![]() On to the economy sector, The finance ministry has asked all banks to nominate nodal officers, who would act as a single point of contact for exporters and importers who wish to settle external trade in the domestic currency, as it seeks to promote the so-called “rupee trade” in a big way. The company had first filed preliminary documents with the regulator in September 2021. This might delay the Gurgaon-headquartered hospitality company‘s IPO by at least three months. The regulator has not elaborated on the kind of additional information it is seeking, but it may include revisions on basis for valuation, key performance indicators, risk factors and outstanding litigations, according to reports. The offer document was returned to the company with the said advisory on December 30, according to an update on the regulator’s website on Tuesday. In some IPO-related news, the Securities and Exchange Board of India has asked Oravel Stays, the parent company of travel tech firm Oyo, to refile the draft papers for its initial public offering with applicable updates and revisions. All the three bidders - NARCL, the consortium of Varde Partners and Arena Investors, and Authum Investment - participated in the challenge mechanism process which started earlier in the day. A consortium of Varde Partners and Arena Investors, which was in the fray from the beginning of the CIRP process for the two NBFCs, is learnt to have slipped to the third position as it dropped out in the initial rounds of the challenge mechanism for inviting fresh resolution plans from eligible prospective resolution applicants. In some more industry news, National Asset Reconstruction Company and Authum Investment and Infrastructure are leading the race to acquire two insolvent Srei companies as the challenge mechanism process, adopted by creditors, progressed late into Tuesday evening. The board of directors has retained a leading executive search firm to assist with succession planning and the critical CEO search, BharatPe added in its statement. ![]() BharatPe said in a statement that he is stepping down from his role effective January 7, while the company’s current CFO Nalin Negi will be appointed as the interim CEO. Sameer on Tuesday quit his role as the CEO of BharatPe and is transitioning into an adviser for the fintech unicorn. Though he did not share the corpus size, Sameer added that the general partners are existing startup investors. In an interaction with FE on Tuesday, Sameer said the early-stage fund would be domiciled in India but will have Indian as well as global investors. Meanwhile, Outgoing BharatPe CEO Suhail Sameer will launch a new early-stage venture capital fund to invest in consumer tech and fintech startups along with two former co-founders. The petition was filed on Monday, a day before the crucial committee of creditors’ meeting was scheduled to take place to finalise the resolution process and decide the winning bidder. ![]() Torrent Investments, a group company filed a petition before NCLT seeking to direct RCap’s administrator not to accept Hinduja’s revised bids that were submitted a day after the e-auctions ended. ![]() The interim stay was provided after Torrent Group filed an interlocutory application on Monday. This means the lenders would not be able to take a call on Hinduja Group’s revised offer till January 12, when the NCLT will next hear the matter. The insolvency process of debt-ridden Reliance Capital is set to be delayed as the National Company Law Tribunal (NCLT) on Tuesday stayed the resolution process on a plea by Torrent Group. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. "You are listening to the Expresso Business Update. ![]()
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