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SBI enters into compromise deal with Anrak

SBI enters into compromise deal with Anrak

Finance
HYDERABAD: In yet another twist in the insolvency resolution chapter at Anrak Aluminium, the country's biggest lender State Bank of India has entered into a compromise deal with the company involving debt revamp and a haircut totalling more than two-thirds of the dues. As part of the debt recast, lenders agreed to settle for around Rs 1,300 crore, compared to the original claim of more than Rs 4,000 crore. After the settlement was reached, Anrak Aluminium promoters made the initial payment of around Rs 150 crore, three people aware of the development said. SBI is learnt to have sealed this compromise deal at a joint lenders' meeting held recently but didn't update the banking regulator RBI while moving the National Company Law Tribunal (NCLT) at its directive. Last week, followin...
Moon: South Korea will not compromise push for North's denuclearization

Moon: South Korea will not compromise push for North's denuclearization

World
SEOUL, South Korea, Jan. 10 (UPI) -- South Korea's President Moon Jae-in said Wednesday that denuclearizing the Korean peninsula is a goal that could never be compromised or separated from the process of improving South-North relations.Moon spoke at a New Year's media conference a day after the two Koreas held a high-level meeting in Panmunjom for the first time in two years.The South Korean leader noted the ongoing progress of improving inter-Korean ties, stressing that a war on the Korean peninsula cannot be repeated.He highlighted the Pyeongchang Winter Olympic Games as a chance to lead Pyongyang back to the negotiating table.However, Moon said the South has no plans to scale back sanctions on the North to punish its nuclear and missile provocations.If the North launches another provoca...