SEBI panel for delinking offer price, future earnings

The Malegam Committee constituted by SEBI to initiate reforms in the primary capital market,is of the view that linking the offer price with the projected earnings potential of companies tapping market should be discontinued. The company's past performance should be the only consideration for premium fixation. The committee's report expected to be submitted later this month will now be finalised in eight weeks as most members are abroad at present, according to SEBI.

Rajan Pillai to move Kerala HC

The biscuit tycoon, Mr. Rajan Pillai, who fled Singapore following an arrest warrant issued against him by the Government, will move the Kerala High Court seeking to stall the extradition proceedings initiated against him and also asking for a fair trial in India. Mr. Pillai who has retained Mr. M. N. Sukumaran Nair, one of the senior-most lawyers in Kochi, is now planning to fight the extradition proceedings against him which is believed to have been set in motion by the Singapore Government. The former biscuit king’s lawyer is now examining the possibility of moving the courts in India seeking a fair trial against the criminal charges filed by the Singapore Government.

Why sops on DTA sales were withdrawn

Duty concessions available to EOU/EPZ/ EHTP units for selling items on the negative list in DTA have been withdrawn to remove the adverse impact of this facility on the domestic sector, the Commerce Ministry has clarified. Taking into account the special requirements of the electronics hardware sector and the need to retain its export competitiveness, greater access to the DTA by units in the EOU/ EPZ/EHTP schemes has been provided.

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