SEBI TO TELL LISTED ENTITIES TO RECORD MINUTE FINANCIAL DETAILS
The Securities and Exchange Board of India (Sebi) is planning to ask listed entities to start using information utilities, set up under the insolvency law, to record minute financial details. Experts say that this will ensure transparency as the existing declaration mechanism is mandatory only to a certain extent. A former Sebi official said: “This will ensure more transparency in letting out details of companies and better access to all stakeholders as all details will be dematerialised.” This would also help banks maintain dematerialised records, which are safer, he added. An e-mail sent to Sebi on the issue remained unanswered. Information utilities are being set up to eliminate disputes related to debts and assets of companies that have been taken to the NCLT under the Insolvency and Bankruptcy Code.
The Securities and Exchange Board of India (Sebi) imposed a penalty of ~10 lakh on Tata Steel for delay in making necessary disclosure about its increased shareholding in a group firm, Tinplate Company of India Ltd. Tata Steel holds nearly 75 per cent in Tinplate, a separately listed group firm, which is among the country's largest producer of tinplate and its products are used for canning and packaging of processed foods, paints, beverages, dairy and other products. Sebi said Tinplate in September 2009 had announced an issue of 43,190,851 equity shares on a rights basis to existing shareholders, together with issue of 17,996,188 fully convertible debentures in a ratio of five fully convertible debentures for every eight equity shares. PTI<