JLR India to hike prices on select models from April
New Delhi: Jaguar Land Rover India Tuesday said it will increase prices of select products by up to 4 per cent with effect from April 1. The company, however, did not specify which models will be affected by the price hike. “This increase in price is purely inflationary and we are certain that the two global iconic brands, Jaguar and Land Rover, will continue to attract existing and new customers,” Jaguar Land Rover India President & Managing Director Rohit Suri said in a statement. JLR India's products under the two brands Jaguar and Land Rover ranges from Jaguar XE with price starting at Rs 40.61 lakh to Range Rover tagged at Rs 1.79 crore. Last week, Toyota Kirloskar Motor (TKM) had also announced that it would increase prices of some of its products from next month in order to offset rise in input cost. TKM, however, did not disclose the quantum of hike and the models that would become costlier.
RBI seeks modification of NCLAT order in ILFS case
New Delhi: The Reserve Bank of India has moved the National Company Law Appellate Tribunal (NCLAT) over the order passed regarding classification of debt of IL&FS group companies as NPA. A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, has said that it would hear the RBI on the issue. The RBI is seeking modification of the order passed by the tribunal which has provided moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies. During the proceedings, RBI's counsel said that there was a overlap of power on the issue. The tribunal has also asked the Ministry of Corporate Affairs about the progress made with respect to resolution of IL&FS issues. Further, the tribunal has sought company-wise updates from the Committee of Creditors (CoC) and Resolution Professional (RP).
Delhi High Court upheld Parsvnath's Rs 1,034 cr claim in RLDA case
New Delhi: Realty firm Parsvnath Ltd Tuesday said the Delhi High Court has upheld its claim of Rs 1,034 crore in a dispute with Rail Land Development Authority related to a project in the national capital. In February 2016, Parsvnath Developers had terminated its development agreement with RLDA due to a title dispute related to a 38-acre land stretch that the company had bought for Rs 1,651 crore. Parsvnath Rail Land Project Pvt Ltd (PRLPPL), a special purpose vehicle (SPV) created to develop this project, had gone into the arbitration process to settle the issue. In a regulatory filing, Parsvnath Tuesday informed that the division bench of the Delhi High Court dismissed the plea of RLDA, which had challenged a single judge order that upheld arbitral award of Rs 1,034 crore. “We have perused all the submissions and findings of the court and find no infirmity in the decision of the learned Single Judge. Accordingly, the appeal stands dismissed," the division bench said in its recent judgement while dismissing RLDA's appeal. The division bench of Justices G S Sistani and Sangita Dhingra Sehgal, in its March 14 order, has dismissed the RLDA’s appeal and upheld the arbitral award dated November 25, 2017 and the judgment of single Judge of Delhi High Court.