Sebi bans three firms from raising money from public

Market regulator Sebi has barred three firms -Matribhumi Projects, Jugantor Realty and Waris Finance and Investment- and their directors from mobilising money from investors through the issuance of securities for allegedly violating public issue norms.

The move follows Securities and Exchange Board of India (Sebi) receiving complaints against these companies alleging non-repayment of amount in respect of Non-Convertible Secured Redeemable Debentures (NCDs).

Sebi found that Matribhumi Projects raised Rs 4 crore through issuance of NCDs in 2012-13, Jugantor Realty and Waris Finance raked in Rs 13.28 crore and Rs 5.12 crore, respectively between 2010-11 and 2011-12 through such issue.

However, the number of allotees in these cases are not known.

The companies, through such activities, had allegedly violated various norms, Sebi said.

The regulator observed that allotment of NCDs by the firms were a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others, which they failed to do.

These companies are "engaged in fund mobilising activity from the public, through the offer of NCDs, and as a result of such activity has violated the provisions... Of the Companies Act," Sebi said in three separate interim orders.

Accordingly, Sebi has restrained the companies and its directors from mobilising any fresh "funds from investors through the offer of NCDs or through the issuance of equity shares or any other securities to the public, and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions".

Further, the firms and their directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.

They have been restrained from accessing the securities markets, Sebi said.

The capital market watchdog also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public.

Also, Sebi has prohibited debenture trustees of these firms from continuing with their assignment in respect of NCDs issue of these companies. It also barred them from taking up any new assignment in a similar capacity till further directions.

This order "shall come into force with immediate effect and shall continue to be in force till further directions".

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Sensex inches towards 28K; Nifty crosses 8,400-mark

 The benchmark BSE extended its gains and was up by 89 points in late morning trade Wednesday led by sustained buying in healthcare, FMCG, and teck sectors.

The broader markets advanced too with the BSE mid-cap and small-cap indices rising by 0.11 to 0.24 percent.

The 50-share Nifty rose by 19.44 points 0.23 percent to 8,401.10 at 1100 hrs.

Due to volatility, mild selling were seen in auto, banking and capital goods stocks.

The BSE Sensex resumed higher at 27,852.22 and moved in a range of 27,920.60 and 27,784.44 before quoting at 27,893.80 at 1100 hrs, a rise of 89.43 points or 0.32 percent.

Major gainers were, HUL by 2.14 percent, BHEL 1.84 percent, Lupin 1.49 percent, Sun Pharma 1.34 percent, ITC 1.03 percent, Vedanta 1.03 percent and Coal India 0.98 percent.

However, M&M eased by 0.87 percent followed by Tata Steel 0.83 percent, Hindalco 0.78 percent and SBI 0.54 percent.

Meanwhile, Foreign portfolio investors sold shares worth Rs 374.97 crore during yesterday's trading session, as per provisional data.

Overseas, Asian markets edged higher early today, as optimism around Greece's debt talks continues to buoy sentiment. 

Key indices in China, Japan, Hong Kong, Singapore, South Korea and Indonesia were up 0.03 to 0.91 percent. Taiwan index was down 0.08 percent.

In New York market, US stocks ended with slight gains yesterday.

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Infosys grants 1.24 lakh restricted stock units to Vishal Sikka

 Country's second largest software services firm Infosys has granted 1.24 lakh restricted stock units (RSUs) to its chief executive Vishal Sikka.

"Based on the recommendation of the Nomination and Remuneration Committee of the Board, the Board in its meeting held on June 22, 2015 granted 1,24,061 RSUs to Dr Vishal Sikka," Infosys said in a filing to the BSE.

The grant price of the RSU is Rs 5 per unit and is subject to terms, definitions, and provisions of the 2011 RSU Plan, it added.

The Board has also approved the proposal to buy the healthcare business from Infosys Public Services, Inc.

The Bengaluru-based firm has also released its annual sustainability report.

It said at the end of fiscal 2015, Infosys reduced its per capita consumption of electricity by 46 percent and 30 percent of its energy requirements are met through renewable sources.

"Furthermore, the company has lined up an investment outlay of USD 65 million to explore carbon-offset projects in an attempt to meet this commitment by 2018," it added.

During fiscal 2015, 74.98 million units of green power was used, which contributed to about 29.11 percent of the overall electricity requirements of the Infosys campuses in India.

Infosys said it plans to meet 40 percent of its electricity requirements from renewable energy sources.

"Infosys is also taking steps to reduce the water consumption and the company aims to reduce per capita freshwater consumption by 5 percent over fiscal 2015 levels by 2015-2016," it said.

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