Top headlines: SC verdict on AGR, moratorium on loan repayment and more

SC said that any default in payment would invite interest, penalty and contempt of court.
1. SC gives telcos 10 yrs to pay AGR dues, orders 10% to be paid upfront

The Supreme Court on Tuesday allowed the companies to clear their adjusted gross revenue (AGR) dues in ten years and begin by making an upfront payment of 10 per cent of the total dues. Telecom companies have to give an undertaking for paying the AGR dues as per the SC order. Read on...

2. Moratorium on loan repayment can be extended for 2 years, Centre tells SC

The Centre and the Reserve Bank of India informed the Supreme Court on Tuesday that the moratorium on repayment of loans is extendable to two years in certain conditions, and that the sectors most distressed by the economic slowdown are being identified. "We are in the process of identifying the distressed sectors to vary benefits as per the impact of the hit they have taken,” the Solicitor General Tushar Mehta told the three-judge bench, headed by Justice Ashok Bhushan. Read more...

3. August manufacturing activity hits growth after 4 months, PMI rises to 52

India’s manufacturing activity broke free from a 4-month long contraction in the aftermath of the coronavirus pandemic and subsequent nationwide and state lockdowns, to rise in August. According to the monthly IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) survey released on Tuesday, manufacturing PMI stood at 52 in August, up from 46 in July. Read on...

4. Videocon Industries promoters seek debt recast package from lenders

In a last ditch effort to save the company from going to liquidation, the promoters of Videocon Industries have sought a debt restructuring package which would result in banks getting back Rs 33,400 crore from the company over the next few years. The company was sent to the National Company Law Tribunal (NCLT) for debt resolution in December 2017 and has almost shut operations. Read on...

5. Desi professional network startup Apna raises $8 mn in Series A funding

Apna, a startup that helps skilled professionals like carpenters, painters, field sales agents and others get access to local job opportunities has raised $8 million in Series A from Lightspeed India and Sequoia Capital India. This round also saw participation from new investors, Greenoaks Capital and Rocketship VC. Read more...

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