Regulations
SEBI settles Sabero Organics case on not resolving complaints

SEBI allowed Sabero Organics to get away from redressing 79 pending complaints from its investors by paying Rs6.8 lakh

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has settled a case against Sabero Organics Gujarat Ltd after the company made a payment of Rs6.80 lakh for allegedly not resolving 79 investor complaints pending against it, reports PTI.

 

In its order, SEBI said that adjudication proceedings initiated against the company are "hereby settled".

 

SEBI on three separate occasions from 2008-2010 had written to the company asking it to redress 79 pending complaints against it and submit a action taken report (ATR) within the prescribed time.

 

However, the company did not redress the complaints and failed to submit the ATR as required. Hence, SEBI had initiated the adjudication proceedings.

 

Pending the adjudication proceedings, Sabero Organics Gujarat had proposed a settlement of Rs25,000 in May 2011 under the SEBI's consent order mechanism.

 

However, later the company revised its consent terms and offered settlement of Rs6.80 lakh in July, 2012.

 

The proposed terms were placed before the High Powered Advisory Committee (HPAC) which after consideration, recommended that the case may be settled on payment of the said amount.

 

SEBI noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the company is found to be untrue.

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SEBI slaps Rs10 lakh fine on Manish Mathur in Asian Star trading case

SEBI said Mathur is alleged to have had connections with the entities belonging to Mehta group, which had allegedly executed trades through broker Triveni Management Consultancy Services of which Mathur was the CEO

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs10 lakh on a Manish Mathur for allegedly indulging in fraudulent trading practices in shares of Asian Star Company Ltd (ASCL), reports PTI.

 

SEBI has alleged that Mathur acted as a link between the connected entities who orchestrated manipulation in the scrip of ASCL.

 

SEBI said it is imposing a penalty of Rs10 lakh on Mathur "which will be commensurate with the violations committed by him".

 

SEBI said in a probe it noticed a spurt in the price ASCL shares during 10 October to 20 November 2008. During the same period the benchmark Sensex had dropped over 19%.

 

SEBI said it had observed that certain entities connected to each other had allegedly indulged in circular/reversal synchronised trading in a manner that led to creation of artificial volume in the scrips.

 

Mathur is alleged to have had connections with the entities belonging to Mehta group, SEBI said. These entities had allegedly executed trades through broker Triveni Management Consultancy Services of which Mathur was the CEO, it added.

 

SEBI said it noted that Mathur had acted as a link between the Mehta Group entities, financed their transactions to orchestrate manipulation in the scrip and "thereby connived with the Mehta Group clients in manipulating the price and volume of the scrip of ASCL".

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ReGen Powertech wins wind turbine projects worth Rs1800 crore

Chennai-based ReGen also announced launch of its 1.5MW wind turbine that is suitable for low and medium wind speed sites

Chennai: Wind turbine manufacturer ReGen Powertech has received new projects worth Rs1,800 crore to be installed with third generation new turbine, reports PTI.

 

The projects include Tamil Nadu based Mytrah Energy India's 67 WEC-100.5MW project, NSL Windfarm's (Maharashtra) 50WEC-75 MW project, Hetero Windpower's (Andhra Pradesh) project for 36WEC-54MW and Renew Windpower's (Maharashtra) 33 WEC-49.5MW project, the company said.

 

Meanwhile, the Chennai-based ReGen announced the launch of 1.5MW wind turbine, suitable for low and medium wind speed sites, during the ongoing Wind Power India conference, the company said in a statement.

 

The new third generation turbine was developed in cooperation with technology partner - Vensys Energy AG, Germany.

 

"V-87 is an evolution of ReGen's proven 1.5MW technology platform and the order win of 279MW worth Rs 1,800 crore during pre-launch of V-87 is a testament to our customer's confidence.." ReGen Powertech, Managing Director, Madhusudan Khemka said.

 

He said ReGen is offering V-87 with tower heights of 85 metres and combined with all new third generation rotor, it enables it to increase annual energy production by 15%.

 

V-87 turbine has inbuilt low voltage right through (LVRT) which leads to better compliance with grid regulation.

 

A new blade design with rotor diameter of 87 meter offers a larger swept area enabling greater energy capture and power production from low to medium wind speeds, the statement added.

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