Pratibha Jain joins Nishith Desai Associates

Pratibha Jain has extensive experience in US and Indian securities laws

Nishith Desai Associates said that Pratibha Jain has joined the company to head its Delhi office.

Ms Jain brings with her a breadth of international and Indian experience having worked in New York, Tokyo, Hong Kong and Mumbai. She was till recently the vice president and counsel for Goldman Sachs in India. She has earlier worked as an associate with Sullivan & Cromwell LLP in their New York, Tokyo and Hong Kong offices and with Skadden Arps Slate Meagher and Flom LLP in their Hong Kong office.

Ms Jain has extensive experience in US and Indian securities laws.   Her areas of focus include private equity, mergers and acquisitions, corporate and regulatory advisory and public policy matters.  

Ms Jain's educational qualifications include BA (Economics) Hons and LLB degree from Delhi University, a bachelor of civil law degree from the University of Oxford, where she was a St Catherine's College Bursary Holder; and a LLM degree from the Harvard Law School, where she was a Samuel Morse Lane Fellow.

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JPC members question non-submission of 2G note

CPI (M) member Sitaram Yechury raised the issue of the finance ministry note that suggested that the then finance minister P Chidambaram could have insisted on auction of the radio waves while BJP member SS Ahluwalia demanded that the finance secretary be summoned immediately to provide clarification on the issue

New Delhi: Opposition members in the Joint Parliamentary Committee (JPC) today termed as a 'serious lapse' non-submission of a finance ministry note on the second generation (2G) spectrum issue before the committee and demanded that the finance secretary be called before it to give clarifications, reports PTI.
As the JPC on the 2G issue met here, CPI (M) member Sitaram Yechury raised the issue of the finance ministry note that suggested that the then finance minister P Chidambaram could have insisted on auction of the radio waves.

Mr Yechury said the note in question was not among the documents submitted by the finance ministry to the JPC.

He is understood to have contended that if the non-submission of the 2G note was a deliberate act, it amounted to breach of privilege and if it was a lapse, it was a serious one.

BJP member SS Ahluwalia demanded that the finance secretary be summoned today itself to provide clarification on the issue.

JPC chairman PC Chacko expressed difficulty in asking the finance secretary to appear before the committee at such a short notice but it cut no ice with the members.

They insisted that a senior ministry official be asked to appear before the committee for explanation.

The JPC had met to record evidence of former telecom secretary Nripendra Mishra.

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JSW Steel considering shutting down Karnataka plant due to iron ore shortage

NMDC's decision to slash iron ore supplies to steel-makers in Karnataka came following an apex court order last Friday which said that even supplies of iron ore by the state-run firm from mines in the state will be done through the e-auction route only

New Delhi: The Sajjan Jindal-led JSW Steel today said it may have to shut down its 10 million tonnes per annum (MTPA) Vijayanagar plant in Karnataka due to a continuous shortage of iron ore, reports PTI.

"We may have to shut entirely (Vijayanagar plant)...

There is a good possibility of that (closure) if the situation does not improve," JSW Steel vice chairman and MD Sajjan Jindal told reporters here on the sidelines of an Associated Chambers of Commerce and Industry (Assocham) conference on mining.

He added that the plant is currently running at 30% capacity and the company does not have any inventory of iron ore, the key raw material for steel-making.

"We don't have any inventory. We are running the unit at 30% capacity and managing to source iron ore from here and there... Chhattisgarh and Orissa, which is too costly," he said.

On Saturday, the Sajjan Jindal-led firm had cut down production from the Karnataka unit by 70%, following a cut in supplies of iron ore from NMDC on Friday.

Terming the acute shortage of iron ore as unfortunate, Mr Jindal said it has a damaging impact on the steel industry.

"It is pretty unfortunate, what has happened, because industry has got collateral damage. You know without any fault of industry, it is suffering," he said, adding that the production cuts at JSW's unit are likely to push up the steel prices.

"Steel prices are likely to go up quite a bit because the largest plant of the country is being shut down... It will have an impact on inflation and steel imports will have to take place to continue to meet the domestic requirement," he said.

The JSW vice chairman added that company is also looking at reducing its steel production target of 9 million tonnes for the current fiscal due to the paucity of iron ore.

"I cannot tell you right now by how much (the target will be reduced), but it's obvious," Mr Jindal said, adding that currently, only one blast furnace out of the six installed at the Vijayanagar plant is operational.

NMDC's decision to slash iron ore supplies to steel-makers in Karnataka came following an apex court order last Friday which said that even supplies of iron ore by the state-run firm from mines in the state will be done through the e-auction route only.

The apex court order had further said that an e-auction will be done for NMDC's iron ore, irrespective of the long-term supply agreements it has entered into with various steel units in the state.

Following this, the Navratna firm had cut the supplies to all companies, including JSW, with whom it has long-term supply agreements for iron ore.

The company's scrip was being traded at Rs608.70 apiece on the Bombay Stock Exchange in post-noon trade, down 1.58% from their previous close.

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