Regulations
SAT sets aside SEBI order on Chartered Capital

During its probe, SEBI said it found lack of due diligence on the part of merchant bankers, Chartered Capital and Investment in the IPO of RDB Rasayan

 
Mumbai: The Securities Appellate Tribunal (SAT) has set aside Securities and Exchange Board of India (SEBI)'s order that restrained merchant bank Chartered Capital and Investment and its two senior executives from taking up new assignments related to public offers, reports PTI.
 
It also directed the market regulator to complete the investigation and take appropriate decision in this case by 31 December 2012.
 
SEBI through its interim order had restrained RDB Rasayan IPO's merchant bank Chartered Capital and Investment Ltd and its MD Mohib Nomen Khericha and Vice President Manoj Kumar Ramrakhyani from being involved in new public offers from the securities market.
 
"The appellants (Chartered Capital and Investment Ltd, Khericha and Ramrakhyani) have already suffered restraint for a period of nine months and if ultimately found guilty of not exercising due diligence, appropriate order can be passed against them on conclusion of the proceedings," SAT said in its order dated 25th October.
 
"...We, therefore, set aside the impugned order confirming the ex-parte ad interim order against the appellants," it added.
 
In addition, the tribunal said it has directed SEBI "to complete the investigation and take appropriate decision qua the appellants by 31 December 2012." 
 
SEBI's investigations into RDB Rasayans IPO is primarily focussed on disclosures made in the offer documents, the bidding pattern, trading on first day of listing and utilisation of IPO proceeds.
 
During its probe, SEBI had said it found lack of due diligence on the part of RDB Rasayan IPO's merchant bankers, Chartered Capital and Investment Ltd.
 
Polymer manufacturer RDB Raysans Ltd came out with an issue of Rs35 crore at a price of Rs79 per share in September 2011.
 

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Russia threatens international arbitration in Sistema case

Russia, which has been conveying its unhappiness over the cancellation of 2G licence to Sistema

 
New Delhi: Stepping up pressure on India, Russia has warned it that it will go for international arbitration if the issue of was not resolved in Indian courts, reports PTI.
 
"If the issue of cancellation of 2G license to Sistema is not resolved in Indian courts, we will go for international arbitration," Russian Ambassodor to India Alexander Kadakin said on the sidelines of a cultural event.
 
"We are upset about the decision," Kadakin added.
 
Russia, which has been conveying its unhappiness over the issue time and again, had earlier said the row over Sistema will have "great repercussion" not only on Indo-Russian bilateral cooperation but also for foreign investments in India.
 
Sistema holds 56.68% stake in Sistema Shyam Teleservices Ltd (SSTL) whose 21 out of 22 licences were cancelled by the Supreme Court in February on the grounds that the 122 permits issued by the then Telecom Minister A Raja were "arbitrary and unconstitutional". Russian government holds 17.14% stake in SSTL.
 
Russia had previously asserted it will not let Sistema's $3.1 billion investment in its Indian telecom venture go waste due to "internal problems" here. .
 
On Koodankulam issue, Kadakin said the nuclear power plant in Tamil Nadu is the "best and safest" in the world. If India wants to sustain a growth rate it needs consistent supply of nuclear energy, he said.
 
"Our station is the safest and best in the world. The first unit is complete and the second is about to be completed. Negotiations are on for third and fourth," Kadakin said.
 
Asked about Tamil Nadu Chief Minister Jayalalitha support to the power plant, he said "it's not about the Russian side, it's India's side. Those opposing the plant are against India.
 
"Protestors were silent for a while but I think another fresh inflow of foreign money came in and they are back," he said.
 
He also praised India'a initiative and said "India has done a lot" but at the same time wanted to know if Indian government has failed in spreading awareness about the plant's safety.
 
India's first 1000 MW atomic power plant is being built with Russian collaboration at Kundakulam.
 

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