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News, The Morning Context

Pledge agreements show Adani Green could have breached loan covenants

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Pledge agreements show Adani Green could have breached loan covenants. Adani Green Energy Ltd (AGEL) faced allegations that could constitute an Event of Default under its loan agreements, partly due to an investigation related to Gautam Adani and others. The agreements contain a representation that the borrower is not subject to any investigation that could materially and adversely impact its ability to fulfill the terms of the deal. The article discusses UK holding structures and the potential fallout.

News, The Morning Context

With L&T deal, AI cloud provider E2E Networks is at a turning point

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The 15-year-old cloud services provider has raised a hefty sum, thanks to a timely shift to an AI-first approach. It’s now gearing up for opportunities beyond the private sector amid intensifying competition. In the past four months, E2E Networks has raised more money than it ever did in the 15 years of its existence. Last week, infrastructure major Larsen & Toubro decided to acquire a 21% stake in E2E for Rs 1,407 crore.

News, The Morning Context

NBFCs’ supply-chain finance offerings face possible RBI restrictions

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An industry letter to the central bank has sought clarification on the regulator’s advice to some NBFCs to cease or modify their supply-chain finance products. The Reserve Bank of India is likely rethinking its stance on supply-chain finance products sold by non-banking financial companies. According to a letter addressed to the RBI by the Finance Industry Development Council, the central bank has advised some NBFCs to stop offering certain supply-chain finance products or modify them.

News, The Morning Context

RBI’s crackdown on P2P lending casts a cloud over MobiKwik’s IPO plans

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As investors in MobiKwik’s P2P lending scheme cry foul over the handling of an RBI rule change, uncertainty looms over the fintech company’s lending business—its strongest growth driver. Many users of a lending scheme offered by MobiKwik are rattled. The Gurugram-headquartered digital payments company, which earlier allowed “anytime withdrawals”, seems to have locked in their investments after the central bank changed a key rule.

News, The Morning Context

Robin Raina’s Eraaya-Ebix deal is a train wreck

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Robin Raina’s Eraaya-Ebix deal is a train wreck. The article mentions “HYPE” and discusses the deal, including the curious case of Vitasta Software. Questions are raised about where the CFO is, labeled as “ACPO AWOL”, and the source of money, mentioning the Oppocrates Fund, FPCCC, and Capital. The situation is described as “All tangled up”.

News, The Morning Context

Swiss court ruling an indictment of SEBI, Indian courts in Adani affair

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A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.

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