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Here we are with some interesting news.
Subrata Roy's Passing and Sahara Group's Ongoing Refund
Subrata Roy - founder and chairperson of Sahara Group, once one of the most influential businessmen in India passed away on Tuesday at the age of 75 from a prolonged illness.
Subrata Roy had established a substantial business conglomerate encompassing retail, real estate and financial services. However, a significant setback occurred in 2011 when the Securities and Exchange Board of India (SEBI) directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to reimburse funds acquired from investors through specific bonds referred to as Optionally Fully Convertible Bonds (OFCDs). This action was later deemed illegal by regulatory authorities.
The Supreme Court's 2012 directive ordered a ₹24,000 crore refund to investors at 15% interest. SEBI's latest annual report shows refunds of Rs 138.07 crore over 11 years to Sahara Group investors through 17,526 applications and 48,326 accounts, encompassing Rs 67.98 crore in interest.
Retail inflation softens in October but caution required
Falling vegetable prices have eased retail inflation inflation to 4.87% in October from its highest level in July. The inflation rate is still above the Central Bank's target rate of 4%.
The fall in inflation rate is not giving much cheer as the price of pulses, sugar and cereals along with onions is on the rise. WPI inflation was in negative territory for the seventh consecutive month in October. Again, this is expected to reverse in the likelihood of upward movement in the price of crude oil and kharif harvest which was impacted by poor rainfall.
According to RBI estimates, the inflation rate during the third quarter is expected to average at 5.6%.
Lenders can cheer after the SC ruling on personal guarantors
In a major relief to lenders, the Supreme Court upheld the constitutionality of IBC provisions on Personal Guarantors' Insolvency Resolution, dismissing over 200 petitions that challenged their legal validity. The SC ruling helps the lenders to recover corporate over dues from personal guarantors, who are mostly promoters of the company. Earlier, the lenders were facing obstacles in the insolvency motions against the personal guarantors.
Until September ‘23, 2289 insolvency applications with corporate debt of 163916 Cr against personal guarantors under IBC. This would help lenders to recover dues from various high-profile defaulters.
More news from the week ...
Dhanteras records surge in sales: This year on Dhanteras, sales surged by up to 20 percent compared to last year. About 41 tones of gold and about 400 tones of silver jewellery and coins were sold in the country, and the total turnover of gold, silver, and other items is estimated to be ₹30,000 crore
India Reaches World Cup Finals: India thrashed New Zealand by 70 runs and stormed into the final of ICC World Cup. On 19th November India will face Australia in another World Cup final after 20 years.
Much Awaited Tata Group IPO after 2 decades: Tata Technologies, which is into global product engineering and digital services is hitting the market with its IPO on Nov 22nd. For the much-awaited offering, the price band is fixed at ₹475 to ₹500 per equity share.
Britain became the first country to authorize gene therapy for blood disorders: The country approved gene therapy to cure various blood disorders for patients above age 12. Casgevy is the first such therapy licensed to treat sickle cell anaemia and β-thalassaemia.
Check out the awesome content from Ambrela
Visual of the week
During Diwali, Ayodhya set a new Guinness World Record by lighting 22.23 lakh diyas across 51 ghats, with the participation of over 25,000 volunteers from various colleges and universities. This feat surpassed the city's previous record of 17 lakh Diyas.
Test you knowledge !
Do you know which is the most downloaded app in the world?
With 672 million downloads across the globe, the video platform Tik Tok is the most downloaded app in the world. The Chinese app surpassed biggies like Instagram, Facebook, and WhatsApp which hold second, third and fourth position respectively to achieve this feat.
Do you know, what happened when 900 employees were laid off in one Zoom call?
Check out this video👇
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