NCLT admits tea producer McLeod Russel for bankruptcy proceedings The bankruptcy proceedings were initiated by construction company Techno Electric and Engineering Company in 2019 over a default on interest payments towards a Rs 100-crore loan, according to a court order reviewed by ET.
Tokyo Olympics linked COVID count goes past 100 on day of opening ceremony with 19 new cases The worrying milestone was touched on the day the Games will officially open in Tokyo with a ceremony to be attended by less than 1,000 dignitaries and sans any spectators.
India's tea exports may fall this year due to stiff competition from Africa Apart from a hike in freight, what is hurting the trade is lower prices of teas from Africa. Africa is able to sell teas at $1.6-1.7 per kg or Rs 120-126 per kg. Indian black tea price, which is of a similar quality as African tea, is selling at more than Rs 200 per kg.
IndusInd Bank acquires 70 lakh shares in Mcleod Russel Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL).