Regulations
SEBI settles case against Suzlon''s senior executive

SEBI had conducted a probe with regard to the various price sensitive disclosures made by Suzlon between 3rd November and 2nd December 2009. The investigations revealed that Bakshi had indulged in opposite transactions in Suzlon shares

 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed off a case against a senior official of Suzlon Energy after he paid Rs6.80 lakh as settlement in the matter related to alleged violations of insider trading norms in 2009, reports PTI.

 

SEBI had initiated adjudication proceedings against the company’s vice-president for purchase (Nacelle) Manoj Bakshi for indulging in opposite transactions in Suzlon’s shares.

 

As per the norms, designated employees who trade in company shares are not allowed to enter into an opposite transaction—sell or buy shares during the next 30 days or six months following the prior transaction.

 

In its order dated 17th January, SEBI said “this consent order disposes of the aforesaid adjudication proceedings initiated against Manoj Bakshi”.

 

The matter relates to a SEBI probe with regard to the various price sensitive disclosures made by Suzlon between 3rd November 2009 and 2nd December 2009.

 

The investigations revealed that Bakshi had frequently traded in the shares of Suzlon.

 

During the proceedings, Bakshi proposed to settle the charges against him under SEBI’s consent order mechanism.

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RBI allows hotels to prepay loans through ECBs

The move will benefit the hotel industry as it will allow the players to raise money overseas and repay loans taken from domestic banks, as well as for capital expenditure

 

New Delhi: Providing relief to hospitality sector, the Reserve Bank of India (RBI) has allowed companies owning hotels to prepay loans out of external commercial borrowing (ECB) proceeds, reports PTI.

 

"It has been decided to include Indian companies in the hotel sector with a total project cost of Rs250 crore or more, irrespective of geographical location as eligible borrowers under this scheme," RBI said in a release.

 

As per the existing guidelines, Indian companies in the manufacturing and infrastructure sector, which are consistent foreign exchange earners, are allowed to avail of ECBs for repayment of outstanding Rupee loans.

 

The move will benefit the hotel industry as it will allow the players to raise money overseas and repay loans taken from domestic banks, as well as for capital expenditure.

 

All other aspects of the scheme shall remain unchanged and the amended ECB policy will come into force with immediate effect, RBI said.

 

The Reserve Bank had earlier relaxed the ECB norms to help companies raise more funds from overseas markets, to boost infrastructure sector funding in the country.

 

Besides, RBI had also relaxed the ECB norms for repayment of rupee loans within the overall ceiling of 20 billion.

 

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Union Bank's Mundra appointed chairman of BoB

Prior to joining Union Bank, Mundra was the chief executive of BoB’s European operations based in London

 

New Delhi/Mumbai: The finance ministry has cleared the name of Union Bank executive director SS Mundra as the new chairman and managing director (CMD) of Bank of Baroda (BoB), reports PTI quoting sources.

 

For the 58-year-old Mundra, this is a second home-coming as he started off his career with Bank of Baroda.

 

When contacted, Mundra confirmed the development and said he will be taking over charge later this evening itself.

 

“It is a great legacy of the bank (BoB) and it is special for me as this is my parent bank,” he told PTI.

 

Prior to joining Union Bank, Mundra was the chief executive of BoB’s European operations based in London.

 

Mundra, who joined BoB as a directly recruited officer in 1977, has held various posts within the bank, right from branch manager to heading treasury operations.

 

A Master’s in Commerce, Mundra is also a certified associate of Indian Institute of Banking and Finance and fond of reading on leadership and banking.

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