Regulations
SEBI directs Rising Agrotech to refund money collected from investors
The company was engaged in fund mobilizing activity through issuance of Preference Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956, according to a SEBI Order
 
SEBI has passed an order on Rising Agrotech and its directors directing them to refund the money collected by the company through issuance of Preference Shares, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market. The company and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
The company was engaged in fund mobilizing activity through issuance of Preference Shares, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956.
 
SEBI had passed an interim order on September 09, 2014 whereby it directed the company and its promoters/directors not to collect any more money from investors.

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No ED summons, never met Rahul: Lalit Modi
Former IPL chief Lalit Modi said he has not got any Enforcement Directorate summons, and also denied meeting Congress vice president Rahul Gandhi or his sister Priyanka Gandhi Vadra.
 
Modi also said he was helped by External Affairs Minister Sushma Swaraj on "humanitarian grounds" to secure British travel documents and there was no conflict of interest in the whole affair.
 
In an interview to India Today TV, Modi did a U-turn from his tweets in July when he alleged that Rahul Gandhi and his brother-in-law Robert Vadra were beneficiaries of his hospitality during his tenure as Indian Premier League (IPL) commissioner.
 
He told the channel that the controversy about him in India was "only a bigger circus around me now.
 
"There are no charges against me as I have received no summons till date. I was told the summons were sent through email, but I have not received them till today," he said.
 
He was referring to reports that the Enforcement Directorate is seeking an Interpol Red Corner Notice (RCN) against Modi, who is facing charges of money laundering and other irregularities.
 
"The charges that I have taken money from World Sport Group (WSG) is hogwash. It was a deal between Sony and WSG. I had nothing to do with it. They find a non-issue to target me.
 
"I've also got a letter from Interpol that no red corner notice will be issued against me and I'll be allowed to present my case," he added.
 
Lalit Modi also termed the charges against him "politically motivated". 
 
"The fact that parliament has been stalled for the past 20 days shows that this issue is politically motivated."
 
Asked if he met Rahul Gandhi and Priyanka, as he alleged in his tweets, Modi said: "I have never said I met Rahul Gandhi or Priyanka."
 
Asked why he can't go to India and represent himself in the courts, Modi said: "My life has been under threat from the underworld. I don't want to take a chance with my security."
 
Modi targeted Rahul Gandhi too.
 
"Rahul Gandhi should worry about Robert Vadra and Sonia Gandhi and then worry about me, about how much money they have fleeced, about the 2G scam and the coal scam. 
 
"They should worry about those things and not worry about me, because I haven't done anything," he said.
 
"I've never met Rahul Gandhi. I never made any deals with the Gandhi family.
 
"Six years have gone by, and they are still not able to bring any charges and send the summons," he added.
 
Modi said his lawyers have appeared before Indian courts and asked why the Enforcement Directorate could not come to London where he was staying since 2010.
 
The former IPL chief said he was targeted because of "zero tolerance to corruption". 
 
"Whether it is Chota Shakeel or anyone else, they are all hand-in-glove with the present cricket administration. If all of this is politically and mafia motivated, why should I take chances?"
 
He said his relationship with Rajasthan Chief Minister Vasundhara Raje and her son Dushyant Singh was a family relationship that went back a long time. There were no business deals linked to it.
 
Regarding Sushma Swaraj, Modi said there was "no conflict of interest, unlike the Congress party.
 
"She helped me on humanitarian grounds. Sushma's family has been close to me.
 
"This is all a political agenda. I am challenging the Central Bureau of Investigation to issue a red corner notice against me in the next 48 hours. I know they can't because they have no locus standi. I have done nothing wrong," he said.
 
The monsoon session of parliament has been stalled over Modi's alleged links with Sushma Swaraj and Vasundhara Raje. 
 
Sushma Swaraj helped Lalit Modi procure travel documents in July last year to facilitate his travel from London to Portugal for the treatment of his wife.

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Odisha puts Posco ball in centre's court
Odisha Industry Minister Devi Prasad Mishra on Wednesday said that the central government will take a call over the $12 billion Posco steel project in the state.
 
He said that the state government is in discussion with the central government to resolve the impediments arising out of the proposed steel project in Odisha.
 
"The central government has to take a call over the issue. Now, the ball is in centre's court," Mishra told mediapersons here. 
 
He also said that the Odisha government has no information about Posco backing out from the steel project proposed to be set up in Jagatsinghpur district.
 
With the company struggling to get raw material to feed the plant, Mishra said the state government is in discussion with the central government over the issue to resolve the bottlenecks.
 
Affirming the state's commitment to set up the steel project, he said the government is ready to provide raw materials to Posco through state PSU Odisha Mining Corporation (OMC).
 
Meanwhile, several Biju Janata Dal (BJD) MPs met Finance Minister Arun Jaitley in New Delhi on Wednesday. 
 
BJD MP Kalikesh Singhdeo said Jaitley was apprised about the Posco issue and he assured to look into the matter positively.
 
Senior BJP leader Bijay Mohapatra said the state government should discuss the issue with the central government instead of blaming Modi government for the raw material linkage problem.
 
It is to be noted that steel giant Posco has signed an agreement with Uttam Steel and Power to do a feasibility study to set up a 3 million tonne per annum (MTPA) integrated steel plant in Maharashtra.
 
The Odisha project of Posco has stuck in a decade-long regulatory quagmire starting from land acquisition to getting raw material linkage to the proposed plant.
 
The South Korean company had signed a memorandum of understanding (MoU) with the state government in 2005.

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