SEBI slapped a fine of Rs4.50 lakh on Lohia Polyesters for failing to redress investor complaints and imposed penalty of Rs50,000 on the company for failing to submit certain information on SCORES
Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs5 lakh on Lohia Polyesters for failing to resolve investor complaints and for not furnishing required details to the market regulator, reports PTI.
In its order, SEBI slapped a fine of Rs4.50 lakh on Lohia Polyesters for failing to redress investor complaints.
Besides, the market regulator imposed penalty of Rs50,000 on the company for failing to submit certain information including document of authentication required under SEBI's online complaint redressal system SCORES.
The regulator said it is "established beyond doubt that the noticee (Lohia Polyesters) has not redressed the long pending investor grievances and failed to submit the ATR (Action Taken Report) and letters from BSE and stock exchanges as advised by SEBI".
According to the order, the company also failed to submit the required authentication under SCORES (SEBI Complaints Redress System) before the initiation of adjudication proceeding.
Certain investor grievances were pending against the company as on 22 December 2011, SEBI said.
Lohia Polyesters was advised by SEBI to submit letters from BSE and other stock exchanges on which it was listed, stating the status of investor grievances.
However, the order said the company did not redress the investor grievances, failed to submit the ATR and letters from the stock exchanges.
Sinha, a businessman from Delhi had alleged that DLF and its directors and agents had lured and compelled him to transfer certain plots of land and did not fulfil the promise of developing the land and providing him higher returns
New Delhi: The Delhi High Court has dismissed realty major DLF Ltd's plea against market regulator Securities and Exchange Board of India (SEBI)'s decision to probe an allegation that the realty company had duped a businessman of Rs34 crore, reports PTI.
A bench headed by Justice S Ravindra Bhat dismissed DLF's plea, upholding a single-judge bench order of the court which had also imposed a cost of Rs2 lakh on it.
DLF had earlier moved the single judge-bench to quash SEBI's order dated 20 October 2011 to probe into city-based businessman Kimsuk Krishna Sinha's allegation of 2007 against real-estate company and its associate firm Sudipti Estates.
DLF had said SEBI's order was passed "erroneously and in blatant violation of the principle of natural justice."
The single judge on 3rd January this year had dismissed DLF's plea against the market regulator's decision saying SEBI's order was "based on reasons."
SEBI had passed the order following a 2011 direction of the high court to it to look into Sinha's complaint against DLF Group and Sudipti Estates.
Sinha had alleged that DLF and its directors/ agents had "lured and compelled" him to transfer certain plots of land and did not fulfil the promise of developing the land and providing him higher returns.
Sinha had alleged Sudipti, DLF Home Developers Ltd and DLF Estate Developers Ltd were sister concerns inextricably linked and were part of the DLF group.
DLF has, however, said that Sudipti is a separate legal entity owned and controlled by different individuals.
The construction major in a Draft Red Herring Prospectus (DRHP), filed for a public issue in May 2006, had mentioned that Sudipti was its associate company.
The DRHP, however, had been withdrawn and a fresh prospectus was filed in January 2007 in which Sudipti was not mentioned as an associate.
RBI said the credit facility extended by lenders to a borrower in about 30 odd sub-segments like roads and bridges, LNG and oil pipelines, water treatment plants, telecom towers, and three-star hotels would qualify as infrastructure lending
Mumbai: Giving a boost to key segments like roads and bridges, LNG and oil pipelines, water treatment plants, telecom towers, and three-star hotels, the Reserve Bank of India (RBI) has given them 'infrastructure status' and paved way for them to avail easier funding from banks, reports PTI.
In a notification, RBI said the credit facility extended by lenders (banks and select financial institutions) to a borrower in about 30 odd sub-segment of the infrastructure sector will qualify as "infrastructure lending".
With 'infrastructure lending status' companies can avail loans for a longer period at lower rate of interest.
The government had been wanting to give a boost to the infrastructure sector to revive the sagging economy
In the transport category, roads and bridges, ports, inland waterways, airport, railway track, tunnels, viaducts, bridges, urban public transport will qualify for infrastructure lending.
In the energy segment, generation, transmission, distribution, oil pipelines, oil/gas/liquefied natural gas storage facility and gas pipelines would qualify.
Likewise, solid waste management, water supply pipelines, water treatment plants, sewage collection, treatment and disposal system, irrigation (dams, channels, embankments), storm water drainage system projects come under infrastructure lending
Telecommunication, telecommunication towers, education institutions, hospitals, three-star or higher category hotels located outside cities with over one million population, common infrastructure for industrial parks, SEZ, tourism facilities, agriculture markets, fertiliser (capital investment), post harvest storage infrastructure for agriculture, terminal markets, soil-testing laboratories, cold chain etc would also be included under infrastructure lending, it said.
RBI said the new definition for infrastructure lending was provided to avoid confusion and difficulties that arise due to multiplicity of definitions among various regulators, as lending to the sector has grown significantly.
The revised definition would be effective immediately, RBI said.
The exposure of banks to projects under sub-sectors which were included under the previous definition of infrastructure, but not included under the revised definition, will continue to get the benefits under infrastructure lending for such exposures till the completion of the projects, it added.
"However, any fresh lending to those sub-sectors from the date of this circular will not qualify as infrastructure lending," RBI said.