Cerebra Integrated to set up e-waste recycling unit in alliance with Cimelia

IT solutions provider Cerebra Integrated Technologies Ltd said it partnered with Singapore-based Cimelia Resource Recovery to set up what it claims to be India's largest e-waste recycling unit. The company would set up the proposed unit on 10 acres of land in Bangalore with an investment Rs50 crore.

The alliance will help Cerebra to double its e-waste management capacity to 60,000 tons from 30,000 tons annually. It aims to achieve a turnover of Rs250 crore in financial year 2013 with a profit margin of 25%, said the company in a regulatory filing.

On Tuesday, Cerebra Integrated shares ended 1.7% up at Rs23 on Bombay Stock Exchange, while the benchmark Sensex closed 0.3% lower at 17,971 points.


Tata Communications signs two-year IP transit deal with Malaysian company

Tata Communications Ltd said it signed a two-year deal with Malaysia-based mobile services operator group Axiata to build and manage an internet protocol (IP)-based network in select markets in the Asia Pacific region. No financial details were provided.

The select markets include-Dialog Telekom in Sri Lanka, PT XL Axiata in Indonesia, Celcom Axiata in Malaysia and MobileOne in Singapore, the Mumbai-based company said in a regulatory filing.

The IP-based network is aimed at providing latency and better service support for real-time applications such as web browsing, downloads, Facebook, Twitter and mobile video telephony.

On Tuesday, Tata Communications shares ended flat at Rs332 on Bombay Stock Exchange, while the benchmark Sensex closed 0.3% lower at 17,971 points.


SEBI lifts ban on Barclays for issuing ODIs

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has lifted ban on British bank Barclays for issuing offshore derivative instruments (ODI), a move which will allow the lender to facilitate investment by unregistered entities into Indian stock markets, reports PTI.

SEBI, in December last year, had banned Barclays Bank Plc from issuing ODI following its failure to provide "true and accurate picture of transactions" as required by the regulations.

"The deficiencies in the systems and processes of Barclays have now been remedied ... The ex-parte directions issued against Barclays Bank Plc vide the order dated 9 December, 2009, shall stand revoked with immediate effect," SEBI said in a ruling.

ODIs are investment vehicles issued by foreign institutional investors (FIIs) to unregistered overseas investors for parking their funds in Indian equities and derivatives.

The market regulator said the British bank has taken steps to streamline its system.

"From submissions made by Barclays and the review reports of KPMG ... Barclays has undertaken steps to validate its systems and processes to ensure that true and correct reports of its ODI activity are furnished to SEBI," the order said.

SEBI had banned Barclays from issuing ODIs after finding that the bank had been "non-compliant with the provisions of regulations and is not capable of providing information."

The case pertains to reporting of four ODIs issued by Barclays back in December 2006 with Reliance Communications as underlying assets.

Initially, Barclays in its report to SEBI had said that ODIs were issued to the UBS AG. Later, the bank told the regulator that they were issued to Hythe Securities and not UBS.

In its December 2009 order, SEBI had asked the bank to furnish a certificate from an auditor of international standing about its ability to correctly report transactions.

"The reviewer (KPMG) has...certified that information provided in the reports of Barclays to SEBI during the review period is in all material respects, accurately extracted from the source systems of Barclays and accurately reflects all outstanding positions for ODI," the latest order said.

KPMG had furnished an assurance report in this regard on 3rd June.

"As the situation has been remedied and the aforesaid directions in the order have been complied with by Barclays ... the ex parte directions issued against it vide the order need not continue and can be withdrawn," SEBI said.


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