Regulations
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".

User

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.

User

Rs2500 crore bank fraud: CVC examining case against 24 officials

A Mumbai-based construction company has been reportedly sanctioned credit facilities under regular consortium--Rs2,510 crore--and as China Project consortium -- Rs410 crore-- with 26 banks, with PNB as lead bank

 
New Delhi: The Central Vigilance Commission is examining a reference received from Punjab National bank involving 24 of its officials in an alleged fraud involving over Rs2,500 crore, reports PTI.
 
The Central Bureau of Investigation (CBI) had on 25th April last year registered a case against Directors of a Mumbai-based construction company and others for their alleged involvement in cheating Punjab National Bank (PNB) and causing losses worth several crores.
 
According to information given by Minister of State for Finance Namo Narain Meena in the Rajya Sabha today, the company has been reportedly sanctioned credit facilities under regular consortium--Rs2,510 crore--and as China Project consortium -- Rs410 crore-- with 26 banks, with PNB as lead bank.
 
"It has been further informed by the CVC that PNB had made reference in September 2012 involving 24 officials, which is under examination in CVC," Meena said.
 
The exposure of loan on the company in all consortium banks is Rs2,529.62 crore as on 31 March 2011, the Minister said.
 
Of these, a highest of Rs409.97 crore is by PNB, followed by Rs309.51 crore by UCO bank, Rs216.64 crore by United Bank of India, Rs176.72 crore by Union Bank of India, Rs129.77 crore by State Bank of Bikaner and Jaipur, Rs102.82 crore by Indian Bank and Rs102.45 crore by Central Bank of India among others.
 
"Reserve Bank of India (RBI) had reported that the consortium banks had lodged claims with Export Credit Guarantee Corporation of India (ECGC) for the invoked guarantees. ECGC on 7 October 2011 had expressed their inability to consider the claim. The case has been again represented on 23 November 2011.
 
"A recovery suit before Debt Recovery Tribunal (DRT) was filed on 5 November 2011. The members of the consortium have also initiated recovery proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002," the Minister said.
 
In order to make third parties and professionals accountable, who have played a vital role in credit sanction or disbursement or facilitated the perpetration of frauds, Meena said that banks have been advised to report to Indian Banks' Association (IBA).
 
"IBA in turn will prepare caution lists of such parties for circulation among the banks," he said.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)