SEBI bars eight entities from markets for 10 years in Cals GDR issue

While restricting eight entities from accessing markets for 10 years, SEBI also asked Gagan Rastogi and Asiatexx Enterprises to repay unlawful gains of $92 million along with an interest of 6% per annum


Market regulator Securities and Exchange Board of India (SEBI) has barred eight entities from the markets for 10 years in the Cals Refineries Ltd global depository receipts (GDRs) issue. SEBI, in its final order also asked Gagan Rastogi and Asiatexx Enterprises Ltd to repay unlawful gains of $92 million along with an interest of 6% per annum.


Those barred by SEBI from accessing markets include, Devanathan Sundararajan, Sarvesh Goorha, Ravi Chilikuri, Sanjay Rai Malhotra, Honor Finance Ltd, Asia Texx Enterprises Ltd, Gagan Rastogi and Deep Rastogi.


Earlier in October, the market regulator had directed Cals Refineries not to issue equity shares or any other instrument convertible into equity shares or any other security, for 10 years.


SEBI said its investigation in the manipulation of GDR issuance by Cals Refineries found seveal irregularities. "Funds of Cals were siphoned off to the accounts of its promoters under the pretext of payment for refinery parts. Certain directors and promoters of Cals enabled the company to provide financial assistance in the form of guarantee to create illusion of successful GDR subscriptions. All these activities were done without the knowledge of other shareholders of Cals. In addition, the persons in charge of the affairs of Cals who were aware of the fraudulent activities related to GDR issuance of Cals concealed material information regarding its GDR issue to mislead investors of Cals and SEBI," the market regulator said.


The case is related to alleged market manipulation in trading of GDRs -- a financial instrument used to raise capital overseas -- of certain companies including Cals Refineries.


Indian govt cracks whip on sites hosting ISIS content?

According to reports, many ISPs have blocked several sites, like Vimeo, Github,, Dailymotion and for allegedly carrying anti-India content from ISIS


The Indian government has reportedly blocked several websites like Github,,, Vimeo and Dailymotion. While there is no official confirmation, Arvind Gupta, head of ruling Bharatiya Janata Party (BJP)'s National IT Cell tweeted that the sites have been blocked as per the advisory from Anti-Terrorism Squad for carrying anti-India content from ISIS.



Popular video networks like Vimeo and Dailymotion are among the websites that have been blocked. While Github is a web repository for software code, Weebly is a website host, and Daily Motion is a video hosting service. The blocked list includes broad URLs, like that hosts lakhs of books out of copyright.


According to a report from Economic Times, following directions from the Department of Telecom (DoT) and letters on 17th and 19th December, several internet services provider (ISPs) have blocked over 60 websites.


"While some internet service providers are yet to block these websites, many users have been reporting frequent outages in these web services over the last two weeks," the report says.


However, several of the ‘blocked’ websites, like Vimeo were found working. According to Gupta, sites that have removed objectionable content are being unblocked.



Nifty, Sensex may be headed higher – Wednesday closing report

Nifty may rise as long as it stays above 8,250.


We had mentioned in our Tuesday’s closing report that the S&P CNX Nifty may move higher if it closes above 8,280. Today the index opened lower and traded in the green for the rest of the session, closing higher for the fourth consecutive session. It closed a shade above 8280.

S&P BSE Sensex opened at 27,358 and hit a low at 27,346 while Nifty opened at 8,244 and hit a low almost at the same level. Sensex rose up to the level of 27,527 and closed at 27,499 (up 96 points or 0.35%) while Nifty reached up to 8,291 and closed at 8,283 (up 34 points or 0.42%). NSE recorded a volume of 67.73 crore shares. India VIX rose 1.73% to close at 15.1200.

The Ministry of Finance announced the appointment of MD&CEOs of four nationalised banks, Indian Overseas Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India. The government decided to separate the post of chairman and MD&CEO. For banks other than SBI, the chairman will now be a part time board member who will preside over the board meetings and not be an executive chairman.  The appointment in one more bank i.e. Syndicate bank is still under consideration of Government and would be decided very shortly.

Fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9% of the full-year target, data showed on Wednesday. The deficit was 93.9% during the same period a year ago.

India's total external debt stood at $455.9 billion at the end of September, up $13.7 billion or 3.1% from the end of March, the Finance Ministry said in a statement on Wednesday.


The share of India's short-term debt in the total external debt was at $86.4 billion or 18.9%.

Gujarat Pipavav (8.91%) was the top gainer in the ‘A’ group on the BSE. The stock hit its new 52-week high today. It has entered into an arrangement with NYK Auto Logistics (India) Pvt. Ltd. wherein NYK has been sub-leased land for developing a dedicated common user integrated RO-RO (roll-on/roll-off) yard at Pipavav Port. The yard is expected to be commissioned in the second quarter of 2015 and will be provided with all port and related facilities by Gujarat Pipavav Port.

Tube Investments (1.72%) was among the top five losers in ‘A’ group on the BSE. The stock gave up gains today after hitting its 52-week high on Tuesday.

BHEL (2.65%) was today again the top gainer in the Sensex 30 pack.

As reported by PTI, the Finance Ministry has decided not to extend excise duty cuts on automobiles and consumer durables beyond December 31. Mahindra & Mahindra (1.85%), Bajaj Auto (0.66%) and Maruti (0.63%) were among the top three losers in the Sensex 30 stock.

On Tuesday, US indices closed in the red. A report yesterday showed consumer confidence rose less than estimated. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91, a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.

Asian indices trading today closed in the positive. Shanghai Composite (2.18%) was the top gainer. The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today. European indices that were open, were trading in the green.


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