Regulations
SEBI DGM denied bail in graft case by CBI court

When our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail that will send wrong signals to the society

Ahmedabad: A special court of the Central Bureau of Investigation (CBI) has rejected bail application of Averjeet Singh, the deputy general manager of the Securities and Exchange Board of India (SEBI) and his aide arrested by the agency in a bribery case, reports PTI.

Special CBI judge, KB Gujarati, while refusing to grant bail to Singh and his accomplice Ashok Mehta, observed that CBI has prima facie made out a case against the accused.

"Moreover, when our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail, that will send wrong signals to the society," Judge further observed in his order.

CBI had arrested Averjeet Singh and Ashok Mehta on 2nd June following a complaint by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.

Singh was initially sent for three-day remand by the CBI court. The agency later sought further remand but the court refused.

The investigating agency then approached the High Court elaborating the need for five more days of interrogation in the case. Justice RH Shukla, on 15th June, granted further four days' custodial interrogation of Singh.

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COMMENTS

Vaidya

4 years ago

I pray to GOD that this should not turn out to be the biggest joke of the year. Good Luck. Apart from auditing parties, IT was always free to investigate the individuals, and can do it now too. Do you need a microscope to see the gold chains, luxury cars, spending in very very costly hotels, multiple properties etc and not to forget the multiple PANs.

Alstom T&D gets Rs176 crore orders from PowerGrid

Alstom T&D will supply, erect, test and commission 80 MVAR and 110 MVAR reactors for 765 kV substations in Bihar, Jharkhand, Chhattisgarh and Uttar Pradesh

Mumbai: Power generation and transmission company Alstom T&D on Wednesday said it has received two contracts worth Rs176 crore from Power Grid Corporation, reports PTI.

The first contract worth Rs105 crore is for the supply, erection, testing and commissioning of 80 MVAR and 110 MVAR reactors for 765 kV substations located at Gaya (Bihar), Ranchi (Jharkhand), Dharamjaygarh (Chhattisgarh) and Varanasi (Uttar Pradesh), the company said in a statement.

The scope of the second order, worth Rs71 crore comprises supply, erection, testing and commissioning of 80 MVAR 765 kV reactors including complete civil work, for the GIS substation at Padghe and the 765 kV substation at Aurangabad in Maharashtra.

"We are delighted to partner with Power Grid for these 765 kV substations to enhance the power transmission network in the states. Since the commissioning of India's first 765 kV substation in 2007, Alstom T&D India continues to maintain its leadership in the extra high voltage segment and looks forward to enhance energy supply in cost-efficient manner," company's Managing Director Rathin Basu said.

Alstom Grid has a vast knowledge and experience in the field of shunt reactors with air-gap cores and magnetic shield, to ensure low vibration and minimal noise levels, he said.

"Our state-of-the-art design regulations for shunt reactors allows for optimised design for safe and reliable operation. The reactors will be delivered from our Vadodara unit," Basu said.

He further said the reactors, once installed in the grid, will strengthen power transmission network in eastern, northern and western regions of the country and mitigate the gap between demand and supply of power, accelerating infrastructural development.

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HC refuses stay on share transfer of Haldia Petro to IOC, ONGC

The West Bengal government and Chaterjee group, promoters of HPL are locked in a bitter battle over transfer of shares of the company

Kolkata: The Calcutta High Court on Wednesday refused to pass an interim stay on any proposal for transfer of shares of Haldia Petrochemicals Ltd (HPL) to Indian Oil or ONGC, reports PTI.

Justice Indira Banerjee, while refusing to pass an interim stay on a plea by Winstar India Investment Company Ltd promoted by the Chatterjee Group (TCG), kept the order in abeyance till 25th June so it could appeal against the order before a higher court.

The court, however, did not intervene on the question of Winstar's submission that it did not have any representation on the board of HPL, despite having a 7.5% stake in the company.

Winstar had moved the court of Justice Indira Banerjee yesterday claiming that a board meeting of HPL was scheduled to be held in Kolkata during the day to allow transfer of shares to Indian Oil or ONGC.

Winstar claimed that it held 7.5% in HPL, but had no representation on the board of the company and as such could not have a say in the proceedings. Justice Banerjee had then directed that status quo be maintained till today.

The West Bengal government and TCG, promoters of HPL, the largest petrochemical company in West Bengal, are locked in a bitter battle over transfer of shares of the company.

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