A probe conducted by SEBI revealed that Pedriano Investments, one of the promoter entity of Zensar Technologies, had failed to disclose to the company information regarding its shareholding within the specified time-frame
The Securities and Exchange Board of India (SEBI) has settled allegations of insider trading charges against Pedriano Investments after it paid a little over Rs6 lakh towards settlement fees.
SEBI, in its consent order passed on 12th April, said the order will come into force immediately and that it has disposed of adjudication proceedings against the company.
A consent order enables settling administrative or civil proceedings between the regulator and the concerned party.
The regulator had conducted investigations into alleged irregularities in the scrip of Zensar Technologies as well as promoter's shareholding for the quarters ended March 2009 to March 2010.
The probe revealed that Pedriano Investments, one of the promoter entity of Zensar Technologies, had failed to disclose to the company information regarding its shareholding within the specified time-frame.
Pedriano Investments’ holding has fallen from 8.11% in December 2009 to 2.39% in March 2010 indicating a significant change of more than 2%, a level that would necessitate sharing of such information.
Consequently, SEBI had initiated adjudication proceedings against the company to inquire into alleged violations of insider trading norms. The regulator issued a show-cause notice to Pedriano Investments in May last year.
The company submitted a consent order application to SEBI in August 2012, while the adjudication proceedings were pending against it and proposed to pay Rs3.29 lakh towards settlement fees and in January this year revised the amount to Rs6.07 lakh.
After that, the revised consent terms were placed before the High Powered Advisory Committee of SEBI. The committee recommended that the "case may be settled on payment of Rs6.07 lakh." Accordingly, the applicant has remitted a sum of Rs6.07 lakh towards the settlement charges.
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In Mumbai, cars and bikes constitute 86% or 17.45 lakh vehicles but carry just 13% of the load while 40,600 buses account for 26% of the trips, reveals a report by a High Powered Committee. This highlights the need for more public transport, especially buses in the city
The High Power Committee (HPC) formed under the chairmanship of Dr Amitabh Rajan, additional chief secretary of home department says while two-wheelers and four-wheelers have a vehicle share of about 86% (about 17.45 lakh), they carry only 13% of the total trips across Mumbai. At the same time, just 40,600 buses account for 26% of the modal share of trips in the city. This shows the dire need to have a sophisticated bus system in the city that can reduce the number of cars from the congested roads.
Mumbai, the home to over 1.30 crore people, faces severe crunch of public transport facilities. While the suburban railway network carries over 75 lakh commuters every day, there still is a need for more buses, says the report of the Committee set up by home ministry following directions from the Bombay High Court.
According to the report, Mumbai continues to have high usage of public transport, courtesy the local rail network. As per the modal share of trips, excluding walking trips, local trains account for 52%, buses account for 26%, auto-rickshaws account for 7%, taxis account for 2%, two-wheelers account for 8% and only 5% of the modal share is by cars.
“Relatively sharp increase in car modal share in the last decade has pushed Mumbai into a situation of a grid-lock,” the report says.
As of March 2012, there were 20.3 lakh vehicles registered in Mumbai. Two-wheelers accounted for 55.7%, four-wheelers accounted for 30.6%, auto rickshaws accounted for 5.5%, buses accounted for 0.5%, trucks, lorries and delivery vans accounted for 3.9% and other vehicles accounted for 3.8%.
According the Committee, the rapid growth in motorisation is the main reason for traffic congestion in the city, while the number of vehicles is growing; the road network has not changed much in past four-decades.
On an average 450 new vehicles are being added to the road network each day. As the number of vehicles increase day by day (with the growth in the last decade alone being 88%), the travel times have also increased. In addition, more than one lakh vehicles per day enter or leave Mumbai area adding more load to an already strained system, the report says.
"This rapid growth in motorisation is surprising despite problems of traffic and parking and can be explained by the income growth of a highly aspirational population coupled with the extreme saturation in public transport. Regulatory policy needs to be in place to curtail congestion,” the Committee said.
The Committee has suggested several corrective and remedial measures for ensuring smooth and disciplined vehicular and pedestrian traffic.
According to the Committee, lack of equipment and manpower for enforcement, extreme growth in population and vehicles, lack of proper signage and markings, on-going construction works, parking related issues, need for policy level changes coupled with infrastructure issues and operational difficulties have impacted traffic congestion directly and indirectly.