Sintex Industries

The National Company Law Tribunal (NCLT) has admitted the insolvency plea against Sintex Plastics Technology Ltd (SPTL), a leading maker of water storage tanks and plastic-based interiors.
The Ahmedabad bench of NCLT admitted the application filed by its Financial creditor Asset Reconstruction Company (India) Ltd claiming an outstanding amount of Rs 350.28 crore, which includes Rs 215.77 crore principal amount and Rs 134.50 crore towards interest.
The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution Professional for the company.
Insolvency proceedings against SPTL were triggered as it was a corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is presently going through Corporate Insolvency Resolution Process (CIRP), and a bid of Rs 1,251 crore is pending for approval.
However, NCLT said the claim of the Financial Creditor is not fully met in the CIRP of SBL, hence it also directed to initiate insolvency against SPTL.
SPTL is a holding company of SBL, which

Penny stocks

Thirty-nine, including Subex, McLeod Russel, Jet Airways, Jain Irrigation Systems, and Sintex Plastics Technology, have surged more than 5x during this period

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

The stock locked in lower circuit of 5% at Rs 123.50 after hitting high of Rs 136.50 on BSE.

Half of India's population between the age of 30-55 years believes 59 years should be the age of retirement and thirty-two years is when one should ideally start retirement planning,

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The Apple iPhone 15 Pro Max stands out within the iPhone 15 series and offers substantial improvements over the previous generation model, the iPhone 14 Pro Max

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India has been expanding its electronics manufacturing sector as companies diversify production beyond China amid growing Washington-Beijing tensions

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Stock market holiday: After Mahatma Gandhi Jayanti on October 2, the market will be closed on October 24, Tuesday, for Dussehra

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Even if generative artificial intelligence has been overhyped, it's safe to assume that ChatGPT-type bots will only get better at routine tasks like writing computer software

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The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30

Exxon Mobil, Chevron reap over $31 billion profit from energy crunch

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How three men passionate about 'cool' motorcycles are trying to make India fall in love again with Jawa and Yezdi, with a leaf out of Royal Enfield's book

Jawa

Global private equity firm Advent International on Friday announced a new board and management of Suven Pharmaceuticals after completing the acquisition of a majority stake in the domestic drug maker.
Suven Pharma will be led by a management team comprising Annaswamy Vaidheesh (Executive Chairman), Dr V Prasada Raju (Managing Director) and Dr Sudhir Kumar Singh (Chief Executive Office), Advent International said in a statement filed on BSE by Suven Pharma.
In terms of the Board of Directors, along with Vaidheesh and Raju, Pankaj Patwari, Managing Director at Advent, will also join the team, it added.
Suven will also have three independent directors - - K.G Ananthakrishnan, Ex-MD MSD India and Ex-Director General of OPPI, and Chairman of PNB; Matangi Gowrishankar, Ex-BP Global Head of Capability Development, and Ex-Director of Human resources, Castrol India, Strategic Advisor and Certified coach; Vinod Rao, former head of investor relations at Diageo and ex-CFO PepsiCo Asia ...

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He said that the way the Indian Diaspora welcomed him with Uttarakhandi customs and musical instruments at Heathrow Airport, was in itself a special experience

Pushkar Singh Dhami

The Delhi government issued a notification on Friday, asking the licensees to renew their existing excise licences by October 5.
The city government has decided to extend its existing excise policy by six months due to the time needed for coming up with a new liquor trade regime.
The policy has been extended till March 31, 2024 following the requisite approvals from the Delhi government and the lieutenant governor, a senior officer had said on Thursday.
"All the licensees of L15/L-15F and L-16/L-16F are hereby directed to submit their applications for renewal of the licences online by accessing their accounts in ESCIMS portal through their ID and passwords, along with the applicable licence renewal fee for the period w.e.f. 01.10.2023 to 31.03.2024 by providing requisite information and payment of renewal licence fee on or before 05.10.2023," the notification read.
A proposal of the excise department to extend the policy, implemented on September 1 last year, was sent for the LG's 

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The trains have seats for 50 passengers and the space for 300 to stand

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President of the 78th session of the United Nations General Assembly (UNGA) Dennis Francis, on the occasion of Gandhi Jayanti, urged people to embrace the message of Mahatma Gandhi of establishing world peace."There is no way to peace, peace is the way. Today's International Day of Non-Violence marks the birth anniversary of #MahatmaGandhi - a beacon of peace  &  non-violence," posted the UNGA President on the social media platform, X.The birthday of Mahatma Gandhi, October 2, is also observed as International Day of Non-Violence. It was established on June 15, 2007, according to the UNGA resolution A/RES/61/271."Let us embrace #Gandhi's message and invest in peace; this is an investment in our collective prosperity," the post added.The Permanent Mission of India to the United Nations also observed the Gandhi Jayanti saying every Indian is proud to see the bust of Mahatma Gandhi at the UN Headquarters in New York. Taking to X, formerly known as Twitter, the Permanent Mission of ...

Silhouette of the statue of Mahatma Gandhi seen during the partial solar eclipse, at Marina Beach, in Chennai. (Photo: ANI)

The Assam government on Monday decided to hike the daily minimum wage of tea garden workers by Rs 18, Chief Minister Himanta Biswa Sarma said.
In a cabinet meeting, chaired by Sarma, the decision was taken to hike the wages in both Brahmaputra and Barak valleys with effect from October 1.
"The cabinet decided to increase the minimum daily wages of tea garden workers. In Brahmaputra valley, the daily wage has been increased to Rs 250 from Rs 232 with effect from October 1. In Barak valley, the workers will get Rs 228 instead of Rs 210 from now. So, Rs 18 will be hiked in both places," he said.
Briefing the press after the meeting, Sarma said the government has given instructions to the garden managements to give a 20 per cent bonus for the ensuing Durga Puja.
"There will be a 3 per cent reservation in government jobs for tea garden workers and adivasi people with immediate effect. This will be for only non-creamy layer," he added.
The chief minister also said that a decision was ta

Guwahati: Assam Chief Minister Himanta Biswa Sarma speaks during a press conference organised to commemorate the completion of 8 years of Prime Minister Narendra Modi's BJP-led government at the centre, at BJP state office in Guwahati, Wednesday, Jun

Himanta Biswa Sarma

The Pentagon is warning Congress that it is running low on money to replace weapons the US has sent to Ukraine and has already been forced to slow down resupplying some troops, according to a letter sent to congressional leaders.
The letter, obtained by The Associated Press, urges Congress to replenish funding for Ukraine. Congress averted a government shutdown by passing a short-term funding bill over the weekend, but the measure dropped all assistance for Ukraine in the battle against Russia.
Pentagon Comptroller Michael McCord told House and Senate leaders there is $1.6 billion left of the $25.9 billion Congress provided to replenish US military stocks that have been flowing to Ukraine. The weapons include millions of rounds of artillery, rockets and missiles critical to Ukraine's counteroffensive aimed at taking back territory gained by Russia in the war.
In addition, the US has about $5.4 billion left to provide weapons and equipment from its stockpiles. The US would have alrea

Pentagon

The consortium last month began drilling an exploratory well in Lebanon's Block 9, one of the blocks falling alongside the newly delineated maritime border between Lebanon and Israel

Sintex Plastics Technology

NCLT admits insolvency plea against Sintex Plastics Technology Ltd

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Sintex Plastics makes a tepid debut, closes in lower circuit of 5%