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Petitioner seeks court declaration of SEBI’s suppression of Final Orders as illegal, also demands details of investigation against CSDL
Just days after the Andhra Pradesh High Court heard a PIL against SEBI for allegedly suppressing a series of final orders in connection with the 2004-05 IPO scam, another PIL has been filed in the same court a couple of days ago, by Srinivas Podichety, reports Web portal Bar & Bench.com.
The Bar & Bench article reports that the second writ petition, filed by Srinivas Podichety yesterday, has arraigned Dr Mohan Gopal and V Leeladhar as Respondents. These two constituted the two-member committee that examined various charges levelled by the regulator against NSDL in connection with the IPO scam of 2005. The petitioner is seeking a declaration from the AP High Court that the action of not publishing the Final Orders is illegal and is demanding production of all documents from SEBI. Mr Podichety is also seeking details of the investigation against Central Depository Services Limited (CDSL).
Previously, another aggrieved investor, V Narayan Reddy, had filed a writ petition in the Andhra Pradesh High Court, questioning the market regulator’s action of withholding a Final Order passed by its two-member committee with respect to the role of National Securities Depository Ltd (NSDL) in the IPO scam. He alleged that SEBI is not inclined to publish the Order to prevent adverse consequences for Mr Bhave, as he was the chairman and managing director of NSDL when the scam occurred. His petition also indicates that the report may have indicted SEBI as well as NSDL for failure to protect investors.
– Sanket Dhanorkar [email protected]
I remember a joke about an engineer and a politician debating on who is more productive and result oriented among them. The engineer claims since he has organised everything in a proper order across the world which was in a mess, he is more efficient. The politician simply says, but tell me who created that mess? Funny, isn't it? But this is what happens to every issue, problem in our country.
Take for example, the International Mobile Equipment Identity (IMEI) issue. As per DoT and security agencies in India, mobiles with fake or no IMEI number, mostly imported from China and hence called Chinese mobiles, can pose security risks and should be banned. DoT had even issued tough directives to ban use of these handsets, but since then, the order has been postponed twice, following "reservations" from mobile service providers and importers.
The airline industry has been asked to bring down emission levels by 10% in the recent G-20 summit. The world airline industry has 19,000 planes consuming 208 billion litres of fuel every year causing an emission of 540 million tonnes of carbon dioxide. The Qatar Airways experiment seems like a viable answer.
World powers are constantly seeking alternative fuels to reduce emission levels. Earlier, the erstwhile USSR has used aircraft fueled with alternative fuel like liquid hydrogen, liquefied natural gas 20-25 years ago. The USSR had used propane-butane fuels to fly helicopters in the 1970s.
In gas-run planes a fuel leak can be determined immediately because vapours form a concentration measurable for gasometry instruments. A gas leak leaves the crew with a better probability of escape. Gas has a higher combustion value than aviation fuel, which could improve the weight characteristics of aircraft.
In addition, aviation fuel may last for another 20-25 years whereas gas reserves are expected to last for the next 100 years.
Qatar has the world's third-largest gas reserves. GTL, although more expensive than kerosene, has a higher density and high calorific value that implies that more can be pumped into a plane to extend its flying range.
- Dhruv Rathi [email protected].