Regulations
SEBI directs past directors of Sunplant Constructions not to solicit for money from public
The company was engaged in fund mobilising activity through issue of redeemable preference shares (RPS) to more than 49 persons without complying with relevant provisions of the Companies Act, 1956 and the SEBI Act, 1992, according to SEBI Order
 
Securities and Exchange Board of India (SEBI) passed an order against the past directors of Sunplant Constructions Limited (SCL), viz. Yoganand Prasad, Ameet Singh and Girija Shankar Kumar directing that the directors are prohibited from issuing prospectus or any offer document or issuing advertisement for soliciting money from the public for the issue of securities. The past directors of SCL are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market. 
 
The company was engaged in fund mobilising activity through issue of redeemable preference shares (RPS) to more than 49 persons without complying with relevant provisions of the Companies Act, 1956 and the SEBI Act, 1992. The persons mentioned in the SEBI Order were earlier directors of SCL during the offer of RPS by SCL.
 
According to the SEBI Order, the past directors of SCL shall provide a full inventory of all their assets and properties to SEBI.
 

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72% of Indian companies faced cyberattack in 2015, says KPMG
Cyber incidents have not only risen sharply in 2015, but also lean more towards cybercrimes with financial motives, finds out a survey carried out by KPMG
 
Professional services firm, KPMG India says 94% of the respondents in its Cybercrime Survey indicated that cybercrime is a major threat faced by organisations. While about 72% of Indian companies faced cyberattacks in 2015, only 41% of the respondents indicated that it (cybercrimes and prevention) forms part of the company board agenda, it said.
 
 
Highlighting the current cybercrime scenario in India, the report shows that 74% respondents believe that the BFSI sector is a top target for cybercrime with 63% indicating these crimes more often than not amount to gross financial loss. Moreover, 83% respondents of the over 250 C-suite executives that participated in the survey indicated that there is usually external involvement in cyberattacks with directors or management being most vulnerable according to 64%. It was also alarming to note that 54% indicated that spend on cyber defences is less than 5% of IT spend.
 
Mohit Bahl, Partner and Head Forensics, KPMG in India, says, "Cybercriminals have understood the potential of an illicit financial gain and have begun executing highly sophisticated technology-driven frauds. These cyberfrauds, by nature, are complex and difficult to detect. Organisations need to strengthen their cyber incident response process along with building strong prevention and detection systems. Cyber forensics therefore is becoming a critical component of fraud investigations." 
 
 
The report also analyses the impact and complexity of cybercrime in India. As businesses throw their doors open to technology, they also expose themselves to the risk of cybercrime that can have far reaching damages ranging from financial, reputational, operational and in certain scenarios, can also impact the physical safety of employees and assets, with 47% citing the risk of disruption of business processes and 49% claiming a reputational damage to the organisation. While surveying the potential vulnerable system targets of cybercrime, 65% respondents indicated that email servers are likely targets while 46% stated end user systems. In the case of industries, though financial services and pharmaceuticals are still the favourite target for cyberattacks, the year 2015 has witnessed attacks across industries. Critical infrastructure is being seen as an attractive target for cyberattacks.

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COMMENTS

Mahesh S Bhatt

1 year ago

Still challenging is us US Companies & not support Globally expert recognised Indian Security products.

Mahesh

Mahesh S Bhatt

1 year ago

Few want to pay for good products & consultancy.

Sad but true.

Mahesh

India's select industrial output grows marginally in October
A select industrial output index for October showed a marginal growth for the country's eight core industries (ECI) on Monday.
 
The ECI showed a marginal growth on a month-on-month basis of 3.2 percent in October. The select industrial output data showed a similar 3.2 percent growth in September too from an increase of 2.6 percent in August. 
 
Nevertheless, the select factory output index for October was much lower than the growth of nine percent achieved during the corresponding month of 2014.
 
The data on the select factory output was furnished by the commerce and industry ministry. The ECI comprises 38 percent of the total weightage of items included in the Index of Industrial Production (IIP).
 
The index's cumulative growth from April to October 2015-16 stood at 2.5 percent, as compared to 5.6 percent during the corresponding period of 2014-15.
 
Out of the eight core industries -- fertilisers, cement, electricity and coal reported healthy output numbers. However, production of refinery products, crude oil, natural gas and steel dwindled in the period under review. 
 
Electricity generation, which commands the highest weightage at 10.32 percent in the IIP, rose by 8.8 percent during the month under review, whereas steel production, the second most important component as per weightage, contracted by 1.2 percent.
 
Distilling of refinery products, the third most important component as per weightage, declined by 4.4 percent in October.
 
Extraction of crude oil, which has a 5.21 percent weightage in IIP, fell by 2.1 percent during the month under review in comparison to the data for October 2014.
 
Coal mining, that has a 4.38 percent weightage, increased by 6.3 percent. Cement manufacturing, having a weightage of 2.41 percent, was higher by 11.7 percent during the last month.
 
The sub-index for natural gas output, having a weightage of 1.71 percent, slipped by 1.8 percent in the month under consideration.
 
The fertilisers manufacturing which has a weightage of only 1.25 percent rose exponentially by 16.2 percent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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