The National Company Law Appellate Tribunal (NCLAT) has stayed the sale of the Videocon group of companies to Vedanta’s Twin Star Technologies. Bank of Maharashtra (BoM), which has a small portion of the loan amount, had appealed against the order under which creditors were to get around 4% of the admitted claims of Rs 64,838 crore.

BoM had raised two main objections — the sale price was close to the liquidation price, and even the 4% that was being paid was largely in the form of debentures with very little cash coming in. IFCI is also understood to have filed a separate appeal against Videocon.

The NCLT, while approving the resolution plan on June 8, had raised questions in respect of the sale, pointing out that the applicant was paying almost nothing and had questioned how the bid had come in marginally above the liquidation value. Lenders are expected to maintain utmost confidentiality about the liquidation value. This is the value below which they will sell the assets rather than sell the company to a bottom-fishing bidder.

SBM Bank, a wholly owned subsidiary of State Bank of Mauritius, has partnered 30 fintech firms as a part of its strategy to acquire customers using the ‘banking as a service’ model.

Under this, the fintechs provide an interface for customers, and the bank delivers the network effect by providing not just the banking platform but also access to other fintech services that it has partnered with.

SBM earlier operated as an Indian branch of its parent doing wholesale banking and did not have any electronic interface like internet or mobile banking. In end-2018, the bank got a full-fledged bank licence. “This enabled us to leapfrog in terms of IT and provide a new technology stack to the customer,” said MD & CEO Sidharth Rath. According to him, the bank took a call to build a liability (deposit) franchise first. “Building a branch network is expensive and it costs as much as Rs 1-1.5 crore to set up a branch. For us, the lockdown was a blessing as it hastened the move to digital,” he added.

Inaugurating India’s first redeveloped railway station in Gandhinagar on Friday evening, Prime Minister Narendra Modi said the assets of the Indian Railways can be used to turn it into a centre for economic activity.

“This modern Gandhinagar railway station is also big proof that the assets of railways can be put to good use to turn it into a centre of economic activity. Using modern technology, a hotel has been constructed on top of the railway tracks in such a way that the moving train can be seen, but it’s vibrations cannot be felt. The quantum of land is the same as what was present earlier, but it’s use has doubled… What can be a better location that the spot where the train passes,” said Modi while virtually addressing the gathering at “Gandhinagar capital railway station” where Union railway minister Ashwini Vaishnaw and Chief Minister Vijay Rupani were present.

The RBI restricted Mastercard from adding new customers to its network for not following norms on storage of payment system data, as per TNN according to a news agency. 

It means Mastercard cannot issue new debit, credit or prepaid cards to domestic customers starting from July 22.

Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007 (PSS Act). 

"Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on storage of payment system data," the RBI said in an official statement.

The initial public offering (IPO) of online food delivery platform Zomato has been fully subscribed on July 14, the first day of bidding. The offer has received bids for 75.64 crore equity shares against the IPO size of 71.92 crore equity shares.

The issue has received huge interest from retail investors as the portion reserved for them has been subscribed 2.7 times, while non-institutional investors have put in bids for 13 percent against their reserved portion, as per the subscription data available on the exchanges till 5:00 pm.

The portion set aside for employees is subscribed 18 percent, while that of qualified institutional buyers have seen 98 percent subscription.