Investor Issues
MCA directs corporates to rectify any misleading addresses

The initiative undertaken is “to minimise instances of registration of bogus or misleading addresses as registered office of companies”, the ministry of corporate affairs said in a public notice

New Delhi: The ministry of corporate affairs (MCA) has asked companies to rectify any mistake with regard to the address of their respective registered office by June next year, reports PTI.

 

This initiative has been undertaken “to minimise instances of registration of bogus or misleading addresses as registered office of companies”, MCA said in a public notice.

 

In a circular dated 21st December, the ministry has asked the corporates to avail this opportunity to “rectify any mistake” within a period of 180 days from the effective date.

 

“All professionals and corporates are requested to be more vigilant and be careful in certification and verification in the forms to avoid penal action,” the public notice said.

 

To minimise instances of misleading addresses, the ministry has made certain changes, as per which details of the address of the registered office and proof of registered office address have to be mandatorily attached.

 

Moreover, the new forms will contain provisions for certification by professionals endorsing the identity such as photographs and attached documents in this regard.

User

Diversion of e-auction coal to power cos will affect others: Coal ministry

Around 10% of the total coal produced by state-owned Coal India is sold through e-auction. Under e-auction, coal is sold at spot market price

New Delhi: Amid the power sector facing fuel shortage, the coal ministry has opined that diversion of a portion of e-auction coal to power producers will affect the fuel supply to other sectors, including steel and cement, reports PTI.

 

This follows coal minister Sriprakash Jaiswal stating that the government will divert coal under e-auction quota to power producers to meet the fuel crisis.

 

“Five Million Tonnes Per Annum (MTPA) of approximately 40-45 MTPA of e-auction was pertaining to the mines that have rail connectivity. This portion could be gradually diverted for use by the power sector. However, secretary, coal is of the opinion that this would affect the coal supplies to other sectors,” an official document on issues relating to coal for the power sector said.

 

Under e-auction, coal is sold at spot market price.

 

Around 10% of the total coal produced by state-owned Coal India (CIL) is sold through e-auction.

 

The matter had also come up for deliberations at a high-level meeting held recently. Coal secretary SK Srivastava and power secretary Uma Shankar were among those who attended the meeting.

 

“Keeping in view the shortfall in meeting the demand of the power sector and the obligation of CIL to honour Letter of Assurances (LoAs), the issue of reducing the quantity of coal sold by CIL, through e-auction was discussed,” the official document said.

Earlier, CIL had offered a certain portion of its coal meant for e-auction to power companies to ease coal shortage that caused frequent disruptions in electricity generation.

 

The power ministry had also, earlier, requested the coal ministry to provide coal supplies for power projects before going ahead with e-auction.

User

COMMENTS

Dr Anantha K Ramdas

4 years ago

The very purpose of selling coal thru e-auction is to generate profit for the company, to take advantage of the shortage in the market which is primarily due to CIL's
inability to produce more. If and when they mined more coal, these are lying in the pitheads because of "logistics" and the inability of Railways to move it to the consuming point.

While profit is essential part of business, why not CIL make efforts to produce more and offer the over-production for spot market for sale?

By the way, why not offer a price reduction to those power generators who can pick coal from pitheads? Tonnes are lying at pitheads incurring "loss of interest" until moved ?

Our ministries spend time discussing issues. We need to resolve issues instead of spending time in talking about them.

Rapid action required to get the job done; not speeches please.

BSE to increase constituents in Greenex index to 25

The BSE said that it has decided to give due consideration to the firms which pro-actively off-set the carbon emissions by planting trees and taking several other initiatives

Mumbai: The country's premier stock exchange BSE today said it will increase the number of constituents in the new list of ‘BSE-Greenex’, the environmental friendly equity index, by five to a total of 25, reports PTI.

 

The move would be effective from 31 December 2012, the exchange said in a circular.

 

“Considering the growing trend of companies to move towards qualitative sustainability reporting and disclosure of numbers, BSE has decided to increase the number of the constituents in the BSE Greenex from 20 to 25,” BSE said.

 

BSE-Greenex, which measures the performances of companies in terms of carbon emissions, would include top 25 companies based on greenhouse gas numbers, free float market capitalisation and turnover.

 

The companies are: ITC, Infosys, Bharti Airtel, Mahindra & Mahindra, Bajaj Auto, UltraTech Cement, Maruti Suzuki India Ltd, Hero MotoCorp, Titan Industries, Tata Steel, Tata Motors, Tata Power, L&T, ICICI Bank, NTPC, Dr Reddy's Labs, HDFC, BHEL, GAIL, Hindustan Unilever, Cipla, Lupin, DLF, and Reliance Infrastructure.

 

The bourse said it has decided to give due consideration to the firms who pro-actively off-set the carbon emissions by planting trees and taking several other initiatives in this area after consultation with various stakeholders

 

BSE had launched the Green Index in February this year.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)