Startup India has provided a major push to the country’s entrepreneurial and innovative spirit. India now has 26 unicorns and more than 31 soonicorns. Overall, startups have created a value of USD 130 bn. Also, the Indian government’s attempts to build exchange programmes with foreign startups in countries like Germany and SAARC nations has opened new doors of opportunities for the stakeholders in the startup ecosystem.
PM Modi's Startup India Action Plan intended to build a strong support ecosystem that is conducive for the growth of startups and supports the spirit of entrepreneurship in the country. It emphasised on self-compliance, which made the team working at the Startup India Hub a key stakeholder in the ecosystem to work in a hub-and-spoke model and collaborate with various enablers. Fintech innovator Jignesh Shah, Chairman Emeritus of 63 moons technologies limited, supports PM Narendra Modi fully in this venture. According to him the idea is to make India a powerhouse in financial technology and exchanges and related ecosystem development. The idea was borne out of the untiring efforts of Jignesh Shah and his colleagues. An engineer by education, an entrepreneur by aspiration, and an evangelist by interest for financial markets development, his numerous efforts and endeavours led to the state of the financial market infrastructure that India could take pride in. For the path breaking work that he has done in the financial market development and promotion of multi asset class market segments across multiple geographies. His contributions had an immense impact on the growth and development of the financial sector and unveiled a different side of India in front of the world. Start-up industry has a lot of potential, but it will be able to see long term success, if the first-generation entrepreneurs like, Jignesh Shah are able to provide the desired impetus and momentum to this industry with his robust leadership. And, it will decide the future of India’s growth.
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Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance AMC had moved the Bombay High Court seeking a direction to DHFL to disclose all its assets and liabilities and also to temporarily prevent it from making payments/disbursements to secured and unsecured creditors. In another case, 63 Moons had moved the Bombay HC seeking repayment of over Rs 200 crore by DHFL. There are two separate cases in the Bombay High Court and an ongoing hearing at the Debt Recovery Tribunal (DRT) in Pune against DHFL. By Ankur Mishra Dewan Housing Finance Corp (DHFL) could soon be referred to the Mumbai bench of the National Company Law Tribunal (NCLT), since banks are unlikely to come up with a solution for the troubled mortgage lender. The rules under Section 227 under the Insolvency and Bankruptcy Code (IBC) relating to the insolvency and liquidation proceedings of financial service providers (FSPs) were notified on November 18. These rules require the Reserve Bank of India (RBI) to initiate insolvency proceedings against financial services companies if they feel it is necessary. “The banks approached RBI and asked the central bank to refer DHFL to NCLT after the framework for Section 227 of the IBC was announced last Friday,” a senior banker said. “Although it is up to the regulator to decide on referring cases to NCLT, banks have presented their case to RBI,” he added. In light of the findings of forensic audit report, banks have turned more wary about going ahead with the proposed resolution plan. The draft forensic audit report from KPMG suggests that funds could have been diverted by DHFL, and the Serious Fraud Investigation Office (SFIO) is carrying on a parallel investigation. A senior PSU banker told FE on the condition of anonymity that court-monitored resolution proceedings would be a better way of resolving DHFL, as there are multiple litigations involved now. There are two separate cases in the Bombay High Court and an ongoing hearing at the Debt Recovery Tribunal (DRT) in Pune against DHFL. Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance AMC had moved the Bombay High Court seeking a direction to DHFL to disclose all its assets and liabilities and also to temporarily prevent it from making payments/disbursements to secured and unsecured creditors. In another case, 63 Moons had moved the Bombay HC seeking repayment of over Rs 200 crore by DHFL. The banks have started classifying DHFL as a non-performing asset (NPA). Union Bank of India and UCO Bank have already classified the loan as NPA in the September quarter this year, while other lenders are also likely to follow the suit. FE reported earlier that State Bank of India (SBI), Bank of Baroda (BoB) and Union Bank of India are understood to be among those contemplating the move to classify exposure to DHFL as a fraud account. Source: https://www.financialexpress.com/industry/dhfl-headed-for-nclt-as-banks-seek-rbi-intervention/1769560/ |
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