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No. 165 /2008 SEBI amends Equity Listing Agreement Securities and Exchange Board of India (SEBI) has amended Equity Listing Agreement vide circular dated September 4, 2008. The highlights of the amendments are: 1. “Fairness Opinion” of independent merchant banker : In order to safeguard the interest of shareholders, the listed company as well as the unlisted company which are getting merged shall each be required to appoint an independent merchant banker for giving a fairness opinion on the valuation done by valuers. Further, the “Fairness opinion” of the merchant bankers shall be made available to the shareholders at the time of approving the resolution under Clause 24. 2. Submission & Publication of Financial Results: In order to bring more efficiency in the disclosures of financial results, certain amendments have been made with regard to timeline for submitting consolidated financial results to the stock exchange, publication thereof, submission and placing of limited review reports before Board/Committee, etc. The other amendments, inter alia, include provisions relating to notice period for rights issues. The full text of the circular is available on the website: www.sebi.gov.in. Mumbai, September 4, 2008 Source: SEBI    Date: 2008-09-05      PR No.163/2008 Order in the matter of M/s Shree Yaax Pharma and Cosmetics Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 26, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Ess Ess Intermediaries Pvt Ltd, broker of Ahmedabad Stock Exchange, to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in. Mumbai August 29, 2008 Source: SEBI    Date: 2008-08-30      PR No. 164/2008 Re-allocation of debt investment limits The enhanced debt limits were allocated to entities on June 20, 2008 . The unutilized limits were re-allocated to the entities on August 05, 2008. After assessment of the utilization, the unutilised debt limits are being re-allocated to entities lower down in the list. The list of the entities and the allocated limits is given in Annexure. In terms of the SEBI circular dated January 31, 2008, in case the allocated limits are not utilised by the entities by September 13, 2008 the same shall be withdrawn and allocated to the entities lower down in the list of requests received by SEBI on June 17, 2008. Mumbai, August 29, 2008 Source: SEBI    Date: 2008-08-30      PR. No. 162/2008 SEBI amends DIP guidelines SEBI amends Disclosure and Investor Protection (DIP) guidelines to inter-alia reduce the timelines involved in rights issue process, modify pricing and eligibility provisions for Qualified Institutions Placement (QIP), modify pricing provisions for preferential allotment to Qualified Institutional Buyers (QIBs), to exclude sub-accounts in the category of “foreign corporate” and “foreign individuals” from QIB category and to allow filing of draft offer documents of issue size up to Rs.50 crore with SEBI Regional Offices. The circular issued today amending DIP guidelines is available on the website www.sebi.gov.in Mumbai, August 28, 2008 Source: SEBI    Date: 2008-08-29      PR. No. 161/2008 Self Certified Syndicate Banks (SCSBs) under Applications Supported by Blocked Amount (ASBA) process made effective by SEBI SEBI, vide a circular dated July 30, 2008, introduced a new mode of payment in public issues wherein the application money remains in the bank account till allotment in the public issue. The application forms for this payment mode are to be submitted to banks whose names appear in the list of Self Certified Syndicate Banks (SCSBs) on the website www.sebi.gov.in As on date, SEBI has received the aforesaid self certification from three banks : (i) Corporation Bank,(ii) Union Bank of India and (iii) HDFC Bank. Names of these banks have been included in the list of SCSBs on the website www.sebi.gov.in Details of the branches of these banks where the public issue application forms from the customers of the respective banks, can be accepted, are also available on www.sebi.gov.in. These banks are eligible to act as an SCSB in public issues which open on or after September 1, 2008 onwards. Mumbai August 28, 2008 Source: SEBI    Date: 2008-08-29      PR. No.160/2008 Order against M/s. Bonanza Portfolio Ltd. in the matter of M/s Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Bonanza Portfolio Ltd, broker of the Bombay Stock Exchange Limited, to be careful in future in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in. Mumbai August 22, 2008 Source: SEBI    Date: 2008-08-23      PR No: 158/2008 Order against M/s. Lagan Fincap Leasing Ltd. in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Lagan Fincap Leasing Ltd., sub-broker affiliated to Bonanza Stock Brokers Ltd., broker of the Bombay Stock Exchange Limited, to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008 Source: SEBI    Date: 2008-08-23      PR. No.159/2008 Order against M/s.Share Aids in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Share Aids, broker of Saurashtra Kutch Stock Exchange, to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008 Source: SEBI    Date: 2008-08-23      PR. No. 157/ 2008 Order in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. restraining Kajol Impex Ltd., Trans Fiscal Pvt. Ltd., Gaurang G. Patel, Samir D. Patel, Paresh Champaklal Shah, Umit Vinodbhai Patel and Sudhirbhai Shah from accessing the securities market either directly or indirectly and also from buying, selling or dealing in securities for a period of three months. The order shall come into force with immediate effect. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008 Source: SEBI    Date: 2008-08-23      PR No.156/2008 Orders in the case of M/s. Electrolux Kelvinator Ltd. Dr. T. C. Nair, Whole Time Member, SEBI has passed two orders dated August 20, 2008 in the case of M/s. Electrolux Kelvinator Ltd. against the following entities: (1) Harish Kumar (HUF), M/s. A.H.Holdings Private Limited, Shri Omprakash, Shri Omprakash (HUF), Ms. Raksha Devi, M/s.Asiatic Engineers Private Limited, M/s. Technocrat Marketing Private Limited and Shri Harish Kumar, Director. (2) M/s. Vivensari Financial Services Pvt. Ltd., M/s. Harsha Pranav Securities Private Ltd. and M/s.Newfin Financial Services Private Ltd. Entities mentioned at (1) above have been directed to be careful in their future dealings in securities and adhere strictly to the statutory requirements. The three entities mentioned at (2) above are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner and in any capacity for a period of six months with immediate effect. The full text of the orders is available on website: www.sebi.gov.in Mumbai August 22, 2008 Source: SEBI    Date: 2008-08-23      PR No.154/2008 Consent orders in the matter of M/s. Nissan Copper Limited A Panel comprising of Dr. T. C. Nair, Whole Time Member, SEBI and Shri M. S. Sahoo, Whole Time Member, SEBI has passed consent orders dated August 14, 2008 on application submitted by Rajeev Reniwal, Haryana Ship Breakers Ltd., Sanjeev Reniwal HUF, Shanti Sarup Reniwal, Shanti Sarup Reniwal HUF and Inducto Steel Ltd.(Reniwal Group), Venus Capital Management Inc, FII, and its two sub-accounts, ITF Mauritius and Vacuf Limited in the matter of M/s. Nissan Copper Limited in which the applicants are alleged to be involved in Fraudulent and Unfair Trade Practices relating to Securities Market, in accordance with SEBI Guidelines dated April 20, 2007 for consent orders. Upon noticing abnormal price rise in the share of Nissan Copper Limited (NCL), Securities and Exchange Board of India (“SEBI”) launched an investigation into dealings on the first date of listing of shares of NCL. Simultaneously, SEBI passed an ad interim ex parte Order dated January 17, 2007, inter alia, directing NSE and BSE to withhold the profits/gains of the applicants in a separate escrow account. Based on the findings of the investigations, it was alleged that subscription from the FII in the QIB portion of the IPO was pre-arranged. The FII along with sub accounts were assured exit on the first day of listing through structured transactions. This act of applicants appears to have distorted the prices in the market and seems to have benefited from this. The High Powered Advisory Committee (HPAC) considered the facts and circumstances of the case, consent terms offered by the applicants, the material bought before the Committee and that it was for the first time that the applicants were involved in such impugned transactions. The HPAC accepted the profits/gains of Rs.9,52,90,137.90 (Rupees Nine crore fifty two Lakh ninety thousand one hundred thirty seven and ninety paisa only) from Reniwal Group and Rs. 2,35,58,673.55 (Rupees Two Crore Thirty Five Lakh Fifty Eight Thousand Six Hundred Seventy Three and Fifty Five Paise Only) from the FII and Sub accounts plus the interest accrued thereon as consent charges in the case. The full text of the orders is available on the website www.sebi.gov.in Mumbai, August 14, 2008 Source: SEBI    Date: 2008-08-18      PR No.153/2008 GRANT OF EXEMPTION TO SM HOLDING AND FINANCE PVT. LTD & OTHERS IN THE MATTER OF PROPOSED ACQUISITION OF EQUITY SHARES OF SM ENERGY TEKNIK & ELECTRONICS LTD. (TARGET COMPANY) Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated August 11, 2008, granting exemption to SM Holding and Finance Pvt. Ltd., Sai Ganesh Properties Pvt. Ltd., Primrose Trade Pvt. Ltd., Jatipura Investment and Finance Pvt. Ltd. and Tipu Investment and Trading Pvt. Ltd. from making an open offer in terms of Regulation 11(1) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, with regard to proposed increase in their voting rights from 15.37% to 54.76% pursuant to preferential allotment of equity shares of Target Company. Pursuant to the said increase in voting rights, there would not be any change in control of the target company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirers from making an open offer. The full text of the order is available on the website www.sebi.gov.in Mumbai August 14, 2008 Source: SEBI    Date: 2008-08-18      PR No.151/2008 Order against MCS Ltd. SEBI had received many complaints against MCS Ltd. from various companies alleging refusal of MCS Ltd. to hand over the records/data to them or their newly appointed share transfer agent and issue No-objection to the Depository within the prescribed time-frame. In this connection, Dr. T.C.Nair, Whole Time Member, SEBI vide order dated August 11, 2008 has directed that MCS Ltd. shall within a period of 10 days from passing of the order transfer all the data/records and issue no objection to the Depository with respect to all the companies mentioned in the show cause notice dated March 17, 2008, if not already done, failing which strict action will be taken against MCS Ltd. in terms of the Securities and Exchange Board of India Act and the rules and regulations framed thereunder. It is left open for MCS Ltd. to seek resolution of their dispute with the issuers, if any, at an appropriate forum. The full text of the above order is available on the website: www.sebi.gov.in Mumbai August 14, 2008 Source: SEBI    Date: 2008-08-18      PR No.152/2008 SEBI passes Consent Orders in case of IPO irregularities In accordance with SEBI Guidelines dated April 20, 2007 for consent orders, SEBI has passed consent orders on August 12, 2008 in the matter of “irregularities in IPOs” on applications submitted by the following persons : 1. Bakul Desai 2. Chirag Desai 3.Hemlata Desai, 4. Nimisha Kadakia 5. Shah Kantilal Jitmal SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of “irregularities in IPOs”, wherein the above applicants were alleged to be the financiers in the case. The above applicants had applied for consent without admission or denial of guilt. Pursuant to SEBI’s ex-parte order, the above persons have already undergone prohibition from buying, selling and dealing in securities. Bakul Desai, Chirag Desai and Hemlata Desai have remitted a total sum of Rs.90,000/- (Rupees Ninety Thousand only), Nimisha Kadakia remitted a total sum of Rs.4,00,000 (Rupees Four lakhs only) and Shah Kantilal Jitmal remitted a total sum of Rs.10,000/- (Rupees Ten Thousand only)