Citizens' Issues
SC to hear Sahara plea on Wednesday

The apex court said that it cannot appreciate a proposal being made across the bar from Sahara group

The Supreme Court on Tuesday adjourned hearing on Sahara Group chief Subrata Roy's bail plea.

 

During the hearing on Tuesday, the Sahara group offered to pay market regulator Securities and Exchange Board of India (SEBI) Rs20,000 crore within next 12 months. This is the money, two Sahara group companies collected from investors through optionally fully convertible debentures (OFCD).

 

In a fresh proposal to the bench of Justices KS Radhakrishnan and JS Kehar, the Sahara group said they will deposit with SEBI Rs2,500 crore within three working days of the acceptance of its proposal and three instalments of Rs3,500 each on 30th June, 30th September and 31 December 2014. The balance Rs7,000 crore would be deposited 31 March  2015, the group said.

 

The Sahara group said its proposal to deposit Rs20,000 crore to the market regulator in five instalments would be backed by an irrevocable bank guarantee.

 

The court will consider the proposal on Wednesday as it declined to entertain the same today, saying that it cannot appreciate a proposal being made across the bar. The court said the same should have been submitted to the registry Wednesday evening so that they could have gone through it.

 

Roy will remain in judicial custody as the hearing on Roy's bail plea will now resume on Wednesday.

 

The court had 4th March sent Sahara chief Roy and his two directors to Tihar jail for failing to deposit the said amount to the market regulator.

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COMMENTS

Ivanuel

3 years ago

Why SC is listening to Sebi rather than investors who did not come forward against Sahara. Sebi is working under political pressure rather than for justice

viv

3 years ago

SEBI's single point agenda is to demolish Sahara as it clearly knows that it can not win this battle fighting as per Legal provisions under the law's of the land. It has created a very unfortunate situation wherein Hon'ble Court's order is being challenged as "constitutional & illegal".

REPLY

viv

In Reply to viv 3 years ago

It should be read as "unconstitutional & illegal".

MCX may be restrained from launching fresh contracts

If Jignesh Shah-led Financial Technologies fails to cut its stake in MCX to 2% from 26% by 30th April, then FMC may restrain the commodity exchange from launching fresh contracts

Multi Commodity Exchange (MCX), the country's largest commodity exchange may be barred launching fresh contracts if it fails to bring down promoter’s stake to 2%. Jignesh Shah-led Financial Technologies India Ltd (FTIL), the chief promoter holds 26% stake in MCX.

 

Commodities market regulator Forward Markets Commission (FMC) might crack the whip on MCX in case the bourse fails to comply with its directive on reducing promoter shareholding which came in the wake of Rs5,600 crore payment crisis at National Spot Exchange Ltd (NSEL).

 

“FMC will take action against MCX if they do not comply with the shareholding order by 30th April. FMC is likely to stop MCX from floating new contracts,” an official said.

 

The commodity market regulator’s order has been challenged by the group in Bombay High Court.

 

In its order of 17 December 2013, FMC declared FTIL and its chief Jignesh Shah as 'unfit' to run any exchange following the turmoil at NSEL.

 

The regulator said FTIL was not ‘fit and proper’ to hold more than 2% stake in MCX.

 

Following this, the MCX board also asked its promoter FTIL to divest shares in excess of 2%.

 

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. In July, FMC had halted trading at the exchange.

 

Multiple investigative agencies like Enforcement Directorate and the CBI are already probing the NSEL payment crisis, while Revenue department, Reserve Bank of India, SEBI, FMC and Ministry of Corporate Affairs are also looking into it.

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Sensex, Nifty may face struggle to move up from here: Tuesday closing report

Short decline now on the Nifty may form a basis for pushing up of the index further

Indian market on Tuesday witnessed a highly volatile session. In line with the US and Asian markets where most of the indices closed in the red, the benchmark in India too ended in the negative after hitting an all time high.

 

The BSE 30-share Sensex opened at 21,948 while the NSE 50-share Nifty opened at 6,550. Sensex moved in the range of 21,917 and 22,080 and closed at 22,055 (down 0.27 points). Nifty moved between 6,545 and 6,596 and closed at 6,590 (up 6 points or 0.09%). The NSE recorded a volume of 69.43 crore shares.
 

Except for Energy (0.97%), IT (0.69%) and Media (0.14%) all the other indices on the NSE closed in the green. The top five gainers were Infra (1.38%), Realty (1.36%), PSE (1.24%), CPSE (1.11%) and Nifty Midcap 50 (1%).

 

Of the 50 stocks on the Nifty, 30 ended in the green. The top five gainers were Bhel (4.23%), DLF (3.61%), Hero MotoCorp (3.07%), Jindal Steel (2.87%) and Ranbaxy (2.48%). The top five losers were Reliance Industries (3.05%), Wipro (2.75%), Ambuja Cements (1.85%), Sesa Sterlite (1.77%) and M&M (1.48%).

 

Of the 1,564 companies on the NSE, 656 closed in the green, 811 closed in the red while 97 closed flat.

 

BHEL has received an order worth Rs3,000 crore from NTPC, for supply of steam generators for an upcoming power project in Odisha. It involves supply of 2x800 MW steam generators (boilers) with super critical parameters for the project at Darlipali in Odisha. BHEL (4.41%) was the top gainer in the Sensex 30 stocks which closed at Rs196.50 on the BSE.

 

Among the top laggers in the ‘A’ group on BSE yesterday, today was among the top five gainers. Financial Technologies rose 5% to close at Rs376.25 on the BSE. The company has entered into a share purchase agreement for sale of 13,64,787 equity shares of IEX to Golden Oak (Mauritius) Limited, for a consideration of Rs72.89 crore. The above said sale of shares was to comply with Central Electricity Regulatory Commission (CERC) Regulations to bring down the company’s stake in IEX to 25%. Subsequent to the above transaction, the shareholding of the company in IEX will be 28.49% and on fully diluted basis 25.64%.

 

Reliance Industries, the top loser in the Sensex – 30 stocks, fell as the Election Commission has reportedly ordered deferment of an increase in gas prices that was to take effect from 1 April 2014. Reliance Industries (2.87%) closed at Rs878.65 on the BSE.

 

The Bharatiya Janata Party (BJP) said the party will review the new gas pricing formula if elected to power after general elections. "If we are voted into power we would have to look at all the facts, all the realities on the ground, while keeping the interest of stakeholders in mind - in particular consumers. If this means going for a review we will review the pricing formula," Narendra Taneja, National Convener, Energy Cell, for the BJP said in an interview to a news agency.

 

US indices closed in the negative on Monday. Markit on Monday said its preliminary or flash PMI index tallied 55.5 in March, just slightly below February's nearly four-year high. Any number over 50 signals growth.

 

Most of the Asian indices closed in the red. Taiwan Weighted (up 0.98%) was the top gainer while Hang Seng (down 0.52%) was the top loser.

 

China's economy may still grow around 7.5% this year despite signs of a slowdown, and there is no immediate need for the government to roll out fresh stimulus measures, Asian Development Bank President Takehiko Nakao said on Monday.

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