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NCLT has approved a resolution plan allowing Zee founder Subhash Chandra to pay about ₹6.5 crore against ₹22,006.57 crore in admitted claims in insolvency case. The 99.97% haircut has sparked controversy, but the claims relate to his role as a personal guarantor, not personal borrowing. Creditors can retain recovery rights against the principal borrowing companies.
The Bombay High Court warned food officials, leading to a license suspension withdrawal. Restaurants on Mumbai Cricket Association premises will now reopen their services. A recent inspection confirmed 88 percent compliance with food safety rules. The court criticized the FDA for a pedantic rather than pragmatic view. Officials faced potential contempt action for disobeying court orders.
The new Konarc electric scooter by Ather Energy is now on the market, starting at ₹99,999. This model features the innovative EL platform and comes in six distinct variants. Prioritizing ride comfort and road stability, the Konarc introduces an in-house developed Advanced Electronic Braking System for heightened safety. Additionally, it offers a remarkable 10-year battery warranty along with increased service intervals for added convenience.
New Delhi’s petroleum ministry clarified Compressed Biogas pricing changes on Saturday. The revised framework offers producers a stable and viable price for their biogas. Government affordability support and a wider gas pool protect consumers from price hikes. This ensures the viability of biogas plants while maintaining consumer affordability. The impact on consumers is expected to remain negligible due to these measures.
India is clarifying foreign direct investment rules for bordering nations. These clarifications will guide investors from countries sharing land borders. New Delhi updated procedures for processing investment applications from these geographies. Investors must provide extensive details on shareholding and ownership structures.
The Supreme Court will hear a petition on August 31 regarding ethanol labelling. The plea seeks mandatory disclosure of ethanol percentages on petrol dispensing nozzles. It also requests a public database detailing vehicle compatibility with ethanol blends. An expert committee will examine the real-world impact of E20 fuel. The court will consider consumer disclosure protocols and transition frameworks for vehicles.
Concerns have surfaced among Japanese enterprises regarding India’s compulsory BIS certification rules. A newly released study proposes a significant revamp of the QCO framework. The existing regulations are leading to considerable delays and inflated compliance costs for manufacturers, adversely impacting smaller businesses in India and disrupting supply chains. Experts recommend implementing a risk-based regulatory framework to modernize and simplify quality control processes.
