SEBI has also directed all market intermediaries to comply with the various guidelines related to ASBA facility
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has asked merchant bankers and intermediaries to ensure that disclosures made in all offer documents submitted after 1 March 2013, should be compliant with norms in place for application supported by blocked amount (ASBA) facility, reports PTI.
ASBA facility allows the application money to remain blocked in the applicant's bank account till the time the shares are actually allotted in the public offers.
In a circular, SEBI has also directed all market intermediaries to comply with the various guidelines related to ASBA facility.
"This circular shall be applicable for Red Herring Prospectus/ Prospectus/Letter of Offer filed with Registrar of Companies/ Stock Exchanges, as the case may be, on or after 1 March 2013," SEBI said.
According to the market regulator, merchant bankers should ensure that appropriate disclosures are made in the offer document in this regard.
Among others, SEBI had introduced an additional mechanism for investors to submit application forms in public issues using the stock broker network of stock exchanges, who may not be syndicate members in an issue.
In a circular, issued in October last year, SEBI had said that such a facility to "submit the application forms in more than 1,000 locations which are part of the nation-wide broker network of the Stock Exchanges, by 1 March 2013".
ASBA facility eliminates any delays related to refunds for the unallotted shares. Initially, the facility was offered to retail investors only and was given to other investors in 2009.
The telecom tribunal denied the plea of Tata Communications to direct the state-run company to produce the internal letter based on which IUC amounts were paid by MTNL to the company
New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has allowed the plea of Tata Communications and directed state-owned Mahanagar Telephone Nigam Ltd (MTNL) to produce the documents showing the ISD call rates that it charged from customers in Delhi and Mumbai, reports PTI.
TDSAT however denied the plea of Tata Communications to direct the state-run company to produce the internal letter based on which interconnection usage charges (IUC) amounts were paid by MTNL to the company.
The pleas relate to the dispute Tata Communications and MTNL have over the payment of IUC charges for the period between May 2005 to May 2008 and the matter is before TDSAT.
In the first plea, the tribunal was of view that ISD rates were already available on MTNL's website and in public domain, and Tata Communications can get those by paying the charges.
"Without going into the merits and relevance of these documents and in view of the statement made by the learned counsel for the respondent (MTNL), it is directed that a copy of these published documents may be supplied to the petitioner (Tata Communications) subject to the payment of Rs2,000 by the petitioner," TDSAT said while allowing Tata's application.
Meanwhile, on the issue of internal correspondence on payment and adjustment of IUC charges, the tribunal was of view that there was no need for those documents at this stage as payments have been made.
TDSAT said: "I am of the opinion that any approval made internally by the MTNL may not be relevant for adjudication of this petition specifically when the Tata Communication is admitting the bills paid. The adjudication will depend upon whether the parties have made payments based on the existing terms and conditions of the contract.
"So, there is no need to call for the records of the respondent at this stage. However, if it is considered relevant, this Tribunal may consider calling for any record from the respondent at the time of final hearing."
The air conditioner market has been almost stagnant for the last two-three years due to delayed projects in the real estate sector
Chennai: Slowing down of the economy and delay in real estate projects are among the reasons that have led to stagnation in the air conditioner market for the past few years, reports PTI quoting a top officials from consumer durables manufacturer LG India.
"The market has been almost stagnant for the last two-three years due to delayed projects in the real estate sector," Saurabh Baisakhia, Business Head, Air Conditioners, LG India, said.
LG Electronics' Head, Corporate Marketing, Sanjay Chitkara added that erratic weather, power cuts and slowing economy were the other reasons for the said market scenario.
Baisakhia noted that with an increase in possession of homes in the coming years, he expected the industry to look up as there is scope for "business to improve."
However, the commercial sector was doing well with an increase in office spaces and this segment contributed to about 15% of the South Korean company's total business, he said.
LG had set its focus on key buying factors and was therefore working to provide the right value proposition to the customer including good payback options, he added.
Announcing the launch of a new range of ACs including the Inverter V series, he said split AC segment contributed to 75% of the 3.2 million units strong AC market.
Responding to a question, he said he would "not rule out the possibility" of window ACs being phased out gradually in the coming years. Its market share has been constantly declining in the last few years, he added.
South India contributed to about 26% of the company's overall market share while it stood at 23% at the national level.