Regulations
SEBI revokes ban on three executives of Tijaria Polypipes

Preliminary findings of the SEBI probe revealed that Tijaria Polypipes diverted substantial part of the IPO proceeds, 'through layered transactions', to certain entities

 
New Delhi: Securities and Exchange Board of India (SEBI) has revoked a ban imposed on two independent directors and a company secretary of Tijaria Polypipes Ltd related to alleged diversion of proceeds from the company's initial public offering (IPO), reports PTI.
 
The market regulator in December last year had barred Tijaria Polypipes' two independent directors -- Pawan Kumar Jain and Pana Chand Jain -- along with company secretary Tej Kumar Jain from the securities market till further directions.
 
Revoking the ban, SEBI said that considering various factors, the "benefit of doubt" can be given to the three people.
 
Preliminary findings of the SEBI probe into the fall in shares of Tijaria Polypipes revealed that the company had diverted substantial part of the IPO proceeds, "through layered transactions", to certain entities.
 
The IPO, to raise about Rs60 crore, was from 27-29 September 2011.
 
According to SEBI, Tijaria Polypipes in its prospectus dated 12 September 2011, had declared that it had not raised any bridge loan against the proceeds of the IPO.
 
However, the company's board, at their meeting in September the same year, had decided to raise Inter Corporate Deposits to meet the working capital requirements while their repayments had to be from the IPO proceeds.
 
SEBI, in its order, said there is not enough evidence to suggest that the independent directors and company secretary were aware of the board's decisions during the meeting on 10th September.
 
Taking into consideration the period of prohibition already undergone by the entities vis-a-vis the findings of investigations, SEBI whole time member Prashant Saran said, "I am inclined to give Pawan Kumar Jain, Pana Chand Jain and Tej Kumar Jain the benefit of doubt".
 
Pawan Kumar Jain resigned from the post of independent director on 5 January 2012, it added.
 
The ban on the three individuals has been revoked with immediate effect.
 

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Macquarie Bank reduces its stake in Karnataka Bank

Macquarie Bank sold 11.12 lakh shares or its 0.59% stake out of 2.35% stake in Karnataka Bank at an average price of Rs135.2 per share 

 
Mumbai: Investment services provider Macquarie Bank has reduced its stake in Karnataka Bank by offloading over 11 lakh shares of the private sector lender for Rs15 crore, reports PTI.
 
Macquarie Bank, which held 44.28 lakh shares or 2.35% stake in Karnataka Bank at the end of September quarter, sold 11.12 lakh shares (amounting to 0.59% holding)of the banking entity, as per bulk data available with the stock exchanges.
 
The shares were sold on an average price of Rs135.17 apiece valuing the deal to Rs15.03 crore.
 

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RBS buys 2.5 crore shares in 19 companies for Rs407 crore

RBS bought these shares from ABN Amro Bank through various bulk deals by paying over Rs407 crore 

 
Mumbai: Royal Bank of Scotland (RBS) has bought about 2.5 crore shares in 19 companies including Adani Enterprises, HCL Infosystems and Infosys for a little over Rs407 crore from ABN Amro Bank, reports PTI.
 
The shares were bought in these companies from ABN Amro Bank through various bulk deals.
 
As per information available with the stock exchanges, The Royal Bank of Scotland Asia Merchant Bank (Singapore) bought a total of 2.46 crore shares in these companies for Rs407.56 crore.
 
RBS has also purchased shares in Infosys, SKS Microfinance, Jindal Stainless, Diamond Power Infrastructure, Brigade Enterprises, Anant Raj Industries and Banswara Syntex.
 
It also purchased shares in Aditya Birla Nuvo, Bajaj Auto, Glenmark Pharma, HUL, Tata Steel and Essar Shipping, among others.
 
Individually, RBS acquired 80.62 lakh shares of Adani Enterprises worth Rs181.19 crore, it also bought 11.50 lakh scrips of HCL Infosystems valued at Rs5.26 crore. The banking firm also acquired 1.5 lakh shares in Infosys for Rs35.10 crore.
 
The bank also bought 12 lakh shares of Jindal Stainless for Rs8.29 crore and 17.5 lakh scrips of SKS Microfinance valued at Rs21.61 crore. RBS also acquired two lakh shares in Anant Raj Industries for Rs16.25 crore.
 

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