Companies & Sectors
Foreign bank mulled closing New India Assurance account: Finance Ministry

A foreign bank had threatened to close down accounts of state-owned New India Assurance if it did not stop providing insurance cover to ships ferrying oil from Iran

New Delhi: The union government said a foreign bank had threatened to close down the account of state-owned New India Assurance Ltd if it did not stop providing insurance cover to ships ferrying oil from Iran, reports PTI.

 

However, the threat was not executed by the foreign bank, Minister of State for Finance Namo Narain Meena said in a written reply in the Rajya Sabha.

 

"The public sector general insurance companies have not received any such threat except the New India Assurance Co Ltd to whom one foreign bank had threatened to close their account on this issue. However, this bank has now agreed to continue the account," Meena said.

 

The Minister further said that there was no deactivation of account of state-run insurers by foreign banks.

 

He was responding to a query whether several foreign banks had threatened to close the accounts of state-run general insurers if they continue to provide insurance cover to Indian ships ferrying oil from Iran.

 

Insurance regulator IRDA, Meena said, had informed the government that following the restrictions imposed by the United Nations and the European Union, Europe-based insurers had stopped providing cover to ship owners involved in carriage of cargo or oil consignments from Iran-India-Iran and vice-versa.

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SEBI settles Sabero Organics case on not resolving complaints

SEBI allowed Sabero Organics to get away from redressing 79 pending complaints from its investors by paying Rs6.8 lakh

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has settled a case against Sabero Organics Gujarat Ltd after the company made a payment of Rs6.80 lakh for allegedly not resolving 79 investor complaints pending against it, reports PTI.

 

In its order, SEBI said that adjudication proceedings initiated against the company are "hereby settled".

 

SEBI on three separate occasions from 2008-2010 had written to the company asking it to redress 79 pending complaints against it and submit a action taken report (ATR) within the prescribed time.

 

However, the company did not redress the complaints and failed to submit the ATR as required. Hence, SEBI had initiated the adjudication proceedings.

 

Pending the adjudication proceedings, Sabero Organics Gujarat had proposed a settlement of Rs25,000 in May 2011 under the SEBI's consent order mechanism.

 

However, later the company revised its consent terms and offered settlement of Rs6.80 lakh in July, 2012.

 

The proposed terms were placed before the High Powered Advisory Committee (HPAC) which after consideration, recommended that the case may be settled on payment of the said amount.

 

SEBI noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the company is found to be untrue.

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SEBI slaps Rs10 lakh fine on Manish Mathur in Asian Star trading case

SEBI said Mathur is alleged to have had connections with the entities belonging to Mehta group, which had allegedly executed trades through broker Triveni Management Consultancy Services of which Mathur was the CEO

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs10 lakh on a Manish Mathur for allegedly indulging in fraudulent trading practices in shares of Asian Star Company Ltd (ASCL), reports PTI.

 

SEBI has alleged that Mathur acted as a link between the connected entities who orchestrated manipulation in the scrip of ASCL.

 

SEBI said it is imposing a penalty of Rs10 lakh on Mathur "which will be commensurate with the violations committed by him".

 

SEBI said in a probe it noticed a spurt in the price ASCL shares during 10 October to 20 November 2008. During the same period the benchmark Sensex had dropped over 19%.

 

SEBI said it had observed that certain entities connected to each other had allegedly indulged in circular/reversal synchronised trading in a manner that led to creation of artificial volume in the scrips.

 

Mathur is alleged to have had connections with the entities belonging to Mehta group, SEBI said. These entities had allegedly executed trades through broker Triveni Management Consultancy Services of which Mathur was the CEO, it added.

 

SEBI said it noted that Mathur had acted as a link between the Mehta Group entities, financed their transactions to orchestrate manipulation in the scrip and "thereby connived with the Mehta Group clients in manipulating the price and volume of the scrip of ASCL".

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