Oil prices have been trading in the negative over the past few trading sessions mainly due to a slew of data releases from China showing distress signs in the economy. Along with this, with the tension brewing again in Ukraine ahead of referendum in Ukraine’s Crimea region, investors have become wary. On the MCX, crude prices have fallen 1.6%, to Rs6021/bbl (barrel) from Rs6,119/bbl for the week ended 13th March.
Industrial metals had a violent week after the Asian markets tanked on 14 March 2014 over a bond default in China which added to growing concerns about slowing economic growth and demand from the world’s biggest consumer of the metal. Data showed that China recorded a sharp decline in exports. On the MCX, March future prices of lead have fallen by almost 5% for the week ended 13th March, to Rs123/kg from Rs129/kg.
In January, the harvesting of chana commenced but, due to the unseasonal heavy rains, arrivals have been disrupted. Unseasonal rainfall in Maharashtra and neighbouring states has raised fears of substantial damage to the chana crop. Market estimates that chana output may be lower than the government’s forecast also supported prices. Over the week, chana March futures prices closed 0.95% up at Rs3,281/quintal on 13th March.
SEBI imposed a penalty of Rs10 lakh on a shareholder of Raj Packaging for failing to disclose around 5% rise in his shareholding in the company
Market regulator Securities and Exchange Board of India (SEBI) fined Rs10 lakh penalty on one shareholder of Raj Packaging Industries Ltd (RPIL) for failing to disclose the increased in his stake in the company within the stipulated time.
SEBI in its investigation found irregularities in the trading of RPIL shares, and noticed that one Madanchand Prasanchand has acquired more than 5% shares of issued share capital of RPIL on two occasions.
The shareholder has not filed disclosure within two working days about the substantial increase in his shareholding in RPIL, thus violating the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
In its order SEBI said, the shareholder admitted about the delay in complying with the norms. SEBI also noted that he had had not made any submissions with respect to the change in his holding by more than 2% on two occasions.
Madanchand Prasanchand in his submission to SEBI said, “I have acquired 2.04 lakh shares of RPIL representing 5% of total paid up capital of the company from 1 January 2013 to 17 September 2013. For the period under consideration, due to ignorance of regulations, lack of knowledge and oversight, there was delay in filing the information under the SEBI SAST Regulations, 2011. The delay was totally unintentional and without any malafide intention. As soon as it came to my knowledge, I have filed the reports under Regulation 29(2) read along with Regulation 29(3) of Regulations to the stock exchange. Delay reporting has neither resulted in any gain to me.”
SEBI imposed a penalty of Rs10 lakh on Madanchand Prasanchand. SEBI said Prasanchand's stake in Raj Packaging increased to 15.78% from 13.59% and he should have disclosed the change to the company as required under the norms.
Raj Packaging closed Friday flat at Rs21.15 on BSE, while the 30-share Sensex too ended the day flat at 21,753.
Tulip Telecom’s chairman and managing director HS Bedi was arrested for allegedly evading service tax of Rs32.16 crore
HS Bedi, chairman and managing director (CMD) of Tulip Telecom Ltd is arrested for allegedly evading service tax of Rs32.16 crore. A case has been registered against Tulip Telecom for non-payment of service tax.
Delhi Service Tax Commissionerate in its investigations found the company engaged in providing internet services among others, was not filing its mandatory returns of the central levy from 2012-13. Commissionerate official arrested lieutenant colonel (retired) Bedi, on charges of non-payment of tax even after collecting it from its consumers.
Patiala House Court has sent Bedi to judicial custody for 14 days. An evasion of service tax of Rs50 lakh and above has been made a cognizable offence after the passage of 2013-14 Finance Bill on 10th May last year.
Finance Minister P Chidambaram had proposed provisions of Criminal Procedure Code (CrPC) to arrest such offenders in 2013-14 budget, in line with customs and central excise laws. Earlier, the officials did not have any power to arrest a person for service tax evasion. The service tax officials are taking strict action against all evaders after a first-of-its-kind amnesty scheme for such defaulters ended in December last year.
Earlier Moneylife wrote; Why no action against Tulip Telecom? Mentioning about debt-ridden Tulip Telecom has failed to pay salaries to employees for nine months and has not deposited tax deducted and provident fund dues.
Tulip Telecom closed Friday 4.96% down at Rs4.02 on BSE, while the 30-share Sensex ended the day flat at 21,753.