Companies & Sectors
L&T Construction gets orders worth Rs1,076 crore in Q1

 

Larsen & Toubro's Construction unit received orders from Bajaj Infra and Power Transmission & Distribution in the Middle East

New Delhi: Engineering major Larsen & Toubro (L&T) on Friday said its construction unit has won orders valued at Rs1,076 crore during April-June quarter of the current fiscal, reports PTI.
 
"L&T Construction has won new orders valued Rs1,076 crore," the company said in a statement.
 
It said its Metallurgical and Material Handling independent company has won an order worth Rs407 crore from Bajaj Infrastructure Development Corporation to set up a coal handling system on turnkey basis for their new 3x600 MW super thermal power project in Lalitpur, Uttar Pradesh.
 
The coal handling plant package will be completed on a fast track schedule of 22 months, it said adding the company's scope of work includes design, engineering, supply and erection of mechanical, electrical, structural works.
 
Besides, orders worth Rs669 crore have been received by the Power Transmission and Distribution IC of the company from domestic and international markets, the statement said.
 
"A major order has been received for construction of 132/33 kV substations and other modification works in the Middle East," it said.
 
On the domestic front, a new order has been secured for executing electrical works under Restructured Accelerated Power Development Reforms Programme for the Hubli Electricity Supply Company, it added.

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Most ‘optimistic’ India to see strong hiring in next three months: survey

 

Hiring activities would continue to be robust in three months ending September, according to global HR firm Manpower
 
New Delhi: Notwithstanding economic uncertainties, India has emerged as the most optimistic nation in terms of hiring prospects for next three months, primarily driven by services and financial sectors, says a survey, reports PTI.
 
Hiring activities...
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HC admits plea seeking SFIO, CBI probe into RNRL-RPower merger

 

The petitioner alleged that the share swap ratio fixed by the company caused heavy loss of about Rs2,105.9 crore to investors

Madurai: The Madras High Court bench has admitted a petition seeking a probe by the Serious Fraud Investigation Office and the Central Bureau of Investigation (CBI) into the merger of Reliance Natural Resources Ltd (RNRL) with Reliance Power (R-Power) alleging it caused a loss of Rs2,105.87 crore to shareholders, reports PTI.
 
Justice RS Ramanathan ordered issuing notices to SFIO and CBI and posted the case for hearing on 25th June.
 
The petitioner submitted that 1.97 crore investors bought RNRL company shares after the company signed gas supply master agreement with Reliance Industries. The closing price of a RNRL share on July 2, 2010, was Rs62.95.
 
The same day the announcement came that RNRL would be merged with R-Power. The value of RNRL and R-Power shares stood at 2.7:1 on 2 July 2010. The share swap ratio was fixed at 4:1 for the merger.
 
The merger plan brought down the share value of RNRL from Rs63.95 to Rs45.20, the petition said. It alleged that investors were defrauded to the tune of Rs2,105.87 crore. The petitioner said he himself had lost Rs18,000.
 
Markets regulator Securities Exchange Board of India (SEBI) failed to protect the interest of investors, it alleged. The petitioner alleged that the share swap ratio fixed by the company caused heavy loss to investors. This should be investigated by the SFIO and CBI, he said.
 
Both the agencies had said since the matter was being looked into by SEBI and they had no role.
 
SEBI in turn said that complaint did not come under its purview and it was the duty of the SFIO to investigate as SFIO was specially constituted to curb economic frauds. 
 
The petitioner sought a direction to SFIO and CBI to probe his complaint.

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