The proceeds are proposed to be utilised for the dredging works for deepening and widening of the Mumbai harbour channel and JN Port’s navigational channel and capital expenditure for other port projects
Jawaharlal Nehru Port Trust (JNPT), India’s largest container port, has approached the Securities and Exchange Board of India’s (SEBI) for approval to raise up to Rs2,000 crore through tax-free bonds.
In its draft prospectus with the market regulator, JNPT said it would raise “up to Rs500 crore with an option to retain over-subscription up to Rs1,500 crore such that the overall issue size does not exceed Rs2,000 crore”.
“The net issue proceeds raised through this issue are proposed to be utilised primarily for the purpose of dredging works for deepening and widening of the Mumbai harbour channel and JN Port’s navigational channel and capital expenditure for other projects in relation to the port operations,” JNPT said.
Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets are the lead managers, while Bigshare Services is the registrar to the issue.
The shipping ministry controlled entity handles nearly 60% of the country's total container traffic.
In January, the finance ministry has given its nod to JNPT along with Dredging Corporation of India (DCI) and Ennore Port, to collectively raise Rs3,500 crore from tax-free bonds.
Earlier this month, Ennore Port had approached SEBS for approval to raise up to Rs1,000 crore by issuance of tax-free bonds to support its financing activities.
Bureaucratic tapism in the form official correspondence between the home ministry and the defence ministry led to a delay in sending army troops to quell violence is clear from the RTI query. The information which was denied under “classified information” was later ‘de-classified’
Deployment of the army can be made at the local level
• Sections 130, 131 and 132 of the Criminal Procedure Code, 1973, are crystal clear about the processes by which the local administration may request the assistance of the locally stationed armed forces for dispersing unlawful assemblies (in simple language—bloodthirsty mobs)
• Even an executive magistrate has the power to requisition the assistance of armed forces without waiting for orders from their superiors. The local head of the armed forces has a duty to assist the local administration to keep the peace under such circumstances
• Under Section 131 even if no executive magistrate is contactable, any commissioned or gazetted officer of the armed forces may take prompt action on his own to disperse the mobs, arrest any person to punish him for violent actions or to prevent him from committing further violence. Such officers are granted immunity from criminal proceedings without the permission of the central government. None of these provisions seem to have worked in the violence-affected areas of Assam.
• States Mr Nayak “In 2002 when communal violence broke out in Gujarat a similar controversy arose about the deployment of armed forces to stem the violence. A similar three-day delay in the deployment of armed forces in the violence affected parts of Gujarat was noticed then as well. Human Rights Watch’s report places the blame on the state government (see: “We Have No orders to Save You- State Participation and Complicity in Communal Violence in Gujarat” accessible at: http://www.hrw.org/reports/2002/india/India0402-03.htm).”
Edelweiss conducted a survey to gauge the market sentiment on Budget Day. Majority of the respondents seem to be optimistic.