L&T Finance's tie up with NBHC will provide a great fillip to warehouse receipt financing and will enable the farmers to get better prices for their agricultural produce by avoiding distress sell
EAS Sarma, former secretary to the Government of India, in his letter to the prime minister said political clout of an individual (Jindal) cannot and should not be allowed to cover up criminality of this kind
EAS Sarma, former secretary to the Government of India, has called for an independent investigation in to the alleged manipulation of laws by Jindal Steel and Power (Jindal) in Orissa.
Citing a newspaper report, Mr Sarma, in a letter written to prime minister Dr Manmohan Singh, said it shows how the ministry of environment & forests (MoEF) twisted environment laws to accommodate a blatant irregularity committed by Jindal, a company that is perhaps promoted by the family of the Congress MP, Navin Jindal.
“...the action taken by MoEF, then headed by Jairam Ramesh, was clearly a coloured one, aimed at ‘regularising’ an offence committed by Jindal in Orissa in violation of the forest laws as well as the Environment (Protection) Act, 1986. Not only MoEF had committed an impropriety of a serious nature but the ministry had also set a bad and unethical precedent that was against the public interest,” the former secretary said.
He added, “Apparently, Mr Ramesh was not alone in this impropriety. His ministry must have been pressurised by the Prime Minister’s Office (PMO) which seems to be omnipresent these days in the scandals that permeate the government, whether it is POSCO, Vedanta, Coalgate, 2G Spectrum, S-Band spectrum, and so on.”
Incidentally, this is not the first time that the MoEF had manipulated the laws and notifications to accommodate the interests of the private companies. “When the ministry found that the draft Wetland Rules notified at its website came in the way of clearing two private power projects in Srikakulam district in Andhra Pradesh, the MoEF surreptitiously withdrew the draft temporarily to overcome the legal hurdles. I registered my complaint before the ministry at that time but the private companies’ hold over the ministry was far too strong for me to succeed,” Mr Sarma alleged in the letter.
Mr Sarma, who also was secretary in the power and finance ministries, asked the prime minister to carry out an independent investigation into the incident of manipulation of the laws to suit the Jindal company. “Incidentally, the same group is involved in other projects elsewhere in the country in which serious human rights violations have taken place. The political clout of an individual cannot and should not be allowed to cover up criminality of this kind,” he said in his letter.
Both the QIP and the preferential issues were done at Rs58.45 per share and the funds would be used for repayment of Gujarat Pipavav Port's existing loans
Mumbai: Gujarat Pipavav Port on Monday said it raised Rs350 crore through a qualified institutional placement (QIP) of shares and preferential issue to its promoter APM Terminals, reports PTI.
The infusion will be used for repayment of the existing loans which will enable it to tie up funds for its Rs1,097-crore expansion, the company said in a statement.
It raised Rs199.48 crore through a QIP of 3.41 crore shares to a clutch of investors like Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund, Jardine Fleming, the statement said.
Apart from that, 2.58 crore shares were issued to the promoter to raise Rs152.52 crore, it added.
Both the QIP and the preferential issues were done at Rs58.45 per share, which was trading 1.1% up at Rs56.20 apiece on the BSE at 1355 hrs versus the 30-share Sensex's 0.05% slip.
Promoter APM Terminals' shareholding in the company will continue to be maintained at 43.01% after the capital raising, it said.
The company is undertaking a capital expenditure of Rs1,097 crore to increase capacity at the port and enhance operational efficiencies.
"We propose to increase capacity for container cargo to around 1.5 million TEUs and for bulk cargo to around 10 million tonne," its managing director Prakash Tulsiani was quoted as saying.
The plans include constructing a new container berth of 348 metres to provide contiguous berth of 735 metres which will help it handle two post-Panamax vessels simultaneously, dredging, three new cranes, increasing yard capacity, it said.
On the bulk cargo side, it will be constructing a new container berth which will enable the port to dedicate the existing multi-purpose berth exclusively for bulk cargo services and extending the berth by 110 metres, the statement added.