Regulations
SEBI disposes of show-cause notices issued to Jayant Vitamins

In its order SEBI disposed off the notices saying there are no complaints pending against Jayant Vitamins and three of the company's directors

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of show-cause notices issued to Jayant Vitamins Ltd and its three directors, following the entities resolving investors' complaints, reports PTI.
 
The SEBI had issued show cause notices in 2009 after it was found that a large number of complaints by investors remained unresolved.
 
In its order SEBI disposed off the notices saying there are no complaints pending against the company.
 
In its order, SEBI said: "...As on 12 September 2012, there are no complaints pending against the company. Since the company had resolved all pending investors' complaints that were the cause for the issuance of the show cause notices (SCNs)as well as other complaints." 
 
"...hereby dispose of the show cause notice issued against the company, Jayant Vitamins and the show cause issued to its directors, Projesh Kumar Ray, Lalit Kumar Mishra and Hiten Purshottam Mange, accordingly," it added.
 
The regulator in 2008 had asked Jayant Vitamins to resolve all the 173 investors' grievances pending against it within a period of 30 days. The company, however, failed to redress the investors' grievances.
 
Consequently, SEBI had issued a Show Cause Notice in 2009 to the company "advising it to show cause as to why it should not be restrained from accessing the securities market and prohibited from dealing in securities till all pending investors' grievances against the it are resolved." 
 
Besides, SEBI had also issued notice to the company's directors - Projesh Kumar Ray, Lalit Kumar Mishra and Hiten Purshottam Mange.
 

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Suzlon seeks 4-month extension to repay FCCBs worth $220 million

Suzlon said the extension would allow it to close various financing measures and drive alignment between all stakeholders on allocation of cash resources

 
New Delhi: Wind turbine maker Suzlon Energy has sought a four-month extension from bond holders for redeeming foreign currency convertible bonds (FCCBs) worth over $220 million that are due next month, reports PTI.
 
Suzlon said the extension would allow the company to close various financing measures and drive alignment between all stakeholders on allocation of cash resources.
 
"We intend to redeem the outstanding October FCCBs at the end of the proposed four-month extension, subject to requisite approvals," a company spokesperson said in a statement.
 
Suzlon issued $200 million zero coupon convertible bonds and $20.8 million worth convertible bonds having a coupon rate of 7.5%. These are due in October.
 
According to the statement, the meetings of the bond holders are proposed to be held on 10th October.
 
"We are actively working on various sources of funding; including from the sale of non-critical assets, fresh debt, equity-linked and/or equity fund raising through the domestic and international capital markets, and additional secured leverage at an international subsidiaries-level by optimally re-balancing our debt across various assets," it said.
 
The spokesperson said these initiatives would enable the company to optimally allocate resources between business requirements and debt obligations "in a manner that will allow us to obtain relevant approvals from our senior secured lenders".
 
Suzlon's net debt touched Rs11,165 crore at the end of March 2012.
 

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Banks to provide 1% interest sop for home loans till 31st March

The limit of subsidy for an individual borrower would be Rs14,912 for a loan of Rs15 lakh, and Rs9,925 for a loan of Rs10 lakh and the scheme would remain in force till 31st March for loans up to Rs15 lakh only

 
Mumbai: Reserve Bank of India (RBI) has asked banks to provide 1% interest subsidy to home loans of up to Rs15 lakh as announced by the government, reports PTI.
 
The interest subvention scheme has been liberalised with effect from 2011-12 by extending it to housing loans up to Rs15 lakh where the cost of the house does not exceed Rs25 lakh, RBI said in a notification.
 
The scheme has since been extended by Government of India and will remain in force up to 31 March 2013, it said.
 
A Budgetary provision of Rs400 crore has been made under the scheme for the year 2012-13 by Government of India, it said.
 
The Union Cabinet chaired by Prime Minister Manmohan Singh approved the scheme in July.
 
The limit of subsidy for an individual borrower would be Rs14,912 for a loan of Rs15 lakh, and Rs9,925 for a loan of Rs10 lakh. The extended scheme will benefit all housing loans availed in the current financial year.
 
The National Housing Bank is the sole nodal agency for implementation of the scheme for banks, Regional Rural Banks and housing finance companies.
 

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COMMENTS

Sachin M Regundwar

4 years ago

I have availed housing loan in the year 2007. I satisfy all other criteria. Am I eligible to avail this facility?
Sachin

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