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SC orders Jaypee to deposit Rs 2k crore; directors can’t leave country without permission

Published

9 years ago

on

Jaypee Infratech

[vc_row][vc_column][vc_column_text]Real-estate major also told that it can’t sell any property without seeking prior permission and consent of the court

The Supreme Court bench of Chief Justice Dipak Misra and Justices DY Chandrachud and AM Khanwilkar, on Monday (September 11), passed stringent directives on the promoters and directors of Jaypee Infratech and ordered that they are not to leave the country without prior permission of the court. Their associates have also been directed to deposit Rs 2,000 crore on or before October 27.

The bench also directed that if any property is to be sold by the real-estate major, the sale will take place after obtaining permission and consent of the court.

While the Union government has argued for the case to be dealt with by the Insolvency Code, petitioner Chitra Sharma has said that this will leave homeowners in the lurch, because they come way down in the order of preference as per the code. After paying off top creditors such as the banks and even small time employees of the projects (such as watchmen) there is likely to be nothing left from the proceeds of liquidation for the homeowners.

Earlier, a group of Jaypee Infratech home buyers had moved the Supreme Court, seeking relief against a National Company Law Tribunal (NCLT) order which stayed all court proceedings against the company, including those pending before the consumer courts. On September 5, IDBI Bank had requested the apex court to restore the insolvency proceedings against the realtor.

They also urged the apex court to declare home buyers as ‘secured creditors’ to help them get first right on the company’s assets in case of insolvency.

On Monday, Attorney General KK Venugopal, said that the very purpose of insolvency proceedings is to revive the company.

Additional Solicitor General Tushar Mehta, appearing for the Insolvency and Bankruptcy Board of India, said: “Insolvency professionals will re-structure the company’s scheme and will ensure the supplies and deliveries of the flats to all buyers.”

Justice Misra said: “Kindly give this court a scheme, illustrating, how they will pay the debts of all creditors.  This scheme should also show how the parent company’s and its sister company’s assets will be restructured and how they will deliver the flats to homebuyers.”

“We are not concerned with the assets of the company. We are only concerned with interests of all the home buyers,” said the Chief Justice. “It is our constitutional duty to give paramount consideration to valuable interest of all home buyers. Many of them are from middle class income groups.”

Senior advocate P Chidambaram, appearing for the home buyers, requested the court to include all the homebuyers in the category of secured creditors. He said that the scheme of Insolvency and Bankruptcy Code of India (IBC) doesn’t include them as creditors or secured creditors. The resolution plan of insolvency proceedings will throw them out.”

Justice Misra said: “We are not inclined to change the statutory interest. We are just giving utmost consideration to the interests of homebuyers and secured creditors.”

The Attorney General asked for time to frame and submit the scheme of the Insolvency Resolution Profession (IRP).

The Chief Justice ordered: “In modification of the order dated September 4, we issue the following directions:

  1. The IRP will submit the scheme of payment to the creditors and delivery of flats to the home buyers.
  2. The company or any of its associate companies will not alienate any of its property in any manner.
  3. The managing directors and directors of the respondents (3 and 4) will not leave the country, without prior permission of this court.
  4. The respondents, subject to their arguments and submissions, will deposit certain amounts with this court.
  5. IRP will take over all the management of the Jaypee Infratech Ltd. and pass the interim resolutions.
  6. Respondent 4 (an associate) is not the party to this suit. It will deposit Rs 2,000 crore on or before27/10/2017. If any property is to be sold, the sale will take place after obtaining permission and consent of this court.
  7. Any person who is the director of any of the companies at the time of the IRP proceedings, will not leave the country without obtaining the permission of this court, except nominee directors of the lenders – IDBI, ICCI and SBI.”

The court also allowed all interventions.

The matter has been listed again for November 13.[/vc_column_text][/vc_column][/vc_row]

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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

Published

7 days ago

on

July 7, 2026

By

XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

Published

2 weeks ago

on

June 29, 2026

By

Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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India News

Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

5 months ago

on

February 1, 2026

By

Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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