Government selects 5 bankers to manage IOC stake sale

Citibank, HSBC and UBS Securities are among the five merchant bankers selected to manage the sale of 10 per cent of the government's stake in Indian Oil Corporation (IOC).

The other bankers selected are SBI Capital and J M Financial, sources said, adding that as many as 17 bankers made  presentations today before the disinvestment department.

Shares of IOC closed at Rs 221.90, up 1.46 per cent over previous close on the BSE. At the current market price, the sale of the 19.16 crore shares would fetch Rs 4,252 crore to the exchequer. At present, the government holds a 78.92 per cent stake in IOC.

The Finance Ministry had in May moved a draft Cabinet note for the disinvestment in IOC through an offer for sale. IOC, the nation's largest refiner, has a market capitalisation of Rs 53,876 crore. It posted a net profit of Rs 5,005 crore in 2012-13, up from Rs 3,954 crore in the previous year.

The company's profit peaked at Rs 10,221 crore in 2009-10. IOC sells fuel at below-market prices, for which it is partially compensated by the government. The disinvestment target through PSU stake sales in the current financial year is Rs 40,000 crore.

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CC Construction bags Rs 334 cr order in Q1 FY14

Infrastructure company C&C Construction on Thursday said its building and road verticals  have received contracts worth Rs 334 crore during the April-June quarter of 2013-14.

The company received a Rs 89 crore contract from Airport Authority of India (AAI), while it got four road contracts totalling Rs 245 crore in a joint venture (JV), C&C said in  a filing to the Bombay Stock Exchange (BSE).

Also Read: ICICIdirect maintains cautious stance for infra space

The contract from AAI pertains to construction of Indian Aviation Academy and Hostel Block in New Delhi.  Of the four road contracts, three were given to BSC-C&C JV by Ircon International for building road bridges in Bihar. Both the partners have equal stake in the venture.

Besides, Bihar State Road Transport Corporation has awarded a Rs 150 crore project to the JV for upgrading Siwan-Siswan state highways no. 89, it added. The company scrip closed at Rs 28.95, up 3.58 per cent on the BSE.

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2G case: ED issues notices on FEMA violations of Rs 3,805cr

The enforcement directorate (ED) on Wednesday issued show cause notices for alleged foreign exchange violations of Rs 3,805 crore to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.

Also Read: Court fixes additional 2G spectrum case for July 31

The notices by the central probe agency have been issued against Loop Telecom Limited, New Delhi for Rs 549 crore, M/s Loop Mobile (India) Limited Mumbai for Rs 26 crore, M/s DB Realty Limited Mumbai for Rs 2,831 crore and M/s ETA Star Property Developers Pvt Ltd, Chennai for Rs 399.50 crore for a variety of alleged contraventions under the Foreign Exchange Management Act (FEMA), sources said.

The ED has been investigating financial transactions and role of these firms in the 2G spectrum case for sometime and the agency issued notices after going through all the "evidence on record" and information received from these respective firms, the sources said.

The notices sent to these companies have cited various charges of violation of RBI guidelines in place for receipt of foreign direct investment (FDI) and routing of funds to and from foreign shores. Loop Telecom Ltd, Delhi and Loop Mobile (India) Limited Mumbai have been show caused for alleged violation of FEMA with regard to "failure to report to RBI the receipt of FDI and issue of shares to foreign investors."

Real estate firm DB Realty Ltd Mumbai has also been charged on the same grounds which is a violation under section 6 of the FEMA. Chennai-based construction firm ETA Star Property has been charged by the agency for "failure to issue shares against FDI within 180 days and to report to RBI the issue of shares to foreign investors".

The agency, along side CBI, has been probing money laundering and forex violation instances against the firms involved in the 2G case and has earlier issued similar notices to the tune of Rs 2,000 crore in the same case against various other firms. The showcause notices can be challenged by the firms in the appellate authority of the FEMA which acts as a quasi-judicial court.

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Yes Bank feud: Madhu Kapur files amended petition in court

Jul 10, 2013, 09.57 PM IST

The Yes Bank family feud over board membership refuses to die. Madhu Kapur, who is the widow of late Ashok Kapur, one of the promoters of Yes Bank; on Wednesday filed an amended petition before the Bombay High Court challenging the corporate governance of the bank, reports CNBC TV18.

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Yes Bank feud: Madhu Kapur files amended petition in court

The Yes Bank family feud over board membership refuses to die. Madhu Kapur, who is the widow of late Ashok Kapur, one of the promoters of Yes Bank; on Wednesday filed an amended petition before the Bombay High Court challenging the corporate governance of the bank, reports CNBC TV18.

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Yes Bank feud: Madhu Kapur files amended petition in court

The Yes Bank family feud over board membership refuses to die. Madhu Kapur, who is the widow of late Ashok Kapur, one of the promoters of Yes Bank; on Wednesday filed an amended petition before the Bombay High Court challenging the corporate governance of the bank, reports CNBC TV18.

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Moneycontrol Bureau

The Yes Bank family feud over board membership refuses to die. Madhu Kapur, the widow of late Ashok Kapur, one of the promoters of Yes Bank; on Wednesday filed an amended petition before the Bombay High Court challenging the corporate governance of the bank, reports CNBC TV18.

Earlier in June, Madhu Kapur filed a case against Yes Bank alleging that her family was denied its right to be consulted on the appointment of three directors — Ravish Chopra, Diwan Arun Nanda and MR Srinivasan — on the bank's board as provided for in the bank's Articles of Association. Later, she claimed a seat for her daughter Shagun Kapur Gogia in the bank's board.

Must read: ANALYSIS: How to study Yes Bank board meet over family feud

In the amended petition, her counsel raised questions on the appointment of six directors on the board. They include the above mentioned three directors and Sanjay Palve, Ravish Chopra as well as Pralay Mondal.

The bank had refused Shagun's entry into the board on grounds of merit. She had to make a lot of disclosures while applying for the post of director on the board. The new petition sought clarification as to why a similar process was not followed in case of other appointed directors.

It is learnt that the petition also questioned the appointment of Srinivasan, citing age limit as per the company laws.

Ashok Kapur was killed in the Mumbai terrorist attack in 2008. Madhu currently holds 12 percent stake in the bank while Rana Kapoor, MD & CEO of the bank holds 13.72 percent. Rana Kapoor's wife Bindu Kapoor and Madhu Kapur are sisters.

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Citi Venture Capital invests Rs 340 cr in Sansera Eng

Auto components manufacturer Sansera Engineering on Tuesday said private equity firm Citi Venture Capital International has acquired a "substantial stake" in the company by investing around Rs 340 crore.

Also read: PE firms exit with significant gains on market rally

"This partnership gives us the additional financial strength and international credibility to take advantage of the on-going developments in the global supply of automotive and aerospace components which Indian companies are seeking to play a role in," company's joint managing director F R Singhvi said in a statement.

CVCI Private Equity's investment in Sansera reflects its confidence in the company and in its abilities, he said. "This investment demonstrates our commitment to supporting Indian companies with a solid track record.

Sansera is a leading player in precision component manufacturing with a strong management team and solid growth prospects," CVCI International managing partner Sunil Nair said.

Sansera, which posted revenues of Rs 550 crore in FY13, supplies its products to over 20 customers in the country as well as abroad.

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SC to hear Karunanidhi's wife’s petition, CBI plea

Jul 09, 2013, 09.38 PM IST

The Supreme Court will hear a petition filed by DMK supremo Karunanidhi's wife Dayalu Ammal on Wednesday. And on July 11, the trial court will hear the CBI's plea to make Anil Ambani, his wife and 15 other persons witnesses as on the basis of documents accessed by the CBI from ICICI Bank.

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SC to hear Karunanidhi's wife's petition, CBI plea

The Supreme Court will hear a petition filed by DMK supremo Karunanidhi's wife Dayalu Ammal on Wednesday. And on July 11, the trial court will hear the CBI's plea to make Anil Ambani, his wife and 15 other persons witnesses as on the basis of documents accessed by the CBI from ICICI Bank.

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SC to hear Karunanidhi's wife's petition, CBI plea

The Supreme Court will hear a petition filed by DMK supremo Karunanidhi's wife Dayalu Ammal on Wednesday. And on July 11, the trial court will hear the CBI's plea to make Anil Ambani, his wife and 15 other persons witnesses as on the basis of documents accessed by the CBI from ICICI Bank.

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The Supreme Court will hear a petition filed by DMK supremo Karunanidhi's wife Dayalu Ammal on Wednesday.

She has sought exemption from appearing before the 2G trial court. Kanuranidhi's daughter Kanimozi has been named as an accused in the 2G scam and the CBI wants Dayalu Ammal to appear before the court as a prosecution witness.

Also read: 2G case: CBI moves SC to cancel Sanjay Chandra's bail

Here's more on the 2G trial front. On July 11, the trial court will hear the CBI's plea to make Anil Ambani, his wife and 15 other persons witnesses as on the basis of documents accessed by the CBI from ICICI Bank .

It wants to seek clarity from Reliance Communication 's top boss with respect to six sets of transactions which might have links to the 2G scam.

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Ramadorai’s appointment as NSDA head hits roadblock

Jul 08, 2013, 10.54 PM IST

The appointment of former TCS CEO S Ramadorai as the head of the National Skill Development Agency has hit a roadblock. Questions over conflict of interest are now being raised.

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Ramadorai's appointment as NSDA head hits roadblock

The appointment of former TCS CEO S Ramadorai as the head of the National Skill Development Agency has hit a roadblock. Questions over conflict of interest are now being raised.

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Ramadorai's appointment as NSDA head hits roadblock

The appointment of former TCS CEO S Ramadorai as the head of the National Skill Development Agency has hit a roadblock. Questions over conflict of interest are now being raised.

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The appointment of former TCS CEO S Ramadorai as the head of the National Skill Development Agency has hit a roadblock. Questions over conflict of interest are now being raised.

The chairman of the National Skill Development Agency will have the rank of a Cabinet minister, who cannot hold office of profits . Ramadorai serves as a director of the board of various companies, reports CNBC-TV18's Sajeet Manghat.

On May 9, the cabinet approved formation of NSDA which is the National Skill Development Agency. S Ramadorai, who is chairman of National Skill Development Corporation (NSDC) was supposed to be appointed as the chairman of NSDA.

His appointment has hit a hurdle and that is primarily because he is holding directorship in various private sector companies. He is the vice-chairman of TCS " target="_blank" title="Tata Consultancy Services">Tata Consultancy Services (TCS), and also chairman of Bombay Stock Exchange.

This is creating conflict of interest as he is holding office of profit.

The government notified on June 6 or 7 that NSDA would be an autonomous body chaired by a person who will have status and rank of a cabinet minister.

Since there is an office of profit and conflict of interest associated to S Ramadorai, his appointment as the chairman of NSDA has hit a hurdle.
Government sources told CNBC-TV18 that they have received complaints from various parts on the same issue and these are with reference to the conflict of interest and office of profit.

However, a Tata Sons spokesperson said very categorically that there is no conflict of interest as far as Ramadorai's appointment as chairman of NSDA is concerned.

He went on to say that Ramadorai's role in the private sector is well-known to the government and he is helping the government empower and provide skills to people.

His association with the private sector brings along skills that are required across sectors and skill levels.

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Move to re-locate Jet HQ raises worries about Etihad deal

CNBC-TV18 economic policy editor Siddharth Zarabi explains that new questions have been raised over Jet Airways ' commercial pact with Etihad. Concerns have been raised regarding Jet Airways' plans to relocate operations and core functions to Abu Dhabi and the absence of Jet nominees on the Jet-Etihad board.

Also Read: Etihad raises concerns over political issues over Jet deal

The concerns have been raised regarding the amended and restated commercial cooperation agreement signed between the two parties on May 27. According to the pact, Etihad will hold a 24-percent equity stake and the entire operations will effectively be run by clutch of management committees.

At the head the management committees is the cooperation board that will supervise everything from pricing to planning routes, sales and inventory management.

While the pact on paper says that these management committees will be controlled by nominees in equal number from Jet and Etihad, experts raised concerns when it was revealed all the 19 nominees were foreign nationals representing Etihad.

Jet also withdrew a proposal to amend the articles of association to the shareholders. But the amended version was presented to government agencies. The second important aspect is regarding the location of the Jet Airways operations and business offices. According to the existing norms, a scheduled carrier in India has to maintain its primary place of business in India.

But according to the commercial agreement, there is phased, time-bound plan to effectively relocate entire Jet operations from India to Abu Dhabi at Jet Airways's expense.

So, while minority shareholders have been taken for a ride with the deal is structured to avoid an open offer, the minority shareholders and the non-promoter groups will continue to lose because the entire operation will shift to Abu Dhabi.

So, on one hand management control is being exercised through the backdoor and on the other hand, company's headquarters is being re-located to Abu Dhabi far from Indian regulation and laws.

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Sebi okays TN offer to buy NLC stake

The government said on Sunday that market regulator Sebi has given its consent to the Tamil Nadu government's proposal to buy 5 percent stake in Neyveli Lignite Corp (NLC), provided the acquisition is done by a qualified state entity.

"Sebi is of the view that the proposal could get covered within the guidelines on IPP. However, the exact details that require discussions with the officials of the Government of Tamil Nadu, Ministry of Coal and Department of Disinvestment need to be worked out," an official statement said.

The Department of Disinvestment (DoD) had sought Sebi's views on the Tamil Nadu government's proposal to buy 5 per cent of Centre's stake in NLC disinvestment.

Sebi has written back to the disinvestment department last week saying that the 5 per cent stake sale should be done to the state PSUs through the Institutional Placement Programme (IPP) route. Also, the acquirer has to be registered with SEBI as a Qualified Institutional Buyer (QIB).

"In the offer document for IPP, the seller can propose the criteria on the basis of which allocation could be made. This can be used to give preference to any set of Qualified Institutional Buyers including state undertakings of Tamil Nadu," the statement added.

"Ministry of finance has requested the Government of Tamil Nadu to nominate a senior official for further discussions with SEBI with regard to its proposal," it concluded.

Sebi, sources said, has now asked the Tamil Nadu government to send a concrete proposal and the list of state PSUs which could buy shares in NLC.

The Centre currently holds 93.56 per cent stake in NLC. The stake sale is being proposed done to meet the minimum public holding norm. SEBI has set a deadline of August 8, 2013, for all listed central public sector units to have a minimum 10 per cent public shareholding.

The Cabinet had last month cleared sale of 7.8 crore shares, or 5 per cent of government's stake, through an offer for sale in NLC to raise Rs 455 crore at current prices.

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Taxpayers to get unique number for complaints

Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time.

The newly introduced number will not add to confusion and will be different from the existing unique numbers issued by the Income Tax department to taxpayers, like the PAN, TAN and Unique Transaction Number (UTN), authorities said.

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