Rush Hour: Vedanta challenges Adani’s Jaypee asset takeover, stock market slide continues and more
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Mining company Vedanta moved the Supreme Court seeking a stay on the proposed takeover of the now-insolvent Jaypee Group’s assets by billionaire Gautam Adani’s Adani Group. The Anil Agarwal-led company has argued that its offer for Jaiprakash Associates Limited was higher, and questioned the fairness and transparency of the bidding process.
The plea was filed days after the National Company Law Appellate Tribunal declined to grant an interim stay on the National Company Law Tribunal’s approval of the resolution plan submitted by Adani Enterprises. The Committee of Creditors had approved the Adani bid, which was subsequently cleared by the National Company Law Tribunal.
Vedanta chairperson Agrawal claimed that his company was declared the highest bidder during the insolvency proceedings and was informed in writing that it had won, before the outcome was later changed. Read on.
The stock market continued to slide amid concerns surrounding the conflict in West Asia and surging energy prices. The benchmark Sensex fell more than 1,600 points, or 2.2%, while the Nifty dropped over 480 points, or 2.1%, at the close.
The value of the Indian rupee improved marginally in early trade after the Reserve Bank of India tightened restrictions on onshore position limits, amid weeks of foreign funds outflow and falling stocks. However, it sank to 94.8 against the United States dollar by the time the session ended, matching the record low it had fallen to on Friday.
The benchmark Brent crude was trading at nearly $115 per barrel. Read on.
Bihar Chief Minister Nitish Kumar resigned as a member of the state’s Legislative Council after being elected to the Rajya Sabha. Monday was the last day for Kumar to resign as an MLC as he was elected to the Upper House of Parliament on March 16 for the first time.
His current Legislative Council term, the fourth consecutive one, was to end in 2030. Kumar remains the chief minister for now as Article 164(4) of the Constitution permits a person to hold the office for up to six months without being a member of the state legislature.
It has been speculated that he would step down as the chief minister after being elected to the Rajya Sabha. However, it is unclear who will replace him and when. Read on.
Iran’s Foreign Ministry spokesperson said that Pakistan’s forums on the West Asia conflict were its own and that Tehran was not involved. “Regional calls to end war are welcome, but remember who started it!” the statement said.
It added that Iran has had no direct talks with the United States, receiving only “excessive, unreasonable demands via intermediaries”. The remarks came a day after Pakistan’s Foreign Minister Ishaq Dar met his counterparts from Saudi Arabia, Egypt and Turkey in Islamabad to discuss de-escalation in the region. Read on.
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