SEBI has decided to consider a revamp of its consent settlement procedure as under the current framework there is no consistency and any clear-cut uniformity in the way such cases are handled
Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) today said it will soon come out new norms for consent orders under which the regulator settles ongoing probe against the listed companies on payment of fine, reports PTI.
“It (the new consent order norm) may out in three weeks,” SEBI chairman U K Sinha told reporters here.
In consent settlement, in vogue since 2007, the entity facing probe is subjected to certain fees and restrictions without admission or denial of alleged irregularities and SEBI thereafter drops its charges and the investigations.
The system was introduced with a view to cutting down on its costs, time and efforts in taking up the enforcement actions. So far, the regulator has passed more than 1,000 consent orders,
Sources said SEBI has decided to consider a revamp of its consent settlement procedure as under the current framework there is no consistency and any clear-cut uniformity in the way such cases are handled.
Mr Sinha further said that SEBI could consider tweaking the threshold limit of 25% under the takeover code amid apprehensions that this could act as obstacle for merger and acquisition (M&A) activity in India.
“There is some kind of apprehension that the threshold limits will work as obstacles for M&A activity in India, but we are looking at this. If some concrete suggestions come out... We will consider,” he added.
In September 2011, Sebi notified new takeover rule under which an entity buying 25% stake in a listed firm will have to mandatorily make an open offer to buy an additional 26% shares from public.
The new norms mark an increase in the open offer size for public shareholders from 20% currently. Also the trigger for making such an offer has been raised from 15% under the existing regulations.
Explaining the reasons behind export ban, the textiles ministry had said that the country has already shipped 10 lakh bales more than the exportable surplus, reducing the domestic availability. The meeting of the GoM, headed by finance minister Pranab Mukherjee, is scheduled to meet later today to decide on the ban
New Delhi: The commerce ministry today issued a clarification on the cotton export ban, stating that the consignments for which export orders have been issued till 4th March would not be affected by the move, reports PTI.
The Directorate General of Foreign Trade (DGFT), which is under the commerce ministry, had issued a notification on 5th March banning cotton exports. It had also prohibited export against registration certificates already issued.
“...consignments for which Let Export Orders (LEOs) have been issued till 2400 hours on Sunday, 4 March 2012 will be outside the purview of” the notification dated 5th March regarding ban on cotton exports, DGFT said in a circular.
The ban was imposed on cotton exports apprehending shortfall in the domestic market and hoarding in warehouses.
On 7th March, prime minister Manmohan Singh asked a group of ministers to ‘urgently’ review on 9th March the decision to ban cotton exports, which agriculture minister Sharad Pawar said was taken without his approval.
The meeting of the GoM, headed by finance minister Pranab Mukherjee, is scheduled to meet later today.
The ruling Congress party’s Maharashtra and Gujarat units opposed the move when they met the prime minister on 7th March.
Gujarat chief minister Narendra Modi had written to the prime minister seeking revocation of ban.
On Monday, the textile ministry had said the ban was imposed after taking into account “the trend of domestic consumption and depletion of domestic availability”.
Explaining the reasons behind export ban, the ministry had said that the country has already shipped 10 lakh bales more than the exportable surplus, reducing the domestic availability.
“Almost 94 lakh bales (170 kg each) have already shipped out, against an estimated export surplus of 84 lakh bales,” the ministry had said, fearing that the exports could have reached 100 lakh bales by mid-March with registration of export contracts touching 120 lakh bales so far.
This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group.
Mahindra Satyam, a leading global consulting and IT services provider today announced the 100% acquisition of BPO firm vCustomer's international operations for USD 27Mn. This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group and marks the entry of Mahindra Satyam's BPO operations into other verticals such as retail and consumer technology in addition to significantly enhancing technical support credentials.
The combination of vCustomer's expertise in the retail and consumer technology verticals with Mahindra Satyam's domain expertise and customer base will further strengthen the ability to address evolving market needs.
C P Gurnani, CEO - Mahindra Satyam, commented "This is a landmark moment in Mahindra Satyam's resurgence and reflects our investment appetite to enhance domain depth and global scale, across diverse verticals. The focus of vCustomer maps perfectly with our global operating model - allowing for seamless integration and smooth transition of processes and associates."
Sujit Baksi, chairman of Mahindra Satyam BPO Board stated "The expertise of vCustomer aligns well with our operations and enhances our competencies. We look forward to collaborating and creating new benchmarks of excellence."
Commenting on the business outlook, Sanjay Kumar, founder and CEO vCustomer said "vCustomer has harnessed formidable expertise and a diversified geographical presence across the Retail and Consumer Technology sectors. Mahindra Satyam's synergy and commitment to investment in business growth will spur growth plans and help build new service offerings."
In the late afternoon, Mahindra Satyam was trading at around Rs67.50 per share on the Bombay Stock Exchange, 2.82% up from the previous close.