SFIO has completed the investigation into SHCIL Services and has issued instructions to initiate prosecution against the company
The Ministry of Corporate Affairs (MoCA) has asked the Serious Fraud Investigation Office (SFIO) to initiate action against SHCIL Services Ltd in respect of violation of various provisions of the Companies Act, 1956. SHCIL Services is the broking arm of Stock Holding Corporation of India Ltd (SHCIL). SHCIL, originally set up as a depository, has been embroiled in a serious scandal that was being investigated by the Central Bureau of Investigation (CBI) and the SFIO.
Corporate affairs minister Salman Khurshid in a written reply to the Lok Sabha said that out of 22 cases, investigation reports in respect of two companies were submitted by SFIO. Necessary instructions for action in respect of violation of various provisions of the Companies Act, 1956, have been issued to SFIO, he added.
According to information available on the NIC server, SFIO has completed investigation of SHCIL Services and issued instructions to file prosecution against the company. The other company is Satyam Computer Services Ltd. The SFIO has submitted its report and issued instructions for filing prosecutions on pure company law violations against Satyam.
Between 2004 and 2009, the SFIO has filed prosecution proceedings in the matter of 32 companies against 632 accused, including individuals as well as companies.
SHCIL, the parent of SHCIL Services has been deeply mired in a controversy for its e-stamping project planned several years ago. Last November, the company announced a staggering cash dividend of 900%. According to informed sources, this entire dividend was the amount SHCIL earned by selling its 2% stake in the National Stock Exchange (NSE) for about Rs250 crore.
(Read more http://www.moneylife.in/article/4/2446.html)
The highways authority plans to open bids for projects worth Rs7,000 crore in the coming fortnight
In line with the National Highways Authority of India’s (NHAI) 20-km per day road development plan, the authority plans to open bids for another three road projects in the coming fortnight.
According to sources, NHAI plans to open bidding for three road projects for a total value of Rs6,000crore -Rs7,000 crore. These projects are not expected to be State-specific projects. They will be ventures for converting four-lane highways into six-lane highways.
Over the past few months, NHAI has been very active in awarding various road projects. According to NHAI data, around 44 road projects have been awarded in the financial years 2008-09 and 2009-10. In order to meet its 20-km per day target, the highways development authority will have to actively open bids and award a huge number of projects.
Moneylife had earlier reported on the road transport and the highway ministry’s plans to invite bids for road projects worth $20 billion to meet this ambitious road development target. At present, road development is progressing at the rate of around 10km per day.
A couple of the NHAI projects awarded in the last two months were the six-laning of the Tumkur-Chitradurga section in Karnataka to IRB Infrastructure and the four/two laning of 96.45km of the Rimuli-Roxy-Rajmunda Section of NH-215 in Orissa to MBL Infrastructure. IL&FS Transportation Networks was awarded a Rs25.19-billion order for four-laning of the Chennai to Nashri Section of NH-1A including a 9-km tunnel (two-lane) with a parallel escape tunnel in Jammu & Kashmir.
According to NHAI’s work plan for 2010- 11, request for quotations (RFQs) for around 10 projects are likely to be invited in May. These projects are from Uttarakhand, Andhra Pradesh and Uttar Pradesh.
Analysts said that trading sentiment remained firm as gold climbed in overseas markets on stronger demand for the alternative investment as currencies weakened and equities dropped
Gold prices today spurted by Rs495 to regain the Rs18,000 per 10gm level after five months on heavy buying driven by a rally in overseas markets, reports PTI.
Standard gold surged by Rs495 to Rs 18,110 per 10gm, a level last seen on 26 November 2009.
Silver also jumped Rs565 to Rs28,165 per kg on increased off-take by industrial units and coin-makers.
Analysts said that trading sentiment remained firm as gold climbed in overseas markets on stronger demand for the alternative investment as currencies weakened and equities dropped.
Gold in global markets, which normally set the price trend on the domestic front, recorded a handsome rally of $33.20 to $1,208.80 an ounce last evening.
Some funds shifting from melting equity to rising gold for quick gains and firming trend at futures trading further fuelled the uptrend, analysts said.
Standard gold and ornaments surged by Rs495 each to Rs18,110 per 10gm and Rs17,960 per 10gm respectively. Sovereign followed suit and rose by Rs100 to Rs14,250 per piece of 8gm.
In line with the general firming trend, silver ready spurted by Rs565 to Rs28,165 per kg. The weekly-based delivery shot up by Rs480 to Rs27,815 per kg.
Silver coins too traded higher by Rs100 to Rs34,000 for buying and Rs34,100 for selling of 100 pieces.