Business & Economy Current Affairs 2017

Reliance Industries market capitalisation hits Rs 5 lakh crore mark

Mukesh Ambani-led Reliance Industries Limited (RIL) for the first time in its trading history has crossed Rs 5 lakh crore in market capitalisation. The market cap of RIL stood at Rs 5,04,458.09 on BSE (Bombay Stock Exchange.

RIL is second firm to cross Rs 5 lakh crore in market capitalisation. It is also RIL’s highest market cap in its lifetime and also currently it is the most valued company on the bourses.

Tata Consultancy Service (TCS) was first company to hit Rs 5 lakh crore in market capitalisation milestone in July 2014. Later in November 2014, its market capitalisation had surged to 5.43 lakh crore. Now, it is the second most valuable company in terms of market-capitalisation.

About Reliance Industries Limited (RIL)

RIL is an Indian conglomerate engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. It is the third most profitable company in India. It is the second largest company in India in terms of revenue after the government-controlled Indian Oil Corporation (IOC). It was ranked 215th on the Fortune Global 500 list of the world’s biggest corporations as of 2016. It was also ranked 8th among the Top 250 Global Energy Companies by Platts as of 2016.

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IBBI notifies rules for bankruptcy probe

The Insolvency and Bankruptcy Board of India (IBBI) has notified regulations for inspection and investigation of service providers registered with it.

Under the Insolvency and Bankruptcy Code (IBC) implemented by IBBI, service providers are insolvency professional agencies, entities, professionals and information utilities.

New regulations

The investigation authority has to serve a notice intimating the entity concerned about the probe at least 10 days in advance. However, this requirement can be done away with on grounds such as apprehensions that the records of the particular service provider might have been destroyed before the probe starts.

About Insolvency and Bankruptcy Board of India (IBBI)

IBBI is the regulator for overseeing insolvency proceedings of service providers like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was given statutory powers through the Insolvency and Bankruptcy Code. It functions under Ministry of Commerce.

The Code provides for a market-determined and time-bound resolution of insolvency proceedings. It became operational in December 2016. It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. It attempts to simplify the process of insolvency and bankruptcy proceedings and speed up the resolution process for stressed assets in the country.

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