'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

Sunday, July 14, 2013

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

Solar sector attracts $3.86 bn funding in April-June

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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