PE against Bhave, Abraham on credible information: CBI Dir
New Delhi: The Preliminary Enquiry against former SEBI chairman C B Bhave and its ex-member K M Abraham was registered on the basis of “credible information” to probe alleged irregularities in granting sanction to MCX Stock Exchange, CBI Director Ranjit Sinha said. “The PE was registered on the basis of credible information,” Sinha told reporters here. He said the result would be known after probe is over. CBI’s PE was registered against Abraham and Bhave on March 13 in connection with the alleged irregularities in granting sanction to the MCX-SX by the Securities and Exchange Board of India (SEBI) in 2008 and renewing the recognition in 2009 and 2010. The probe by CBI is to ascertain how MCX-SX was granted permission despite opposition by SEBI when Bhave was head of the regulatory authority.
Suzlon’s Tanti gets nod for re-appointment
New Delhi: Suzlon Energy shareholders approved the re-appointment of Tulsi Tanti as managing director for another three years and a pay hike for him even after concerns were raised in some quarters over the proposals. These were among 12 resolutions approved by shareholders in a postal ballot, Suzlon said in a stock exchange filing today. Tanti, who founded Suzlon in 1995, will continue as managing director for three more years starting April 1 and his annual remuneration will increase to Rs 3 crore from Rs 2 crore. Some proxy firms had said that there should be a change in leadership at the wind-turbine maker considering its performance.
RML delisting exit price fixed at Rs 61
New Delhi: The exit price for the delisting of Reliance MediaWorks Ltd has been fixed at Rs 61 per share at a premium of 25.39 per cent over the floor price. In March, promoters of Reliance MediaWorks Ltd (RML) — Reliance Land Pvt Ltd and Reliance Capital Ltd – had offered to buy back shares worth at least Rs 251 crore from public shareholders as part of plans to delist it.
Indian Hotels eyes Rs 1k cr via rights issue
New Delhi: Tata group firm Indian Hotels plans to raise up to Rs 1,000 crore through rights issue from its existing shareholders. In a filing to the BSE, Indian Hotels said the company in its board meeting held approved the scheme to raise up to Rs 1,000 crore by issuing compulsory convertible debentures. The rights issue would be subject to approvals from shareholders and regulatory authorities.
RIL shuts Jamnagar unit for maintenance
New Delhi: Reliance Industries Ltd (RIL) has shut one of three paraxylene units at its Jamnagar refinery complex in Gujarat for maintenance. “The scheduled shutdown period is approximately for a period of six weeks,” the company said in a statement. The shutdown will also be utilised to improve reliability and performance of the unit.
IFCI gets govt nod for tax-free bonds
MUMBAI: IFCI Ltd has got the government’s approval to raise up to 4.3 bln rupees through issuance of tax-free bonds in 2013-14 (Apr-Mar), the company informed the exchanges in a notice.
Merchant bankers, however, said that the company would not be able to raise much as the bonds are rated only ‘A’, and as most institutions have already parked their funds in other tax-free bond issues. The government had given permission to 13 companies to raise 480 bln rupees through tax-free bonds. Airport Authority of India has not used its limit of 5 bln rupees. -Cogencis
CIL production target fixed at 507 MT
New Delhi: The production target for Coal India Ltd has been fixed at 507 million tonne for 2014-15 even as the state-owned firm is set to miss the current fiscal’s target of 482 MT, CIL Chairman and Managing Director S Narsing Rao said. Earlier Coal India had said that it may miss the target of 482 MT, by about 12 MT for the 2013-14 financial year, ending March 31.
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