SEBI said it might issue observations on RINL’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
Market regulator Securities and Exchange Board of India (SEBI) has sought clarification from the merchant banker of Rashtriya Ispat Nigam Ltd (RINL) regarding the company’s proposed initial public offering (IPO).
Without disclosing the details of clarifications sought from RINL, SEBI has said, “clarifications (are) awaited from lead manager” for the proposed public issue.
As per the latest weekly update to the processing status of draft offer documents, SEBI has said clarifications are awaited on the proposed IPO of RINL as on 17 October 2014.
However, it could not be ascertained whether the company has replied to SEBI’s queries in the meantime.
SEBI said that it might issue observations on RINL’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 September 19 through RINL’s lead manager UBS Securities India Private Limited.
Under the proposed IPO, the government would offload 48.9 crore shares through an offer for sale, of which 35% will be reserved for retail investors and 50% for qualified institutional buyers.
A discount of up to 5% on the Offer Price shall be offered to retail investors.
As per the draft red herring prospectus (DRHP) filed with SEBI, the government will sell its 10% stake in the company and the entire proceeds through the issue would go the exchequer.
The IPO of state-owned steel maker RINL is scheduled to hit the markets in the current fiscal, and the Cabinet has already accorded its approval for the stake sale.
The agency filed the report before Special CBI Judge Bharat Parashar and said that it contains a detailed report of investigation being carried out in the coal scam case
The Central Bureau of Investigation (CBI) on Tuesday filed a “detailed and comprehensive” revised final closure report before a special court in a coal block allocation scam case involving top industrialist Kumar Mangalam Birla, former coal secretary PC Parakh and others.
The agency filed the report before Special CBI Judge Bharat Parashar and said that it contains a detailed report of investigation being carried out in the case.
“Investigating Officer (IO) DSP KL Moses has filed a revised final report, which is stated to be detailed and comprehensive....the final report is also in the nature of a closure report. Special Public Prosecutor RS Cheema seeks some time to advance arguments...Put up for 10th November,” the judge said.
During the hearing, the investigating officer told the court that as directed earlier, that they are filing all the documents related to the case before the court.
CBI also filed certain additional documents which were seized during the investigation before the court.
During the hearing, the judge asked CBI that if he will take cognisance of the final report filed by the agency, then how it will provide the list of witnesses and documents to the court.
Responding to this, Cheema said, “Now we are taking precaution” and the agency will see that each and every document is filed in the court.
Cheema also told the court that the final revised closure report filed today deals with everything collected by the agency during the investigation.
On 12th September, the court had asked CBI as to what was the hurry in closing the case in which first information report (FIR) was registered against Birla, Parakh and others. CBI had on 28th August filed a closure report in the case.
The FIR against Birla, Parakh and others was registered in October last year by CBI which had alleged that Parakh had reversed his decision to reject coal block allocation to Hindalco within months “without any valid basis or change in circumstances” and shown “undue favours”.
The FIR relates to allocation of Talabira II and III coal blocks in 2005.
CBI had booked Birla, Parakh and other officials of Hindalco under various IPC sections, including criminal conspiracy and criminal misconduct on the part of government officials.
In its FIR, the agency had alleged that during the 25th Screening Committee meeting, chaired by Parakh, applications of Hindalco and Indal Industries were rejected for mining in Talabira II and III “citing valid reasons”.
Once investment activity picks up on the back of proactive steps taken by the government, we think hiring activity in the manufacturing sector should also follow suit, says Nomura in a research note
Naukri.com's Job Speak Index rose by a strong 18% year-on-year in August 2014 following three months of 20% plus growth, indicating steady growth in the job openings in India. This is according to a research note from Nomura and the trends are plotted in the chart below:
The underlying data show that the pick-up in hiring was mainly concentrated in the service sector, especially in IT services, BPO, banking and telecom industries. In contrast, hiring was tepid in the manufacturing sector, especially in construction, capital goods and oil & gas industries.
According to Nomura, steady growth in hiring activity looks positive for consumer discretionary demand, which will also be supported by lower inflation and higher consumer confidence.
The research note concludes by saying, “Once investment activity picks up on the back of proactive steps taken by the government, we think hiring activity in the manufacturing sector should also follow suit.”