5 Yrs of Service- ask for Gratuity Benefits..!!!!

Know your gratuity benefits

ANAND KALYANARAMAN

If you stay on with your employer for 5 years or more, you will be entitled to gratuity when you resign, retire or are retrenched.
Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched. This monetary reward to be paid by your employer in recognition of your years of service is mandated by the Payment of Gratuity Act. Most establishments employing 10 or more workers fall under the Act.
The amount you get as gratuity depends on the number of years you have served and the last drawn monthly salary. Roughly, you get half a month’s Basic and DA for every completed year of service. Here’s the formula to calculate gratuity: (Number of years of service) * (Last drawn monthly Basic and DA) *15/26. So, if you have served 30 years and draw monthly Basic and DA of Rs 20,000 when you leave the job, you get gratuity of Rs 3,46,154 calculated as (30 * 20,000 *15/26). Your employer can choose to pay you more but the maximum amount of gratuity according to the Act cannot exceed Rs 10 lakh. Amount paid above this will be in the nature of ex-gratia — something voluntary and not mandated according to law.
If you serve more than six months in the last year of employment, it is considered as a full year of service. For instance, if your tenure is 30 years and 7 months, the years of service for gratuity calculation will be rounded off to 31. But if you serve 30 years and 5 or 6 months, then the number of years of service will be considered as 30.
Waiving the rule
Going by the book, gratuity is payable only if you have been with the employer for five years or more. But this rule is waived if an employee dies or is disabled. In such cases, gratuity is paid to the nominees or to the employee, even if the tenure is less than 5 years.
Even employees not covered under the Payment of Gratuity Act are entitled to gratuity. But in such cases, the formula for gratuity calculation differs. It is computed as the (number of years of service) * (average monthly salary in the last 10 months of employment) * (15/30). This computation makes the gratuity amount lesser than that under the Act. For instance, in the above example, an employee not covered by the Act will be entitled to Rs 3,00,000 as gratuity, calculated as (30 * 20,000 * 15/30). This is Rs 46,154 lower than employees covered under the Act are entitled to. Another difference is that only fully completed years of service are considered in the calculations, and partial service in the last year, even if it in excess of six months, is ignored. For instance, service of 30 years and 7 months, will be considered as 30 years and not 31 years.
Another positive is the favourable tax treatment that gratuity receipt enjoys. Tax treatmentIf you are a government employee, then the entire amount you get is exempt from tax. If you are not a government employee but are covered under the Act, you get tax deduction for an amount which is the lower of the following:
a) Actual gratuity received
b) 15 days Basic and DA for each completed year of service (according to calculations in the example above)
c) Rs 10 lakh
Say, in the instance above, your employer paid you gratuity of Rs 5,00,000, which is more than the Rs 3,46,154 actually payable under the law. You will enjoy tax deduction on Rs 3,46,154 and the surplus Rs 1,53,846 will be subject to tax. Note that the total tax deduction on gratuity amounts received, including those from previous employers in earlier years, cannot exceed Rs 10 lakh.
Employees not covered under the Payment of Gratuity Act are also entitled to tax deduction on the amount they receive. The deduction rules are similar to those applicable for employees covered by the Act.
anand.k@thehindu.co.in(This article was published on December 21, 2013)

http://www.thehindubusinessline.com/features/investment-world/know-your-gratuity-benefits/article5487047.ece

Sweet pill for sugar mills ....

Sweet pill for sugar mills in higher ethanol blending cap

fe Bureau | New Delhi | Updated: Dec 12 2013, 15:57 ISTSUMMARYCash-starved sugar mills stand to gain an annual Rs 7,500 crore if an informal group of ministers

Cash-starved sugar mills stand to gain an annual Rs 7,500 crore if an informal group of ministers’ recommendation to double the mandatory blending of ethanol with petrol to a 10:90 ratio were to be implemented. This assumes that raising the blending limit will stir competition among industrial consumers, paving the way for the diversion of some molasses, even with sucrose content, towards the bio-fuel production and drive up prices of ethanol and sugar by 10% each.
Considering that the country needs 244 million tonnes of cane with an average recovery rate of 10% to produce the predicted sugar output level of 24.4 million tonnes for 2013-14, this benefit, albeit indirect, will translate into roughly R31 per quintal of cane.
However, there would still be a viability gap for sugar mills, especially those in Uttar Pradesh where the state-advised price (SAP) of R280/quintal for cane is way above the “viable price” of R225 as per the formula mooted by the C Rangarajan panel.
It is another matter though that considering the experience so far, 10% ethanol blending is an idea easier proposed than implemented. Ethanol content in petrol in India is projected to be just 2% this fiscal, even though 5% blending was first approved a decade ago.
Factoring in a direct benefit of R2.25 per quintal on interest-free loans recently announced by the Centre as well as an additional R11.03 per quintal incentive provided by the UP government in the form of a waiver of entry tax, purchase tax and society commission, the supposed indirect benefit of R31 per quintal from the 10% blending programme could significantly bridge the gap between the current viable price and SAP in the state.
Once endorsed by the Cabinet, the suggestion of the panel led by agriculture minister Sharad Pawar could provide sugar mills R7,050 crore more a year on a consumption level of 23.5 million tonnes if prices of the sweetener move up by 10% from the current R3,000 per quintal. Moreover, mills may get an additional R441 crore even on a supply of 105 crore litres for the current 5% blending limit if ethanol prices rise 10% from the average rate of R42 per litre, as offered against the last tender finalised by oil marketing companies (OMCs) in August.
However, the price of ethanol for the additional supplies of 105 crore litres to realise the 10% blending target will have to rise significantly to make it viable for mills, said Abinash Verma, director-general of the Indian Sugar Mills Association (ISMA). This is because to generate the additional quantity while keeping supplies steady for other consuming sectors — including chemical and potable alcohol industries — the mills have to produce ethanol from even B-heavy molasses, which also contain some sugar content. Currently, mills produce ethanol from C-heavy molasses after extracting the optimum amount of sucrose content.
The diversion of B-heavy molasses into ethanol production for an additional 105 crore litres will result in a reduction of sugar production by 1.7 million tonnes, according to sugar analysts.
To offset mills against the reduction of sugar stocks, OMCs have to offer at least Rs 50 per litre of ethanol, one of them said.
However, reducing sugar production by 1.7 million tonnes will have an indirect benefit for the industry in the form of cutting the current glut in supplies and preventing a sharp downward spiral in prices. It will generate up to Rs 5,500 crore of cash from ethanol sales for the industry, which has been marred by a liquidity crunch due to excess stocks and low realisations from sugar sales as demand stays steady while raw material costs remain elevated. Of course, it would save some interest costs for mills over and above the benefits mentioned above.
However, senior industry executives, while hailing the government’s move to raise the blending limit, have expressed doubts over the actual implementation of the progamme any time soon. This has also cast serious doubts over the government’s target of 20% mandatory blending by 2017.
While OMCs blame lack of adequate supplies for their inability to implement the programme, producers say the “slow and delayed” action by OMCs in floating and finalising tenders are to be blamed for this. The government’s latest deadline of June 30, 2014, for the strict implementation of the 5% blending has already expired, making deadlines irrelevant.
http://www.financialexpress.com/news/sweet-pill-for-sugar-mills-in-higher-ethanol-blending-cap/1206580/0

SUGAR...PRICE RISE ON THE CARDS AFTER 3-6 MONTHS...!!!

 Sanjeeb Mukherjee  |  New Delhi  

November 30, 2013 Last Updated at 00:40 IST

Sugar output likely to fall by 10-15%
However, it might not any impact on prices or supplies as opening stock of sugar is much more than required at around 9 mn tonnes
As the impasse between the government and millers continued in Uttar Pradesh, analysts said India’s sugar output in 2013-14 could drop 10-15 per cent on a year ago if crushing did not start in 15 days. In Maharashtra and Karnataka, too, crushing has not started, as the farmers are demanding a higher cane price.However, it might not have any impact on prices or supplies as the opening stock of sugar, nine million tonnes, is much more than required, said the chairman of the Commission for Agricultural Costs and Prices, Ashok Gulati. “We have excess stock and a 10-15 per cent cut in production would bring the market to equilibrium.” “The more the cane stands in the field, there is a possibility of production getting impacted, as the sucrose in those would go down,” an expert said.Indian Sugar Mills Association on Friday said till November, 0.80 million tonnes of sugar was produced in the country, 67 per cent less than last year, as 208 of India’s 400-odd sugar mills started crushing. On Thursday, Food Minister K V Thomas said there was no impact on production, but conceded output could fall if the impasse continued and the farmers did not bring the cane to the mills. He said production in the 2013-14 crop marketing year (October-Sept-ember) was expected to be 24.4 mt, 2.7 per cent less a year ago.However, this drop is due to drought in Maharashtra and Gujarat last year and not because of the current logjam between millers and sugarcane growers.India’s sugar production in 2013-14 is estimated at 24.4 million tonnes, while demand is estimated at 23.5 million tonnes. “The difference between demand and supply of sugar is expected to be around 0.85-0.90 million tonnes,” Thomas said. He said the old five-year cycle of excess and deficient production in sugar is over.The impasse of sugarcane pricing has impacted crushing with as more than 70 of the 99-odd private mills in Uttar Pradesh have suspended their operation. The crushing had to start from middle of November.http://www.business-standard.com/article/economy-policy/sugar-crisis-impact-production-expected-to-fall-by-10-as-the-impasse-between-sugarcane-farmer-and-millers-continues-in-uttar-pradesh-and-also-elsewhere-experts-feel-that-india-s-sugar-production-in-2013-14-could-drop-by-around-10-15-as-compared-to-113112900642_1.html

JPMorgan to pay investors $4.5 bn....!!!!!!!!!

 Reuters  |  New York  November 16, 2013 Last Updated at 22:06 IST

JPMorgan to pay investors $4.5 bn

The bank agrees to settle claims by investors who lost money on mortgage-backed securities before the US housing market collapsed

JPMorgan Chase & Co said on Friday it agreed to pay $4.5 billion to settle claims by investors who lost money on mortgage-backedsecurities before the collapse of the US housing market. 
The bank reached the agreement with 21 institutional investors in 330 residential mortgage-backed securities trusts issued by JPMorgan and Bear Stearns, which it took over during the financial crisis, according to the bank and lawyers for the investors. 
The deal still has to be accepted by seven trustees overseeing the securities holdings, the parties said. 
The settlement does not include trusts issued by Washington Mutual, which JPMorgan also acquired. The deal is separate from the preliminary $13 billion settlement JPMorgan has reached with the US government that would resolve a raft of actions over residential mortgage-backed securities. 
“This settlement is another important step in JPMorgan’s efforts to resolve legacy related RMBS matters,” the bank said in a statement. 
The bank said it believes reserves it has built will cover the expense of “this and any remaining” mortgage securities litigation. The 21 investors include BlackRock Inc, Metlife Inc, Allianz SE’s Pacific Investment Management Company, the TCW Group and Bayerische Landesbank.  
Under the agreement, the trustees have until January 15 to accept the offer, which may be extended for another 60 days, according to JPMorgan and Gibbs & Bruns, the Houston law firm that represented the institutional investors. 
Kathy Patrick of Gibbs & Bruns called the deal “an important milestone” in a three-year effort by the group of 21 bondholders. 
The seven trustees over the bonds include Bank of New York Mellon Corp. Kevin Heine, a spokesman for the Bank of New York Mellon, said the bank would “evaluate the proposed settlement along with the other trustees.” 
If accepted, the deal would resolve claims that JPMorgan and Bear Stearns misrepresented the mortgages underlying the securities, JPMorgan said. 
The settlement also would resolve servicing claims on all trusts issued by the bank and Bear Stearns between 2005 and 2008. JPMorgan is the third bank to strike a deal with investors over shoddy mortgage-backed securities issued in the run-up to the financial crisis.  
Bank of America Corp agreed to a $8.5-billion settlement in June 2011 with 22 institutional investors. That deal is still awaiting court approval.
In 2012, bondholders in trusts issued by Ally Financial’s bankrupt former mortgage lending arm, Residential Capital, won an agreement to bring an $8.7 billion claim, although that was later reduced to $7.3 billion. 
Gibbs & Bruns has represented investors in all three settlements. In 2011, the law firm said its investor clients had instructed trustees overseeing $95 billion of securities issued by JPMorgan, Bear Stearns and Washington Mutual to investigate whether the bonds were backed by ineligible mortgages. Washington Mutual is not included in the deal because of  litigation between the Federal Deposit Insurance Corp and JPMorgan over who is responsible for losses at the former mortgage lender, according to a person familiar with the matter.  
The exclusion explains the difference between the amount of the announced deal and reports last month that JPMorgan was near an agreement with the investors for close to $6 billion, said another person familiar with the negotiations.  
The separate tentative $13 billion settlement between JPMorgan and the U.S. government also has been complicated by that dispute, according to other sources. 
JPMorgan CEO Jamie Dimon has vowed to resolve legal and regulatory issues that have been weighing heavily on the company since May 2012.
In October, JPMorgan reported its first quarterly loss under Dimon as it recorded more than $9 billion of expenses to build its litigation reserves.  JPMorgan is the biggest US bank by assets.

http://www.business-standard.com/article/international/jpmorgan-to-pay-investors-4-5-bn-113111600413_1.html 

CSR to make available 50,000 more jobs in the sector: Experts

NEW DELHI: Compulsory corporate social responsibility is likely to increase the demand for professionals in this field by as much as 50 per cent in the coming years and the industry is likely to see at least 50,000 more job opportunities in the CSR sector, experts say. 
Around 8,000 companies would fall under the Companies Act's ambit and this in turn would open a host of new job opportunities for individuals looking to work in the social development field. 
At present, the CSR work of a company is mostly done by corporate communications team but with this law, many firms would have to build a strong team of around five-six people for the purpose. 
According to leading executive search firm GlobalHunt MD Sunil Goel, "the demand for CSR professionals will surge 50-60 per cent and we may have to train fresh hands to fulfil this need of the industry". 
Echoing similar sentiments, DLF Foundation CEO Rajender Singh said, "some of the demand for CSR professionals is likely to be filled with internal placement. However, the industry is likely to see at least 50,000 more job opportunities in the CSR sector". 
According to experts, the social sector is already a popular option and has low entry barriers and going forward, a lot of people could explore CSR as a career option. 
"CSR should see a spurt in career opportunities. But the real growth would be in effective CSR management agencies which would require a combination of management and CSR experts," Ashwajit Singh, Chairman and MD, IPE Global, a management consultancy company for development sector, said. 
According to Changeyourboss.com CEO Bhupender Mehta: "Big or small, every company makes efforts towards corporate social responsibility with intention of giving something back to the society and with this law, the number of people exploring CSR as a career option will go up for sure." 
Select companies would have spend two per cent of their average profit over the last three years for CSR. 
This would be applicable to firms having turnover of Rs 1,000 crore or more, or with net worth of Rs 500 crore and above, or entities having net profit of Rs 5 crore and more. 
Experts, however, believe that NGO's may not be the target to build the CSR team, and many institutes such as TISS and XISS have trained talent that can be hired through campus placements for the purpose. 
They say people with experience in projects management in organisations like UNDP can also be invited to join the teams. 
"For the companies who will be honestly getting into this for the first time will not poach employees from NGOs, but may look at some sort of tie-ups to avoid the hassles of making the numbers," Prisma Global Executive Director and COO Amitabh Roy Chowdhury said.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/csr-to-make-available-50000-more-jobs-in-the-sector-experts/articleshow/24082365.cms

Indian mobile Internet USAGE TO EXPLODE!!!!

Indian mobile Internet users to touch 164.8 mn by 2015: KPMG
Press Trust of India | New Delhi | Updated: Sep 24 2013, 21:06 IST
The number of people surfing the Internet using mobiles in India, the world's second largest mobile market after China, is set to touch 164.8 million by 2015, a report by global consultancy firm KPMG said today. KPMG's 'The SMAC Code Embracing New Technologies for future business' report further revealed that Indians hooking on to social networking sites provides opportunities to firm's for using social media to engage customers, brand building, product launches, etc.
"The mobile Internet users in the country are expected to grow from 4.1 million users in 2009 to 164.8 million in 2015 at a CAGR of 85 per cent," the report revealed. India has emerged as the second largest mobile market globally, behind only China. With over 870 million mobile subscribers, businesses are jumping the opportunity, it said. "Indian Internet users are also increasingly using social media, which in turn is providing opportunities for enterprises to leverage social media strategy for engaging with customers, brand building, product launches and for knowing their customers," it added.
The social media usage is primarily driven by the rising number of active Internet users, who are accessing Internet through host of devices, it said. "Enterprises are increasingly leveraging social media for customer engagement and brand building, as more and more individuals are becoming active Internet users and using social media," it added.
Besides, the proliferation of smart devices and rising mobile Internet usage has supported growth of active Internet users in the country, KPMG's report said. "Social media platforms are not only restricted to the social networking sites such as Facebook and LinkedIn, rather extended to various forms of social media including YouTube, blogs, social bookmarking, geo-location sites and daily deals," it added. As the social media modes differ, so their application and priority from business to business. Moreover, changing business dynamics influences enterprise decision to select a social media platform, the report said.  On the global social media scene, KPMG said: "The social commerce market is forecast to reach USD 30 billion by 2015. Leading global retailers are spending between 20-25 per cent of their advertising budget on social media channels." Nearly 90 per cent of the top global banks use social networking to achieve customer engagement, it added. Mobile technologies can be used to cut the cost of a financial transaction by up to 80 per cent, it said.

http://www.financialexpress.com/news/indian-mobile-internet-users-to-touch-164.8-mn-by-2015-kpmg/1173610/2

How rupee-dollar rates are determined.....

How rupee-dollar rates are determined
RAKESH GOYAL
April 18, 2013:

Ever wondered why the rupee quotes at 53.2 or 50 and not at Rs 20 or Rs 80 to a dollar?
It’s not much different from how the prices of your mangoes are determined, for example. Whether currency movements or prices of mangoes, the most important factor determining their price is the same – market forces of demand and supply. If the demand for dollars increases, the value of dollar will appreciate. As the quotation for Rs/$ is a two way quote (that is, the price of one dollar is quoted in terms of how much rupees it takes to buy one dollar), an appreciation in the value of dollar would automatically mean a depreciation in Indian rupee and vice-versa. For example, if rupee depreciates, a dollar which once cost Rs 47 would cost, say, Rs 50. In essence, the value of dollar has risen and the buying power of rupee has gone down. Besides the primary powers of demand and supply, the rupee-dollar rates are determined by other market forces as well.
Market sentiments During turbulent markets, investors usually prefer to park their money in safe havens such as US treasuries, Swiss franc, gold and so on to avoid losses to their portfolios. This flight to safety would lead to foreign investors redeeming their investments from India. This could increase the demand for dollar vis-à-vis Indian rupees.
Speculation There are derivative instruments and over-the-counter currency instruments through which one can speculate/ hedge the underlying currency rates. When speculators sense improvements/ deterioration of the sentiments of the markets, they too want to benefit from such rising/ falling dollar. They then start buying/selling dollar which would further change the demand/ supply of the dollar.
RBI Intervention When there is too much volatility in the rupee-dollar rates, the RBI prevents the rates from going out of control to protect the domestic economy. The RBI does this by buying dollars when rupee appreciates too much and by selling dollars when the rupee depreciates significantly.
Imports and ExportsEver give thought as to why our government is trying to incentivise exports and reduce imports? There are a lot of schemes and incentives for exporters while importers are burdened with many conditions and taxes. This is to protect our economy from high rupee depreciation. Importing foreign goods requires us to make payment in dollars thus strengthening the dollar’s demand. Exports do the exact reverse.
Public Debt / Fiscal policyWhenever our Government fails to match expenses with equivalent revenue, there is a shortage of funds. To finance this, the Government at times opts to borrow money from institutions such as the World Bank and the IMF. This debt, accrued interests, and the payments made, also lead to currency fluctuations.
Interest RatesThe prevailing interest rates on the government bonds attract foreign capital to India. If the rates are high enough to cover the foreign market risk and if the foreign investor is comfortable with the fundamentals or credit ratings, money would start pouring into India and thus provide us with a supply of dollars. (The writer is Senior Vice President, Bonanza Portfolio Ltd.)(This article was published on April 18, 2013)

Educomp lays off 3,500 in three months
Slaps recovery notices on 750 defaulting schools
Educomp Solutions on Friday said it had laid off 3,500 people in three months to ensure employee strength rationalisation.
After the exit of these personnel, the education services company would have an employee strength of 14,670.
In a press statement, the company said it had announced a slew of measures aimed at putting it back on a growth trajectory, at a time when market sentiment was adversely impacting bottom lines across industries and pushed the education sector into a negative-growth territory. “Today, when the economic environment poses a challenge to the education sector as a whole, I am proud that Edu-comp has embarked on a bold strategy to return the company to robust growth,” said Shantanu Prakash, chairman and managing director, Educomp Solutions. “Although this transition will not be painless, we have to do what we have to do to get growth back on track.”
Educomp posted a loss of Rs 23.96 crore for the quarter ended June 30 (consolidated), against net profit of Rs 4.88 crore for the corresponding year-ago quarter.
Collections are being prioritised and a zero-tolerance regime for recoveries has been initiated. Educomp said around 750 schools that delayed payments had been sent notices. Divya Lal, COO, Educomp Smartclass, said 750 non-compliant schools, representing less than five per cent of the installed base, had been asked to explain their repeated payment delays. “While we have continually been accommodative of such schools, we cannot sustain this level of outstanding and have had to take a strict view of the issue,” she added.
In July 2012, there were reports of Educomp letting go of five per cent, or 750, of its 15,000 workforce. However, the management denied having dismissed anybody. Prakash had then said that if someone had resigned that’s a different story, but they had not fired people.
He had added that, in fact, they had hired in that quarter.
The company said it has embarked on a plan to rationalise costs across the board. “Redundancies are being calibrated in a progressive manner and employee strength is being rationalised. Contracts of unproductive staff are being terminated, while enhancing responsibilities among existing staff to control costs without impacting performance. Over the last three months, the company has let go of over 3,500 employees. This alone has the potential of significant savings for the company,” it said. Educomp said its transformational plan is a composite template of critical modifications in structure, systems and sales strategies to return the company to profitability in the current and next financial years. Within this transformational plan, a series of tactical steps have been identified to fast-track the correction. This include an “horizontal-extraction” strategy to offer more products to customers, to increase spending from schools and improve income per capita customer contact point. Educomp has also divested itself of most non-core businesses and monetised non-core assets to improve liquidity and reduce capital needs. The move, the company said, is expected to help it focus on its competencies and execute migration from being just a product company to a solutions company. The education services provided recently made two exits in, what it calls, non-core segments. Last week, the company sold its 50 per cent stake in vocational training firm IndiaCan to joint venture partner Pearson. Prakash had then said this was in line with the company’s strategy to focus on digital content and intellectual property offerings and asset-backed offerings like schools and colleges.
In 2013, Educomp announced a primary capital investment from Kaizen PE and Bertelsmann in its internet education platform business, Authorgen. Under this agreement, Educomp sought growth capital investment of Rs 22 crore in Authorgen from Kaizen PE and Bertelsmann. In March, it completed the sale of 50 per cent stake in Eurokids International Limited to a group of investors led by GPE India. Educomp recently outsourced its service and maintenance logistics to HCL Infosystems to exploit efficiencies of scale and provide specialist services. The company is targeting a reduction in operational costs of close to 20 per cent over the last financial year due to these measures.
In July 2012, there were reports of Educomp Solutions letting go of five%, or 750, of its total 15,000 workforce. However, the management denied having sacked anybody. Educomp Solutions Managing Director and CEO Shantanu Prakash had then said that if someone has resigned and gone, that’s a different story, but they had not fired people. He had added that, in fact, they had hired in that quarter. http://www.business-standard.com/article/companies/educomp-lays-off-3-500-in-three-months-113081600815_1.html

Tata company-NOT SERIOUS - PAID PENALITY

'Cut and paste' job costs Tata company Rs. 2.28 lakh

Sebi said it will not initiate any enforcement action against the company. A consent order enables settling administrative or civil proceedings between the regulator and the party concerned.

An erroneous 'cut and paste' job in updating its shareholding pattern has cost a Tata group firm, The Tinplate Company of India , an amount of Rs. 2.28 lakh as payment towards settlement of a case with the Securities and Exchange Board of India (Sebi).

Sebi, in a consent order dated June 28, has settled charges of takeover norms violation by TCIL after it paid Rs. 2.28 lakh.

Besides, the market regulator said it will not initiate any enforcement action against the company. A consent order enables settling administrative or civil proceedings between the regulator and the party concerned. The company had been charged with delay in filing the shareholding details under Sebi's takeover regulations for 2009 and 2010. Besides, there was inaccurate disclosure regarding change in shareholding of the company between March 31, 2010 and March 31, 2011. However, "change in shareholding had never taken place but that the change in the shareholding which had actually taken place between March 31, 2010 and March 31, 2011 and had already been indicated in the relevant disclosures for that particular year had been repeated for the next year due to a 'cut and paste' error."

Consequently, the disclosures for the period between March 31, 2010 and March 31, 2011 indicated a change in shareholding pattern even though there was no such change. Also, there was no change in control of the company during the period.

TCIL submitted an application with Sebi in December 2012 following which their representatives held a meeting with the regulator's internal committee on consent. After that, the consent terms were placed before the high powered advisory committee of Sebi. The committee recommended the case for settlement upon payment of Rs. 2.28 lakh towards settlement charges. The applicant (TCIL) has remitted the sum towards settlement fees. In a separate consent order, Sebi has settled charges of takeover norms violation by Ashok Alco-Chem Ltd after it paid Rs. 3.52 lakh. The company had not filed the disclosures regarding its shareholding details between 2001 and 2007 and 2009 within specific time-frame.

http://www.moneycontrol.com/news/business/cutpaste-job-costs-tata-company-rs-228-lakh_919375.html

-Renewable Energy-Solar attracts $3.86 bn funding ....

Solar sector attracts $3.86 bn funding in April-June

A A

 

PRESS TRUST OF INDIA : NEW DELHI, JUL 12 2013, 13:34 IST

The solar sector has attracted total funding of $3.86 bn, through 40 deals, including three Indian transactions, says a report.

According to the Mercom Capital Group's second quarter funding and M&A activity report for solar sector, the VC funding in the solar sector continued to be subpar in the second quarter of 2013, with USD 189 million in VC funding in April-June period compared to USD 126 million last quarter.

The report analysed funding on the basis of four categories -- project funding, VC funding, debt funding and others. Three Indian deals three were listed in the project funding category while one Fortum's acquisition of a solar power plant in Rajasthan was included in the project M&A category.

The three Indian deals in Q2 this year include Acme Solar's USD 50 million loan for its 25 MW photovoltaic power plant in Madhya Pradesh, followed by Welspun Energy's financial closure of its upcoming 20 MW solar power project in Maharashtra, wherein financial institutions have committed to a long-term project funding of USD 22.5 million.Further Welspun Energy, received around USD 8 million in funding from financial institutions for its Karnataka solar project.

Among the VC deals solar downstream companies received USD 128 million in funding, Mercom Capital said. "With solar technology companies struggling, investments have been going to downstream companies," Mercom Capital Group CEO Raj Prabhu said. Prabhu further added that "investments into solar technology companies haven't completely dried up. Small venture rounds are still going to several niche technology companies instead of the larger deals that were typical for thin film, CSP and CPV companies."

Meanwhile, solar M&A activity in Q2 2013 amounted to USD 1.27 billion in 18 transactions."Themes emerging out of this quarter's M&A activity included: consolidation in the inverter market, strategic acquisitions, and acquisitions of distressed assets/ companies," Mercom Capital added.

http://www.financialexpress.com/news/solar-sector-attracts-3.86-bn-funding-in-apriljune/1141010/2