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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Maharashtra Scooters announces appointment of director
Jul 19,2017

Maharashtra Scooters announced the appointment of V.L.Rajale (DIN 00640260) as Nominee Director representing Western Maharashtra Development Corporation, a Promoter Company.

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Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC)
Jul 19,2017

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). In particular, the IAC recommended for IBC reference all accounts with fund and non-fund based outstanding amount greater than Rs.5000 crore, with 60% or more classified as non-performing by banks as of March 31, 2016.

Accordingly, Reserve Bank of India has issued directions to certain banks for referring 12 accounts, qualifying under the aforesaid criteria, to initiate insolvency process under the Insolvency and Bankruptcy Code, 2016. As regards the other non-performing accounts which do not qualify under the above criteria, the IAC recommended that banks should finalize a resolution plan within six months. In cases where a viable resolution plan is not agreed upon within six months, banks should be required to file for insolvency proceedings under the IBC.

However, the names and details of borrowers are not disclosed as prescribed under section 45E of the Reserve Bank of India (RBI) Act, 1934 and Banking Laws, which provide for the obligation of a bank or financial institution to maintain secrecy about the affairs of its constituents.

In respect of the above-mentioned 12 accounts, Reserve Bank of India has advised the banks to make provisions as under:

n++The minimum provisions required to be maintained against the said accounts would be the higher of the following:

(a) 50 per cent for secured portion of the outstanding balance plus 100 percent for the unsecured portion.

(b) Provisions required to be maintained as per the extant Asset classification norms.n++

The additional provisions, as required in each case, should be proportionately spread over the remaining quarters of the current financial year, starting Q2, so that the required provisions are fully in place by March, 2018.

The effect of the provisioning requirement prescribed in respect of the said 12 accounts would vary for each account and for the respective banks depending upon the current asset classification, current provisions held, security coverage, etc.

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Victory Paper & Boards (India) to hold board meeting
Jul 19,2017

Victory Paper & Boards (India) will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Titan Securities to hold board meeting
Jul 19,2017

Titan Securities will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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IFM Impex Global to hold board meeting
Jul 19,2017

IFM Impex Global will hold a meeting of the Board of Directors of the Company on 26 July 2017.

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TV Today Network to hold board meeting
Jul 19,2017

TV Today Network will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Multipurpose Trading & Agencies to hold board meeting
Jul 19,2017

Multipurpose Trading & Agencies will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Sacheta Metals to hold board meeting
Jul 19,2017

Sacheta Metals will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Lynx Machinery & Commercials to hold board meeting
Jul 19,2017

Lynx Machinery & Commercials will hold a meeting of the Board of Directors of the Company on 26 July 2017.

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G D Trading & Agencies to hold board meeting
Jul 19,2017

G D Trading & Agencies will hold a meeting of the Board of Directors of the Company on 15 July 2017.

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Vaarad Ventures to hold board meeting
Jul 19,2017

Vaarad Ventures will hold a meeting of the Board of Directors of the Company on 26 July 2017.

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Bhageria Industries to hold board meeting
Jul 19,2017

Bhageria Industries will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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Unjha Formulations to hold board meeting
Jul 19,2017

Unjha Formulations will hold a meeting of the Board of Directors of the Company on 31 July 2017.

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Mysore Paper Mills to hold board meeting
Jul 19,2017

Mysore Paper Mills will hold a meeting of the Board of Directors of the Company on 28 July 2017.

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Coral India Finance & Housing to hold board meeting
Jul 19,2017

Coral India Finance & Housing will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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