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Sebi files contempt plea against Sahara for alleged obstruction in Aamby Valley auction

New Delhi: The Securities and Exchange Board of India (Sebi), the regulator of capital markets, displaced the Supreme Court on Tuesday in a lawsuit for contempt of the Sahara group, citing the obstruction in the bidding process. the Pune property, Aamby Valley.

The case was brought before a court headed by Ranjan Gogoi, who said the case would be referred to Chief Justice Dipak Misra, who would receive an appeal when the case is heard.

In August, when he asked the Sahara group to deposit a crop of 1,500 rupees in an exclusive Sebi account before Sept. 7, the specialized court had said that the auction process in Aamby Valley would be interrupted if the company provided payment by the hour.

Kapil Sibal, a Saharan lawyer, had asked the company for more time to deposit the money and told the court that it would deposit two post-dated checks on November 11 to secure the payment. This application was dismissed by the court.

The Aamby Valley adjudication process began on August 14 with the official liquidator inviting offers to a reserve price of Rs37,392 crore.

In August 2014, the Market Regulator moved the Eagle Court to recover Rs36,000 from the Sahara to restore to investors who had bought the securities of two companies in the group. Sebi had asked the court to appoint a receiver who would sell the properties of the Sahara and collect the money. The court recovered money from the group in several installments.

As part of the last recovery, the Sahara was required to deposit Rs552 crore, which it deposited Rs247 crore. The remaining Rs305 crore was part of the Rs1,500 crore which was intended to pay under the last delivery in August.

On July 25, the court ordered the official liquidator of the Supreme Court of Bombay to begin the first two stages of the Aamby Valley adjudication process. This would include publication of the notice of sale of the property and compliance with the KYC (know-your-customer) rules that should be submitted by potential bidders.

Tata Group to rationalise portfolio of companies, to take tough calls: N. Chandrasekaran

Mumbai: Tata Group is trying to dramatically reduce the number of companies in your portfolio and make tough calls to companies that do not have performance and debt even when it wants to be much more disciplined on capital allocation in companies group, N. Chandrasekaran, CEO of Tata Sons, told Economic Times on Monday.

The rationalization of the portfolio from 110 to a maximum of five six or seven will help the conglomerate 150 years, it boasts an expansive presence of steel and automotive technology and infrastructure to simplify the complex structure, as it seeks to be more agile and strengthen its presence in existing segments.

“We like to see ourselves as 5, 6, 7 groups opposed to 110 companies. The more we consider ourselves as 110 or 120 companies, nothing will be done, “he said in the interview with the financial daily. To achieve the goal, Tata Sons explore all the options of consolidation or virtual vision, to reduce the subsidiaries in their quest to “create value” Chandrasekaran, who took office on February 21 after Cyrus’s withdrawal said – P. P. Mistry as chairman of the group on 24 October.

Among other things, Tata Teleservices, the telecommunications branch of the bleeding group, will surpass Chandrasekaran’s priority. “Tata Teleservices is in very bad shape … There are important things, but some are urgent. Like Tata Teleservices. It needs urgent attention, “he said. If Tata Teleservices needs to be revived and must remain in the game, it would require a commitment of another crore Rs50,000 to Rs60,000 crore, he said in the ET interview.

“Ideally, our interest will be to get out of the wireless business. We need to see if we can bring these companies together,” he said in the interview. Mint reported on September 27 that as the group drops out of mobile telephony, it is evaluating other options for more profitable companies, such as fiber optics.

In 2016-17, Tata Teleservices Rs11,650 crore equity was eroded while their losses were extended to Rs4,617 crore, compared to a loss of Rs2,409 crore a year ago, according to the presentations company with the Registrar. Turnover fell to Rs 9,666 million in FY 2017 from Rs. 10,708 million a year ago. In an interview with CNBC TV18 on Monday, Chandra said he would take a call within the current prosecutor.

Meanwhile, Tata Sons will rigorously review the allocation of capital to a Tata company. He would be “stingy of capital”, unless he is convinced that he has a business case, Chandrasekaran said in the ET interview. The next thing I would do is to “bring the One Tata concept” back in terms of leadership development and talent management. “All aspects, skills, talent opportunities, CSR consumers to leverage the power of the group is multiple if we can bring together,” he said.

Gurdaspur Lok Sabha byelection a litmus test for Congress, BJP

New Delhi: The Gurdaspur Congress District in Punjab will go to a by-election Wednesday, showing a battle between Congress and the Bharatiya Janata Party (BJP). While Congress will be eager to consolidate its position in the state, BJP seeks to recover some of the land it lost at Congress in the council’s polls earlier this year.

The by-election is the first electoral test in Punjab since the March elections, when Congress returned to power, winning 77 of the 117 seats. The result for the bypoll will be announced on 15 October. The seat fell vacant after the death of legislator Bharatiya Janata Party (BJP) and veteran film Vinod Khanna earlier this year.

Congress headed party leader Sunil Jakhar, while the BJP candidate is businessman Swarn Salaria. The party of Aam Aadmi, arrived second in the elections of the assembly, bet on the retired general Suresh Khajuria. A total of 11 candidates contest the election. The Congress considers that this election is crucial for it, as it occurs almost seven months after the formation of the government in Punjab.

“The choice of Gurdaspur is important to us, as it could be seen as a reflection on our six months in office. It is a bulletin board where we get right. A seat on the national scene can not make much difference, but it becomes important when is on state policy, “said an official of the Punjab government, on condition of anonymity.

“The captain (Prime Minister Singh Captain Amarinder) has personal interests in this election, not only because he is prime minister, but also because Jakhar is considered very close to him. He oversaw the campaign and touched the ground too, “the leader quoted above added.

Amarinder Singh campaigned in the riding and organized a roadshow on Monday, the last day of the campaign. Congress has won seven of the nine segments of the assembly in Gurdaspur in this year’s polls. For the BJP, the choice is an opportunity to regain lost ground. The election is also important for the Shiromani Akali Dal (SAD) because the regional party has now lost its dominance within the National Democratic Alliance (NDA). BJP expects Akali voters to help the party secure the siege.

The AAP, which opposes the assembly, seeks to extend its electoral footprint. The party won four seats in the 2014 general elections and 20 seats in the assembly elections. “People saw the promises that were broken by Congress and the BJP. The state government led by Congress has reversed all promises made to farmers, employment and drugs.

Our candidate is a resident of Gurdaspur and does not need to travel here as other leaders, “said Gurmeet Singh Häher, Punjab in the AAP MP a video message. Analysts say the bypoll is important to Amarinder Singh to establish its leading position in the state. “The investigation is a test for the government led by Captain Amarinder Singh and will also help establish his leadership. He has brought the person with whom he trusts.

It is also a battle of prestige for him given the factions with the party. . Given the party’s representation in the Lok Sabha, a victory is a boost for the game. “He said Ashutosh Kumar, a Punjab-based political analyst, added:” If you see the electoral history of Punjab, party has a natural advantage in the by-election “.

Maharashtra: BJP wins big in phase 1 of gram panchayat polls

Mumbai: The government of the decision of Devendra Fadnavis to hold the direct election of the sarpanchs (gram panchayat heads) clearly paid for the Bharatiya Janata Party (BJP) then obtained a complete victory in the first phase of the panchayat ballots of the gram Monday. In the first phase of 7 October, 3,884 grams of panchayats went to the polls, of which 2,974 bodies were declared Monday at 7 pm. Of this total, the BJP won 1,457, followed by Congress (301), Shiv Sena (222) and the Nationalist Congress Party (194).

These 3,884 gram panchayats are distributed in 18 districts in the Marathwada, Vidarbha and northern Maharashtra regions. With the exception of a few setbacks in Parali in the Beed Marathwada district where the NCP and the Buldhana district in Vidarbha, where Congress came out victorious, the BJP recorded an impressive broadcast, winning the majority of gram panchayats and posts sarpanchs during the first direct elections.

For the BJP, the results could not come at a more timely moment, the Fadnavis government was at the receiving end of a fierce turmoil over exemption from agricultural loans and remunerative prices. In July of this year the government announced Fadnavis the decision to organize direct elections of village chiefs contrary to the previous system where the councilors of the graceful village of sevaks elected or elect the sarpanch. Maharashtra has 28,332 grams of panchayats.

Last May the BJP-led government made a similar decision for the direct election of council presidents and the move paid by the BJP, which emerged as the largest party in local polls took place in several stages in November 2016 and January 2017. The BJP continued to win its victory in the polls of zilla parishad, held at the same time, emerging as the biggest party. In February 2017, the BJP completely dominated the investigations of 10 municipal corporations, including Mumbai where it was one second near the Shiv Sena.

The first phase of gram panchayat surveys included the eight districts of Marathwada namely Aurangabad, Beed, Latur, Osmanabad, Nanded, Parbhani, Jalna and Hingoli. At 7 pm, the results were available for 356 grams body panchayat in the Beed district, where the BJP had won 203. Aurangabad, the BJP had won 72 of 90 grams panchayats. In Jalna, the BJP captured 163 grams of panchayats of 272 and 151 of 250 at Latur for which the results were reported.

In northern Maharashtra, the BJP has made impressive progress in the districts of Jalgaon, Nandurbar and Dhule. In Vidarbha, the BJP districts dominated Yavatmal, Akola and Washim, but it was Congress that ousted BJP in the Buldhana district. In the districts of Ahmednagar and Nashik also, which saw an intense demonstration at the farm in April and May of this year, the BJP emerged as the largest party, winning the majority of gram panchayats and sarpanchs positions.

The president of the BJP state unit, Raosaheb Danve, said the results of the first phase of the gramme panchayat polls confirmed the control of his party around Maharashtra. “The victory comes on the back of the hat-trick of victories won in the city council, Zilla Parishad and the investigations of the municipal companies. The victory shows that measures and wellness programs that the Modi government and the Fadnavis government are reaching the rural population, “said Danve in a statement. For the second phase, the vote of 3.692 grams distributed panchayats in 16 districts would take place on 14 October and the votes will be counted on 16 October.