‘Neither employers' representatives nor the union leaders were willing to share any extra load.’
The Central Board of Trustees (CBT), the apex decision-making body of the Employees' Provident Fund Organisation (EPFO), could not approve the proposal to benefit its 47.2 million subscribers, as neither employers' representatives nor the union leaders were willing to share any extra load, sources said.
"We have decided to form a committee to suggest modalities for implementing the proposal. The committee will give its report within a month," Labour Minister Mallikarjun Kharge, who is also chairman of the CBT said, after the meeting.
However, this committee would be an informal arrangement among the trade unionists, he said.
Of 3.5 million EPFO pensioners, 1.4 million get monthly payment of less than Rs500 per month. Only 0.7 million of them get above Rs1,000 or more as monthly pension and there are cases where pensioners are getting as low as Rs12-38 per month.
At present, both an employer and his employee contribute 12% of basic pay plus dearness allowance (BPDA), each towards the PF fund. Out of the employer's contribution 8.33% goes towards the pension account. Over and above, the government contributes 1.16% of BPDA towards this head. If the pension floor is fixed at Rs1,000 per month, additional contribution of 0.63% of BPDA will be required.
The union leaders on the CBT demanded that the government should bear the additional burden because EPFO is a social security scheme. Mr Kharge said one of solutions could be to raise the retirement age of an employee to 60 years from 58 years (in the EPFO scheme). Yet another solution is of foregoing of two-year bonus given to employees after 20 years of service, he said. The idea has been rejected by unionist trustees.
Decision on providing 'Contribution Cards' similar to bank passbooks was also deferred.
SEBI had conducted an investigation into irregularities in trading in the company’s shares during 2007 and 2008 and into the possible violation of the provisions of the SEBI Act, 1992. The investigation was focused on change in promoter’s shareholding and how it got reduced from 11.63% to zero during the quarter December 2007
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs20 lakh on two individuals for their involvement in fraudulent trade practices while dealing in shares of Platinum Corporation, reports PTI.
In separate orders, SEBI directed Vinay R Patel and Vasantkumar Bababhai Patel to pay Rs10 lakh each as penalty for their role in the stock market fraud.
The regulator had conducted an investigation into irregularities in trading in the company’s shares during 2007 and 2008 and into the possible violation of the provisions of the SEBI Act, 1992.
The investigation was focused on change in promoter’s shareholding and how it got reduced from 11.63% to zero during the quarter December 2007.
It was found that the trading details at the Bombay Stock Exchange (BSE) did not reflect any sale of shares by the promoters and the details available with the depositories did not contain any off-market debit transactions executed by the promoters.
Investigation unearthed massive fraudulent scheme spread across two years wherein more than 70 persons connected to the promoters and directors of the company “conspired with one another along with the company, pooled shares from various demat accounts and sold more than 90% of equity capital for a consideration of over Rs 20 crore.”
A total of 30 persons, including the two noticees against whom orders were passed, were found to have transferred shares to persons who sold shares in the market and acted as conduit.
According to SEBI, they “thereby, facilitated, aided and abetted the promoters and/or persons connected to the promoters/directors and their commissions and omissions are also part of the conspiracy in fraudulent dumping of shares of Platinum Corporation in the market”.
The regulator had issued show-cause notices to them last year. After going through the submission, SEBI said that the replies received from them were not satisfactory and the noticees had failed to explain their transactions.
“The noticee has transferred shares of the company to Tushar Shah who is the promoter of the company and it is only because of the numerous entities including the noticee, that such huge number of shares of the company have been offloaded in the market at the cost of gullible investors,” SEBI said in one of the orders.
The regulator had in January imposed a penalty totalling Rs24 lakh on 17 entities, including Platinum Corporation director Pratik Shah, on charges ranging from non-disclosure of acquisition of shares to involvement in fraudulent trade practices in dealing with shares of the company.
Earlier this month, SEBI imposed penalties of Rs10 lakh each on 14 others in the same case.
HPCL has proposed to buy 3.5 million tonnes of crude oil from Saudi Aramco of Saudi Arabia in 2012-13 against 1.75 million tonnes of oil bought in current year. It will cut down purchase from Iran to 3 million tonnes in the year beginning April from 3.5 million tonnes in the current year
New Delhi: State-owned Hindustan Petroleum Corporation (HPCL) will double crude oil imports from Saudi Arabia next fiscal and cut purchases from Iran by over 14%, reports PTI.
HPCL in 2012-13 has proposed to buy 3.5 million tonnes of crude oil from Saudi Aramco of Saudi Arabia against 1.75 million tonnes of oil bought in current year, the company sources said.
It will cut down purchase from Iran to 3 million tonnes in the year beginning April from 3.5 million tonnes in the current year.
Indian refiners fear problems in paying for crude oil they buy from Iran after the US and European Union imposed fresh sanctions to deter the Islamic regime for its nuclear programme. The refiners are cutting imports from Iran by 10% next fiscal.
Sources said HPCL will keep purchases from Abu Dhabi, Kuwait, Iraq and Malaysia unchanged in next fiscal.
It will buy 2.25 million tonnes from Abu Dhabi National Oil Corporation, 2.25 million tonnes from State Oil Marketing Organization (SOMO) of Iraq, 1 million tonnes from Kuwait Petroleum Corporation (KPC) and 1.25 million tonnes from Petronas of Malaysia.
HPCL’s total crude oil requirement for 2012-13 has been estimated at 18 million tonnes. Out of this, 14.25 million tonnes of crude is proposed to be imported through a combination of term and spot contracts, while the balance 3.75 million tonnes will be sourced from indigenous fields.
Of the imported crude, 11.25 million tonnes will be procured from national oil companies (NOCs) through term contracts, while the balance 3 million tonnes of crude will be sourced from the spot market.
Mangalore Refineries and Petrochemicals (MRPL) is India biggest buyer of Iranian oil at 7.1 million tonnes in current fiscal while Essar Oil buys 5 million tonnes. IOC has a term contract to buy 1.5 million tonnes while Bharat Petroleum Corporation (BPCL) could not commence its 1 million tonnes term imports from Iran this fiscal because it could not open an account with Turkey’s Halkbank for payment to NIOC.