New Delhi: Food inflation dipped for the sixth straight week and dropped to 10.15% for the week ended 13th November from 10.3% in the previous week. The fall has been attributed to cheaper vegetables and pulses, reports PTI.
Price of food items like pulses and vegetables declined during the week on improved availability after the end of the monsoon season.
While the price of pulses fell by 7.58%, vegetables became cheaper by 3.76% on account of a sharp dip in potato prices that reduced by as much as 48.70% during the week.
However, food items like eggs, meat and fish rose by about 23%. In vegetables, onion was expensive by 17.03% on annual basis.
Also, fruits and milk became costlier by 21.85% and 16.90%, respectively, on a year-on-year basis.
The decline in food inflation has raised hopes that overall inflation may decline to around 6% by the end of the year, as predicted by the government.
New Delhi: Questioning the Securities and Exchange Board of India’s (SEBI) ban on its two entities for raising money through a debenture instrument without informing the regulator, Sahara Group said the matter is out of the jurisdiction of the watchdog, reports PTI.
“It is a ministry of corporate affairs matter,” Sahara said in a statement.
Citing the opinions for former Chief Justice of India AM Ahmadi, former presiding officer of Securities and Appellate Tribunal (SAT) C Achuthan and others, Sahara said optionally fully convertible debenture (OFCD) was “definitely out of the jurisdiction of SEBI.”
SEBI on Wednesday asked two entities of Sahara Group not to mobilise funds from equity markets or from issuance of any security to the public while restraining group supremo Subrata Roy from approaching public for raising money.
The regulator also prohibited the promoters mentioned in the prospects of these two companies—Subrata Roy, Vandana Bhargava, Ravishankar Dubey and Ashok Roy Choudury—from issuing prospectus or advertisement soliciting money in any manner from the public till further directions.
SEBI issued show cause notices to Sahara India Reals Estate Corporation (SIRECA) and Sahara Housing Investment Corporation as to why action should not be initiated, including directions to refund the money raised by them through a debenture instrument OFCD.
Perusing the balance sheets of group entities, the regulator observed Sahara India Commercial Corporation Ltd had a balance of up to Rs7,000 crore for five years ending 2009 under the head “optionally fully convertible debentures” and under “unsecured loans”.
Prima facie, these Sahara Group companies were raising massive sums in the form OFCD that was characterised by lack of transparency, SEBI said, adding these two deliberately did not give the information pertaining to the issues.
SEBI further said that it appeared that such huge funds were raised by circumventing the applicable laws.
The regulator passed the order on a complaint from Professional Group for Investor Protection alleging that no disclosure was made about one of the housing companies of the group, SIRECA, raising money by issuing convertible bonds for many months.
Examining the matter under issuance of capital and disclosure requirement, the order said, “It is very clear that the companies have conveniently omitted the necessary statutory declaration of compliance.
“If companies are allowed to go ahead in such manner and raise vast amounts funds of in the guise of private placement it would be mockery of capital market and all established mechanisms to protect investors interest.”
Sahara said it has already clarified the reason why the particular information sought by the market regulator was not furnished.
It further said that SEBI had taken a wrong action against the company with sole “allegation that we have not supplied the document they asked for”. The order is very “unreasonable and arbitrary”, it added.