Category: Observations

The West Bengal Electricity Commission has put a spoke in the spinoff plans of CESC Ltd.

The detailed order of the Commission is dated 16 Feb, 2018 and can be downloaded from here.

As per the order:

“The above petition of CESC limited is not in line and is far from the provisions under section 17(3) of the Electricity Act, 2003 and regulation 5.11.3 of the West Bengal Electricity Regulatory Commission (Licensing and Conditions of License) Regulations,2013 which spell that CESC Limited is required to submit petition seeking prior approval of the Commission for the above arrangement.

The instant petition does not meet the Criteria of the Act and the regulations made thereunder and as such cannot be admitted and thus rejected.”

The surprising part is that CESC did not inform the exchanges about this very material order and kept the investors in the dark.

Photo Source: Hormazd Sorabjee

In 1998-Indica is unveiled at the Geneva Motor Show

In 2018-Electric Sedan in unveiled at the Geneva Motor Show

Ratan Tata’s passion for autos shows in his obvious happiness at both the events, spaced 20 years apart.

Reminds me of the Ghalib’s famous couplet:

Ishq par zor nahi, hai ye woh aatish, Ghalib,
Jo lagae na lage or bujhae na bujhe

Translated:

You can’t force love, it’s that fire

You can’t ignite by force nor extinguish it by choice

Source: DRHP filings of Bandhan Bank

This case can be a landmark one and can be a ray of light for minority shareholders in scam hit companies like Fortis, Religare,  Gitanjali Gems etc

From Quint:

Minority shareholders of Ricoh India Ltd. have demanded compensation from the insolvent company and its Japanese parent for losses caused by a drop in its share price after a fraud was detected at the maker of scanners and photocopiers.

Nearly 165 public shareholders owning a combined stake of 2.3 percent filed a petition at the Mumbai bench of the National Company Law Tribunal seeking relief, accusing Ricoh India of oppression and mismanagement. They want Japan’s Ricoh Company to purchase their shares for about Rs 94 crore at Rs 1,029 apiece, the price prevailing as on June 30, 2015 before an accounting fraud at the company came to light.