Regulations
SEBI imposes penalty of Rs50,000 on Frontier Leasing

Frontier Leasing and Finance sold 2.86% stake in Subway Finance and Investment but did not disclose the information for over 2,808 days

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs50,000 on Frontier Leasing and Finance Ltd (FLFL) for failing to make disclosures regarding change in its shareholding in another company within stipulated time, reports PTI.
 
The company's shareholding pattern changes on account of sale of shares on 31 March 2003.
 
As per regulatory norms, acquisition or sale of shares in excess of 2% of the company's overall stake requires an entity to make a disclosure to the stock exchanges within two days of sale.
 
In its order, SEBI alleged that Frontier Leasing and Finance along with other promoters were holding shares/voting rights in Subway Finance and Investment Company Ltd (SFICL) within the prescribed limits.
 
However, on 31 March 2003, the entity sold 7,000 shares/voting rights translating to 2.86% stake of Subway Finance and Investment Co to another promoter of the company as part of inter-se-transfer among promoters transactions.
 
FLFL was required to make disclosure regarding the sale and its aggregate shareholding in the company to the stock exchanges within two days of the sale. SEBI observed that FIFL made disclosure after a delay of 2,808 days.
 

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LIC sells over 2% stake in Tata Global Beverages for Rs160 crore

These shares, offloaded through open market transactions between 28th June and 24th August this year, were worth Rs160.15 crore. LIC now holds 9.71% stake in Tata Global Beverages

 
New Delhi: Life Insurance Corp of India (LIC) has sold shares worth Rs160 crore of Tata Global Beverages, representing a little over 2% stake in the company, reports PTI.
 
In a regulatory filing, Tata Global Beverages said LIC has offloaded 1.28 crore shares, translating to around 2.08% stake in the beverages major.
 
These shares, sold between 28th June and 24th August this year, were worth Rs160.15 crore. They were offloaded through open market transactions.
 
LIC now holds 9.71% stake in Tata Global Beverages. Prior to these transactions, the insurance major held 11.79% shareholding in the company.
 
Tata Global Beverages is the world's second largest tea company. The group's annual turnover is $1.4 billion and it employs over 3,000 people worldwide.
 
 

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Too much money invested in gold in India, says CII

According to the industry body, higher gold imports are contributing to deterioration in the country's balance of trade, and investors should be provided better incentives to invest in MFs and stocks

 
Bangalore: Investors in mutual funds and equity should get better incentives so that Indians do not invest much money in gold, industry body Confederation of Indian Industry (CII) said, reports PTI.
 
Gold imports in 2011-12 were to the tune of $60 billion, which also contributed to deterioration in the country's balance of trade, CII President Adi Godrej told reporters.
 
"We need to balance our trade better," he said.
 
The government is planning and CII is fully supportive of better incentive for investment in mutual funds and equity so that people do not invest that much money in gold which could also help in improving balance of trade.
 
Pushing for early implementation of the GST regime, he said it would be the single most important reform and help reduce fiscal deficit, contain inflation and get the country back on a high growth path.
 
Godrej said some states are growing at double digits and others need to emulate them. "If some states can grow at double digits, there is no reason why other states can't and also why the country can't." 
 
"We should revive growth through reforms and governance", Godrej, who is also chairman of the Godrej Group, said. "There must be better governance".
 
The institution of Lokpal which could expose and punish the cases of corruption is necessary but not sufficient to improve transparency and curb corruption, he said.
 
"What's also needed is that government procedure should be simplified", Godrej said as he vouched for e-governance which would lead to "less corruption, more transparency".
 
Godrej said the general investment climate in India is not good and the reasons for it include "retrospective amendments that came in the budget" and labour unrest at the Maruti Suzuki plant at Manesar.
 
He hoped the current slowdown in the economic reforms process was a "cyclical phenomenon" and not a "system problem". "Momentum of reforms has suffered. The climate for both Foreign Direct Investment and domestic investment have been negatively affected".
 
Asked about disruptions in Parliament over the coal block allocation issue, Godrej said: "We do think Parliament should run normally. Parliament should operate".
 
"There might be various accusations; there could be various reports. CII feels they should be debated in Parliament", he said. "If Parliament doesn't work, then the various pieces of legislation that are pending in Parliament will get delayed," he added.
 

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