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GE Capital offers total buy-out of SRF Finance
US financial services giant GE Capital has made the first offer by a corporate under the new takeover regulations to acquire 100 per cent of the equity in a target company — the Delhi based SRF Finance. GE Capital’s revised offer to acquire the entire block of shares of SRF Finance has been cleared by SEBI. Earlier, the company had offered to acquire 20 per cent of the equity of SRF Finance after buying out the entire equity holding of 53 per cent held by the promoters — the Shriram group in Delhi at Rs. 53.50 per share.
Mercedes Benz India to focus on exports
After a dismal run in the domestic market, Mercedes Benz India, now armed with bulk export orders, has reworked its business strategy to concentrate on offshore markets to boost sales. Sources told Business Line that the company recently received orders worth about Rs. 125 crores from Malaysia and South Africa for 700 cars. In the short-term, the large overseas order has prompted the company to push back its new business plan for the domestic market.
Mortgage claims: Banks seek powers
Nationalised banks have urged the Ministry of Finance to amend the Debt Recovery Tribunal (DRT) Act to ensure that banks are able to enforce their mortgage claims against a defaulting party. Banks have pointed out that the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, under which the DRTs were set up, has chosen to remain silent on the aspect of “mortgages”, despite making clear mention of “debts”. A nationalised bank has asked the ministry that the controversy over the enforceability of the mortgage claims need to be settled with finality since it is a wholly different concept from that of recovery of debts.
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