Companies & Sectors
HC tells SEBI to make RIL party to appeal against CIC

The High Court said, RIL should be given a fair chance to be heard in the matter as the disclosures pertain to the company


Mumbai: The Bombay High Court has asked market regulator Securities and Exchange Board of India (SEBI) to make Reliance Industries Ltd (RIL) a party to its appeal against an order of Central Information Commissioner seeking information in the 2007 RIL insider trading case, reports PTI.

Hearing SEBI's appeal, Justice DY Chandrachud and Justice AA Sayed said, "RIL should be given an opportunity to be heard in the matter as the disclosures pertain to the company."

The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on 19th December.

SEBI had challenged the order of CIC who last month asked the market regulator to disclose information, including the identity of the entities involved in the case, based on the investigations carried out by it.

The CIC, Satyananda Mishra, who is an appellate authority under the Right to Information Act, had passed the order on an appeal filed by Bangalore-based lawyer and RTI activist Arun Agarwal asking SEBI to disclose such details.


Makers of Jaipur Foot now developing artificial hand

Bhagwan Mahavir Vikalang Sahayata Samiti, the makers of Jaipur Foot are working with Stanford University to develop artificial hand and the final version would be available in next few months


Hyderabad: The makers of the famous 'Jaipur Foot' are now in the process of developing an artificial hand, reports PTI.

The prototype of an artificial hand being developed by Stanford University in association with Bhagwan Mahavir Vikalang Sahayata Samiti (BMVSS), the largest organisation in the world for the handicapped in terms of fitment of artificial limb, callipers etc, should be available over the next few months, founder and chief patron of BMVSS, DR Mehta told reporters.

"The prototype has been developed by Stanford University, US which is working with BMVSS. They are further improving on it. It is a prototype of the artificial hand below elbow and can perform any function of the hand. The final version should be available in the next few months," Mehta, former chairman of Securities and Exchange Board of India, said.

He was speaking on the sidelines of the launch of 'iDiya Bootcamp', a competition for working professionals interested in setting up ventures that could make social impact, at the Indian School of Business here.

"It is a joint venture between Stanford and BMVSS which came about during one of my visits to the university," Mehta said, adding the artificial hand being developed may cost about $20 (or about Rs1,000).

Delivering his keynote address, he exhorted the professionals and students of ISB to also do something for the society.

Ace shuttler Saina Nehwal, who was also a keynote speaker, delivered a pep talk for the students and working professionals.

The Jaipur Foot is a rubber-based prosthetic leg for people with below-knee amputations, developed under the guidance of Dr PK Sethi by Masterji Ram Chander in 1969. It is said to be nearest to a normal human foot.


GlaxoSmithKline's open offer for Indian unit start on 17th January

GlaxoSmithKline would buy 31.8% additional stake in its unit GlaxoSmithKline Consumer Healthcare for Rs3,900 per share

Mumbai: UK-based GlaxoSmithKline Plc's open offer to acquire 31.8% stake in its Indian subsidiary GlaxoSmithKline Consumer Healthcare Ltd will begin on 17th January next year, reports PTI.


The open offer would close on January 30, GlaxoSmithKline Consumer Healthcare said in a regulatory filing to the BSE.


The UK-parent had made an offer to acquire up to 13,389,410 shares, representing 31.8% of the total outstanding shares of the India consumer business GlaxoSmithKline Consumer Healthcare.


The company would buy the shares at Rs3,900 apiece taking the potential total value of the transaction to about Rs5,220 crore.


Last month, GlaxoSmithKline had offered to hike stake in its GlaxoSmithKline Consumer Healthcare to up to 75%.


The transaction, which will be funded through GSK's existing cash resources, will be earnings neutral for the first year and accretive thereafter and will not impact expectations for the group's long-term share buyback programme.


As on quarter ended September 2012, the foreign promoter of GSKCH held 43.2% stake in the company while the public shareholding was at 56.84%.


Securities regulations in India require a minimum public shareholding of 25% for a company to maintain a public listing in the country.


GSK's Consumer Healthcare business in India generated over Rs2,800 crore turnover in the financial year ended 31 December 2011. The company employs nearly 3,200 people.


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