FC Exclusive: NCLT notice to SpiceJet in insolvency plea

The National Company Law Tribunal (NCLT) has issued a showcause notice to budget carrier Spicejet in an insolvency petition filed by Ramco Systems. The IT services provider has filed the plea against the carrier for non-payment of operational debt amounting to Rs 4.87 crore. The case has come up at a time when reports about SpiceJet’s chairman Ajay Singh taking over media house NDTV have started doing rounds.

King of retail

“With FBB, Future Retail is focusing on volume in the fashion business and is very competitively priced. The target is to lower price points by 3‐5 per cent every year helped by economies of scale.

In Kejriwal, Kamal Haasan meet, hints of a new alliance

Delhi Chief Minister Arvind Kejriwal on Thursday met veteran actor Kamal Haasan and hailed him for coming out against communalism and corruption amid mounting speculation that the latter would take a political plunge.

Danfoss seeks to double turnover from India operations in 3 years

Danish energy efficiency equipment provider Danfoss, which wants to double its turnover from India operations to Rs 2000 crore in three years, is preparing MSME suppliers to meet its quality specifications.

Danfoss had moved to a new facility at Oragadam near Chennai couple of years back. It had invested Rs 500 crore on the facility located in a 50-acre land. Currently, local manufacturing accounts for 20 per cent of the sales of the company in India. It produces energy efficient electronic controls for power sector, refrigeration, air-conditioning and commercial compressors.

E-commerce to drive temp staffing

The e-commerce sector is hiring temporary staff in large numbers ahead of the festive season. It will be one of the key sectors driving temporary staffing in the second half of the year.

“E-commerce will be one of the key drivers of flexi-st­affing and is expected to hire around 75,000 people this festive season, which will be 12-15 per cent increase in last year’s numbers. The customer base has grown over last year and hence the demand for manpower will be higher,” said Suchita Dutta, executive director of Indian Staffing Federation.

Sasi out, Jaya is AIADMK eternal gen secy

The ruling AIADMK in Tamil Nadu on Tuesday sacked jailed VK Sasikala as interim chief and made its late supremo Jayalalithaa the party’s “eternal general secretary”, sparking fresh confrontation with rebel leader TTV Dinakaran who vowed to bring down the government.

Tata AIG tops claims settlement among private insurers

Tata AIG has the highest claims settlement ratio among private insurers while handling motor own damage claims, while New India topped the category among public sector insurers.

Claims settlement ratio is the number of claims settled in the quarter from the total claims available for processing.