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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...
Rocket launch rescheduled after aircraft enters restricted space

Rocket launch rescheduled after aircraft enters restricted space

Science
Nov. 11 (UPI) -- Orbital OTK rescheduled Saturday's Antares rocket launch after another aircraft flew into restricted airspace near NASA's Wallops Flight Facility in Virginia.The rocket was expected to carry the Cygnus aircraft into orbit and deliver 7,400 pounds of supplies, equipment and science experiments to the International Space Station.Within 2 minutes of the scheduled launch time of 7:37 a.m., Orbital OTK scrapped the launch saying a "small aircraft" was flying at about 500 feet some 6 miles offshore."We were working no issues until an aircraft flew into restricted airspace," the aerospace company said on Twitter. "We are currently de-tanking and will be ready to go tomorrow morning."Orbital OTK rescheduled the launch for 7:14 a.m. Sunday.Should skies remain clear, it was predicte...
Piramal Finance enters into housing finance segment

Piramal Finance enters into housing finance segment

Finance
MUMBAI:Financial services company, Piramal Finance today announced entry into retail housing finance business through its wholly owned subsidiary, Piramal Housing Finance. The housing finance company will offer home loans as well as loans against property and construction finance for small developers. "Given the size, scale and market relevance of the wholesale lending business, it was a natural progression to assess opportunities within the retail lending space," Piramal Finance and Piramal Housing Finance managing director, Khushru Jijina said. The company will initially focus on a product roll out across all major metro cities, and thereafter, seek to establish a pan-India presence, including tier 2-3 towns and cities. The retail construction finance arm will focus on local develo...
Genome pioneer John Sulston enters elite club

Genome pioneer John Sulston enters elite club

Science
British genome pioneer Sir John Sulston has been elevated to the Companion of Honour in the Queen’s birthday list.Only 65 people, including the sovereign herself, can hold the distinction at any one time.Sir John won a Nobel Prize in 2002 for his breakthrough contribution to the understanding of how genes control cell division and cell death in an organism.One of the researchers with whom he shared that prize, Sydney Brenner, joined the elite group back in 1986.To become a Companion of Honour, an individual has to have made a major contribution to the arts, science, medicine, or government over a long period of time. Existing members include David Hockney and Sir David Attenborough. Those joining with Sir John include JK Rowling and Sir Paul McCartney.Another newcomer is Lord Stern, one of