Companies & Sectors
SEBI seeks clarification on Godrej Properties’ rights issue

Without disclosing the details of the clarifications sought, SEBI has said that “clarifications (are) awaited from lead manager” for the proposed rights issue

Market regulator Securities and Exchange Board of India (SEBI) has sought clarification from the merchant banker of Godrej Properties, the real estate arm of Godrej Group, regarding the company's proposed Rs700 crore rights issue.

 

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

 

In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

 

As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the proposed rights issue of Godrej Properties as on 5 July 2013.

 

The status is updated on a weekly basis by the regulator and the next update of the status as on July 12 2013 would be uploaded on the SEBI website on the next working day.

 

SEBI said it might issue observations on Godrej Properties’ 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 of on 5 June 2013 through its lead manager Kotak Mahindra Capital Company. The company’s proposed rights issue is estimated to raise up to Rs700 crore.

 

The funds raised through the issue would be utilised for ongoing projects as well as new projects.

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SC asks Tata Motors co clarify stand on Singur land
“You are not carrying out any business there. You cannot be expecting any profit from the land. Why should you come in the way of the state handing it back to the agriculturists?” the court said
 
The Supreme Court today asked Tata Motors to clear its stand on Singur land. The court asked the automobile major to consider restoring the land in West Bengal back to the state government so that it could be returned to the agriculturists from whom it was acquired.
 
The apex court bench of justices HL Dattu and Dipak Misra told Tatas that they are lease holders.
 
“You are not carrying out any business there. You cannot be expecting any profit from the land. Why should you come in the way of the state handing it back to the agriculturists?” the court said.
 
The court asked Tatas’ counsel Gopal Jain to respond to its suggestion by 6th August.
 
The court was hearing a special leave petition filed by the West Bengal government challenging the quashing of the Singur Land Acquisition Act by the Calcutta High Court.
 
The West Bengal government and the central government represented respectively by senior counsel Rakesh Dwivedi and Solicitor General Mohan Prasaran told the court that the state is willing to return the compensation with interest to Tatas if they restore the land to the farmers.
 
The state government had moved the apex court against the high court order, which had struck down the Singur Land Rehabilitation and Development Act, 2011, that allowed it to reclaim the 400 acres of land given to Tata Motors.
 
The high court had on 22nd June last year, ruled that the legislation enacted by the West Bengal government to recover the land leased to Tata Motors in Singur for its Nano small car project was constitutionally invalid as the president’s assent had not been taken for the Act.
 
The high court’s order had come on an appeal by Tata Motors against a decision of single-judge bench which had held the Act to be constitutional.
 

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