Business News

Mumbai: The Bombay High Court (HC) has refused to grant urgent relief to Wadia Group, which sought to restrain Bank of Baroda from invoking a corporate guarantee of ₹500 crore given by one of its group companies at the instance of Go First Airlines.Nowrosjee Wadia & Sons Ltd (NWS) had approached the court to "temporarily injunct and restrain" Bank of Baroda from making the demand. Wadia Group has also sought an injunction against the lender from proceeding in accordance with law pursuant to such invocation, mainly on the grounds that the corporate guarantee had lapsed as the condition of tie-up of ₹2,835 crore was attained by the borrower in January 2020."Considering the stated stand of the bank that it can act in furtherance of such demands only by instituting legal proceedings in accordance with the law, this court is of the opinion that there is no case made out for urgent ad-interim reliefs by the applicant (NWS)," Justice Manish Pitale said in his order on March 28. The court will hear the matter on May 7. Before the court's order, senior counsel Navroz Seervai, appearing for the Wadia Group, argued that the bank may invoke provisions of the Insolvency and Bankruptcy Code and this may lead to a situation where the claim of the respondent bank as defined under the code, even being treated as a disputed or undisputed amount, may lead to orders being passed against the applicant."The matter is subjudice and hence we would not be able to comment on this subject," said a Wadia Group spokesperson. Nishit Dhruva, representing Bank of Baroda in the case, refused to comment since the matter is sub judice.

A sudden downpour accompanied by a storm wreaked havoc at the Lokpriya Gopinath Bordoloi International Airport here on Sunday, prompting the authorities to briefly halt operations and divert six flights to other destinations, a senior official said. The storm uprooted a big tree at the Oil India complex outside the Adani Group-controlled facility and blocked a road, Chief Airport Officer (CAO) Utpal Baruah told PTI. "We immediately rushed there and cleared the road for smooth supply of fuel to the terminal. It took us over half-an-hour," he said. When the rain and storm lashed the area, a portion of the roof was blown away in the forecourt area, Baruah said. "It was very old and could not withstand the impact. Due to this, the ceiling broke open and water started flowing inside. However, there was no injury and everything is under control," he said. A purported video of the ceiling falling apart and rainwater gushing has gone viral on different social media platforms. Baruah also said that water entered the terminal from the ceiling. "I am personally monitoring the situation so that passengers do not face any inconvenience. Due to the storm and heavy rain, the visibility dropped drastically and we had to divert six flights," the CAO said. The flights operated by IndiGo, Air India and Air India Express have been diverted to Agartala and Kolkata, he said. "The visibility has improved and normal operations have resumed. Flights have started landing in Guwahati," Baruah added.

New Delhi: Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the nation's biggest oil firm, to manufacture cylindrical lithium-ion batteries. Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has signed a binding term sheet and initiated discussions with IOCL "to draw a framework for the formation of a joint venture" to manufacture cylindrical lithium-ion batteries, said a statement on Sunday. "This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market," it added. Cylindrical lithium-ion batteries are commonly used in consumer electronics, power tools, and electric vehicles. Panasonic Energy is a maker of automotive lithium-ion batteries. The two companies are engaging in a feasibility study regarding the utilisation of battery technology to facilitate the transition to clean energy in India, the statement said. The companies are aiming for "finalising details of their collaboration by the summer of this year", it added. State-owned IOCL is aiming to achieve net-zero carbon emissions by 2046, aligning with the Indian government's plan to achieve net-zero for the country as a whole by 2070. "Through its partnership with IndianOil, Panasonic Energy aims to address environmental challenges, such as reducing CO2 emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India's self-reliance and fortifying India's position in the global energy landscape," it said. This will also lead to the growth of India's battery industry by enhancing cell technology and creating domestic demand for raw materials and new entrants. "Leveraging its expertise in battery development and manufacturing, Panasonic Energy strives to contribute to the growth of the lithium-ion battery industry and India's energy transition, while pursuing its mission of helping to build a sustainable society," it said. Established in April 2022, Panasonic Energy provides battery technology-based products and solutions globally. Through its automotive lithium-ion batteries, storage battery systems and dry batteries, the company provides solutions to a broad range of business areas, from mobility and social infrastructure to medical and consumer products.