Kolkata-based Weird Industries collected money from thousands of investors through NCDs, SEBI said
Market regulator Securities and Exchange Board of India (SEBI), has Kolkata-based Weird Industries Ltd from mobilising public funds. SEBI also restricted the company as well as its directors from accessing the securities market.
The market regulator found that Weird Industries had raised funds from thousands of investors through the issue of preference shares as well as non convertible debentures (NCDs) and as a result had "prima facie violated" various norms.
SEBI observed that the company had issued shares to over 50 persons, which under the rules made it a public issue of securities, requiring a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which it failed to do.
"Steps...have to be taken in the instant matter to ensure only legitimate fund raising activities are carried on by Weird Industries and no investors are defrauded," SEBI said in its order.
Consequently, the market regulator has directed the company not to mobilise funds from investors through issuance of equity shares or any other securities, till further orders.
The company and its directors have also been "prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders".
SEBI observed that Weird Industries had issued and allotted preference shares to more than 2,000 investors.
Further, the SEBI order has asked the company and its directors not to divert any funds raised from public at large.
It has also been asked to provide a full inventory of all its assets and properties as well as furnish complete and relevant information sought by the regulator relating to the matter.
Besides, SEBI has prohibited Hari Pada Seth from "continuing with his present assignment as a debenture trustee in respect of the offer of NCDs of the company and also from taking up any new assignment or involvement in any new issue of debentures, etc in a similar capacity, from the date of this order till further directions".
Seth had prima facie failed to meet the eligibility criteria specified under the provisions of the Debenture Trustees Regulations, SEBI said.
The persons barred by SEBI include two present directors and six past directors of Weird Industries.
Delhi-Pathankot Express, Katihar-Amritsar Express, Amritsar-LTT Express, Shan-e-Punjab Express, New Delhi-Amritsar Express and Shaheed Express have been selected for the trial where IRCTC would provide the food
Now, railway passengers can book their meals through an SMS to 139 as the service will be launched from Thursday on a few select trains on a trial basis.
According to a senior Railway Ministry official, the SMS food service will be made operational on six trains on the Delhi-Amritsar section from 25th September as a pilot project.
The Delhi-Pathankot Express, the Katihar-Amritsar Express, the Amritsar-Lokmanya Tilak Terminus Express, Shan-e-Punjab Express, New Delhi-Amritsar Express and Shaheed Express have been selected for the trial.
“All these trains do not have a pantry car,” said the official, adding “the service will be carried out by the IRCTC.”
According to the plan, one has to send an SMS to 139 along with the PNR number to book a meal.
“The passenger has to just write meal and then the PNR number. Once the SMS is received, the PNR number will be verified for the particular train, coach and seat position and the passenger will be contacted with the details of the menu available,” the official said.
Payment will be collected after delivery of the food at the designated seat.
The SMS food service is part of the e-catering service of the Railways, which is facing an uphill task in improving the food quality on trains.
“The SMS service will be extended to other trains depending on the trial results as our aim is to provide passengers various options for food on trains,” he said.
Besides the SMS, the Railways is also making available food through phone calls, for which two dedicated numbers have been provided. One can call 1800 1034 139 or 0120-4383892-99 to book a meal.
During the trial phase, passengers will be served food at the five nominated stations — New Delhi, Delhi, Nizamuddin, Amritsar and Ludhiana only.
The food will be served from the IRCTC Food Plazas or catering units on the Delhi-Amritsar section.
In the past, Iran has threatened to cancel award of Farsi block but has not carried out those threat as it cannot get any credible international oil company to invest until the western sanctions are eased
In a bid to pressure India to invest in a Persian Gulf gas field, Iran has put Oil and Natural Gas Corp (ONGC)-discovered Farzad-B gas field on a list of fields it plans to auction citing delays by the Indian companies in its development.
ONGC Videsh Ltd, the overseas arm of state-owned ONGC, had in 2008 discovered the Farzad-B gas field in its Farsi exploration block in the Persian Gulf.
In August and September, 2010, the company submitted a revised master development plan (MDP) for producing 60% of the 21.68 trillion cubic feet of in-place gas reserves. However, ONGC Videsh had not signed the contract because of a threat of being sanctioned by the US, which is against any company investing more than $20 million in Iran’s energy sector in any 12-month period.
Iran, in February 2012, issued a one-month ultimatum to the OVL-led consortium over the development of a gas field. For more than two years, it did not carry out the threat of cancelling allocation of the Farsi block to OVL.
Tehran has now put the field on the list of blocks it wants to auction in future, sources with direct knowledge of the development said.
It has however not yet cancelled OVL’s exploration license for the Farsi block which gives it the right to develop the discoveries it has made.
Sources said inclusion of the block in the list of areas Iran wants to auction is an attempt to pressurise New Delhi into investing in the project.
In the past, Iran has threatened to cancel award of Farsi block to OVL over delays in signing of the Farzad-B gas field development contract. But Iran has not carried out those threat because it knows it cannot get any credible international oil company to invest until the western sanctions are eased.
While OVL cannot invest in developing in the gas field because of the US sanctions, it plans to Iran engaged and will make investments once sanctions are eased, they said.
OVL is the operator of the Farsi block that lies north of Qatar. It has 40%interest in the 3,500 sq km block.
State refiner Indian Oil Corp (IOC) too has 40%, while the remaining 20% is with Oil India Ltd (OIL) in the Farzad-B field.
The Farzad-B gas field may hold an estimated 21.68 Tcf of in place reserves, of which 12.8 Tcf can be recovered. The reserves in Farzad-B are almost thrice the largest gas field in India.
The Indian consortia would get a fixed rate of return on the $5 billion it will invest on developing the Farzad-B gas field as Iranian law prohibits foreigners owning oil and gas resources. Foreign companies develop the fields through service contracts.