SEBI to further probe insider trading charges in RPL shares

Market regulator SEBI will further look into trading of shares of Reliance Petroleum for alleged insider trading during November 2007, the government has said

Market regulator Securities and Exchange Board of India (SEBI) will further look into trading of shares of Reliance Petroleum Ltd (RPL), which is now part of Reliance Industries Ltd (RIL), for alleged insider trading during November 2007, the Parliament was informed on Friday.

SEBI had initiated an investigation into trades carried out in RPL shares between 1st November and 29th November 2007 to identify possible violation under various regulations, including SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 2003, minister of state for finance Namo Narain Meena informed the Lok Sabha.

Besides, the regulator had also investigated the matter under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, he said.

"SEBI conducted an investigation in the trading pattern in the scrip of RPL for the period of 1st November to 29th November 2007 on completion of which quasi-judicial proceedings were initiated by SEBI against Reliance Industries (RIL) with issue of a show-cause notice under Section 11(1), 11B and 11(4) of the Regulation 11(1)", he said.

Based on the reply furnished by RIL, a competent authority in SEBI has been directed to further investigate the matter, he said.
 

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Honda to set up second two-wheeler unit in Rajasthan

Honda Motorcycle & Scooters will set up its second plant near Bhiwadi in Rajasthan with an initial capacity of six lakh units per annum in the first phase with an investment of Rs500 crore

Japanese automaker Honda Motor Co Ltd's unit Honda Motorcycle & Scooter India Pvt Ltd (HMSI), will set up its second plant in Rajasthan at an investment of Rs1,100 crore with an installed capacity to produce 12 lakh units per annum, reports PTI.

"Keeping in view the economic and financial environment of the state, the Cabinet has granted its approval for granting a customised package to the company (HMSI)," a top government official said.

The bhoomi poojan and construction work is likely to begin this month itself, the official added.

While HMSI officials were not available to confirm the development, the Rajasthan government official said that the company will set up the plant near Bhiwadi with an initial capacity of six lakh units per annum in the first phase at an investment of Rs500 crore over a five-year period.

The company intends to ramp up the capacity to 12 lakh units per annum, which could entail an additional investment of Rs600 crore in the second phase, the official added.

HMSI currently manufactures two-wheelers at Manesar in Haryana with a capacity of 15.5 lakh units per annum.

Last year, it had threatened to move out of Haryana due to a labour strike, which resulted in losses of over Rs300 crore as production came down by almost 50% due a go-slow agitation by its factory employees during August and October.

The company produces scooters ‘Activa’ and ‘Dio’ along with motorbikes ‘Unicorn’, ‘Shine’ and ‘CBF Stunner’ at its Manesar plant.
 

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COMMENTS

SANDEEP KUMAR

7 years ago

Good bdy

NTPC may exit PTC India to focus on its own trading business

NTPC may offload its 16.5% stake in PTC India as it wants to concentrate on its own trading company NTPC Vidyut Vyapar Nigam

State-owned NTPC Ltd is believed to have approached the power ministry for selling off its 16.5% stake in PTC India Ltd as the company plans to focus on its own power-trading business, reports PTI.

PTC India is a government initiated Public-Private Partnership (PPP) power trading solutions provider, which is primarily focused on developing a commercially vibrant power market in the country. NTPC, NHPC Ltd, Power Finance Corp and Power Grid Corp currently hold 16.5% stake each in PTC India.

NTPC would like to offload its stake in PTC India as PTC is already off the ground, sources in the know said.

The power generator would want to concentrate on its own trading company NTPC Vidyut Vyapar Nigam, sources said.

NTPC is in discussions with the power ministry regarding the same, sources said, adding that NTPC is of the view that PTC India is already on its feet and does not require its support.

The main objective of NTPC Vidyut Vyapar Nigam will be to purchase electricity generated from both conventional and non-conventional sources.
 

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