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The National Company Law Appellate Tribunal (NCLAT) has ordered Axis Bank and other creditors of Siti Networks, an Essel Group company, to place ₹143 crore in a separate interest-bearing account. This ruling follows the National Company Law Tribunal (NCLT) Mumbai's October 1 order mandating lenders to repay the sum to Siti Networks amid ongoing insolvency proceedings. The decision ensures Siti Networks' interests are safeguarded until a final ruling is made. This move responds to Asset Reconstruction Company (India) Ltd's claims that funds were unlawfully withdrawn by creditors during a stay on insolvency actions. The insolvency process, initiated in February 2023, involves claims of ₹1,206 crore against Siti. #NCLAT #SitiNetworks #AxisBank #Insolvency #EsselGroup

YES BANK seeks buyers for Rs 635 crore in non-performing unsecured loans, including personal and credit card loans, with a reserve price of Rs 22.8 crore—just 3.59% recovery. Expressions of interest are due by November 4. Separately, JC Flowers ARC will conduct a Swiss challenge auction on November 18 for Rs 1,290.18 crore in bad loans from companies Carnival Films, Cinema Ventures, Carnival Films Entertainment, and Stargaze Entertainment, anchored at a bid of Rs 78 crore (6.04% recovery). JC Flowers also has a Swiss challenge auction on November 6 for Rs 1,351 crore Essel/Zee Group-related loans, backed by a Rs 505 crore bid from ACRE. These sales follow Yes Bank’s transfer of a Rs 48,000 crore distressed portfolio to JC Flowers ARC in 2022. #YesBank #JCFlowersARC #BadLoans #SwissAuction #NPA

Food and grocery delivery giant Swiggy has filed for an Rs 11,300 crore IPO with SEBI, marking it as India’s second-largest public offering this year. The IPO, scheduled from November 6 to 8 with anchor bids on November 5, targets a primary issuance of Rs 4,499 crore. Major investor Prosus plans to sell 109.1 million shares, while Tencent and others will also divest. The expected price band is Rs 371–390 per share. Founded in 2014, Swiggy has focused on profitability and expanded to grocery delivery with Instamart, differentiating its strategy from rival Zomato. The final share listing is set for November 13. #SwiggyIPO #FoodDelivery #StockMarket #InvestInIndia #Swiggy #Instamart

Lockton , the global insurance broker, has received IRDAI approval to acquire ARIHANT INSURANCE BROKING SERVICES LIMITED, part of Arihant Capital Group. This acquisition aligns with Lockton’s strategy to address India's growing demand for advanced risk management and insurance solutions. Arihant Capital Group opted to sell its insurance division to focus on its equity broking and new business ventures. Lockton aims to leverage its global expertise to enhance insurance and risk consulting services in India. “We’re committed to making a positive impact in the Indian insurance sector,” said Sandeep Dadia, CEO of Lockton India. #LocktonIndia #InsuranceIndustry #ArihantCapital #RiskManagement #IndiaExpansion

HSBC Holdings posted a 10% increase in third-quarter pretax profit, reaching $8.5 billion, surpassing analysts’ $7.6 billion forecast. Revenue grew by 5% to $17 billion, driven by customer demand in wealth products amid volatile markets, with foreign exchange, equities, and global debt performing strongly. The bank also announced an additional share buyback of up to $3 billion, following a $6 billion buyback program earlier in 2024. Shares of HSBC rose over 2% in Hong Kong after the results. Under new CEO Georges Elhedery, HSBC is embarking on a major overhaul aimed at cost control and improved efficiency, splitting its global operations into East and West. This restructuring plan is set to begin immediately, with further details expected in February 2025. The bank maintained its near-term return on tangible equity goal at mid-teens for 2024 and 2025, despite noting volatility in the interest rate outlook. HSBC declared a 10-cent interim dividend, marking its third payout this year, as it navigates a lower-rate environment alongside its US and European peers, including Barclays, which also reported better-than-expected earnings recently. #HSBC #Q3Earnings #ShareBuyback #globaldebt

Girish Tanti, Suzlon Group Vice Chairman, has been appointed Chairman of the Indian Wind Turbine Manufacturers Association (IWTMA), with Saravanan Manickam of Nordex as Vice Chairman-cum-Secretary, and Windar Renewable Energy CEO K Bharathy as Treasurer, the association announced after its AGM on October 25. Tanti emphasized the urgent need to triple renewable capacity by 2030 to meet climate targets, aligning with India's aim to generate 50% of energy from renewables, including 100 GW from wind power. He called for robust government policies to support the wind manufacturing sector and achieve net-zero goals. #RenewableEnergy #WindPowerIndia #IWTMA #ClimateAction #SustainableEnergy

udaan.com, India’s largest B2B e-commerce platform, has raised Rs 300 crore in debt financing from investors including Lighthouse Canton , Stride Ventures , InnoVen Capital India , and Trifecta Capital . The funds will enhance Udaan’s balance sheet and fuel expansion plans, including geographical growth through a micro-market strategy, improved go-to-market (GTM) capabilities, and supply chain optimizations. This investment will also fund new micro-fulfilment centers and other strategic initiatives aimed at operational efficiency and profitability. Udaan, with a $1.88 billion valuation, reports strong year-to-date growth, citing a 60% revenue boost, 50% rise in daily transacting buyers, and improved contribution margins. #Udaan #B2BIndia #Ecommerce #IndianStartups #Growth

Zepto has partnered with over 500 local artisans to offer handcrafted Diwali diyas, supporting families like the Prajapati potters. CEO Aadit Palicha shared a video on LinkedIn, highlighting the collaboration and showcasing artisan Pradeep Kumar, who noted concerns over Chinese goods impacting local sales. Zepto’s initiative aligns with a national push to favor Indian products amid recent India-China tensions. Union Minister Piyush Goyal has also raised concerns about e-commerce impacting local kirana stores, calling for their integration with online platforms. #SupportLocal #Diwali2024 #MakeInIndia #Zepto #IndianArtisans #BuyLocal

A 24-year-old patient with Spinal Muscular Atrophy (SMA) has urged the Kerala High Court to allow domestic production of Risdiplam, a life-saving drug priced at Rs 72 lakh annually, which could potentially cost as low as Rs 3,000 if made in India. Drug cost expert Dr. Melissa Barber from Yale University emphasized that domestic production could reduce prices by up to 99%. Although the health ministry increased rare disease aid from Rs 20 lakh to Rs 50 lakh, advocates say it's insufficient without local manufacturing. A National Committee for Rare Diseases aims to promote drug procurement and indigenisation, yet no specific steps for affordable production have been confirmed. #SMAIndia #AffordableMedicine #HealthcareAccess #RareDiseases #DrugPricing