New Delhi: Environment issues have once again delayed the invitation of bids for the 4,000MW ultra mega power project (UMPP) at Sarguja in Chhattisgarh, reports PTI.
“The preliminary bidding process for the project has been delayed by two months...now the last date of submission of bids is on 8th March,” a power ministry official said.
This is the fourth time the process has been delayed. Power Finance Corporation (PFC), the nodal body for the execution of UMPPs in the country had invited initial bids for the Chhattisgarh project in March 2010.
The bidding process got delayed four times till date as the ministry of environment and forests (MOEF) is yet to approve mining from the coal blocks allotted for the project.
MOEF is yet to come clear on the subject of “go” and “no-go” areas for coal mining. The ministry has classified no-go areas as the zones where mining activity could not take place as it would have adverse impact on the environment.
The coal ministry had allotted the Hasdeo coal block in Chhattisgarh for the Sarguja UMPP.
Another such project at Orissa is likely to get MOEF clearance for its coal blocks.
Of the four UMPPs allotted by the government so far, three have been bagged by Reliance Power—Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh), Tilaiya (Jharkhand). Tata Power bagged the Mundra UMPP in Gujarat.
These projects are part of government’s ambitious plan to mitigate electricity shortages, and add to India's capacity addition initiative.
The government plans to add about 1,00,000MW of power, of which major chunk would be contributed by such projects.
Deutsche MF floats Fixed Term Fund–Series 78; DSP BlackRock MF unveils FMP–3M–Series 27; ICICI Pru MF launches Fixed Maturity Plan-Series 53-One Year Plan E; Sundaram MF introduces Fixed Term Plan–AL
Deutsche MF floats Fixed Term Fund–Series 78
Deutsche Mutual Fund has launched DWS Fixed Term Fund–Series 78 (DFTF–78), a close-ended income scheme.
The objective of the fund is to generate regular income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme.
The new issue opens on 4th January and closes on 17th January. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager.
DSP BlackRock MF unveils FMP–3M–Series 27
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP–3M–Series 27, a close-ended income scheme.
The primary investment objective of the schemes is to seek capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing.
The new issue opens on 4th January and closes on 6th January. The minimum investment amount is Rs10,000.
ICICI Pru MF launches Fixed Maturity Plan-Series 53-One Year Plan E
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 53-One Year Plan E, a close-ended scheme.
The investment objective of the Plan under the Scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments which mature on or before the date of maturity of the plan/scheme.
The new issue closes on 12th January. The minimum investment amount is Rs5,000.
Sundaram MF introduces Fixed Term Plan–AL
Sundaram Mutual Fund has launched Sundaram Fixed Term Plan–AL, a close-ended income scheme.
The investment objective is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.
The new issue closes on 14th January. The minimum investment amount is Rs5,000.
Apex court says SEBI can seek relevant information from Sahara group companies, but should not restrain them from raising money from capital markets
In what appears to be a severe blow to the market regulator, the Supreme Court on Tuesday asked the Securities and Exchange Board of India (SEBI) not to restrain the Sahara group from raising money from the capital markets. The apex court also said SEBI can seek all relevant information directly from Sahara group companies.
The Supreme Court order was on a petition by SEBI challenging an Allahabad High Court stay on a ban by the regulator on the Sahara group raising money from the markets. The dispute is related to SEBI’s restriction in November on Sahara India Real Estate Corp Ltd (SIRECL), Sahara Housing Investment Corporation Ltd (SHICL) and Sahara group chairman Subrata Roy.
A bench headed by chief justice SH Kapadia said, “We make it clear that SEBI is entitled to call for any information which it deems fit, including names of the investors who have invested in optionally fully convertible debentures (OFCDs).”
The bench, however, declined the plea by the SEBI counsel to stay the plans of Sahara group companies to raise money from the market through OFCDs. The Supreme Court also asked the Registrar of Companies to appear before the Allahabad High Court and file its reply in this matter.
SEBI had acted on complaints it had received against Sahara Prime City Ltd (SPCL), which alleged that the company's sister concerns, SIRECL and SHICL were issuing OFCDs, in violation of the statutory requirements of disclosure. Subsequently, the market regulator issued an order restraining the Sahara group companies from raising money through OFCDs for non-disclosure of information.
SIRECL challenged the SEBI order before the Lucknow bench of the Allahabad High Court, saying that the market regulator has no jurisdiction over the company, as it was neither a listed company in any stock exchange nor intending to be listed in the future. It said that the company was regulated by the Ministry of Corporate Affairs under the Companies Act 1956 and not by SEBI.
The Sahara group claimed that in February 2008, SIRECL decided to raise funds from OFCDs by way of private placements. This was mentioned in its red herring prospectus filed with the Registrar of Companies at Kanpur. In the filing, SIRECL also mentioned that in the OFCDs only those persons would be eligible to apply to whom the information memorandum was circulated or approached privately and associated with Sahara group of companies.
Objecting to SIRECL's claims, SEBI said that according to section 67 (3) of the Companies Act, an offer made by less than 50 persons could be treated as a private placement, but if the offer is made by more than 50 persons then it should be treated as a public offer. Till June 2010, the total investment made through OFCDs in SIRECL was about Rs4,843.40 crore and interest accrued and due for payments was around Rs541.80 crore. SEBI said that keeping in mind the amount involved, this should be treated as a public offer and should require the company to become a listed entity.
The High Court bench observed that the issue was still open and that the union government is examining it. The bench then stayed the SEBI order.
The case is due to come up at the High Court again on 12th January. But SEBI approached the Supreme Court to decide on the validity of the interim order of the Allahabad High Court.