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The board also approved convening of an extraordinary general meeting on Friday, 15th July 2022, to seek approval of shareholders for the aforesaid preferential Issue. Earlier this week, the telco had announced that it intends to raise up to Rs 500 crore from its UK promoter.

As per the scheme, the outstanding of the state power distribution companies - including the principal and late surcharge - will be frozen. They will be given the flexibility to pay the outstanding amount in up to 48 installments. The generation companies will have to forego further late payment surcharge on the frozen amount.

Interest in distressed power companies has recently increased due to a shortage of power supply and the government nudge to state-owned banks to finance them.

In its report to the government, the committee opined that any exemptions on moratorium could hinder the IBC process. Under the law, the central government has powers to exempt any regulator or financial arrangement from the ambit of moratorium.

The conglomerate is also revising the salary of chairman and managing director Sanjiv Puri and two executive directors, Nakul Anand and B Sumant, from October to make the remuneration "market competitive, performance driven and long term oriented, while recognizing the enduring impact of leadership on business performance and the need to reward talent," it said in the notice.

That steep rate hike path, designed to slow the economy, has sparked widespread concern about a recession and a weakening of labor markets, which Powell on Wednesday said were unsustainably hot.

Berkshire is the largest individual shareholder in Occidental. The company also owns options to buy 83.9 million Occidental shares, which if exercised, would bring its stake to over 25%.

Government officials told ET that the RBI order, published late Monday, came after commercial lenders had raised concerns with the banking regulator over likely rule breaches by fintech companies.

The S&P 500 earlier this month fell over 20% from its January all-time high, confirming the common definition of a bear market, with the benchmark index last week logging its biggest weekly percentage drop since March 2020.

Banks led by IDBI Bank, Bank of Baroda and HDFC Bank have lent a total of ₹148 crore to the company. However, recovery of their loans hinges on the six acres of land of the leisure park.