Special court discharges DHFL in money laundering case
mumbai: A A special court in Mumbai has discharged now defunct Dewan Housing Finance Corp Ltd (DHFL) in a Rs 5,050 crore money laundering case, ruling the company under new management is entitled to statutory immunity under the Insolvency and Bankruptcy Code (IBC). The court, however, clarified that while DHFL as a corporate entity is discharged, the immunity does not extend to individuals involved in the case. In an order passed on February 2, special PMLA court Judge RB Rote ruled that DHFL is entitled to statutory immunity following its successful resolution process under IBC, a legislation that provides a time-bound process for insolvency resolution and liquidation of corporate entities and individuals.
Civil Aviation Minister reviews progress in drone R&D activities
NEW DELHI: Civil Aviation Minister K Rammohan Naidu on Wednesday reviewed the progress of drone research and development, as well as component manufacturing activities. At the meeting, the minister said the aim is to make India the third-largest drone market globally by 2030, according to a release issued by the minister’s office. “Our emphasis is firmly on indigenous technology. Making India the third-largest drone market in the world is not just an aspiration, but a clear goal we are working towards,” he said.