SEBI has withheld the listing of Vaswani Industries IPO after it received complaints regarding irregularities in subscription
Capital markets regulator SEBI has withheld the listing of sponge iron producer Vaswani Industries initial public offer (IPO) after it received complaints regarding irregularities in subscription.
Following closure of the public issue of Vaswani Industries on 3rd May, SEBI received complaints from investors regarding irregularities in the subscriptions, the regulator said in a press release issued late on Wednesday.
“Based on the data received from the exchanges or registrars regarding the subscriptions or withdrawals and preliminary inquiries into the matter, SEBI has advised the stock exchanges to withhold the listing of securities until further instructions,” it said.
The regulator said inquiries into the matter are in progress. Based on the findings, appropriate action would be taken, it added.
The IPO of Vaswani Industries, which opened on 29 April 2011, was subscribed by four times on the final day of the issue. The company sold one crore shares at a price band of Rs45-Rs49 each. It was proposed that the proceeds of the IPO would be utilised for pre-payment of term loans, coupled with working capital requirements, among others.
Vaswani Industries is engaged in the integrated business of manufacturing sponge iron, steel billets and ingots and power generation.
IRDA has permitted health insurance portability from July 2011. There are several concerns about how it will work and whether it will really work. Moneylife Foundation took the lead to initiate a public debate on this important regulatory change and proposes to send a Position Paper to IRDA with consumer concerns and suggestions to ensure that health insurance portability guidelines are comprehensive and implementable. A packed house—over 150 people—attended the seminar at Rachana Sansad auditorium in Prabhadevi, Mumbai. The panellists talked about the issues related to portability and answered questions from the audience in a highly interactive session. The consensus of the panel was that we need to create a centralised insurance databank forthwith; while portability is a good step forward, IRDA needs to clarify a host of issues if portability has to succeed. The panellists also agreed that the way forward is not standardisation of insurance products, but innovation that can make portability attractive for customers.
Based on the feedback received at the seminar, Moneylife has sent a questionnaire to IRDA to get clarifications about the initiative to create a centralised insurance databank, concerns about getting medical history from some insurers within seven days due to lack of electronic format and not having a centralised system for keeping individual data, possibility of charging a higher premium due to porting the policy itself, mis-selling with portability, the need to offer comparison of mediclaim policies across insurers on the IRDA website and other issues arising from portability guidelines. We had not received a response till the writing of this ‘Cover Story’.
“I do not give much credibility to weekly fluctuations or monthly fluctuations. We shall have to take an overall view,” finance minister Pranab Mukherjee said
New Delhi: Buoyed by the fall in food inflation during the first week of May, the government today said there is a trend of moderation in the rate of price rise in both the food and non-food segments, reports PTI.
“Both in food inflation and overall Whole Price Index (WPI) inflation, there is a declining trend,” finance minister Pranab Mukherjee told reporters here.
His comments came after food inflation slipped to 7.47% for the week ended 7th May, continuing on its downward trajectory for the third consecutive week. This is the lowest food inflation figure since separate data on the rate of price rise of food items was first released about 18 months ago.
The fall in food inflation, as measured by the Wholesale Price Index (WPI), from 7.70% in the previous week was mainly due to cheaper pulses, wheat and vegetables.
Mr Mukherjee said inflation has come down in all three segments—primary articles, food and non-food.
Inflation in overall primary articles during the week under review stood at 10.94%, down from 11.96% in the previous week.
In the non-food primary articles segment, inflation fell to 23.82% from 28.62% during the week ended 30th April.
“I do not give much credibility to weekly fluctuations or monthly fluctuations. We shall have to take an overall view,” Mr Mukherjee said.
The latest numbers are likely to bring cheer to the government, which has termed inflation control as one of the major items on its agenda.
Food inflation remained in double-digits for most of 2010 before showing signs of moderation from March this year.
During the week under review, pulses became cheaper by 8.87% year-on-year, while prices of vegetables were down by 3.61%. Wheat prices fell by 0.06%.
However, prices of other food items continued to rise.
In the non-food primary articles segment, fibres became dearer by almost 62%, while minerals were up 11.95%. Fuel and power became 12.11% costlier year-on-year.
The government and Reserve Bank of India (RBI) have said that in the months to come, inflationary pressure would be felt more from core (non-food) items on account of high global prices of commodities, particularly crude.
Headline inflation stood at 8.66% in April, down from over 9% in March. In its monetary policy for 2011-12, the RBI had said that overall inflation would remain high in the near future, averaging 9% during the first half of the fiscal, before moderating to around 6% by the year-end.