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Dalmia Group submits revised debt resolution plan for Birla Tyres
Birla On May 5 last year, Tires filed for insolvency proceedings before the National Company Court Court Answer (NCLT) in Kolkata. NEW DELHI: Dalmia Group of Companies has filed a revised debt settlement against Rs 11 billion bank loan of Birla Tires, which is under insolvency, according to sources close to the matter. A person familiar with the new scheme told The Economic Times that Dalmia Bharat Group of Companies has offered to repay about Rs 3,010 crore of Birla Tires’ outstanding loans. This is said to be three times the amount initially offered to creditors. Birla Tires competes in the commercial vehicle and two-wheeler tire segment. The new proposal has been put to vote and a panel of 11 creditors comprising family banks and financial institutions is expected to take a decision on Tuesday. Birla Tires solutions expert Pratim Bayal did not respond to queries from The Economic Times. Dalmia Bharat declined to comment. On May 5 last year, the Kolkata bench of ...
SabinaIsaiah
45
May 31, 2024
Dalmia Bharat draws closer to taking over Birla Tyres
Group photo of agency representatives NEW DELHI: National Company Court Creditors (NCLT) Dalmia Bharat The group will acquire Birla Tires after approving a resolution plan that proposes to repay a portion of the Rs 110 1 crore bank loan of insolvent BK Birla Group Ltd. I am very familiar with this program. Dalmia Bharat Refractories proposes resolution of over 75% Birla Tires creditors’ approval is much higher than the Bankruptcy Code approval of the reorganization plan by more than two-thirds. A company under pressure. Axis Bank leads the following organizations: creditors. Voting on the resolution ended last week. As first reported by ET daily on August 19, Dalmia Bharat has submitted a revised plan for Birla Tyres. This resolution proposes to pay off Birla Tires’ debt of around Rs 3 billion. According to sources quoted earlier, the lenders have been informed that the acquirer will make efforts to revive the tire company, which produces tires in the commer...
Nelson
62
May 31, 2024
Yokohama bets on local production for sustainable biz in India
Japanese tire maker Yokohama is investing in local production in India. This business model is sustainable and competitive in India,” a senior company official said. Yokohama Rubber has started its operations in India through wholly owned subsidiaries. A new plant will be set up in Visakhapatnam in addition to the existing plant in Bahadurgarh, Haryana. In an interview with PTI, Singh, Managing Director and CEO of Yokohama India, said that the company produces up to 18-inch diameter tires in China and will be expanding its capacity to accommodate tires with a diameter of 22 inches Sizes of tires to meet the demand. larger tire size. He added, “We still import some high-quality tires from our overseas manufacturing base, such as blast tires commonly found on luxury vehicles, but our commitment to local production in India remains strong.” Singh said the company supports the government’s decision to ban import of tires. “Yokohama India support...
AbelWyclif
46
May 31, 2024
Fine on tyre companies: Supreme Court seeks CCI’s reply on MRF plea
Tire maker MRF Ltd appealed to the National Company Law Appellate Court last 12 years against a monthly order asking the antitrust regulator to review and recalculate its rulings on cartel and price fixing charges. The Supreme Court of India on Monday lost an appeal on the appeal filed by tire maker MRF Ltd. ) was asked to reply. Collected by the tire company. The CCI took up the matter against the tire company on 8 178.8.2018 Rs 1 crore was fined and they were asked to stop the unfair business practices. A bench headed by Justice Sanjiv Khanna issued a notice for the CCI and tagged the CCI appeal with the MRF appeal. In April last year, the Supreme Court was hearing the CCII’s order refusing to stay the appellate court. NCLAT has directed the CCI to pass a fresh order after tire manufacturers appealed for a fresh review of miscalculations and omissions and a review of penalties to save the domestic tire industry. The appellate court said that since the purpose of the ...
RosemaryHansen
49
May 31, 2024
The story of a Rs 1,788 crore fine: Tyre makers, cartelisation and calculation errors
It’s a story of huge fines that began more than a decade ago and is now mired in challenges and counterclaims. The Supreme Court on Monday one of the fined companies MRF Ltd. sought a response to the appeal (CCI) filed by the Competition Commission of India. The case is related to an order issued by the National Company Law Appellate Tribunal (NCLAT) December related to the CCI, India’s antitrust regulator Reconsideration and recalculation of fines imposed on tire companies for alleged cartel and price fixing. The Economic Times reported on the bench headed by Justice Sanjivkarna. Monday to the CCI issued a notice noting the MRF appeal and the CCI at 4 At that time, the Supreme Court was hearing the CCII appeal against the NCLAT order dismissing the appellate court. How it all started The CCI case began more than a decade ago when the Ministry of Corporate Affairs transferred the case to five tire companies on the basis of allegations of a cartel by the All Indi...
MarinaEmerson
54
May 31, 2024
Birla Tyres insolvency: NCLT approves joint offer of Himadri Speciality Chemical, Dalmia Bharat Refractories
Birla Tires was spun off from the group’s flagship company Kesoram starting Industries in 2018. Himadri Specialty Chemical Ltd on Thursday got “verbal” approval from the National Company Court for the joint resolution plan submitted by the company and Dalmia Bharat Refractories Ltd under insolvency proceedings to be acquired by Tires. Himadri Specialty Chemical in a regulatory filing, NCLT, “has now orally approved the resolution plan for acquisition jointly submitted by the company (strategic partner) and Dalmia Bharat Refractories Ltd (resolution applicant). Birla Tires Limited under the Insolvency and Bankruptcy Code, 2016 (IBC) Corporate Insolvency Resolution Program (CIRP). He added that he is waiting for NCLT written order. Written order. The NCLT ordered SRF Ltd (operating creditor of B K Birla Group of Companies) in Chemical to initiate insolvency proceedings in Birla case Tires Ltd in the case filed. Birla Tires was spun off from the gr...
HannahArmstrong
49
May 31, 2024
TVS Srichakra to acquire US-based firm; to grow off-highway tyre biz
Group photo of agency representatives Chennai: TVS Eurogrip, TVS Srichakra Ltd (makers of Eurogrip and TVS branded tires) has formally acquired Super Grip Corporation, USA The plan is part of its vision to grow in the global off road tire market. On Friday, the company’s board of directors approved the establishment of a subsidiary in the U.S. market ahead of the planned acquisition. Super Grip Corporation was founded in 1984 to produce quality tires for the industrial tire market. S Ravichandran, Director of TVS Srichakra Ltd, said in a company statement, “We are excited about the proposed Super Grip deal. It fits perfectly with our plans to expand our off-highway tire business globally.” He said, “The proposed transaction also brings an experienced and motivated management team that will add value to the business over time.” TVS Srichakra recently invested in a new plant at its Madurai facility to double its off-road tire capacity. The st...
WendyAdams
50
May 31, 2024
CEAT gets GST demand, penalties of over Rs 19 cr
Group photo of agency representatives NEW DELHI: Tyre maker CEATT Ltd on Wednesday said it has received excise duty claims and penalties totaling Rs 191 million from Maharashtra and Baroda tax authorities. The Additional Commissioner of Central Excise, CGST, Baroda, in his regulatory statement for the first time issued an order levying Rs 32.7 13.68 crore interest Rs 1 crore penalty after notifying the reasons (SCN) against CEATT Ltd for delay in reflecting input tax credit issue. The document states that this was due to TRAN-1 caused by a technical problem with the return. In another case, the Deputy Commissioner of State Revenue, Maharashtra issued an order for levy of interest of Rs. 2.2 lakhs along with interest of Rs. 2.6 lakhs and penalty of Rs. 2 lakhs after the failure of SCN initially issued for the withdrawal of the project. The tax paid by the vendor is abated. “Due to TRAN-1 for technical issues in the return, the reflection of input tax credit in the credi...
ColbertAled
49
May 31, 2024
Tyre demand to remain robust amid positive economic environment: JK Tyre CMD
Agent JK Tires CHINA TYRE DEMAND JK Tyres Chairman and Managing Director Raghupati Singhania said the domestic market is expected to remain strong as the automotive sector continues to hit new highs amid a positive economic environment. Strong Gross Domestic Product (GDP) The government’s focus on infrastructure development is expected to boost growth in the automotive and tire sectors, a senior industry leader said in an ongoing interview with PTI. He said, “We believe that domestic demand will continue to be strong due to good macroeconomic factors, infrastructure investments and overall favorable economic environment.” Explaining some of the positives, Singhania said that freight traffic has remained stable, favoring the commercial vehicle segment. He also pointed out that strong GDP growth and more disposable income have helped increase vehicle purchases. Singhania said, “As a result, we expect demand for cars and tires to increase.” ...
PageWhitman
58
May 31, 2024
Big relief to Apollo Tyres as Supreme Court dismisses Sebi appeal
The Supreme Court on Monday upheld the relief against Apollo Tyres, quashing an order issued by the Securities Appellate Court9 this month quashing the Securities and Exchange Board of India’s 6.5 decision of Rs. 1 crore fine on the company for violating the 2003 rules Annual share buyback rules for violating the 2003 rules for violating the 2003 rules for violating the 2003 rules for violating the 2003 rules for violating the 2003 rules for violating the 2003 rules for the company. In 2018, Sebi imposed a penalty on Apollo Tyres for the repurchase of 690,000 shares of Apollo Tyres by the company and its promoters in violation of the relevant provisions of the Companies Act and Sebi Rules. The bench headed by Justice Sanjeev Khanna withdrew during the hearing. The Supreme Court also asked Sebi to file an appeal against the SAT order and provide the list of appeals ordered by the court. The apex court also asked Apollol case head Tiless to explain why the action against...
JimOscar
46
May 31, 2024
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