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If correction in stock market continues amid global macro trend, revenue may fall 30-40% in current fiscal, says CEO Nithin Kamath

Kalyani Group entities claimed they had submitted applications with the compliance officer of Hikal for increasing their shareholding as per the Sebi laws. They alleged these applications were allegedly not given the go-ahead by the compliance officer based on "fabricated justification at the behest of the Hiremath family". The Audit Committee too did not approve even after the Kalyani Group entities raised the issue, they alleged.

Also, for category III AIFs, which invest in listed securities, the distribution fee needs to be charged on a trail basis. These measures have been brought in to enhance the transparency and curb misselling, Sebi circular added.

According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. The major concern of the bidders is the compliance of resolution plans with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP), guidelines, as in the first round of auction, the Hinduja Group firm submitted the bid post-auction.

The RBI has directed all regulated entities to ensure that the service provider employs the same high standard of care in performing the services as would have been employed by regulated entities if the same activity was not outsourced.

Analysts say robust credit offtake and resolutions of a few stressed assets too will boost March quarter performance.

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The issue will have a base size of ₹500 crore and a green shoe option of ₹2,500 crore, they said. The funds are likely to be used for capital expenditure and refinancing of loans.

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