Only if the states and Discoms “walk the talk” with the mandatory conditions outlined in the financial restructuring scheme, would the chronic “payment security” risk for power sector in India be addressed
The UPA government is a minority in both Lok Sabha and Rajya Sabha. With some outside support and some parties abstaining, the FDI bills may get passed in the Lok Sabha, however, approval in the Rajya Sabha will be challenging
SAT upheld charges of insider trading against VK Kaul, a former independent director of Ranbaxy, and his wife Bala Kaul
The Securities Appellate Tribunal (SAT) on Monday upheld charges levied by the market regulator Securities and Exchange Board of India (SEBI) against VK Kaul, an ex-independent director of Ranbaxy Laboratories, and his wife Bala Kaul. SEBI had alleged that Kaul, on behalf of his wife bought and sold Ranbaxy shares when he had knowledge that the pharma company’s unit Solrex was in the process of buying shares in Orchid Chemicals and Pharmaceutical (OCPL). While VK Kaul has been fined Rs50 lakh, Bala Kaul has been fined for Rs10 lakh, in two separate orders.
The regulator had said that Kaul, during 17 March 2008 to 9 April 2008, had provided funds to his wife for trading in the shares of Orchid Chemicals. Kaul was serving as an independent director at the time when his wife bought 35,000 shares of OCPL at Rs131.71 per share on 31 March 2008, closely prior to when Solrex started buying OCPL Shares. Later on 10 April 2008, Kaul sold these shares at Rs219.94 per share.
The Rs200 crore strategic investment by Ranbaxy into OCPL was undoubtedly price sensitive and the information was unpublished when the Kauls traded to gain profits, SEBI had said.