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BSE To Delist 222 Shell Companies, 'Sashakt' Plan to Tackle Bad Loan et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 3, 2018 12:57 PM 2 min read
Editorial

End of Week Wrap-up (Tuesday / July 03, 2018) #BSE #Sashakt #badloans #NPA #Paytm #SEBI #ICICI #MutualFunds #SC #cryptocurrency #Bitcoin #blockchain #Ripple #cryptocurrencynews #Dell #IPO #Transfin

Editor's Comment: BSE to delist 222 shell companies, whose shares have been suspended for trading for 6 months as the government looks to crackdown on such bogus companies which are a source of inflow-outflow of illicit funds. These companies, its directors, promoters and group firms are barred from accessing the securities markets for 10 years.

 

Government unveils five-point plan ‘Sashakt’ to tackle bad loans. This plan was presented by a panel of bankers, led by Punjab National Bank chairman Sunil Mehta as they look to tackle NPAs across the banking sector, using Asset Management Companies and Asset Reconstruction Companies.

 

Paytm buys LetsVenture-backed, Noida-based hotel booking startup NightStay in a cash and equity deal for INR130cr as Paytm looks to diversify its horizon of offerings, NightStay has raised money from Bedrock Venture Management Pvt Ltd, Seedfund, Indian Angel Network and LetsVenture.

 

SEBI directs ICICI Prudential MF to refund INR240cr with annual interest 15% to five schemes as it violated Mutual fund regulations. SEBI has further ordered ICICI prudential MF to compensate investors who have redeemed their units since the date of allotment of shares in the IPO.

 

SC upholds ban over cryptocurrency trade, with previous given deadline of July 5 to banks to wind up relations with users of digital currency after The Internet and Mobile Association of India had filed a petition against RBI for the ban.

 

Dell to trade in public markets again, without any IPO as it announced its takeover of VMware Inc, its software company for $21.7bn in cash and stock. This transaction will allow Dell to bypass the IPO regulations. Dell will not have to raise any money, as it will pay for the deal by issuing new shares and with the $9bn dividend it will receive from VMware Inc.