India Today Magazine: Top News Magazine online, Edition, August 04, 2025
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Business Standard
6 hours ago
- Business Standard
JAL insolvency: Jaiprakash Infratech to challenge bid rejection in court
Jaiprakash Infratech Ltd, the New Delhi-based real estate firm, is preparing to challenge in court the rejection of its bid to acquire Jaiprakash Associates Ltd (JAL), potentially dragging the bankrupt cement and infrastructure major's resolution into further delay. Lenders of JAL had turned down Jaiprakash Infratech's offer, citing an insufficient earnest money deposit (EMD), according to people familiar with the matter. The company had proposed a lien over fixed deposits in lieu of the ₹100 crore deposit, but the bid was rejected for not submitting the amount in the prescribed format and for delays in filing the offer. 'The lien over the fixed deposits was legally valid and submitted on time,' said a person close to the company, who asked not to be named as the discussions were private. 'We have no option but to move the court and remain in the race.' Jaiprakash Infratech, which was taken over by Mumbai-based Suraksha Group in June 2024, is currently focused on completing long-pending housing projects for customers who have waited over a decade. JAL, on the other hand, was sent for debt resolution after the company defaulted on loans worth ₹57,000 crore to Indian lenders. In March this year, the lenders transferred their outstanding dues to National Asset Reconstruction Company. The fresh legal dispute threatens to complicate the resolution process, with Gautam Adani's group emerging as the frontrunner to acquire the company after submitting an unconditional bid. Other suitors, including Dalmia Bharat, Vedanta Group, Jindal Power and PNC Infratech, have submitted offers with conditions attached. Lenders have now asked all bidders to submit revised proposals without conditions. Several of the conditional offers hinge on the fate of JAL's 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld the cancellation of land allotment for the project by the Yamuna Expressway Industrial Development Authority. That decision is currently under appeal in the Supreme Court.
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Business Standard
8 hours ago
- Business Standard
Jaiprakash bankruptcy case heads to court after bid rejection over EMD
New Delhi-based real estate firm Jaiprakash Infratech Ltd is preparing to challenge in court the rejection of its bid to acquire Jaiprakash Associates Ltd, potentially delaying the bankruptcy resolution of the debt-laden infrastructure and cement major. Lenders turned down Jaiprakash Infratech's offer citing an insufficient earnest money deposit (EMD), according to people familiar with the matter. The company had proposed a lien over fixed deposits in place of a ₹100 crore deposit. However, the bid was rejected on grounds of non-compliance with the prescribed format and delays in submission. 'The lien over the fixed deposits was legally valid and submitted on time,' said a person close to the company, who asked not to be named. 'We have no option but to move the court and remain in the race.' Jaiprakash Infratech was taken over by Mumbai-based Suraksha Group in June 2024. The firm is currently focused on completing stalled housing projects that have left homebuyers waiting for over a decade. Jaiprakash Associates was referred for debt resolution after defaulting on loans worth ₹57,000 crore. In March, Indian lenders transferred the dues to the National Asset Reconstruction Company (NARCL). The resolution process may now face further delay, even as Gautam Adani's group has emerged as the lead contender with an unconditional bid. Competing offers from Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech reportedly include various conditions. Lenders have asked all bidders to submit revised, unconditional offers as the process progresses. Several of the conditional offers hinge on the fate of Jaiprakash Associates' 1,000-hectare Sports City project in Greater Noida. In March, the Allahabad High Court upheld the cancellation of land allotment for the project by the Yamuna Expressway Industrial Development Authority. That decision is currently under appeal in the Supreme Court.
Economic Times
a day ago
- Economic Times
Over 17,000 VA staff depart, US unemployment at 4.2 per cent; is the federal workforce at a tipping point?
Synopsis The US labor market is weakening. The Department of Veterans Affairs is experiencing staff reductions through a 'deferred resignation' offer. Over 10,000 employees are leaving. Doctors, nurses, and support staff are departing. This raises concerns about essential services. The VA defends the strategy, focusing on outcomes. The US added only 73,000 jobs in July. The unemployment rate is at 4. TIL Creatives More than 17,000 employees have exited the Department of Veterans Affairs amid a controversial resignation scheme, even as U.S. unemployment climbs to 4.2%. The mass departure raises fresh concerns about a weakening labor market and the future of federal services. As the US labor market shows signs of weakening, with July 2025 marking the slowest job growth in over two years, a quiet but historic exodus is underway inside the federal government. The Department of Veterans Affairs, one of the nation's largest employers, is losing over 10,000 staff through a controversial 'deferred resignation' offer, even as the broader economy cools and unemployment ticks up to 4.2 started in January as a cryptic 'Fork in the Road' email from the Office of Personnel Management has now led to sweeping staffing reductions across multiple agencies. Also Read: Should you keep eggs in the fridge? How improper storage could raise your risk of Salmonella At the VA, doctors, nurses, and front-line support workers are walking out, raising new fears about essential services and job security, at a time when hiring in sectors like retail and tech is slowing and layoffs are rising. The Deferred Resignation Program (DRP) refers to a voluntary separation offer made to federal employees under the Trump administration in early 2025. It originated from a now-infamous email sent by the Office of Personnel Management (OPM) in January, titled 'A Fork in the Road.'Eligible federal workers were given a choice:If they replied 'resign,' they would keep receiving full pay and benefits through September 30, 2025, even though they would no longer report to they chose to stay, they faced uncertainty, including potential layoffs or workforce the VA initially claimed that 'mission-critical' staff such as doctors and nurses would be protected, data obtained through Freedom of Information Act (FOIA) requests by The War Horse show that hundreds of clinical roles have still been approved for resignation. This includes 214 nurses, 35 doctors, and 24 VA police resignations come on top of broader attrition. Since last September, the VA has lost 2,000 registered nurses and 750 doctors, reversing hiring trends from previous largest categories of staff leaving include 1,355 human resources workers, 1,010 program analysts, and 928 IT argue that losing these employees will strain the system. Even if doctors and nurses stay, they will face more administrative burden as support staff of July, VA had reduced staff by about 17,000 through attrition, early retirements, and resignations. Another 12,000 are expected to leave by September. VA Secretary Doug Collins has defended the strategy. He told War Horse that the focus should shift from headcount to outcomes, how many veterans are helped rather than how many staff are hired. The problems at VA mirror broader concerns about the US labor market. According to the July 2025 jobs report, the US added just 73,000 jobs, the lowest in over two years. The unemployment rate ticked up to 4.2 per cent, marking a second straight month of decline in job slowdown is striking. Monthly job gains averaged over 240,000 in 2024. Now, the economy is showing clear signs of cooling, especially in sectors like retail and tech, where layoffs and hiring freezes are becoming more make matters worse, earlier reports for May and June were revised downward, suggesting that job growth had been Federal Reserve is closely watching the labor data. Inflation remains high between 2.6 per cent and 2.8 per cent making interest rate cuts unlikely in the short term. But a weakening job market complicates things.
