SEBI slaps Rs25 lakh fine on MAN Industries, officials

SEBI levied a fine of Rs25 lakh on MAN Industries and its five officials for delay in disclosing price sensitive information

Market regulator Securities Exchange Board of India (SEBI) has imposed a penalty of Rs25 lakh on MAN Industries, its chairman and four other officials for not disclosing price sensitive information and violating insider trading norms. The entities had allegedly not made disclosures about its orders worth Rs1,340 crore in 2009 as per the regulator.

In its order, SEBI said, “MAN Industries, its chairman RC Mansukhani and other officials; JC Mansukhani, RC Jindal, JL Mansukhani, company secretary Sujal Sharma had failed to disseminate price sensitive information to the stock exchanges on time.”

The entities had allegedly not made disclosures about orders worth Rs1,340 crore from Middle East Countries in 2009. The information relating to orders from Green Refinement was filed with a delay of seven days and Niroo Gustar was filed with delay of 59 days with the exchanges, says order.

SEBI held that these entities had violated the provisions of Prohibition of Insider Trading (PIT) Regulations which mandates prompt disclosure of price sensitive information to the exchanges and dissemination of the same on a continuous and immediate basis and imposed a penalty of Rs25 lakh on company and its officials.

However, the company submitted that, RC Jindal and Sujal Sharma had left the company and JL Mansukhani had expired.

On, Friday MAN Industries shares closed 1.94% up at Rs63 on BSE, while S&P BSE Sensex ended the day flat at 22,360.


Mozilla chief Brendan Eich steps down over controversy

The backlash sprung from news of a cash donation the Mozilla chief had made in 2008 to support passage of a California law banning gay marriage, a move he has never publicly retracted

Brendan Eich, chief of Firefox browser maker Mozilla, is stepping down in the face of controversy stirred by his support of a California bill to ban gay marriage.


According to a blog post by executive chairwoman Mitchell Baker, he voluntarily surrendered his role as chief executive of Mozilla, a corporation owned by a non-profit foundation of the same name.


Eich's appointment had triggered outrage in the typically open-minded community devoted to improving and spreading free Firefox open-source Web browsing software.


The backlash sprung from news of a cash donation he made in 2008 to support passage of a California law banning gay marriage, a move he has never publicly retracted.


"We know why people are hurt and angry, and they are right: it's because we haven't stayed true to ourselves," Baker said.


"We didn't move fast enough to engage with people once the controversy started. We're sorry. We must do better."


Baker, indicating a replacement has not yet been determined, said Mozilla supports equality and freedom of speech.


Eich was appointed chief of Mozilla last month, saying in a blog post that he would do his best to take Mozilla to new heights.


"People around the world are our ultimate cause at Mozilla, as well as source of inspiration and ongoing help doing what we do," Eich said in the post.


His appointment sparked calls for his removal, and popular dating website OKCupid posted a message asking visitors to use browsers other than Firefox.


Firefox is a community-created browser challenging rivals backed by Apple, Google and Microsoft.


Last year, Firefox released an upstart smartphone operating system aimed at challenging the Apple and Google duopoly in the mobile gadget market.


Sensex, Nifty witness weakness – Friday closing report

As long as Nifty stays below 6,705, we may see it going lower further

On Friday, the Indian indices made their highest absolute daily loss over the past 24 days (including today). The weakness on the bourses persisted for the whole day.  As we had mentioned, on Thursday, the BSE 30-share Sensex and NSE 50- share Nifty remained weak throughout the day.


Sensex opened at 22,522 and moved in the range of 22,339 and 22,525 before closing at 22,360 (down 150 points or 0.66%), while Nifty opened at 6,742 and moving between 6,685 and 6,742 and closed at 6,694 (down 42 points or 0.62%). The NSE recorded a huge volume of 100.56 crore shares.


Among the five stocks, which closed in the positive out of the Sensex 30 stocks, SBI rose 0.47% to close at Rs1,904.25 on the BSE. In response to the complaint filed against SBI, Competition Commission of India (CCI) has dismissed allegations that the state-run lender abused its dominant market position by imposing unreasonable and unfair conditions on car loan borrowers.


NTPC is in the process of implementing 2400 MW Kudgi Super Thermal Power Project in Bijapur district of Karnataka. On 13 March, 2014, the National Green Tribunal (NGT) passed an order directing MoEF to keep in abeyance the environmental clearance granted to the project and directing NTPC to maintain a status quo at the project. The Supreme Court has stayed an order of the NGT putting on hold the project and directed the matter to be listed for final hearing on 5th August. NTPC was among the top losers in the Sensex 30 stocks and fell 1.95% to close at Rs120.55 on the BSE.


Essar Oil (up 7.04%) was among the top five gainers on the ‘A’ group on the BSE. The company sold around 55,000 tons of naphtha to Vitol at about $35 a ton over Middle East quotes on a free-on-board (FOB) basis, traders said on Thursday.


US indices closed in the negative on Thursday. The US trade deficit unexpectedly widened in February to $42.3 billion as exports hit a five-month low, suggesting that first-quarter growth could be much weaker than initially expected.


Business activity across emerging markets fell for the fourth straight month in March, with output contracting in three of the four biggest economies, a survey showed on Friday. HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys slipped to 50.3 from 51.1 in February, teetering on the 50 threshold that marks the difference between expansion and contraction.


Except for Shanghai Composite (0.74%), KLSE Composite (0.05%) and NZSE 50 (0.03%) all the other Asian indices which were trading today closed in the negative. Jakarta Composite (0.68%) was the top loser.


The International Monetary Fund (IMF) warned that emerging markets may suffer as growth slows in China, where the government this week announced policies designed to shore up the economy. The probability of defaults in China is relatively high, Alfred Schipke, the International Monetary Fund's senior resident representative for China, said on Wednesday.


European indices were trading in the green. US Futures were trading marginally higher.


German manufacturing orders grew more than expected in February on the back of strong domestic orders, data from the country's statistics office showed today.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)