Business
Piramal Group planning to move Supreme Court against NCLAT order on DHFL
The Piramal group is planning to move the Supreme Court to appeal an NCLAT order requiring lenders to reconsider Piramal’s 1 Re 1 value attributable to Rs 45,000 crore of bad loans.
In a statement, Piramal said NCLAT has ordered a committee of creditors (CoC) for one of the appeals, limited to challenge the extent to which the fraudulent transaction’s distribution of proceeds, if any, was for its benefit. “We have analyzed the NCLAT decision in detail and consulted with our legal counsel. We are confident and will continue to pursue this matter as we have multiple legal options for our future actions, including approaching the Apex court,” Piramal said in a statement.
The acquisition of DHFL by the Piramal Group is unaffected and business integration continues as expected.
In September 2021, PCHFL acquired DHFL for a total consideration of Rs 34,250 crore, it said. PCHFL retains more than 3,000 employees of the DHFL Group and is also adding more than 2,000 new jobs in the combined entity. All 301 branches nationwide have restarted affordable housing loans, the statement added.
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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