to jointly explore producing sustainable aviation fuel (SAF) in India. The companies will explore the use of Honeywell’s proprietary eFining technology to produce SAF from carbon dioxide (CO2) feedstock captured from NTPC’s power plants and green hydrogen.
Veritas (India) informed the exchanges that a major fire at an adjacent terminal spread to the office of the company’s subsidiaries in the UAE on May 31. The fire was brought under control, and there were no casualties. The assessment and impact of fire is under process. It informed that there is an appropriate insurance coverage.
Oil India, one of India’s leading upstream oil and gas companies, has officially commenced gas production from the Bakhritibba Discovered Small Field (DSF) block located in the arid terrains of Western Rajasthan’s Jaisalmer district w.e.f June 1. In an another disclosure, the oil major said it has paid the 4th and final call ₹27.50 a share to Numaligarh Refinery Ltd against rights issue allotment [dared 10.05.2023]. The present shareholding of Oil India Ltd in NRL is at 69.63 per cent.
Gravita Metal Inc., a partnership firm, subsidiary of Gravita India Ltd, has received an order under Section 250 of the Income-Tax Act, 1961, confirming the demand of ₹4.09 crore (Tax – ₹2.84 crore and Interest ₹1.25 crore) pursuant to the appellate order passed by the National Faceless Appeal Centre (NFAC), Income Tax Department under Section 250 of the Act dated May 29, 2025 for the Assessment Year 2018-19.
Published on June 3, 2025
This article first appeared on The Hindu Business Line
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