Regulations
SEBI bars Neesa Technology from raising funds from investors

Neesa Technology that issued NCDs of Rs1 lakh each with IDBI Trusteeship Services as the debenture trustee, has been restrained by SEBI from raising funds and securities markets till further notice

 

Market regulator Securities and Exchange Board of India (SEBI) has asked Ahmedabad-based Neesa Technology Ltd not to raise funds from investors through non–convertible debentures (NCDs) or any other security till further notice.
 
In a show cause cum interim order, S Raman, whole time member of SEBI also barred the company's directors, Arvind Gupta,  Yogesh Ghisumal Gemawat, Girishchandra Mukundram Baluni, Sanjay Gupta, Kamlendra Joshi, Manoj Singhal, Suresh Kumar and its former director Nimain Charan Biswal from asking money from public.
 
Both Neesa Technology and its directors are also barred from accessing the markets. SEBI also asked them to provide full inventory of all assets and properties and not to dispose any of them till further notice.
 
Neesa Technology had issued NCDs of Rs1 lakh each with IDBI Trusteeship Services as the debenture trustee. The matter was referred to SEBI by the Ministry of Corporate Affairs in late 2014 after the latter received a complaint regarding mobilisation of funds by Neesa Technology.
 
SEBI said the company was prima facie engaged in fund mobilizing activity through the Offer of NCDs to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and SEBI (Issue and Listing of Debt Securities), Regulations, 2008.  
 

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COMMENTS

Srikanth Shankar Matrubai

1 year ago

The Company is a sister concern of the BIG FRAUD company Neesa Leisure Ltd.
These persons should be put behind bars for cheating the poor FD investors

Vaibhav Dhoka

2 years ago

Is it sister concern of Ahmadabad based Neesa group?

Alternative livelihoods interfering in Sunderbans?
Sunderbans, a UNESCO World Heritage Site, is known for its exceptional biodiversity in flora and fauna with a staggering 334 plant species and 693 species of wildlife, which include 49 mammals, 59 reptiles, eight amphibians, 210 white fishe, 24 shrimps, 14 crabs and 43 mollusks
 
Are alternative livelihood sources, such as bee-keeping, interfering with the ongoing natural processes in the world's largest continuous mangrove forests - the fragile Sunderbans?
 
Scientists of the Zoological Survey of India (ZSI) have recently discovered something unusual in the activity of insects that flit around the mangrove plants collecting pollen grains and nectar from flowers and unknowingly spread the pollen around, helping these plant species reproduce (a process called pollination).
 
"In the Bali Island of the Indian Sunderbans in West Bengal, domestic bees from the bee boxes are not allowing wild insect pollinators to sit on the flowers of some species because of their aggression and large numbers. But in other islands, in the same species, we can see the wild pollinators visiting," Bulganin Mitra, an entomologist with ZSI, told IANS.
 
This could indicate that means of local livelihoods, such as bee-keeping, may be "restricting" the natural work of these pollinators that have a role in the proliferation of the mangrove species in the Sunderbans, Mitra added.
 
Sunderbans, a UNESCO World Heritage Site, is known for its exceptional biodiversity in flora and fauna with a staggering 334 plant species and 693 species of wildlife, which include 49 mammals, 59 reptiles, eight amphibians, 210 white fishe, 24 shrimps, 14 crabs and 43 mollusks.
 
It is also home to the majestic Royal Bengal Tiger and reports of the endangered species attacking humans while fishing and hunting are common.
 
The livelihood issues in the Sunderbans are also linked to climate change with increasing sea-levels and salinity depriving locals of means of sustaining themselves.
 
At the core of sustainability are the declining mangrove species (such as the Sundari trees) which are crucial to support livelihoods, provide carbon sinks and act as a buffer against climate change.
 
To shed light on protection strategies with a holistic approach, Mitra and a team of ZSI scientists are investigating the role of insect pollinators on the conservation of the major mangrove species of the Sunderbans, a project of the union ministry of environment, forests and climate change.
 
Through observations carried out during the day as well as night on eight mangrove species (of the total 24) across five islands in the Indian Sunderbans, experts "unexpectedly" found that overall, more species of flies were visiting the plants instead of bees, which are known to be one of the most common insect pollinators.
 
"In Bali Island, however, where bee boxes are placed as a source of alternative livelihood, the wild insect pollinators are kept at bay. But one can't simply ask the locals to remove the bee boxes because that would put them in harm's way (tiger attacks and the like) as they would have to resort to other means of livelihood in another part of the island," Mitra explained.
 
This intricate relationship between man and animal in the Sunderbans calls for discussions with all stakeholders, according to ZSI director K. Venkataraman.
 
"There should be awareness initiated among the public and there should be co-management by the public and the government. There is a lot of research which is needed to conserve the Sunderbans and studies have to be taken up by various departments. Research institutions should give priority to other groups of animals and not just the tiger alone," Venkataraman told IANS.

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Delhi Metro gets first driver-less train

Manufactured at Changwan in South Korea, the new-age train that arrived at the Mukundpur depot here will eventually run unattended, guided by Delhi Metro's operations control centres, a statement said

 

The Delhi Metro on Thursday received its first train which is capable of running without a driver.
 
Manufactured at Changwan in South Korea, the new-age train that arrived at the Mukundpur depot here will eventually run unattended, guided by Delhi Metro's operations control centres, a statement said.
 
The train arrived by sea at the Mundhra port in Gujarat and was brought to Delhi by road.
 
"These trains will run on the upcoming Majlish Park-Shiv Vihar (Line 7 - 58.596 km) and Janakpuri West-Botanical Garden (Line 8 - 38.235 km) corridors of Phase 3," the Delhi Metro said.
 
Both these corridors are expected to be operational by the end of 2016.
 
A total of 20 six-coach trains will be manufactured in South Korea by the end of this year, while 61 are being manufactured at the Bharat Earth Movers Limited (BEML) plant in Bengaluru.
 
Each train will be able to accommodate 2,280 passengers -- 240 more than the regular six-coach Metro train as driverless trains do not require a cabin for the operator.
 
To enhance security, CCTV cameras will be installed inside and outside the trains and the images will be directly accessed by the control centre.

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