Bombay HC blocks Zee Entertainment shareholder Invesco from requisitioning EGM

The Bombay High Court on Tuesday granted an interim injunction against Zee Entertainment Enterprise Ltd’s (ZEEL) main shareholder, Invesco, preventing the latter from going ahead with the requisition for an extraordinary general meeting (EGM ) demanding the dismissal of the CEO of ZEEL and CEO Punit Goenka.

A single bench chaired by Justice Gautam Patel said: “I have granted an injunction to the respondents.

A detailed court order is awaited.

The High Court reserved its order on the matter last week after ZEEL told the court it was unwilling to hold a shareholders’ EGM as requested by its largest shareholder, Invesco.

The submission was made in response to a previous suggestion made by Bombay HC that Judge Patel asked ZEEL if it was prepared to hold such a meeting.

Senior attorney Gopal Subramanium, who appeared for ZEEL, told the HC at the time that the company’s board could not authorize anything that might prove to be “illegal.”

ZEEL’s largest investors, Invesco Developing Markets Fund and OFI Global China Fund, sent a request to the company on September 11 to seek an EGM for the removal of CEO and CEO Punit Goenka and two other non-independent and non-independent executive directors of the board of directors of the company. He also requested the induction of six new independent directors.

ZEEL, however, proposed the HC on October 2, asking that the court declare the requisition notice for a shareholders’ meeting sent by Invesco as illegal and invalid.

Asks auditors to verify related party transactions: RBI Governor reports “camouflaged” transactions, embezzlement

With several cases of embezzlement and transfer of profits to “related parties” surfacing, Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday asked auditors to identify and scrutinize transactions between related or related parties to ensure that there is no undue transfer of income or assets.

“In recent times, there have been several cases of related party transactions without respecting the ‘arm’s length’ principle and the established transfer pricing mechanism,” he said.

“There have been cases of misappropriation of funds and / or transfer of profits to related parties by various means – intra-group loans on favorable terms, over-invoicing or under-invoicing of transactions, transfers of assets without fair valuation , etc. National Academy of Auditing and Accounts, Shimla.

“Auditors should identify and carefully review related or related party transactions to ensure that there is no undue transfer of income or assets,” he said. Three major financial entities – IL&FS, DHFL and Srei – had been subject to surveillance over the past three years due to embezzlement and mismanagement.

“We have also seen cases of manipulation and inaccuracy of the true nature of financial statements using opaque technological means (computer black boxes),” Das said. The actual transactions are camouflaged under various layers of IT solutions by a few entities. As such, auditors must be tech-savvy and be able to “see through” layers of information technology to detect the real nature of hidden transactions, the governor said.

“Such undesirable practices and structures should attract the attention of listeners. Since RBI, as the supervisor of the financial system, builds on and uses the work performed by auditors, audit professionals are educated through various forums to improve the quality of their reports ”,

Das said. “We are constantly in contact with individual auditors, audit firms and the Institute of Chartered Accountants of India (ICAI) to improve the quality and depth of the audit. A lot of work has been done in this area, but there is still a lot to do, ”he said.

He said inaccurate information can lead to sub-optimal decisions or over-allocation of resources, which would neither be in the public interest when a public authority is involved nor in the interest of individual stakeholders.

He said that auditors play a critical role in maintaining market confidence in audited financial statements. “In the banking sector, this public role is particularly relevant for financial stability, as banks hold public deposits. “

PNB Housing Finance
PNB Housing Finance shares reached the bottom channel of 5%

Shares in PNB Housing Finance plunged 5% to their lower channel limit on Monday after the company said it had aborted the plan to sell Rs 4000 crore-share to the US private equity firm Carlyle Group and others.

The stock fell 5% to its lower circuit limit of Rs 607.10 on BSE.

On NSE, it fell 4.99% to its lower circuit of Rs 606.75.

Amid a legal hurdle, PNB Housing Finance announced on Thursday that it had abandoned its plan to sell rupee 4,000 crore shares to US private equity firm Carlyle Group and others.

The deal got bogged down in legal tangles over valuation issues. Last month, capital markets regulator Sebi took the Securities Supreme Court to court
The appeal court order in the case concerned the company’s 4,000 crore rupee capital raising plan. The case is pending before the Supreme Court.

“The board of directors has decided not to proceed with the preferential issue and the share subscription agreements entered into with the proposed beneficiaries have been terminated in accordance with their respective conditions,” PNB Housing Finance said in a regulatory file.

The main objective of the board is to raise capital to support the growth of the business, and the board believes that the current situation is not in the best interests of the business and its stakeholders, he said. he declares.

Markets were closed for Dussehra on Friday.

Export borders on Covid diagnostic kits, reagents removed

With the decline in Covid-19 cases in the country, the government on Friday lifted export restrictions on all diagnostic kits and reagents, including instruments, which are used to detect coronavirus infections.

India recorded 16,862 new coronavirus infections, bringing the total number of COVID-19 cases to 3,40,372,592, while active cases fell to 203,678, the lowest in 216 days, according to data from the Union Health Ministry updates Friday. The death toll climbed to 4,51,814 with 379 new deaths.

The daily increase in new coronavirus infections has been less than 30,000 for 21 consecutive days and less than 50,000 daily new cases have been reported for 110 consecutive days now. “The policy of exporting all diagnostic kits and reagents (including instruments / devices)… is made free with immediate effect,” said the Directorate-General for Foreign Trade.

With PTI

petrol, petrol price, petrol price today, petrol rate
Fuel prices rose again and reached new highs; Gasoline exceeds 100 rupee mark in Lucknow

Gasoline and Diesel Prices Today: Gasoline and diesel prices hit new records after being hiked for the second day in a row across the country on Wednesday, October 6, 2021. In the nation’s capital, gasoline prices rose 30 paise while that diesel increased by 35 paise.

Following the latest price revision, gasoline in Delhi is now selling at 102.94 rupees a liter while diesel sells for 91.42 rupees. In the financial capital Mumbai, the price of oil now stands at 108.96 rupees while diesel costs 99.17 rupees, data available on the Indian Oil Corporation website showed.

In Lucknow, the price of gasoline for the first time reached the three-digit mark and reached 100.01 rupees one liter on Wednesday.

In India, fuel prices differ from state to state based on local taxes (VAT) and transportation costs. Apart from this, the central government imposes an excise tax on automotive fuels.

MOCs revise gasoline and diesel prices on a daily basis based on the average benchmark fuel price on the international market over the previous 15 days and exchange rates.

In the international market, U.S. oil prices rose for a fifth day on Wednesday to their highest level since 2014 amid global concerns over energy supply amid signs of strain in crude, gas markets. natural and charcoal. Brent crude prices also climbed for a fourth day amid supply concerns, especially after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC + , decided on Monday to say with their planned production increase rather than boost it further, Reuters news agency reported.

US West Texas Intermediate (WTI) oil hit $ 79.18 a barrel, the highest since November 10, 2014. The market was up 0.15%, or 12 cents, to $ 79.05 a barrel, at 01:28 GMT. Brent crude added 0.15%, or 12 cents to $ 82.68 a barrel after hitting a three-year high in the previous session, according to the report.

Here’s what you pay for a liter of gasoline and diesel in your city on Wednesday, October 6, 2021:

City Gasoline (Rs / liter) Diesel (Rs / liter)
New Delhi 102.94 91.42
Bombay 108.96 99.17
Calcutta 103.65 94.53
Chennai 100.49 95.93
Bangalore 106.52 97.03
Hyderabad 107.09 99.75
Patna 105.89 97.85
Bhopal 111.45 100.42
Jaipur 109.97 100.80
Lucknow 100.01 91.85
Thiruvananthapuram 105.18 98.35
Source: Indian Petroleum Company
ALE with Aus by 2022; “Fruits at hand” in the interim agreement

INDIA AND Australia plan to sign a comprehensive free trade agreement (FTA) by the end of 2022, the countries said in a joint statement on Monday. Countries are expected to finalize an exchange of offers on areas in which they would like to strengthen trade by the end of October and finalize an interim agreement on certain areas by December 2021.

“What we have agreed today is to ensure that we will conclude a free trade agreement between Australia and India by the end of 2022,” said Australian Trade Minister Dan Tehan, adding that the deal would include an interim deal, which countries would seek out. to be finalized by Christmas this year.

Trade Minister Piyush Goyal said the interim agreement would cover “fruits at hand” where both sides have an interest in expanding trade and that it could be implemented even as the final agreement is under negotiation.

“It also has a great demonstration effect because businesses and people on both sides are starting to reap the benefits of the agreement and has a great demonstration effect on others to seek to be more open and broaden the contours of the deal. the trade agreement, ”he said.

Explain

The contours of the free trade agreement

The agreement between countries should include goods, services, investments, government procurement, logistics and transport standards and rules of origin within the framework on which the countries have agreed. Earlier Thursday, Australian Prime Minister Scott Morrison said Quad members (India, Australia, United States, Japan) “are deepening critical and emerging technologies, and in particular rare earths, and the supply chain of rare earths and critical minerals ”. He added that India’s manufacturing capacity, combined with Australia’s natural resources, was a “natural partnership”.

India had already launched negotiations with Australia for an FTA in May 2011, which were integrated into trade negotiations under the Regional Comprehensive Economic Partnership (RCEP) between ASEAN countries, including India, as well as Australia, China, Japan, Republic of Korea and New Zealand. Zealand. India, however, chose not to join RCEP in 2019, saying concerns were not being addressed. Goyal said Australia and India had no outstanding issues that would have contributed to the country pulling out of the deal.

Experts said Australia is likely to seek better access for its agricultural products in India, which could become a difficult political issue, while India is likely to seek greater ease of movement for Indian service professionals. export to Australia.

India is also in the process of negotiating FTAs ​​with the UK, UAE and the EU. He is also looking to conclude talks on an interim deal with the United Arab Emirates by December of this year.

nirmala sitharaman
Data privacy should not be compromised when using fintech: FM Sitharaman

Finance Minister Nirmala Sitharaman said on Tuesday that there should be no compromise on data privacy and customer data protection, as a growing number of Indians now use the digital payment method.

Addressing the fintech industry, the minister said the value of digital transactions rose to Rs 6 lakh crore in January-August 2021, up from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively .

“Data privacy is one of the things that is very important and it is an issue on which there can be a lot of controversial views. However, fundamental respect for privacy… as a guiding principle is well appreciated.

“Protecting customer data is something that I believe is the cornerstone of trust. Unless my data is well protected, I wouldn’t want to go into a scheme of things. So that’s the guiding principle, ”Sitharaman said at“ Global FinTech Fest 2021 ”.

During the event, a report on the “UN Principles for Responsible Digital Payments” was launched, which outlines the guiding principles for government, users and for industry and business. The report also emphasizes the inclusion of women and their participation in fintech.

“I am very impressed that today the United Nations Principles for Responsible Digital Payments are launched. It’s just the need for an hour. We need … each of us to understand that in our desire to put in place an interoperable system, a system that must move forward because of the virtues of transparency it entails, we should not be in a hurry to compromise on any of these characteristics, ”Sitharaman said.

The minister said the fintech adoption rate was 87% in India, compared to a global average of 64%.

“I think India is the prime destination for digital business, digital payments,” she added.

petrol, petrol price, diesel, diesel price
Here are the fuel prices in Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, check here

Gasoline and Diesel Prices Today: Diesel prices were hiked for the second day in a row on Monday, September 27, while gasoline prices remained stable.

In the nation’s capital, diesel rose 25 paise per liter on Monday. On Sunday, it was increased by 25 paise after remaining unchanged on Saturday.

Following the latest price revision, petrol in Delhi is selling for Rs 101.19 per liter while diesel is now selling for 89.32 rupees. In the financial capital Mumbai, the price of gasoline stands at Rs 107.26 while diesel now costs 96.94 rupees, data available on the Indian Oil Corporation website showed.

The prices of automotive fuels in the country differ from state to state depending on local taxes (VAT) and transportation costs. Apart from this, the central government imposes an excise tax on automotive fuels.

MOCs revise gasoline and diesel prices on a daily basis based on the average benchmark fuel price on the international market over the previous 15 days and exchange rates.

In the global market, crude oil broke its July peaks as disruptions in global production forced energy companies to remove large amounts of crude from inventories, while a shortage of natural gas in Europe drove higher costs across the continent, according to the news agency Reuters reported.

Brent added an additional 98 cents Monday to $ 79.07 a barrel, while US crude rose 97 cents to $ 74.95, according to the report.

Here’s what you pay for a liter of gasoline and diesel in your city on Monday, September 27, 2021:

City Gasoline (Rs / liter) Diesel (Rs / liter)
New Delhi 101.19 89.32
Bombay 107.26 96.94
Calcutta 101.62 92.42
Chennai 98.96 93.93
Bangalore 104.70 94.80
Hyderabad 105.26 97.46
Patna 103.79 95.40
Bhopal 109.63 98.19
Jaipur 108.13 98.53
Lucknow 98.30 89.73
Thiruvananthapuram 103.42 96.13
Source: Indian Petroleum Company
Stock market live, Stock exchange today live

Share / Store Live Updates: The benchmark stock indexes on the BSE and the National Stock Exchange (NSE) rose about 0.5% in early Monday trading, thanks to gains in banking and auto stocks.

The S&P BSE Sensex hit a new all-time high of 60,412.32 at the start of trading, while the Nifty approached its all-time high and hit 17,943.50.

Gains on the Sensex were led by Maruti Suzuki India, HDFC Bank, State Bank of India (SBI), Bajaj Auto, Mahindra & Mahindra (M&M) and Axis Bank. On the other hand, Tech Mahindra, Nestlé India, HCL Technologies, Dr Reddy’s Laboratories, Infosys and ITC were among the laggards.

Among sector indices on NSE, the Nifty Realty index was trading over 2% higher in morning trading led by The Phoenix Mills and DLF. Apart from that, the Nifty Auto index rose more than 1.5%, led by Maruti and Tata Motors. Key Bank Nifty also rose more than 1%, led by Bandhan Bank and HDFC Bank. On the other hand, the Nifty IT index fell by more than 1.5%, weighted by MindTree, Coforge and Larsen & Toubro Infotech.

(with contributions from agencies)

oyo ipo, oyo ipo news, oyo ipo price, oyo ipo size
OYO to deposit up to $ 1.2 billion IPO next week

Hotel company OYO plans to raise up to $ 1.2 billion (around Rs 8,000 crore) through an initial public offering and is expected to file the draft red herring prospectus with Sebi next week, sources told PTI on Thursday.

OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to handle its public offering, they added.

OYO comments could not be obtained at the time of article submission.

The hotel company’s proposed initial public offering (IPO) plan follows the spectacular success of Zomato’s IPO which ended in an exceptional oversubscription on July 16 and was the largest since March 2020.

Last week, shareholders of Oravel Stays, the parent company of hotel company OYO, approved the transformation of the company from a limited liability company to a public limited company, according to a regulatory filing.

Previously, the board of directors of Oravel Stays approved an increase in the authorized share capital of the company from Rs 1.17 crore to Rs 901 crore.

OYO in August, in a filing with the Registrar of Companies (RoC), said Microsoft Corporation had invested nearly $ 5 million (around Rs 37 crore) in OYO through the issuance of shares and compulsory cumulative convertible preferred shares on a private placement basis.

Earlier in July, the company raised $ 660 million through B-term loans from global institutional investors, including Fidelity Investments, to refinance and simplify its existing borrowing.

In March of this year, OYO Founder and CEO Ritesh Agarwal said, “OYO is on a steady track of resurgence in 2021 and sees signs of recovery in India, Europe and Southeast Asia. OYO’s survival through the COVID crisis and our resurgence shows that we are a company with strong fundamentals and high value potential. “