Regulations
CIC asks SEBI to disclose number of insider-trading notices issued to RIL

The CIC said argument offered by SEBI official that the disclosure would impede the process of the quasi-judicial proceedings is neither supported by any evidence nor tenable

 
New Delhi: The Chief Information Commissioner has directed the Securities and Exchange Board of India (SEBI) to provide the number of notices that might have been issued to Mukesh Ambani-led Reliance Industries Ltd for alleged insider trading of share transfer, reports PTI.
 
RTI applicant Debashish Nath had sought from the SEBI the number of notices which have been issued against RIL and Reliance Natural Resources Ltd (RNRL) for alleged insider trading.
 
In connection with the RIL, the SEBI informed him that since quasi-judicial proceedings are in progress in this regard the details sought by him cannot be provided as per the exemption clause 8(1)(h) of the RTI which prohibits disclosure of such information.
 
After examining the contentions of both the parties, Chief Information Commissioner Satyananda Mishra ordered the disclosure of information sought by Nath.
 
"After carefully considering the facts of the case, we are of the view that the above response of the CPIO was not entirely in order. Even if it is admitted that certain quasi-judicial proceedings were in progress against the relevant group of companies for insider trading in share transfer, at least, the total number of notices issued could have been mentioned," he said. 
 
Mishra said "also, if the notices issued included any information regarding the nature of the violation, such as, the volume of insider trading of shares, even that information could have been provided." 
 
He said the argument offered by the SEBI official that the disclosure of the desired information would impede the process of the quasi-judicial proceedings is neither supported by any evidence nor tenable.
 
"We direct the CPIO to provide to the appellant within 10 working days of receiving this order the number of notices the SEBI might have issued to these companies during the relevant period for insider trading in share transfer. Besidess, if the other details sought by him are included in the notices sent or separately maintained in a central register/database, that information should also be provided," he said.

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Sesa Goa to shut two plants due to iron ore shortage

Sesa Goa said the closure is imminent within next 24 hours as the raw material stocks of iron ore are running dry

 
Panaji: Sesa Goa Ltd, a subsidiary of Vedanta group, has decided to shut down operation of its two plants in Goa owing to scarcity of iron ore supply as the transportation of ore has been banned due to monsoons, reports PTI.
 
The closure is imminent within next 24 hours as the raw material stocks of iron ore are running dry, a company spokesman here said.
 
The Pig Iron Plant (PIP) and metallurgical coke plant situated in Amona village of Bicholim taluka are slated to be shut down and feared to affect 1,200 employees working in both the industries.
 
The company has said the plants are being stopped as they are not able to get iron ore from its own Codli mines in South Goa after the district collector stopped transportation of ore, pointing out to the accidental conditions on roads during monsoon.
 
"Now the stoppage of transport inside Goa has finally brought the death nail on Sesa's plants which are running since 1992 without stopping for a single day," the spokesman said.
 
"For last one year, the supply of iron ore from Karnataka has also become scarce and very costly due to closure of all mines there as per Supreme Court order and stocks getting sold in e-auction," the spokesman added.
 
The closure is also going to affect the power supply to the state, as state government buys 14-16 MW power from Sesa Goa's gas-based power plant.
 
The company's expansion plans are also going to be affected with the current development, the spokesman said.
 
After expansion, the company was projected to almost double its capacity from the existing 2.8 tonnes of met coke.
 
"Sesa has invested about Rs650 crores which incidentally is the single largest investment in a manufacturing facility in Goa in last 4-5 years. The new plant is also ready for commissioning any day right now," he said.

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COMMENTS

ravi

4 years ago

Dear Goa Chief Minister, instead of banning the trucks moment why can your collector act proactively and find ways and means to continue the business so that employment of 1200 people is sustained. I think the South Goa collector wants to work easily.While Goa sets as a bench mark by reducing Local sales tax of petrol to keep the life moving, your own collector is acting in a diagonally opposite manner. Maybe there needs to be a mentoring on pro-activeness from your side to collector to change his mind and be aggressive on development of the state and country as a whole.

Readymade Steel buys 90% stake in Singapore's KH Foges

Readymade Steel completed acquisition of KH Foges, a specialist contractor in foundation engineering works, specialises in bored cast in-place concrete piling and driven piling foundation work

 
Mumbai: Readymade Steel India (RMS) said it has completed the acquisition of 90% stake in KH Foges through its Singapore subsidiary, reports PTI.
 
"Readymade Steel India has successfully accomplished its acquisition of 90% stake in KH Foges through its wholly owned subsidiary, Readymade Steel Singapore," the company said in a statement.
 
"The acquisition of KH Foges would result in diversifying the product and service portfolio of RMS enabling it to become a total integrated infrastructure solutions provider to the infrastructure sector," Readymade Steel India Managing Director Anil Agrawal said.
 
The acquisition is value accretive to the shareholders of RMS and is expected to result in increased business strength and improved financial performance, he said.
 
Readymade Steel is a market leader in offering product and service solutions to the building and construction industry in the infrastructure space.
 
Singapore-based KH Foges, a specialist contractor in foundation engineering works, specialises in bored cast in-place concrete piling and driven piling foundation work.
 
The total turnover of the company stood at Rs350 crore till December last year.

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