Top headlines: Zee moves NCLAT; Moody’s upgrades outlook for 18 cos, banks

Moody’s raises rating outlook to stable for 18 Indian companies, banks

Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to ‘stable’ from ‘negative’.

This follows the upgrade by the US-based rating agency in India’s sovereign rating outlook to ‘stable’ from ‘negative’ on Tuesday. The agency had affirmed the sovereign rating at ‘Baa3’. Read more

Cabinet approves Rs 4,445-cr PM MITRA Yojana to set up 7 mega textile parks

To realise the vision of Prime Minister Narendra Modi of building an Aatmanirbhar Bharat and to position India strongly on the Global textiles map, the Union Cabinet has approved the setting up of seven PM MITRA parks as announced in Union Budget for 2021-22.

Briefing about the Cabinet decision, Union Minister for Commerce and Industry Piyush Goyal on Wednesday said that the seven Mega Integrated Textile Region and Apparel (PM MITRA) parks will be set up at Greenfield or Brownfield sites located in different states. Read more

Zee approaches NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises has on Wednesday moved the appellate tribunal — National Company Law Appellate Tribunal (NCLAT) — against the NCLT order, which asked for a reply to Invesco’s application by October 7. The company is seeking more time to file its reply in the matter and is also seeking a stay on the proceedings at the tribunal till the matter is decided at the appellate tribunal. Read more

Pakistan Army transfers ISI chief Lt Gen Hameed in surprise reshuffle

In a surprise move, Pakistan Army on Wednesday transferred the powerful spy agency ISI’s chief Lieutenant General Faiz Hameed and appointed him as Peshawar Corps Commander.

Hameed was appointed as head of the spy agency on June 16, 2019, in a military shake-up. He had previously served in the ISI as the head of internal security. Read more

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