Corporate Briefs

FPJ BureauUpdated: Sunday, June 02, 2019, 08:30 AM IST
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Sebi to discuss afresh NSDLs role in IPO scam

NEW DELHI: Sebi is set to reopen its probe into multicrore IPO scam of 2003- 2006, after more than a year of declaring as null and voidthe charges made by its own committee agai

nst depository NSDL and others in the matter. Sebi will discuss afresh in its next board meeting on June 30 a two- member committees investigation report on the scam, except the part where the market regulator itself was accused of failing in its regulatory role, sources told PTI. Still, this will be probably the first instance of Sebi revisiting an issue previously dismissed by it, as also an unprecedented case of the regulator being open to a report, where its own role has been criticised. The committee, comprising of the then Sebi board members G Mohan Gopal and V Leeladhar, was constituted in 2008 to look into NSDLs role in the IPO scam and it found various lapses on the part of the depository, as also the Sebi itself. Sebi declared the findings as null and voidon the ground that the committee had breached its mandate in making these charges. However, Sebi has now agreed to revisit the matter after an intervention by the Supreme Court.

Emami to buy Paras personal care biz

NEW DELHI: Kolkata- based Emami said it is in talks with global FMCG giant Reckitt Benckiser to buy the personal care business of Paras Healthcare for an estimated deal size of up to Rs 900 crore. Last year, British consumer goods firm Reckitt Benckiser had acquired Paras Pharmaceuticals for Rs 3,260 crore . Emami was in the race to buy the Ahmedabad- based firm, which was selling brands like Moov, Krack and Dermicool. We have shown our interest in buying Parass personal care business. We are in talks with Reckitt Benckiser. They are planning to sell off the personal care business of Paras, which is of the size of Rs 800- 900 croreEmami Executive Chairman R S Agarwal told PTI.

Perdaman lawsuit baseless: Lanco

NEW DELHI : Terming a AUD 3.5 billion lawsuit filed by Perdaman as baseless, Lanco Infratech today said the company is ready to comply with the tenets of its coal supply agreement with the multi- national firm. Lanco has not terminated the coal supply agreement. We are ready to comply with the pact, which is in place,Prasad Kandimalla, CEO, who also heads Business Development in the power and infrastructure verticals of Lanco Infratech, said. ( Against this backdrop) Perdamans claims are baseless and there is no merit in it,he told PTI. Multinational Perdaman Industries has filed an AUD 3.5 billion lawsuit in the Supreme Court of Western Australia, alleging that Lanco is not complying with a 25 year- long coal supply pact for its upcoming Collie urea plant in Western Australia.

Work on proposed Posco site disrupted

BHUBANESWAR: Work on the proposed Posco steel project site near Paradip was disrupted for hours due to dharna by local youths alleging non- fulfilment of their demands and resumed only after intervention by officials. Ongoing work for the boundary wall came to a halt at Polanga in Gadakujang panchayat area of Jagatsinghpur district as a large number of youths from nearby Nuagaon area thronged the site and stalled all activities, official sources said. The protesters staged a dharna accusing the government of failing to meet their six- point charter of demands including increase in the compensation amount for the land losers and jobs in the project for affected families, they said. As the youths vowed to continue their dharna till the demands were met, ground levelling, digging, filling and other work was stalled for over three hours in the area where the state government claims to have acquired about 1800 acres.

Nano drives into Nepal

MUMBAI: Tata Motors said its small wonder car Nano has been launched in the Himalayan kingdom of Nepal.

The car will be on sale across Nepal through the companys authorised distributor Sipradi Trading and those authorised by it, a company stateme

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