SEBI seek clarifications on IPOs from Lavasa, Adlabs

SEBI has sought certain clarifications from Lavasa Corp and Adlabs Entertainment on their IPOs


Market regulator Securities and Exchange Board of India (SEBI) has sought clarifications from Lavas Corp, a unit of Hindustan Construction Co (HCC) and Adlabs Entertainment on their proposed initial public offering (IPO).


Without disclosing the details of clarifications sought from Lavasa, SEBI has said “clarifications (are) awaited from lead manager” for the proposed public issue of Rs750 crore.


As per the latest weekly update to the processing status of draft offer documents, SEBI has said clarifications were awaited on the proposed IPO of Lavasa as on 8 August 2014.


SEBI said that it might issue observations on Lavasa’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.


The regulator had received the draft offer documents on 1st July this year through Lavasa's lead manager Axis Capital.


Lavasa has filed its draft red-herring prospectus with SEBI to go in for an IPO of its equity shares of Rs10 each aggregating to Rs750 crore.


Lavasa, which is developing a large township (hill city) in 10,000 hectares at ‘Lavasa’ near Pune, is making a second attempt to raise money though IPO.


In November 2010, Lavasa had got the SEBI clearance for an IPO to raise up to Rs2,000 crore, but bad market conditions forced the company to scrap the plan.


HCC group owns 68.72% stake in Lavasa.


Separately, SEBI has sought fresh clarifications from Adlabs Entertainment regarding the company’s proposed IPO. However, the regulator did not disclose about the details of clarifications sought from the lead managers.


Adlabs Entertainment runs amusement park — Adlabs built by film producer and director Manmohan Shetty.


The regulator had received the draft offer documents on 22 May 2014, through its lead manager.


The company has proposed a public issue of 2.3 crore equity shares of face value of Rs10 each. The issue comprises a fresh public issue of up to 2.2 crore shares and an offer for sale of up to 20 lakh shares by the promoter Thrill Park.


Adlabs Entertainment intends to deploy the funds raised from the fresh issue for payment of loans and general corporate. Besides, the company is considering a pre-IPO placement of up to three lakh equity shares for about Rs80 crore.


Actor Robin Williams found dead in apparent suicide

In addition to his Oscar, the 'Mrs Doubtfire' and 'Jumanji' actor won two Emmys, four Golden Globes, five Grammys and two SAG Awards


Oscar-winning actor and comedian Robin Williams has died at the age of 63. According to police in Marin County, California, Williams was found 'unconscious and not breathing' just before noon yesterday inside his home in Tiburon, California, following a 911 phone call.


He was pronounced dead at 12:02pm after emergency personnel arrived.


An investigation into the cause of the death is underway, but 'the Sheriff's Office Coroner Division suspects the death to be a suicide due to asphyxia.'


A forensic examination is scheduled for today along with a press conference in San Rafael, California.


Williams' publicist Mara Buxbaum said, "Williams has been battling severe depression of late. This is a tragic and sudden loss. The family respectfully asks for their privacy as they grieve during this very difficult time."


His wife, Susan Schneider, said, "This morning, I lost my husband and my best friend, while the world lost one of its most beloved artists and beautiful human beings. I am utterly heartbroken. On behalf of Robin's family, we are asking for privacy during our time of profound grief. As he is remembered, it is our hope the focus will not be on Robin's death, but on the countless moments of joy and laughter he gave to millions."


Added David Steinberg, his manager of 35 years, "Nobody made the world laugh like Robin Williams. My brother, my friend, my soulmate, I will miss you."


Williams, a four-time Oscar nominee, won a supporting actor Oscar for 'Good Will Hunting' for his portrayal of a wise and morose psychologist. He most recently starred in CBS' comedy 'The Crazy Ones', which lasted only one season. He was nominated for a People's Choice Award for his role as an advertising executive on the comedy, in which Sarah Michelle Gellar played his daughter.


Crazy Ones production company 20th Century Fox TV said in a statement, "Robin Williams was a comedy giant, and although we only knew him personally for a season, he was warm, funny and a true professional. He was one of a kind."


Williams also recently starred in the feature 'Angriest Man in Brooklyn' opposite Mila Kunis, Melissa Leo and Peter Dinklage.


His next project is the feature film 'Night at the Museum: Secret of the Tomb', the third film in the trilogy, which is set to hit theaters on 19th December via 20th Century Fox.


In addition to his Oscar, Williams won two Emmys, four Golden Globes, five Grammys and two SAG Awards.


Hollywood mourned the death of the actor on Twitter after news broke Monday afternoon.


"I will never forget the day I met him and he stood on his head in my office chair and pretended to drink a glass of water using his finger like a straw," Happy Days and Mork & Mindy creator Garry Marshall recalled.


Williams' first comic film role was the lead in Robert Altman's live-action 'Popeye' (1980), which received mixed reviews. He went on to delight audiences in a long string of big-screen comedies, including 1993's 'Mrs Doubtfire' and 1996's 'The Birdcage'. He also lent his voice to Disney's animated classic Aladdin (1992), playing the Genie, a part written specifically for him.


We are still trying to find a good theory of the brain

Two large groups of scientists are still trying to unravel the mystery of the brain in both sides of the Atlantic


“The true sign of intelligence is not knowledge but imagination.” — Albert Einstein

Medical scientists seem to have forgotten that science cannot be static; it has to change according to our understanding of man and the world. Time was when we used to teach and accept that the brain is a vital organ that runs the human body and a lot of work has gone into trying to understand the brain. There are two large groups of scientists who are still trying to unravel the mystery of the brain on both sides of the Atlantic. Hundreds of neuroscientists from all over the world have written open letters to the ‘Human Brain Project’ of the European Commission, which has a budget of $1.6 billion, pointing out that the project is overly narrow, ill-conceived and radically premature! Similar criticism has also been aimed at the Obama administration’s ‘Brain Initiative’. The American initiative is hi-tech as usual, using the latest opto-genetics, which allows analysis of individual neurons! Hi-tech has sadly come to be equated with better results.

The real problem is that we still do not know what a good theory of the brain would actually look like. Gary Marcus, professor of psychiatry at the New York University, who is engaged in writing a new book on the future of the brain, also feels that the kind of brain research that we are doing is like the search for the grand unified theory in physics. The old method of building scientific models, which has served to make life much easier with gadgets, communication and transport facilities, seems to have outlived its usefulness. Current brain research falls into that old paradigm.

There is, however, a new model known as biocentrism that takes human consciousness into account. In physics, new understanding of the implications of Werner Heisenberg’s famous uncertainty principle shook up the foundations of the classical model propounded by Newtonians. Similarly, once we are able to correctly account for human consciousness, we may no longer go after brain cells, or for that matter any other body cells, in isolation. The human body works as a whole. Fritz-Albert Popp elegantly showed, using his bio photon camera, how the brain cells respond even to an ointment applied on the dorsum of the hand, with complete synchronicity. According to him, one is healthy only when all the body cells dance in sync; when they are out of sync, one is ill!

Future research should concentrate on consciousness to understand the working of the brain and the human body, not spend billions of dollars to misunderstand the human as machine. Technology has been very profitable in healthcare and the interested parties would not want to abandon it easily. In fact, it is such reductionist (vivisectionist) researchers who get the Nobel Prize and all the grants.

There are some oases in this scientific desert where thinking people are questioning our dogmas. People like Karl Popper, Paul Feyerabend, Harry Miller and Trevor Pinch, among others, have questioned the existing scientific model; but the money involved in this model does influence many men in the world of science. Paper writing, awards, grant collection, fattening the CV and social status are more attractive than thinking. Now, studies on rats have been found to be seriously flawed, as the researcher’s consciousness and even his gender could change the results by as much as 40%. While one research cannot discount all others, it does raise questions about how modern science conducts its research. Let there be an international conference of thinkers in science to set the ball rolling for research in holistic science.

No one knows how our mind works, but it surely does not fit the present paradigm of the mind as a product of mere neurons and axons.

 “The brain is a wonderful organ; it starts working the moment you get up in the morning and does not stop until you get into the office.” — Robert Frost

Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS.



Jeanine Joy

3 years ago

Thank you for pointing this out.

I have been researching the question, "What makes humans thrive?" for a few decades by reviewing research from diverse scientific disciplines.
I often see research stating, "We observed ____ but need more research to understand it. But, because I don't limit myself to one discipline, I've seen research in another area that explains and could have predicted the results.

Multi-disciplinary research is difficult to publish because the peer review process wants an expert that can review the entire work to do so while some of the answers must cross disciplines. A committee review, with experts from each field in the work would be a workable solution.

I saw one paper that theorized that our brains were not storage devices, but sending and receiving towers. It indicated the functions we see in the brain are circuits that are activated based on where the station is tuned to receive or transmit.

The idea really resonated with me but I did not make a note of which paper it was in, expecting to see further work on the concept.

Quantum Physics is providing answers about how quickly communication occurs in the body--something the old chemical reactions cannot do.

What I call The Galileo Effect makes many cling to the old paradigms until they fall under the weight of the exceptions required to shore them up. We need to consider the Parsimony Principle more often when the exceptions to the answer we believe is true begin piling up. When we understand how the mind is designed to prove our beliefs to us rather than show us reality we will do so.
Jeanine Joy

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