Companies & Sectors
Nissan urged to withdraw Datsun GO from India on safety concerns

Datsun GO, which was launched in India last year, had failed on critical safety count in tests conducted by Global NCAP

 

Consumer safety testing body Global New Car Assessment Programme (NCAP) has asked Nissan Motors to immediately withdraw its compact car Datsun GO from the Indian market, saying it was 'substandard'.

 

Datsun GO, which was launched in India last year, had failed crash test results recently conducted by the Global NCAP. It had failed on critical safety count.

 

In a letter to Nissan Chairman and CEO, Global NCAP Chairman Max Mosley urged for an “urgent withdrawal of the Datsun GO from the Indian and related markets.”

 

“It is extremely disappointing that Nissan has authorised the launch of a brand new model that is so clearly substandard. As presently engineered, the Datsun GO will certainly fail to pass the United Nation’s frontal impact regulation.

 

“In these circumstances I would urge Nissan to withdraw the Datsun GO from sale in India pending an urgent redesign of the car’s body-shell,” Mosley said.

 

Applying the UN’s minimum crash test standards to all passenger car production worldwide is a key recommendation of the Global Plan for the UN Decade of Action for Road Safety, he added. As per the crash results, the Datsun GO scored zero stars for adult occupant protection and just two stars for child occupant protection. Its vehicle structure collapsed in the crash and was rated as unstable.

 

“The car’s lack of airbags meant that the driver’s head makes direct contact with the steering wheel and dashboard — the dummy readings indicate a high probability of life-threatening injuries. However, the failure of the body shell makes it redundant to fit an airbag,” Global NCAP said.

 

A spokesperson for Nissan India told reporters “Datsun GO meets required local vehicle regulations in India and was developed to deliver the best adapted solutions to the local conditions, from best in class braking and good visibility to durability, seat comfort and reduced motion sickness.”

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Financial Technologies to get Rs576 crore from IEX stake sale

Financial Technologies is selling its 25.64% stake in IEX, which provides a power trading platform, to a group of investors for about Rs576.84 crore

 

Financial Technologies (India) Ltd said it would offload its entire 25.64% stake in Indian Energy Exchange Ltd (IEX), which provides a power trading platform, to a group of investors for about Rs576.84 crore.

 

FTIL, in a regulatory filings, said that on 5th November, it had entered into a share purchase agreement (SPA) with TVS Shriram Growth Fund 1, S Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures Ltd, Kiran Vyapar Ltd, TVS Capital Funds Ltd and Agri Power and Engineering Solutions Pvt Ltd and would sale its 25.64% stake in IEX for around Rs576.84 crore.

 

The company said the transaction was subject to fulfilment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any.

 

Under the SPA, the transaction would close within 30 days unless all parties extended it. After the transaction was completed, FTIL would have completely exited IEX, the statement said.

 

IEX offers a demutualised and automated platform for physical delivery of electricity. The exchange also facilitated “efficient price discovery and price risk management” for those who took part in the electricity market that included industries which were eligible for open access.

 

IEX said nearly 3,000 participants from 29 states, five union territories (UTs), more than 800 private generators (both commercial and renewable energy), and over 2,800 open access consumers benefited by participating in the exchange.

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DLF allowed to redeem Rs1,800 crore invested in mutual funds

In an interim order, the SAT said DLF can redeem its investment in mutual funds worth Rs767 crore in November, and the rest in December

 

The Securities Appellate Tribunal (SAT) has allowed real estate developer DLF to redeem Rs1,800 crore the company had invested in mutual funds, by next month.

 

In an interim order, the SAT said DLF can redeem funds worth Rs767 crore in November, and the rest in December.

 

Last month, DLF was banned from trading on stock exchanges for three years by market regulator Securities and Exchange Board of India (SEBI). The company was also barred from redeeming its investments.

 

DLF has invested about Rs2,500 crore in mutual funds. While SEBI had not imposed any monetary penalty, it prohibited the company and six persons from sale, purchase or any other dealings, including raising funds, in the market. DLF had challenged the SEBI ban and sought relief.

 

SEBI’s action was a result of DLF not disclosing details about three of its 353 subsidiaries and associate companies in its 2007 initial public offering (IPO) filing.

 

The company had garnered up Rs9,187 crore from the IPO, making it the biggest public offering in the country that year.

 

The Delhi-based developer had filed an affidavit with the SAT last week against the SEBI order, and filed a case against the market regulator in October.

 

While hearing the case last month, the SAT had asked SEBI to cite the reasons for banning DLF.

 

The Tribunal will next hear the case on 10th December.

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