Parklight Securites and Parklight Investments have been pulled up many times in the past for price manipulation, yet in a recent order, the Securities and Exchange Board of India, lets off the directors with just a warning and suspends Parklight Investments for just a week
Parklight Securites and Parklight Investments get away once again for price manipulation. A few months back, in the order passed by the Securities and Exchange Board of India (SEBI) on 9 November 2012, both the entities were barred for a period of two weeks for the indulging in circular trading of the scrip of IT Microsystems (India) in the month of July 2002. Similar activity was now found out in the scrip of Genus Commutrade for the period May 2001 to July 2001. This time the regulator let off the directors with just a warning and barred Parklight Investments for just a week in an order dated 31 December 2012. These are just some recent actions taken against the two firms. The tiny Ahmedabad-based Parklight Securities has nearly 15 regulatory actions against it in the past. The director of Parklight Investments, Uday Vora, has been charged on numerous occasions for indulging in price manipulation and creating benami applications for certain IPOs, but yet the regulator feels a warning would suffice.
Moneylife has highlighted how these two companies have been let off several times in the past. Parklight Investments, which made benami applications for grabbing a bigger allotment in the IPO of Nissan Copper and for ramping up its share price, paid the maximum ever penalty-of just over Rs14 crore. Parklight Securities was allowed to escape with a Rs25,000 payment and a three-month suspension of registration through two consent applications, despite its involvement in 15 of the worst cases of price manipulation. On 15 May 2008, SEBI let off Harikishan Hiralal and Parklight Investments for artificially hammering down the price of Fourth Generation Information Systems. On the same day, it let off P Suryakant Share & Stock Brokers for ramping up the price of Genus Commutrade.
This is not only in the case of the Parklight companies; in the past as well SEBI has let off habitual offenders in stock markets with petty fines through its “consent orders.” Firms like SMC Global have been allowed to file consent terms seven times and Shriram group six times, which damage the very purpose of the consent process as a deterrent. SEBI has also been quietly letting off a few hundred chosen price manipulators and offenders with a simple ‘administrative warning’. These orders suggest that SEBI’s investigation, adjudication and enforcement action depends on the whims of investigation officials. SEBI does not feel that it owes the public an explanation for who is punished and who is let off.
In fact, Moneylife has pointed this out many times in the past. (Read: Are SEBI’s consent orders a sham?, SEBI’s indulgent ‘warning’) Yet, nothing as changed and repeated offenders are let off with just a warning. Our question still remains, why do repeated offenders get away with consent applications and minor punishments instead of being permanently barred?
During the quarter to end-December, L&T's net sales rose 10.34% to Rs15,429.36 crore from Rs13,983.61 crore mainly on 25% increase in other income, especially interest earned on deposits
Mumbai: Engineering and construction company Larsen and Toubro (L&T) on Thursday reported over 13% jump in standalone net profit to Rs1,121.75 crore for the third quarter due to good sales and increase in other income, reports PTI.
The company had reported a net profit of Rs991.66 crore in the same quarter last fiscal.
During the quarter to end-December, L&T's net sales rose 10.34% to Rs15,429.36 crore from Rs13,983.61 crore, it said in a filing to the BSE.
Moreover, the company registered over 25% growth in its other income, mainly interests earned on deposits, to Rs530.18 crore during the quarter, while its total expenditure went up over 10% to Rs14,154.78 crore.
In a separate statement, L&T said that it received new orders worth Rs19,545 crore during October-December period, registering a growth of 14%.
"Order inflow at Rs19,545 crore during October-December 2012 recorded year-on-year growth of 14% ...International order inflow contributed 22% of the total order inflow during the quarter," it said.
As on 31 December 2012, L&T had a total order book of Rs1.62 lakh crore, it further said, adding that major orders were received from buildings and factories, infrastructure and power transmission and distribution sectors.
In its outlook, the company said that Indian economy continues to grapple with challenges like persisting inflationary pressures, volatile currency market, tight liquidity concerns and impaired investment climate.
"Speedy implementation of proposed reforms and follow-through policy measures hold the key for rediscovery of the growth momentum. The recent policy measures...are expected to improve economic outlook in India and revive the sentiments in the various sectors in which the company operates," it added.
With strong order book, the company expects to sustain its growth in the period ahead, L&T further said.
The engineering and construction (E&C) business registered 11% growth during the quarter with a net segment revenue of Rs13,858 crore. It also received most of the orders for the company at Rs17,818 crore during the quarter.
L&T's electrical and electronics business segment registered a growth rate of 7% with a net segment revenue of Rs830 crore, while revenue from the machinery and industrial products business was lower at Rs 563 crore due to slowdown in the manufacturing sector, the company said.
Congress' boat is about to sink and when our party comes to power, there would be no Chidambaram or Sonia to save the I-T officials, says Gadkari who only on Tuesday resigned as BJP president
Nagpur: A day after becoming a 'free man', Nitin Gadkari on Thursday held out a threat to Income Tax (I-T) authorities, probing dubious fundings in the Purti group with which he was associated, saying nobody would save them, when Bharatiya Janata Party (BJP) comes to power at the Centre, reports PTI.
"As BJP president, I had to maintain dignity and work within boundaries....Now I am a free man. Congress' boat is about to sink and when our party comes to power, there would be no Chidambaram or Sonia to save them (I-T officials)," Gadkari said addressing party workers, a day after demitting office.
On home turf for the first time, since the on-field inquiries by taxmen on Tuesday put paid to his hope of getting a second straight term as BJP chief, Gadkari said, ”Earlier CBI was doing Congress's bidding and now the Income tax people are following suit.
"I know how they are hatching conspiracies against me sitting in Delhi, Nagpur and Pune....I also know their names. Some people in the organisation sympathetic to me and BJP have told me about this," he said.
IT's on-field inquiries at 11 premises in Mumbai belonging to alleged shell companies related to the Purti Group on 22nd January, a day ahead of the election for the post of BJP president, which Gadkari looked all set to win with RSS backing, had forced a rethink and he was finally elbowed out of the contest.
Attacking Congress' "dynastic politics", the former BJP president said,"Ek malkin baki sab naukar (There is only one master and rest all servants."
He also accused Congress-led UPA government of "blackmailing" Samajwadi Party supremo Mulayam Singh Yadav and BSP chief Mayawati using the CBI.
"Political crises are part of one's life and I am not perturbed by such things. I am doing social work to help the poor and farmers in the suicide belt of Maharashtra and will continue to do so," Gadkari said and slammed a section of media for targeting him.
Amid loud cheers from his supporters who demanded that he contest the next Lok Sabha election from Nagpur, Gadkari said,” you (workers) will contest and you will win."
Hundreds of party workers, including state BJP president Sudhir Mungantiwar, Nagpur Mayor Anil Sole, besides several legislators and party functionaries had assembled near the airport where he addressed them.
Gadkari was later driven in an open-top vehicle in a convoy by his supporters to his residence 'Gadkari Wada' in Mahal area of the city.