Companies & Sectors
Environment Ministry asks two mines to shut operations in Goa

MoEF asked Gangadhar Narsinghdas Agrawal and Pandurang Timblo Industries, which were operating close to Bhagwan Mahaveer Wildlife Sanctuary, to shut their operations immediately 

 
Panaji: Union Ministry of Environment and Forest (MoEF) has directed two mines operating close to Bhagwan Mahaveer Wildlife Sanctuary in Goa to stop their operations, reports PTI.
 
The MOEF order has observed that both the mines -- Gangadhar Narsinghdas Agrawal and Pandurang Timblo Industries, had no clearance from the National Board for Wildlife as both these mining leases operate within 10 kms away from the wildlife sanctuary.
 
MoEF director PB Rastogi has asked both the mines to shut their operations for violating section 5 of Environment (Protection) Act, 1986.
 
Rastogi has asked the units to henceforth stop all the project activities with immediate effect and the compliance of the directions should be reported within 15 days from the date of issue of this direction.
 
The directions from MoEF came after its regional office, based at Bangalore, inspected the mining leases and found them not to be implementing various conditions and environmental safeguards.
 
The mining lease holders had even submitted their reply to the MoEF, but the ministry was not satisfied as the mine owners had not obtained the requisite clearance from the standing committee of the National Board for Wildlife as was required to be obtained pursuant to the order of the Supreme Court dated 4 December 2006.
 

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SEBI clears rights issues of TV18 Broadcast, Network18, Bajaj Finserv and Bhushan Steel

The rights issues of Network 18 and TV 18 would together raise funds worth about Rs4,000 crore, while Bajaj Finserv and Bhushan Steel have offered to raise up to Rs1,000 crore and Rs474 crore, respectively

 

New Delhi: Market regulator Securities and Exchange Board of India (SEBI) has given its go-ahead to four rights issues, totalling about Rs5,500 crore, proposed by TV 18 Broadcast, Network 18 Media & Investment, Bajaj Finserv and Bhushan Steel, reports PTI.

 

The rights issues of Network 18 and TV 18 would together raise funds worth about Rs4,000 crore, while Bajaj Finserv and Bhushan Steel have offered to raise up to Rs1,000 crore and Rs474 crore, respectively.

 

In rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

 

Out of these four issues, Bajaj Finserv had filed draft offer document with the SEBI last month itself, while other three companies had submitted their documents to the regulator earlier this year.

 

SEBI received the draft offer document for Bhushan Steel rights issue, through lead manager ICICI Securities, 22nd February and issued its 'observations' on 22nd August.

 

Issuance of 'observations' on offer documents by SEBI is considered as a clearance to the issuer to go ahead with the share issues through routes like initial public offerings (IPOs), follow-on public offerings (FPOs) and rights issue.

 

Further, SEBI received draft offer documents for Bajaj Finserv rights issue on 18th July and issued its observations on 17th August. JM Financial is the lead manager for this issue.

 

The draft offer documents for TV 18 and Network 18 rights issues were received by SEBI on 6th March and the observations were issued for both of them on 17th August. ICICI Securities is the lead manager for the rights issues of both TV 18 and Network 18, which are part of same group.

 

Bajaj Finserv in its draft offer had proposed to raise up to Rs1,000 crore through the rights issue.

 

The company further announced yesterday a rights issue of Rs650 per share in a ratio of one equity share for every ten held by its shareholders, aggregating to Rs941 crore. It has fixed 8th September as the record date for rights issue.

 

In case of Bhushan Steel, it announced in February to raise about Rs474 crore through issue of over 1.41 crore shares on rights basis at a price of Rs335 each, in the ratio of one equity share for every 15 held.

 

Network 18 and TV 18 had announced their rights issues, of up to Rs2,700 crore each, way back in January.

 

However, Network 18 being promoter and majority shareholder of TV 18 would subscribe to about Rs1,400 crore worth shares in the rights issue of TV 18 as well. As a result, the net aggregate from the two rights issues would result in fund raising of about Rs4,000 crore.

 

These issues were announced alongside a multi-layered deal reached by the media group with Mukesh Ambani-led RIL group. Under the deal, RIL group is selling part of its stake in Eenadu TV channels and an independent media trust set up it would provide funds to Network 18 group promoters in the form of 'optionally convertible debentures'.

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Kamath disagrees with SBI Chief, CRR is not an issue

The ICICI Bank chairman said one needs to look at as part of monetary policy that it is exercised and part of it is liquidity policy for the banks

 
Bangalore: ICICI Bank Chairman KV Kamath on Thursday disagreed with the suggestion of State Bank of India (SBI) chief Pratip Chaudhuri that the Reserve Bank of India (RBI) should scrap cash reserve ratio (CRR), saying it is part of the monetary policy and no issue can be made of it, reports PTI.
 
Asked to comment on the vocal slugfest between Chaudhuri and RBI Deputy Governor KC Chakrabarty on the topic, Kamath said in the whole issue of monetary policy, several tools are being used, including statutory liquidity ratio (SLR) and CRR.
 
CRR is the portion of deposits kept by banks with the Reserve Bank on which no interest is paid.
 
"I think the monetary authority (RBI) in its wisdom uses all these tools as appropriate and that's what is being done. This (CRR) is nothing new. India always had a CRR for as long as I can remember and I don't think honestly (there is) an issue to be made here", he told reporters.
 
"You should look at it (CRR) as part of monetary policy that it is exercised and part of it is liquidity policy for the banks", added Kamath, also non-executive Chairman of Infosys Ltd. Earlier, he addressed the eighth India Innovation Summit, organised by CII.
 
Last week, Chaudhuri made a strong pitch for the abolition of CRR, saying that keeping required funds with the Reserve Bank without any interest was costing the banking system about Rs 21,000 crore.
 
He called for phasing out of CRR, saying it would allow banks to lower lending rates. If the RBI can't do away with it, it should at least pay some interest on CRR since banks pay their depositors, he had said.
 
Chaudhuri had also contended that "the CRR policy has possibly denied the country growth, income and employment", and argued that since RBI does not pay any interest on CRR, this acts as a tax on the banking system.
 
Chakrabarty had this week frowned on Chaudhuri's contention on phasing out CRR. "If the SBI chairman is not able to do business as per our regulatory environment, he has to find some other place," he had said.
 

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