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Fidelity Life Assurance of Zimbabwe Limited (FIDL.zw) 2009 Abridged Report

first_imgFidelity Life Assurance of Zimbabwe Limited (FIDL.zw) listed on the Zimbabwe Stock Exchange under the Insurance sector has released it’s 2009 abridged results.For more information about Fidelity Life Assurance of Zimbabwe Limited (FIDL.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the Fidelity Life Assurance of Zimbabwe Limited (FIDL.zw) company page on AfricanFinancials.Document: Fidelity Life Assurance of Zimbabwe Limited (FIDL.zw)  2009 abridged results.Company ProfileFidelity Life Assurance of Zimbabwe Limited is a holding company providing products and services for life assurance, employee benefits, asset management, medical insurance, funeral assurance provision of actuarial services and residential property development. This includes managing pensions, funeral insurance and microfinancing in the informal banking market. Fidelity Life Assurance Zimbabwe offers additional products for individual loans, salary-based loads and loans for farmers. Its actuarial services include life and general insurance services, healthcare insurance, investments and finance and funeral assurance schemes. Its asset management services include unit trusts, money market funds, equity funds, balanced funds and advisory services. Its medical aid services include an access health package, express health package and a foundation health package. The company operates in Zimbabwe and Malawi, with the latter offering products for life assurance and pensions. Fidelity Life Assurance of Zimbabwe Limited is listed on the Zimbabwe Stock Exchangelast_img read more

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Clermont too powerful for the Ospreys

first_imgTuesday Jan 19, 2010 Clermont too powerful for the Ospreys Clermont Auvergne convincingly beat the Ospreys 27-7 in a crucial Pool 3 Heineken Cup clash at Stade Marcel Michelin on the weekend. By doing so, theyve edged closer towards topping the pool next weekend.Brock James scored 17 points to add to tries from wingers Julien Malzieu and Napolioni Nalaga in the second half, denying the Ospreys the possibility of at least picking up a vital losing bonus point.The Welsh region started well, with a converted try for Tommy Bowe, but they missed out on a few chances and Clermonts power showed as they ran away with the match, coming into their own in the second half.Flyhalf James hit the posts on a few occasions, but he took all other chances presented to him, making the visitors pay for their missed opportunities.Full credit goes to Clermont as we were beaten by the better side. In fact, they were amazing especially Brock James, said Ospreys head coach Sean Holley.You have to admire them but we came here with a lot of hope and ambition and we saw that in the early exchanges. But the penalty count was 14-2 against us and they came in the scrum. That clearly had an effect in the end.It is an extremely disappointing dressing room and were disappointed for the fans but Clermont were worthy winners, he added.Clermont head coach Vern Cotter said: The Ospreys came at us early on and found some gaps in our defence. But we tightened up and took control. It was a hard battle on a heavy pitch so its a good win. We are in good shape to qualify from such a tough group.Clermont will take on Viadana in their last pool clash this weekend, with a maximum points haul there being enough to take them through to the last eight. The Ospreys will host Leicester in Swansea. Time: 05:00 Note: Thanks to WRNADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Related Articles 81 WEEKS AGO scottish prop saves fire victim 84 WEEKS AGO New Rugby X tournament insane 112 WEEKS AGO Vunipola stands by his comments supporting… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingDoctors Stunned: She Removes Her Wrinkles With This Inexpensive TipSmart Life ReportsHere’s the Purpose of These Little Bumps in the F and J Keys on Your KeyboardNueey10 Types of Women You Should Never MarryNueeyShe Was the Most Beautiful Girl in the World. What She Looks Like Now is InsaneNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel ADVERTISEMENT Trending 6 DAYS AGO HUGE controversy sees Borthwick call Pat Lam a liar during heated Prem clash 5 DAYS AGO Melbourne Rebels do their best to wreck Bryn Gatland 4 DAYS AGO Lam’s explanation of bizarre situation that caused heated touchline argument 5 DAYS AGO François Steyn’s ridiculous 60-metre drop goal which left commentators in hysterics 5 DAYS AGO The time Waisale Serevi used his iconic hitch-kick to carve up Scotland in 2000 Great Tries 5 DAYS AGO Eye-opening compilation shows why Taulupe Faletau could harm Springboks this Summer 5 DAYS AGO The time Waisale Serevi used his iconic hitch-kick to carve up Scotland in 2000 1 WEEK AGO Veainu finishes superb try after octopus style offload from Waisea 2 WEEKS AGO FULL MATCH REPLAY: Huge stars on show when All Blacks host Pacific Island XV in 2004 2 WEEKS AGO WATCH: Hooker produces ridiculous speed to score 60-metre wonder try for Hurricanes View All Big Hits & Dirty Play 23 HOURS AGO Awesome new Etzebeth montage will have Springboks fans psyched for Summer Lions tour 5 DAYS AGO Melbourne Rebels do their best to wreck Bryn Gatland 5 DAYS AGO Eye-opening compilation shows why Taulupe Faletau could harm Springboks this Summer 5 DAYS AGO Re-live O’Driscoll’s EPIC try-saving tackle in 2003 RWC quarter-final 1 WEEK AGO AWESOME video shows the very biggest and best tackles of the 2020/21 season View All See It To Believe It 4 DAYS AGO Cheetah racer Habana reveals what was actually going through his mind that day 4 DAYS AGO Lam’s explanation of bizarre situation that caused heated touchline argument 5 DAYS AGO François Steyn’s ridiculous 60-metre drop goal which left commentators in hysterics 5 DAYS AGO Re-live O’Driscoll’s EPIC try-saving tackle in 2003 RWC quarter-final 6 DAYS AGO HUGE controversy sees Borthwick call Pat Lam a liar during heated Prem clash View All Funnies 2 WEEKS AGO Joe Marler elated in special interview as fans return to The Stoop 2 WEEKS AGO WATCH: One of the luckiest and most bizarre tries you will EVER see 2 WEEKS AGO WATCH: Reds players caught out in hilarious celebration blooper vs Chiefs 2 WEEKS AGO WATCH: Faz, Piutau and Burns star in hilarious try fail compilation 4 WEEKS AGO MLR: Giltinis howler sees try overruled despite attempts to celebrate View All Amateur 32 WEEKS AGO Viral video of Scottish club brawl goes down a storm with rugby community 69 WEEKS AGO RUGBYDUMP BLITZ: This Best of the Week round up is sure to entertain you 69 WEEKS AGO RD BLITZ – Disaster, just when it looked so promising… 69 WEEKS AGO That glorious moment that will live on forever, like it or not 69 WEEKS AGO RD Blitz – PROP’S Lionel Messi wizardy creates incredible try View All Player Features 16 WEEKS AGO WATCH: Bumping off tacklers and taking high balls, Rob Kearney had an impressive Super Rugby debut 21 WEEKS AGO Brian Moore on money in modern rugby and how it should never be compared to ‘outlier’ football 22 WEEKS AGO Tuisova’s wrecking ball montage will make you grateful you never made it as a pro 28 WEEKS AGO New Zealand rugby pod admit Owen Farrell is world class 29 WEEKS AGO WATCH: Bath prop launches Amazon documentary focused on those from non-traditional backgrounds View All Related Content from the RugbyPass Network ‘What you do today is how you’re going to be remembered’: Spirit of Rugby – Ep 5 In Spirit of Rugby episode 5, Jim Hamilton talks Lions with Matt Dawson, Jeremy Guscott, Rob Kearney, Simon Shaw, Tom Croft and John Bentley. Watch: Reforging the Steelers | Episode 2 | RugbyPass Original Documentary In Episode 2 of Reforging the Steelers, we follow the team through rounds two to four as they try to get their season on track after an opening loss to competition powerhouses Tasman. Shock result: Crusaders left to rue costly errors with win over Rebels not enough for final guarantee In a shock result, the Crusaders have failed to record the requisite winning margin needed over the Rebels to book themselves a spot in the Super Rugby Trans-Tasman final and are now reliant on the Blues dropping the ball against the Force. ‘I deliberately haven’t mentioned it too much this week’: Tim Sampson keeping mum ahead of Blues battle The Western Force aim to play the role of party poopers on Saturday when they take on the ladder-leading Blues at a venue that shall not be named. Highlanders player ratings vs Brumbies | Super Rugby Trans-Tasman The Highlanders have given themselves a decent shout at playing in the Super Rugby Trans-Tasman final. Who were the top dogs in what was effectively a semi-final showdown with the Brumbies? Hurricanes player ratings vs Reds | Super Rugby Trans-Tasman How did the Hurricanes rate in their final game of Super Rugby Trans-Tasman, their 43-14 victory over the Reds? Clermont too powerful for the Ospreys | RugbyDump – Rugby News & Videos RugbyDump Home RugbyDump Academy Store About Contact Legal Privacy Policy Cookie Policy Categories Latest Great Tries Big Hits & Dirty Play See It To Believe It Funnies Training Videos Player Features RugbyDump Home RugbyDump Academy Store About Contact Sitemap Categories Latest Great Tries Big Hits & Dirty Play See It To Believe It Funnies Training Videos Player Features Legal Privacy Policy Cookie Policy Sign In Username or Email Password Stay logged in Forgot password Thank you for registering Click here to login Register Register now for RugbyDump commenting & enewsletter. * Required fields. Username * Password * Email * Password Repeat * Please send me news, information and special offers from RugbyDump By clicking register you agree to our Privacy Policylast_img read more

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first_imgWednesday Dec 4, 2019 Commentator explains why attempting to say these players’ names was such a mammoth undertaking Rugby in Madagascar is thriving, with the latest contest between the hosts and Nigeria pulling in a whopping crowd, the likes of which went viral this past week. Aside from the impressive attendance, some of the player’s names have also fascinated fans.ADVERTISEMENTCommentator Anton Taylor has described his experience for the fixture, talking about how he had to tackle the challenging local names.“I was actually the commentator for this game on Sunday, along with @andriesstrauss 🤯💀 Have a look at those names. I have never. Ever,” Taylor said in a post.“When I first saw the team sheet I thought it was a joke. Then I thought that Garcia & Mahavy would be the two best players. Then I wrote down the names with hyphens; ie Rako-to-ma-na-lina.”You can see the unbelievably tough looking teamsheet listed below.ADVERTISEMENTHe went on to explain why the Madagascan names are so complicated for native English speakers to read.“The reason Madagascan surnames are so long is because they include the first and last names together. The longest name in the history of Madagascar was the 19th century king, Andrianampoinimerinatompokoindrindra – ‘prince who was born to Imerina and who is my real lord’.His 36 letter name was shortened to the much easier Andrianatompokoindrindra. Thankfully, Zhinot Henry scored three tries.”The video below shows Taylor calling this lovely try, that was scored after just five minutes.ADVERTISEMENT“The Madagascans threw the ball around superbly, and it was amazing to see Maha-ma-sima Stadium in the Madagascan capital Ant-ana-na-rivo packed with 22 000 spectators,” he added.video credit: rugby afrique Posted By: rugbydump Share Send Thanks Sorry there has been an error Funnies Related Articles 29 WEEKS AGO WATCH: American reacts to brilliant Nigel… 29 WEEKS AGO Video of John Kirwan apologising while wearing… 29 WEEKS AGO Simon Zebo reveals how ‘absolute lunatic’… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsDoctors Stunned: This Removes Wrinkles Like Crazy! (Try Tonight)Smart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living30+ Everyday Items With A Secret Hidden PurposeNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

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Charity Fraud Awareness Week to cover cyber, grant & donation fraud

first_img Melanie May | 5 October 2018 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis16 About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.  138 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis16  137 total views,  1 views today Advertisementcenter_img Tagged with: charity fraud Events Charity Fraud Awareness Week takes place later this month, with themes for the week including cyber, grant, and donation fraud.Arranged by the Charity Commission, the event will take place from 22 – 26 October, and is the third annual Charity Fraud Awareness Week. This year, according to the Commission, it will see more than 40 charities, regulators, professional bodies and other stakeholders join together to help combat fraud targeted against charities.The main aims of the week are to raise awareness of the key risks affecting the sector, promote and share good counter-fraud practices, and promote honesty and openness about fraud.Each day of the week has a different focus, with a range of webinars, helpsheets, e-learning resources, and seminars on offer:Monday 22 October – Cyber-fraud (current and emerging threats)Tuesday 23 October – Grant fraud (due diligence and partnership working)Wednesday 24 October – Donation fraud/legacy fraudThursday 25 October – Insider fraudFriday 26 October – Moving money safelyTo join in, charities are invited to download either a UK supporters pack or an international edition of the supporters pack from the Fraud Advisory Panel website, develop their own counter fraud activities aimed at staff and volunteers, members and beneficiaries, donors and supporters, and to join the conversation on Twitter by promoting their own counter fraud messages or retweet the Charity Commission’s, using the hashtag #CharityFraudOut. Charity Fraud Awareness Week to cover cyber, grant & donation fraudlast_img read more

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Men’s golf start off season strong at Carmel Cup

first_imgSam Fristachihttps://www.tcu360.com/author/sam-fristachi/ Twitter ReddIt printTCU golfer Triston Fisher walks the course at the Carmel Cup. Photo courtesy of GoFrogs.comTriston Fisher’s career-best 7-under led the TCU men’s golf team in their first tournament of the season.The Horned Frogs traveled to Pebble Beach, California to compete in the Carmel Cup. Eight teams were competing in this tournament, including preseason No. 1 and defending national champion Oklahoma State.The Horned Frogs were without PING Honorable Mention All-American Stefano Mazzoli, who will represent Italy at the World Amateur.In the opening round, the senior trio of Fisher, Turner MacLean, and David Ravetto all shot a three-under 69. MacLean shot 4-under 32 on the front nine, which was powered by an eagle on the par 5 No. 2 hole. All three were tied for 10th at the end of the first round, which placed TCU in fourth place heading into the second round.Freshman Alejandro Aguilera shot a team-best 5-under 67 to move up 13 spots in the second round. He improved seven strokes and was tied for 28th after the round. Aguilera had a bogey-free front nine and finished 2-under 34 before shooting an eagle on the par four No. 20 hole.Fisher and MacLean both shot under par in the second round. MacLean has now shot under par in seven of his eight rounds at Pebble Beach.TCU shot 6-under 354 for the first two rounds and sat in fifth place overall at 12-under after two days.In the final round of the tournament, Fisher shot a 1-under 71 with just one bogey to finish tied for 11th place. Aguilera shot 5-under 67 for consecutive rounds and finished six-under for the tournament.The Horned Frogs ended the tournament with their best performance of the weekend, shooting 8-under 352 as a team. They finished in fifth place, five strokes better than No. 5 Vanderbilt.Four players, the trio of seniors and Aguilera, all finished under par on the weekend.The team will be back in action Sept. 30 at the Nike Collegiate Invitational held at Colonial Country Club in Fort Worth. ReddIt TCU golfer Triston Fisher walks the course at the Carmel Cup. Photo courtesy of GoFrogs.com TCU rowing program strengthens after facing COVID-19 setbacks Facebook Samantha Fristachi is a senior from Massapequa, New York. She is a journalism and sports broadcasting major and a business minor. She hopes to be a sports broadcaster on ESPN one day. Sam Fristachihttps://www.tcu360.com/author/sam-fristachi/ Women’s Basketball falls to Kansas State in overtime loss Women’s Basketball on three-game skid after loss to Oklahoma Sam Fristachi Women’s basketball falls in Big 12 Championship quarterfinals to Baylor TCU baseball finds their biggest fan just by saying hello Sam Fristachihttps://www.tcu360.com/author/sam-fristachi/ Sam Fristachihttps://www.tcu360.com/author/sam-fristachi/ Women’s Basketball falls in regular-season finale against Texas Linkedin Twitter Linkedin Previous articleVolleyball falls 3-2 to CincinnatiNext articleVolleyball falls to No. 25 Colorado State Sam Fristachi RELATED ARTICLESMORE FROM AUTHOR Facebook Another series win lands TCU Baseball in the top 5, earns Sikes conference award + posts last_img read more

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Mayor Leddin is “the happiest woman in Limerick”

first_imgNew Music: 40Hurtz NewsMayor Leddin is “the happiest woman in Limerick”By John Keogh – June 25, 2013 1365 #SaucySoul: Room 58 – ‘Hate To See You Leave’ Independent councillor Kathleen Leddin, the new Mayor of Limerick CityIndependent councillor Kathleen Leddin, the new Mayor of Limerick CityINDEPENDENT city councillor Kathleen Leddin said she was “the happiest woman in Limerick” as she was declared the 817th, and last, Mayor of Limerick City on Monday evening.The 74-year-old grandmother and former postmistress will be the last councillor to hold the title after the amalgamation of the city and county in June 2014.Sign up for the weekly Limerick Post newsletter Sign Up “The first thing was total relief, then about 25 seconds after that it was total jubilation,” Mayor Leddin told Limerick Post following her election, “It’s so exciting and I am over the moon to be the last Mayor of the City of Limerick.”Mayor Leddin pledged to bring “a lot of commitment and dedication” to the role over the next year.She added: “There is a lot of work to be done regarding the amalgamation and I will be working very closely with City Hall officials and councillors. The City of Culture in 2014 is also a huge honour for the city; it’s going to be a lot of work but I’m looking forward to it.”Kathleen Leddin was first elected to the City Council in 1999, she is a mother of four and also has four stepchildren; her late husband Tim was a former Fine Gael Mayor of Limerick.Cllr Leddin was runner up in the mayoral elections twice in the last five years and was the longest-serving councillor to have not previously held the office of Mayor.Cllr Orla McLoughlin, the daughter of outgoing Mayor Gerry McLoughlin, was elected Deputy Mayor.Mayor Leddin’s appointment follows a dramatic build up to the election which saw Fine Gael mayoral nominee Cllr Denis McCarthy claim that he had been subjected to a smear campaign.City Council Fine Gael party leader Cllr Diarmuid Scully said last week that false allegations had been made about Cllr McCarthy, who he said “has no case to answer”.Cllr Pat Kennedy also accused his Fine Gael colleagues of “breaching an agreement” when they nominated Cllr McCarthy as their mayoral candidate instead of him.Cllr Leddin won the election by nine votes to eight after Cllr Kennedy voted for her over his own party’s nominee in a move that could result in his expulsion from the group.Labour councillors also broke a pact they had formed with Fine Gael as Cllr Joe Leddin seconded the nomination for his aunt rather than backing Cllr McCarthy. TAGSCllr Kathleen LeddinLimerick city councilMayor of LimerickMusic Limerick Celebrating a ground breaking year in music from Limerick Email RELATED ARTICLESMORE FROM AUTHOR Previous article10,000 cyclists take part in BeSpoke festivalNext articleFitness expert gives free lecture in Limerick John Keoghhttp://www.limerickpost.ie Printcenter_img Twitter Watch the streamed gig for Fergal Nash album launch #HearThis: New music and video from Limerick rapper Strange Boy Advertisement Linkedin WhatsApp Facebook Emma Langford shortlisted for RTE Folk Award and playing a LIVE SHOW!!! this Saturday last_img read more

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Group Insolvency In India: Boon To The Creditors Or Bane To The Debtors?

first_imgColumnsGroup Insolvency In India: Boon To The Creditors Or Bane To The Debtors? Tanmay Karmarkar14 May 2020 8:42 PMShare This – xGroup Insolvency is a process in which claims against debtors of the same group are consolidated in a single resolution application to adjudicate upon by the Adjudicating Authorities (“hereinafter referred as AA”). It was difficult for the AAs across the country to adjudicate upon such resolution requests by the creditors due to the lack of provisions in Insolvency and Bankruptcy…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginGroup Insolvency is a process in which claims against debtors of the same group are consolidated in a single resolution application to adjudicate upon by the Adjudicating Authorities (“hereinafter referred as AA”). It was difficult for the AAs across the country to adjudicate upon such resolution requests by the creditors due to the lack of provisions in Insolvency and Bankruptcy Code (“hereinafter referred as IBC”). The Companies Act 2013 itself provides for separate legal entity and preparation of consolidated financial statements of associate and subsidiary companies in the same form. The rule of ‘separate legal entity’ requires modifications owing to the increase in formation of Corporate Groups in Indian markets. The author in this article analyses the concept of Group Insolvency in brief in the light of judgments and the recommendations put forth by the Working Group formed by the Insolvency Bankruptcy Board of India. United States Bankruptcy Laws: United States Bankruptcy Laws, Bankruptcy Courts have consolidated proceedings along with assets and liabilities of the Debtors on the basis of criteria for substantive consolidation viz. The degree of difficulty in segregating and ascertaining individual assets and liabilities; presence or absence of consolidated financial statements; the profitability of consolidation at a single physical location; the commingling of assets and business functions; the unity of interests and ownership between the various corporate entities; The existence of parent and inter corporate guarantees on loans; and g. the transfer of assets of without formal observance of corporate formalities.[1] Group Insolvency in India: IBC lead to positive changes such as consolidation of several fragmented laws, adjudication under one forum and steady increase in domestic and foreign investments to name a few. Even though IBC provides for insolvency procedure for corporate debtor as a single entity, but the code fails to envisage procedure for synchronization or consolidation of claims by different corporate debtors belonging to the same group. As mentioned earlier, IBC lacked provisions to entertain such applications, consolidations were admitted by AA in the following cases to name a few (not according to the timeline): Sr. No Case AA 1 Edelweiss Arc v Sachet Infrastructure NCLT Delhi Special Bench 2 SBI v Videocon NCLT Mumbai Principal Bench 3 Lavasa Corporation NCLT Mumbai Principal Bench 4 Japyee Infratech Supreme Court 5 Amrapali Group Companies Supreme Court The Insolvency and Bankruptcy Board of India (“hereinafter referred as IBBI “) to address issues pertaining to group insolvency formed a Working Group and released its report on 23rd September 2019. The Working Group on consultation of various stakeholders and experts have recommended framework for insolvency resolution and liquidation of corporate debtors. The ‘corporate group’ for the purpose of triggering consolidation as per the suggestions of IBBI includes subsidiary, holding and associate companies defined under Companies Act, 2013. In certain cases, the Supreme Court applied the doctrine of piercing of corporate veil[2] to make the group companies liable to each other. However, an application can be made to AAs to include companies not falling under the purview of definition, in cases where the companies are ‘intrinsically linked’. The issue of Consolidation of Claims of debtors from group companies is a matter of concern not only to Indian Legislature but also to other countries. The rationale behind raising concerns pertaining to the above-mentioned proposition is four-fold, There exists or there are chances of existence of linkage between the companies because of related party transactions.[3] The Companies Act and IBC both recognise and uphold the principle of Separate Legal Entity and Limited Liability.Thirdly, the relevance between transaction of different group companies owing to the possible symmetry or asymmetry of distribution of information and control in the group companies.Possible creation of dominant shareholding, formation of a controlling group and loans and advances granted to the subsidiary companies by parent companies, asymmetrical sharing of information relating to credit amount or creditors[4] and inappropriate transfer of assets[5]. The Principal Bench of NCLT Mumbai in the case of State Bank of India & Anr v Videocon Industries Ltd. & Or of 2019 on the perusal of ‘Group Insolvency’ Jurisprudence, has set out examples which trigger the ‘consolidation’ of Insolvency Process. The approval of the resolution is subject to preliminary enquiry as the process should be beneficial to the stakeholders. NCLT Mumbai approved the resolution as the business activities of the Corporate Debtor were ‘inextricably linked and intertwined’. The aspects for inquisition set out by the court are as follows: Common ControlCommon DirectorsCommon AssetsCommon LiabilitiesInter-dependenceInter-lacing of financePooling of resourcesCo-existence for survivalIntricate link of subsidiariesInter-twined accountsInter-looping of debtsSingleness of economic unitsCommon Financial CreditorsCommon Group of Corporate Debtors In light of the same judgment, consolidation was allowed by the same bench for faster resolution in for subsidiaries of Lavasa Corporation.[6] The Principal Bench has facilitated consolidation for faster resolution considering the abovementioned parameters. The factors set out in Videocon are the factors for determination of consolidation and should not be considered as the basis for triggering consolidation of Insolvency. There is a need for the Insolvency and Bankruptcy Board of India (IBBI) to introduce certain amendments and addendums to the IBC 2016. IBBI is currently working on the same and have suggested phased implementation of consolidation, subject to initiation by the stakeholders. The phased implementation requires appointment of single insolvency professional and group committee of creditors. This mechanism for procedural co-ordination should be applicable to the defaulted companies regardless of their solvency for faster resolution and upholding the purpose of this procedure. It is important to note that Companies Act in India upholds the concept of ‘shadow director’,[7] which makes the holding company liable for the acts done by subsidiary companies. Recommendations of the Working Group For facilitation of group insolvency application, Section 60 of the IBC, Rules and Regulations of the Code and associated legislations need amendments in order to give NCLT jurisdiction over the entire group.[8] The recommendations made by the Working Group are as follows: Introduction of Joint Application processDesignating single Insolvency Professional and AAFormation of ‘Group Creditors Committee’ at the discretion of Committee of CreditorsGroup Co-ordination proceedings subject to maximum votes by Committee of CreditorsRules against ‘perverse behaviour’ of group companiesExtension of timeframe to 420 days The introduction of the amendment to include Group Insolvency proceedings under IBC jurisdiction is important for revival and value maximization of companies in distress. It is not only the inceptions of provisions which shall facilitate smooth functioning of the consolidation procedure, but also the infrastructure required for proper adjudication. The economic rationale for providing framework has certain parameters as suggested by IBBI which includes value maximization, procedural efficiency, cost efficiency, and avoidance of intra-group battles. Moreover, the AA should exercise their powers and discretion to allow consolidation to prevent abuse and delay of the procedure. The abuse of the process might burden the already overburdened judiciary. Thus, with exercise of due caution, this process shall facilitate faster resolution, adjudication of consolidation of claims and thus reduce the burden on the already overburdened judiciary. Views Are Personal Only(Author is 4 th year BBA LLB student of Symbiosis Law School, Hyderabad) [1] In re Vecco Construction Industries, 4. B.R. 407, 410 (Bankr E.D. Va 1980) [2] Salomon v. A Salomon & Co Ltd [1896] UKHL 1, [1897] AC 22 [3] UNCITRAL, UNCITRAL Legislative Guide on Insolvency Law, Part three: Treatment of enterprise groups in insolvency, (2012), Para 93. [4] Department of Company Affairs, Ministry of Law, Justice & Company Affairs Government of India, Report on Corporate Excellence on a Sustained Basis to Sharpen India’s Global Competitive Edge and to Further Develop Corporate Culture in the Country, Para 1.4, (2002). [5] Ministry of Finance and Company Affairs, Government of India, Report of the Committee on the Companies Bill 1997, 2002, Para 6.11 available at . [6] MA 3664/2019 in C.P.(IB)-1765, 1757 & 574/MB/2018 [7] Section 2(60) Companies Act 2013 [8] Report on Group Insolvency by Working Group formed by IBBI available at https://www.ibbi.gov.in/uploads/whatsnew/2019-10-12-004043-ep0vq-d2b41342411e65d9558a8c0d8bb6c666.pdf Next Storylast_img read more

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first_imgNews UpdatesDelhi High Court Refuses To Stay ED Summons To Former J&K Chief Minister Mehbooba Mufti Shreya Agarwal18 March 2021 11:57 PMShare This – xA division bench of Chief Justice DN Patel and Justice Jasmeet Singh of the Delhi High Court today refused to grant a stay on summons by the Enforcement Directorate (ED) issued to the former Chief Minister of Jammu and Kashmir, Mehbooba Mufti on a case against her under S.50 of the Prevention of Money Laundering Act. Her appearance before ED is now due for Mar 22. She was represented by Sr….Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginA division bench of Chief Justice DN Patel and Justice Jasmeet Singh of the Delhi High Court today refused to grant a stay on summons by the Enforcement Directorate (ED) issued to the former Chief Minister of Jammu and Kashmir, Mehbooba Mufti on a case against her under S.50 of the Prevention of Money Laundering Act. Her appearance before ED is now due for Mar 22. She was represented by Sr. Adv. Nitya Ramakrishnan, whereas Solicitor General Tushar Mehta, alongwith others appeared for the Centre and ED.Upon Ramakrishnan’s submission that on the last date of hearing the ED was “kind enough” to submit that it would not insist on her appearance until Mar 19, Mehta said, “We were not kind, the circumstances were such.” The court then said that it was not going to grant any stay on the summons.Mufti was issued summons for appearance on Mar 15. On the last date of hearing the ED had submitted before court that it would not insist upon her appearance until Mar 19. Mehta also contested the issuance of notice on Mufti’s petition stating that they would file a legal note in reply to her petition, and that a constitution bench decision already covered the issue. He has undertaken to file the note by tomorrow itself.Upon his submission the court has further directed both the parties to file the compilation of judgments that they seek to rely on in a legal note and posted the case for the next hearing on Apr 16.The PDP leader moved court seeking quashing of summons issued to her by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA). Mufti had claimed in her petition that she received the summons on her personal email ID from the official email ID of the Assistant Director, Enforcement Directorate on Mar 5 under Sections 50(2) and 50(3) of the PMLA and that it refers to an annexure which “has not been sent to her, and therefore she is not aware of its contents.”She has objected to the fact that she has not been informed if she is being summoned as an accused or as a witness and further not been informed of what she is being summoned in connection with, and the scheduled offence under the PMLA which gave rise to the proceedings in respect of which the summons has been issued to her.She also challenged the vires of Section 50, and incidental provisions of the Prevention of Money Laundering Act, 2002 for being “unfairly discriminatory, bereft of safeguards, and violative of Article 20(3) of the Constitution” and has cited various judgments laid down by the Supreme Court in different cases.Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

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Cllrs to discuss changes to gaming laws for Letterkenny & Inishowen

first_img Google+ Two Municipal Districts in Donegal are to discuss changes to by-laws today which could clear the way for gaming arcades to operate legally.Councillors in Letterkenny and Inishowen will decide whether or not to adopt Part Three of the Gaming and Lotteries Act.It follows the publication of notices and the calling of a consultation by Donegal County Council in each of the two areas.That consultation concluded last Friday. Google+ WhatsApp Previous articleStorm Gareth: Strong winds set to hit North West todayNext articleAlmost 1.5M for home adaptation grants in Donegal News Highland Pinterest Important message for people attending LUH’s INR clinic Journey home will be easier – Paul Hegarty Cllrs to discuss changes to gaming laws for Letterkenny & Inishowen Twitter Twitter Homepage BannerNewscenter_img Pinterest By News Highland – March 12, 2019 DL Debate – 24/05/21 Facebook RELATED ARTICLESMORE FROM AUTHOR WhatsApp Harps come back to win in Waterford News, Sport and Obituaries on Monday May 24th Facebook Arranmore progress and potential flagged as population growslast_img read more

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Brundidge landfill issues continue

first_img Email the author If that sale goes through, Brundidge Acquisitions could elect to close the landfill. Brundidge would have to continue hauling its solid waste to another landfill, thus losing the income it would receive if the Brundidge Landfill were open and operating.“That would also mean much higher garbage fees for our residents,” Bowden said.He also questioned whether the city of Brundidge, as host, would have to agree for a company to operate a landfill within the city.Thomas said that was his understanding of the law but that will determined in court. Troy falls to No. 13 Clemson Brundidge landfill issues continue “This situation with the landfill is going to affect us all,” Bowden said.TransLoad America, that owned and operated the Brundidge Landfill, went into bankruptcy and the bankruptcy trustees are trying to sell the solid waste landfill.Britt Thomas, Brundidge city manager, said that Brundidge Acquisitions has offered to purchase the landfill from the bankruptcy court trustees for $4 million. Book Nook to reopen Plans underway for historic Pike County celebration Remember America’s heroes on Memorial Day Published 11:16 pm Tuesday, March 5, 2013 Penny Hoarder Issues “Urgent” Alert: 6 Companies Are… Skip Sponsored Content By The Penny Hoarder Pike County Sheriff’s Office offering community child ID kits A court decision could come as early at March 8.Thomas gave the council members an update on the benefits of the city’s LED street light project.Thomas said the city received two energy grants that made it possible to install 266 LED street lights on the city’s main arteries.Over two and a half years, the savings in wholesale power cost has been $24,000.“The lights don’t require much maintenance and are long lasting,” Thomas said. “So, with the LED lights, there should be a significant savings over 20 years.”In final action, the council set a public hearing for Lucille Adams’ petition to amend the city’s zoning map at 4 p.m. March 19 at Brundidge City Hall.The Brundidge City Council meets at 4 p.m. the first and third Tuesdays of the month at Brundidge City Hall. All meetings are open to the public. By Jaine Treadwell Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthRemember Them? I’m Sure Their New Net Worth Will Leave You SpeechlessbradofoThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancel Latest Stories Following the announcement Tuesday of the location of a Fresenius dialysis facility in Brundidge the Brundidge City Council worked from a short agenda.Brundidge resident Lawrence Bowden was on the council’s agenda and expressed interest and concern about the current status of the Brundidge Landfill.Bowden said that his concern with the landfill being tied up in court was that the city is losing income and the services of the residents of Brundidge and all Pike County stand to be adversely affected because the residential rates are tied to the landfill. You Might Like PASSING THE TORCH John Ramage was elected FNB president and CFO, taking the place of his father, Jimmy Ramage in both positions. Jimmy… read more Print Articlelast_img read more

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