Mid Night News for 28th Dec 2016

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Even as the Ratan Tata camp claimed the first mover advantage by removing Mistry from all the Tata boards, Tata Sons has gone ahead and sent a legal notice to Cyrus Mistry for alleged breach of confidentiality. The holding company of the Tata Group has accused Mistry of bringing sensitive information pertaining to the company into the public domain. The Tata group wants Mistry to commit to cease and desist from sharing any such information in future too as it will be detrimental to the larger interests of the Tata group.

Jindal Steel & Power Ltd. (JSPL) got nod from the banks to recast its Rs.7125 crore in debt under the 5/25 scheme. While State Bank of India was the leader of the consortium, other banks included Axis Bank, IDBI Bank and ICICI Bank. SBI had an exposure to the tune of Rs.3000 crore in JSPL and the balance was shared by the consortium partners. Under the 5/25 scheme, lenders can restructure their loans for up to 25 years with refinancing every 5 years. JSPL had consolidated gross debt to the tune of Rs.45,000 crore in its books.

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