Regulations
SEBI slaps Rs7.5 lakh fine on three entities

These penalties have been imposed after a SEBI probe found that the three entities, including Gupta, were involved in manipulative trading in shares of Videocon Industries and NRB Bearings

 
New Delhi, Sep 20 (PTI) Market regulator Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs7.50 lakh on three entities for alleged manipulative trading in the scrips of Videocon Industries Ltd (VIL) and NRB Bearings Ltd (NBL), reports PTI.
 
SEBI has slapped penalties on Intec Shares and Stock Brokers Ltd (ISSL), Mansukh Securities & Finance Ltd (MSFL) and one Pankaj Gupta, according to three separate orders.
 
According to the regulator, the defaults committed by the three entities were 'repetitive in nature'.
 
While ISSL and MSFL, have to shell out Rs3.5 lakh separately as penalties, Gupta has to pay a fine of Rs50,000. SEBI said the penalties are commensurate with the defaults committed by them.
 
"Regarding repetitive nature of the default, I note that ISSL was indulged in the manipulative trades in the shares of Videocon Industries Ltd (VIL) as well as NRB Bearings Ltd (NBL) for six trading days," the regulator said in the order on ISSL case.
 
In a order on MSFL, SEBI said the entity was "indulged in the manipulative trades in the shares of VIL as well as NBL for six days".
 
It was found that ISSL and MSFL were involved in the manipulative trading of the companies for a period of six days.
 
These penalties have been imposed after a SEBI probe found that the three entities, including Gupta, were involved in manipulative trading in VIL and NBL shares for the period 1 May 2004 to 15 June 2004.
 
Meanwhile, the regulator had imposed a penalty of Rs2 lakh each on ISSL and MSFL on 30th July this year for manipulative trading in VIL shares during the period from 14 January 2004 to 26 February 2004.
 
SEBI had earlier slapped a fine of Rs10,000 on Gupta for allegedly indulging in unfair trading in VIL scrips. As per the regulator, all the three entities have paid the earlier penalties.
 

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Suzlon unit REpower gets windfarm project in Austria

REpower would supple turbines, each with a rated power output of 3.2 MW and a hub height of 143 metres, for the Poysdorf-Wilfersdorf III windfarm in Austria

 
Mumbai: Suzlon Group subsidiary REpower Systems said that it has signed a 25.6-MW contract with Windkraft Simonsfeld to supply eight turbines for its windfarm project in Austria, reports PTI.
 
"REpower signed a contract with the Austrian operator Windkraft Simonsfeld for supplying eight 3.2 M114 wind turbines," the company said in a statement.
 
The turbines, each with a rated power output of 3.2 MW and a hub height of 143 metres, will be supplied for the Poysdorf-Wilfersdorf III windfarm in Austria.
 
"With a total height of 200 metres, the REpower 3.2M114, which is the tallest wind turbine ever constructed in that country, will be delivered in the second quarter of 2013 and the project is schedule to go live in the fourth quarter," it said.
 
Besides delivery, the Hamburg-based REpower will also be responsible for constructing and commissioning these turbines, besides maintaining them as well as conclude a 20-year integrated service package (ISP) contract with Windkraft Simonsfeld, the release said.
 
"The Austrian market offers huge potential that we are keen to leverage for the benefit of REpower. This is why we plan to further strengthen our activities here in the future," REpower Systems Managing Director Jens M?ller-Nielsen said.
 
Compared to a 3.2M114 turbine with a hub height of 93 metres, a hub height of 143 metres can increase yields at locations with low wind speeds by up to 50%, he said.
 
"Following the initial positive experiences we had with REpower in the construction of our five 2.05 MW turbines at the D'rnkrut windfarm, it was only logical to take the step into the 3 MW class together," Windkraft Simonsfeld Head of Engineering Markus Winter said.
 

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SAT upholds SEBI order in Bank of Rajasthan case

In March, SEBI had withdrawn a ban against 100 entities belonging or linked to the Tayal group, after barring these entities for two years from the markets

 
Mumbai: The Securities Appellate Tribunal (SAT) has upheld an order issued by Securities and Exchange Board of India (SEBI) that the appellant -- a shareholder of Bank of Rajasthan -- is not affected by the regulator's decision to lift ban on the lender's 100 promoter entities from accessing the capital market, reports PTI.
 
A person aggrieved is one whose financial interest is directly affected by a decree and judgement and is entitled to bring an action challenging the legality of the judgement.
 
"In the facts and circumstance of the present case, we are of the view that no case is made out by the appellant (Radheyshyam Agarwal) to show that he is a "person aggrieved," the tribunal said.
 
"...We, therefore, uphold the preliminary objection of the Board (SEBI) and hold that the present appeal is not maintainable since the appellant is not a "person aggrieved" by the impugned order," it added.
 
In March, SEBI had withdrawn a ban against 100 entities belonging or linked to the Tayal group, observing that all these entities have been debarred for the last two years from the securities markets and that there is no need to continue the directions any further.
 
The regulator in March 2010 had barred these entities from the share market for allegedly violating rules including takeover norms and fraudulent practices.
 
The revocation had came despite an investigation finding violations by 92 out of the 100 entities. But SEBI had recommended adjudication proceedings against them. Even as the proceedings would continue, the regulator said all the 100 entities are free to participate in the market.
 
SEBI in its interim order dated 8 March 2010, had restrained 100 entities from accessing the securities market and further prohibiting them from trading in stock market till further directions.
 
As per an earlier SEBI order, the promoters had conveyed that they were reducing their shareholding in Bank of Rajasthan (now merged with ICICI Bank) from 44.18% as of three months ended June 2007 to 28.61% as of the quarter ended December 2009 to comply with a Reserve Bank of India (RBI) directive to reduce stake.
 
However, it was noted by SEBI that their shareholding had in fact increased and no disclosures relating to increase in the stake were made to the stock exchange or to the public by any of the concerned entities.
 
Agarwal, in its appeal to the tribunal, said that the prohibitory order issued on 8 March 2010 against these entities should have been continued as the proceedings are still continuing and charges against entities are of violating of the takeover code.
 

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